QTRXNasdaqLaboratory Analytical InstrumentsUS GAAP · USD

Quanterix Corp

Quanterix Corp develops and commercializes ultra-sensitive life science instruments, assay kits, and related services used to measure proteins and biomarkers in biological samples. Its portfolio includes Simoa-based instruments, consumables, and the Accelerator Laboratory service platform, with customers served through direct sales and distribution channels in North America, Europe, and other international markets.

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Revenue139m USD
+1.1 %y/y
Operating profit (EBIT)-126m USD
−138.6 %y/y
EBIT margin-90.4%
−52.1 ppy/y
Net income-107m USD
−178.1 %y/y
Free cash flow-79.8m USD
−107.2 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-200-1000100200m USD2020: 86 m USD2020: EBIT -32 m USD20202021: 111 m USD2021: EBIT -59 m USD20212022: 106 m USD2022: EBIT -104 m USD20222023: 122 m USD2023: EBIT -46 m USD20232024: 137 m USD2024: EBIT -53 m USD20242025: 139 m USD2025: EBIT -126 m USD2025139-126
RevenueOperating profit (EBIT)
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Business

Share of revenue
Instruments20 %

Analytical instruments used for proteomics, biomarker detection, and spatial biology workflows.

Consumables and assay kits55 %

Reagents, bead-based consumables, and assay kits used with installed instruments.

Services25 %

Accelerator Laboratory and other research or collaboration services.

Products

Reported · share of revenue
54.1%18.7%12.9%FY2025100 %
  • Consumable and Other Products54.1 %
  • Research Services18.7 %
  • Instrument Products12.9 %
  • Service Type Warranties8.0 %
  • Other Services5.1 %
  • Other1.3 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Quanterix sells primarily to life science researchers, pharmaceutical and biotech companies, and clinical research organizations that need highly sensitive protein measurement tools. It also serves academic and government research customers, and increasingly supports diagnostic-oriented applications through collaborations and test commercialization efforts.

Pharmaceutical and biotech R&D

Buys instruments, consumables, and services for biomarker discovery and clinical research.

Academic and government research

Uses Simoa systems and assays for basic and translational research applications.

Clinical research organizations

Outsources specialized testing and laboratory services for sponsored studies.

Diagnostic and clinical partners

Evaluates assays and platforms for future diagnostic or LDT applications.

Strategy

Quanterix is focused on expanding its installed base, launching new instruments and tests, and extending its platform into diagnostics and spatial biology. It also emphasizes global distribution, customer support, and collaborations with key opinion leaders to strengthen adoption and defend its position in sensitive biomarker measurement.

Commercialize new instruments and assaysShort term

New products are central to replacing aging systems and sustaining platform relevance.

Expand diagnostics and clinical applicationsMedium term

Diagnostic use cases can broaden the addressable market beyond research customers.

Build international distribution coverageMedium term

International markets are a meaningful source of growth and require local support.

Strengthen customer retention and installed-base utilizationShort term

Consumables and service revenue depend on active instrument usage and repeat demand.

Geography

Quanterix operates with a global customer base, with a substantial share of revenue generated outside North America. The company maintains sales, support, and marketing personnel primarily in North America and Europe, and it is building distribution and support capabilities in China and broader APAC markets.

Risks

Quanterix faces competition from larger life science instrument companies and smaller specialists across proteomics, spatial biology, and diagnostics. Its results are also exposed to customer concentration, international execution risk, product development delays, and accounting/control issues tied to acquisitions and complex estimates.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Acquisition integration and internal control risk1Competitive pressure from larger and specialized rivals2Product development and launch delays3Customer concentration4International execution and compliance risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Acquisition integration and internal control riskImpact: HighLikelihood: High

    Integrating acquired businesses and remediating control weaknesses can create reporting and execution risk.

    Exposure: Akoya integration and financial reporting

  2. Competitive pressure from larger and specialized rivalsImpact: HighLikelihood: Medium

    The company competes with firms such as Bio-Techne, 10x Genomics, Bruker, and others across multiple platforms.

    ExposureProteomicsSpatial biologyDiagnostics
  3. Product development and launch delaysImpact: HighLikelihood: Medium

    Technical challenges or supply chain issues could slow commercialization of next-generation instruments.

    Exposure: instrument refresh and new assays

  4. Customer concentrationImpact: HighLikelihood: Low

    A meaningful portion of revenue comes from a limited number of large customers, increasing volatility if one reduces spend.

    Exposure: top customers and major pharma accounts

  5. International execution and compliance riskImpact: MediumLikelihood: Medium

    Growth outside North America depends on distributors, foreign regulations, and anti-bribery compliance.

    ExposureEuropeChinaAPAC
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Accounting

Judgemental items
Revenue recognition across multiple revenue streams

Instruments, consumables, services, and licenses may recognize revenue at different times, affecting comparability.

Impact: Quarterly mix and timing can shift reported revenue materially

Acquisition accounting for Akoya and other deals

Fair value allocation creates goodwill, intangibles, and off-market contract adjustments.

Impact: Can affect revenue, amortization, and impairment risk

Goodwill and intangible asset impairment

Acquired assets must be tested if performance or market conditions weaken.

Impact: Potential non-cash charges if expected benefits do not materialize

Contingent consideration and fair value estimates

Acquisition-related liabilities depend on valuation assumptions and future outcomes.

Impact: Can create earnings volatility through remeasurement

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Last updated: 24/09/2026