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1. Company Snapshot

1.a. Company Description

Quanterix Corporation, a life sciences company, engages in development and marketing of digital immunoassay platforms that advances precision health for life sciences research and diagnostics in North America, Europe, the Middle East, Africa, and the Asia Pacific regions.It offers HD-X instrument, a sensitive automated multiplex protein detection platform; and SR-X instrument that enables researchers to apply Simoa detection technology in various applications, including direct detection of nucleic acids.The company also provides SP-X instrument that is based on Simoa planar array technology for the measurement of multiplex chemiluminescent immunoassays.


The company's products include assay kits and other consumables such as reagents.In addition, it offers contract research services, including sample testing, homebrew assay development, and custom development services.The company primarily operates in the areas of neurology, oncology, cardiology, infectious diseases, and inflammation.


It sells its products for the life science research sector primarily to laboratories associated with academic and governmental research institutions, as well as pharmaceutical, biotechnology, and contract research companies through a direct sales force, support organizations, and distributors or sales agents.The company was formerly known as Digital Genomics, Inc.and changed its name to Quanterix Corporation in August 2007.


Quanterix Corporation was incorporated in 2007 and is headquartered in Billerica, Massachusetts.

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1.b. Last Insights on QTRX

Quanterix Corporation's recent performance was driven by the successful completion of its acquisition of Akoya Biosciences, creating a scaled leader in the early detection of disease for neurology, oncology, and immunology markets. This strategic move expands Quanterix's capabilities, enabling the company to measure biomarkers across the blood and tissue continuum. The acquisition is expected to drive growth and enhance the company's competitive position in the industry. Additionally, Quanterix's Q1 2025 earnings beat expectations, with a loss of $0.53 per share compared to the Zacks Consensus Estimate of a loss of $0.69.

1.c. Company Highlights

2. Quanterix Delivers Revenue Expectations Amidst Challenging Environment

Quanterix Corporation reported revenue of $40.2 million for Q3 2025, a 12% year-over-year increase, with Simoa contributing $23 million and Spatial reporting $17.2 million. The company's adjusted EBITDA was a loss of $11.9 million, compared to a loss of $5.5 million in the third quarter of the prior year. The actual EPS came out at '-0.36' relative to estimates at '-0.23'. The company's GAAP gross margin is expected to range between 45% and 47% for 2025, with non-GAAP gross margin in the same range.

Publication Date: Nov -18

📋 Highlights
  • Revenue Growth: Q3 revenue of $40.2 million, up 12% YoY, driven by Spatial ($17.2M) and Simoa ($23M) segments despite declines.
  • Integration Synergies: Realized $67 million of $85 million in Akoya synergy targets, enhancing operational scale and cost efficiency.
  • R&D Investment: $27 million allocated to R&D (30% of revenue), focusing on Simoa One, diagnostics, and assay development for future growth.
  • Adjusted EBITDA Loss: Loss widened to $11.9 million, up from $5.5 million YoY, reflecting ongoing operational challenges and integration costs.
  • Cash Position: Ended Q3 with $138 million in cash and equivalents, maintaining a debt-free balance sheet and targeting cash flow breakeven in 2026.

Segment Performance

Simoa consumables revenue declined 36% organically, attributed to smaller project sizes and the academic grant environment, as mentioned by Masoud Toloue, President and CEO. Instrument revenue was $7.2 million, with 16 Simoa and 27 Spatial instruments placed in the quarter. Spatial revenue was down 9% year-over-year.

Synergies and Cost Reductions

The company has made significant integration milestones following the acquisition of Akoya, realizing $67 million of the $85 million in synergies targeted. Quanterix invested $27 million in R&D, underscoring its conviction in opportunities ahead and innovation pipeline. The company expects to see a full-year impact of cost reductions in 2026.

Guidance and Outlook

Quanterix updated its guidance for the year, expecting $130 million to $135 million of revenue for 2025. The company's fourth-quarter guide remains cautious due to the ongoing government shutdown, but it is seeing improvement in pharma and academia. Quanterix expects to enter 2026 with real momentum, driven by investments made in 2025.

Valuation

The company's P/S Ratio is 2.06, and EV/EBITDA is -1.9. Analysts estimate next year's revenue growth at 28.3%. With a current valuation, the market is pricing in significant growth expectations. The company's ROE is -22.07%, and ROIC is -28.16%, indicating a challenging profitability landscape.

