Quanterix (QTRX) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was $30.3M, down 5% year-over-year, with record consumables performance offsetting softness in other segments; net loss widened to $20.5M from $11.2M in Q1 2024.

• Adjusted cash burn improved to $9.0M from $19.4M year-over-year; operational discipline and cost reductions are prioritized, targeting positive cash flow by 2026.

• Strategic initiatives include the launch of Simoa ONE, expansion into immunology and oncology, and the pending Akoya Biosciences merger, with amended terms reducing equity value by 67% and increasing shareholder ownership to 84%.

• Operating expenses rose due to acquisition-related costs, R&D, and compensation tied to the Emission acquisition.

• Revised full-year 2025 guidance reflects a more conservative outlook due to macro funding pressures, not company-specific issues.

Financial highlights

• Q1 2025 revenue: $30.3M (down 5% YoY); product revenue: $20.7M (up 5% YoY); consumables revenue: $18.1M (up 6% YoY); instrument revenue: $2.6M (up 3% YoY); service/other: $8.8M (down 27% YoY); collaboration/license: $0.8M; grant: $0.06M.

• GAAP gross margin: 54.1% (down from 57.8% YoY); non-GAAP/adjusted gross margin: 49.7% (down from 51.2%).

• Adjusted EBITDA loss: $11.3M; adjusted EBITDA margin: -37.4%; adjusted loss from operations: $18.8M.

• Net loss: $20.5M (vs. $11.2M YoY); EPS: $(0.53) vs. $(0.29).

• Cash, equivalents, and marketable securities at Q1 end: $269.5M; adjusted cash burn: $9.0M in Q1.

Outlook and guidance

• 2025 revenue expected between $120M–$130M, a 5%–13% decline YoY, excluding Akoya and Lucent Diagnostics.

• GAAP gross margin forecast: 55%–59%; adjusted/non-GAAP: 50%–54%.

• Standalone cash usage for 2025 projected at $35M–$45M from operations, plus $20M for Emission payments.

• Cash balance expected to be ~$120M at end of 2025 and above $100M with no debt by end of 2026; cash flow positive targeted for 2026.

• Management expects continued operating losses for at least 24 months and ongoing expense increases for R&D, diagnostics, and integration activities.