Alamar Biosciences (ALMR) UBS Global Healthcare Conference summary

Financial and operating momentum

• Q3 revenue grew 68% YoY; consumables rose 79% YoY and gross margin reached a record 61.5%.

• Consumables represented 53% of Q3 revenue; biopharma contributed 49%, up from 42% in the prior quarter.

• 2026 targets include placing at least 100 instruments and generating over $400,000 in annualized consumables pull-through per instrument.

• Q3 was the largest quarter for placements expanding within existing customers; expansion includes placements in another lab or geography.

Platform and market opportunity

• NULISA suppresses background noise to increase sensitivity; the platform combines ultra-high sensitivity, specificity, flexible multiplexing, broad dynamic range and automation.

• Management cited patent protection and five years of accumulated trade secrets as supports for differentiation; sensitivity in multiplexed panels targets lower-abundance proteins.

• Advanced proteomics is expected to grow from $3.7B today to $11B over the next decade; clinical diagnostics from $0.4B to $9B, for a combined market of about $20B versus $4.1B today.

• The instrument list price is $400,000; theoretical annual consumables capacity exceeds $6M per instrument, while two plates weekly would imply over $800,000 in pull-through.

Adoption and content expansion

• UK Biobank study covers 80,000 samples and is expected to be largely complete during 2027; results will form a publicly accessible Parkinson’s-focused dataset.

• GSK collaboration covers at least 60,000 samples on Immune 340 and Neuro 220 panels across respiratory, liver, kidney, neurology and immunology disease areas.

• More than 35 publications and preprints were added in Q3, bringing the total above 200; management views research validation as a driver of future adoption.

• One new disease-area panel is targeted for 2027, with multiple panels in development; cardiometabolic disease and oncology are priority opportunities.

• Neuro 220 adoption was rapid after its early-2026 rollout; TAP trials help new customers assess data and support instrument purchase decisions.