3. NewsRoom

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Quanterix Announces Board and Leadership Changes to Support Next Stage of Growth

Nov -20

Source: businesswire.com

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Quanterix Announces Landmark Study Demonstrating Dual GFAP/NfL Blood Test Approach for Personalized Multiple Sclerosis Monitoring

Nov -17

Source: businesswire.com

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Quanterix Corporation (NASDAQ:QTRX) Receives Consensus Rating of “Hold” from Analysts

Nov -17

Source: defenseworld.net

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Quanterix Corporation (QTRX) Q3 2025 Earnings Call Transcript

Nov -11

Source: seekingalpha.com

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Quanterix Corporation (QTRX) Reports Q3 Loss, Tops Revenue Estimates

Nov -10

Source: zacks.com

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Quanterix Releases Financial Results for the Third Quarter of 2025

Nov -10

Source: businesswire.com

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Critical Review: Generation Alpha (OTCMKTS:GNAL) versus Quanterix (NASDAQ:QTRX)

Oct -26

Source: defenseworld.net

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Quanterix Corporation (NASDAQ:QTRX) Given Average Rating of “Hold” by Brokerages

Oct -23

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.00%)

6. Segments

Consumable and Other Product

Expected Growth: 14%

Quanterix Corporation's Consumable and Other Product segment growth of 14% is driven by increasing adoption of Simoa technology in life sciences research, expansion into new markets, and growing demand for ultrasensitive biomarker detection. Additionally, strategic partnerships and collaborations are fueling growth, as well as investments in product development and commercialization.

Instrument

Expected Growth: 12%

Quanterix Corporation's 12% growth is driven by increasing adoption of its Simoa technology in life sciences research, expansion into new markets such as infectious disease and oncology, and growing demand for precision medicine and diagnostics. Additionally, strategic partnerships and collaborations with pharmaceutical companies and research institutions contribute to the company's growth momentum.

Simoa Accelerator Lab Services

Expected Growth: 10%

Quanterix's Simoa Accelerator Lab Services growth is driven by increasing adoption of ultrasensitive biomarker detection in precision medicine, rising demand for early disease detection and diagnosis, and expansion into new therapeutic areas such as neurology and oncology, coupled with strategic partnerships and investments in digital health platforms.

Other Services

Expected Growth: 8%

Quanterix Corporation's Other Services segment growth is driven by increasing adoption of its Simoa technology, expansion into new markets, and growing demand for biomarker testing in drug development and precision medicine. Additionally, strategic partnerships and collaborations with pharmaceutical companies and research institutions contribute to the segment's growth.

Collaboration and License

Expected Growth: 18%

Quanterix Corporation's 18% growth in Collaboration and License is driven by increasing adoption of its Simoa technology, strategic partnerships with pharmaceutical and biotech companies, and expansion into new markets such as neurology and oncology. Additionally, the company's focus on developing novel biomarkers and assays is contributing to its growth.

7. Detailed Products

Simoa HD-1 Analyzer

A fully automated, benchtop immunoassay platform that enables ultra-sensitive detection of biomarkers in various sample types

Simoa Planar Array

A high-density, multiplexed assay platform for simultaneous detection of multiple biomarkers in a single sample

Simoa Homebrew Assays

Customizable, high-sensitivity assays for detection of specific biomarkers in various sample types

Simoa Services

Comprehensive assay development, validation, and testing services for pharmaceutical, biotechnology, and academic clients

8. Quanterix Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Quanterix Corporation operates in the life sciences industry, which is characterized by a moderate threat of substitutes. While there are alternative technologies available, Quanterix's proprietary Simoa technology provides a unique value proposition that differentiates it from competitors.

Bargaining Power Of Customers

Quanterix Corporation's customers are primarily pharmaceutical and biotechnology companies, which have limited bargaining power due to the specialized nature of Quanterix's products and services.

Bargaining Power Of Suppliers

Quanterix Corporation relies on a limited number of suppliers for its raw materials and components, which gives them some bargaining power. However, Quanterix's strong relationships with its suppliers and its ability to negotiate contracts mitigate this risk.

Threat Of New Entrants

The life sciences industry has high barriers to entry, including significant capital expenditures and regulatory hurdles, which limits the threat of new entrants. Quanterix Corporation's proprietary technology and established customer base also provide a competitive advantage.

Intensity Of Rivalry

The life sciences industry is highly competitive, with several established players competing for market share. Quanterix Corporation faces intense competition from companies such as Illumina, Thermo Fisher Scientific, and Bio-Rad Laboratories, which could impact its market share and pricing power.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 10.68%
Debt Cost 10.97%
Equity Weight 89.32%
Equity Cost 10.97%
WACC 10.97%
Leverage 11.95%

11. Quality Control: Quanterix Corporation passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Artivion

A-Score: 4.5/10

Value: 4.8

Growth: 4.4

Quality: 4.9

Yield: 0.0

Momentum: 8.5

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Quanterix

A-Score: 3.3/10

Value: 8.6

Growth: 4.9

Quality: 4.7

Yield: 0.0

Momentum: 0.0

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
ZimVie

A-Score: 3.0/10

Value: 5.1

Growth: 2.3

Quality: 3.4

Yield: 0.0

Momentum: 6.5

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
MaxCyte

A-Score: 2.9/10

Value: 8.0

Growth: 2.3

Quality: 5.0

Yield: 0.0

Momentum: 0.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Bioventus

A-Score: 2.8/10

Value: 6.6

Growth: 3.4

Quality: 4.1

Yield: 0.0

Momentum: 0.0

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
Iridex

A-Score: 2.6/10

Value: 8.4

Growth: 1.8

Quality: 3.6

Yield: 0.0

Momentum: 0.5

Volatility: 1.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

7.63$

Current Price

7.63$

Potential

-0.00%

Expected Cash-Flows