Quanterix (QTRX) AI Stock Analysis

• Market Cap: $212.17M
• Dividend Yield: N/A
• Average Volume (3M): 509.80K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.47
• Revenue Growth: -2.69%
• EPS Growth: -149.18%
• Country: US
• Employees: 471
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.49
• Shares Outstanding: 46,939,976
• 10 Day Avg. Volume: 461,526
• 30 Day Avg. Volume: 509,801
• PEG Ratio: -0.02
• Price to Book (P/B): 0.92
• Price to Sales (P/S): 1.95
• P/FCF Ratio: -3.40
• Enterprise Value/Market Cap: 1.03
• Enterprise Value/Revenue: 1.58
• Enterprise Value/Gross Profit: 3.39
• Enterprise Value/Ebitda: -2.22
• 1Y Price Target: $7.50
• Price Target Upside: 58.90% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 2
• EPS Forecast (FY): -1.27
• Revenue Forecast (FY): $170.84M

• Rating: 46 Neutral
• Price Target: $4.50 ▼(-4.66% Downside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

The score is primarily held down by weak financial performance (margin deterioration, widening losses, and accelerating cash burn). Technicals are also soft with the stock trading below key moving averages and a negative MACD. Earnings-call commentary provides some offset via cost-synergy progress, strong liquidity, and a stated path to cash-flow breakeven in H2 2026, but near-term demand softness and modest growth guidance limit upside.

Positive Factors

Installed base & recurring consumables

Quanterix's business model generates recurring, utilization-driven revenue from consumables tied to placed instruments. Consistent instrument placements and growing consumables sales increase revenue visibility and create a durable annuity stream that supports long-term margin recovery as utilization rises.

Diagnostics regulatory progress & partnerships

Regulatory and reimbursement milestones are structural enablers for commercial diagnostics. A CMS crosswalk plus a pending 510(k) can unlock payer coverage and clinical adoption; combined with growing diagnostics partnerships, this expands Quanterix's addressable market beyond research into recurring clinical volumes.

Synergy realization & cash runway

Substantial cost-synergy delivery and a strong cash balance materially reduce near-term funding pressure. Achieving most synergy targets and guiding to cash-flow breakeven provide a tangible operational lever to reach sustainable margins and fund commercial investments without immediate dilution.

Negative Factors

Weak cash generation and rising burn

Persistent negative operating and free cash flow, with a marked acceleration in 2025, is a structural risk. Continued cash burn forces reliance on existing cash, potential financing, or steep cost cuts; this constrains the firm's ability to invest in commercialization and heightens dilution/funding risk unless profitability improves.

Margin deterioration and widening losses

A material drop in gross margin and a sharp widening of net losses show margin fragility and reduced operating leverage. This undermines the path to sustainable profitability, increases sensitivity to revenue shortfalls, and lengthens the timeline before recurring consumables can offset fixed costs.

End-market concentration & organic revenue decline

Heavy reliance on academia and cyclical pharma programs creates demand volatility: meaningful organic declines and weaker pharma projects reduce high-margin business and consumables utilization. This concentration limits durable top-line growth until end-market activity and large pharma projects recover.

Quanterix Business Overview & Revenue Model

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.

How the Company Makes Money

Quanterix primarily makes money by selling and supporting its biomarker testing ecosystem, with revenue generally coming from a mix of (1) instrument sales, (2) recurring consumables, and (3) services and other revenue. Instrument revenue is generated from the sale (and in some cases placement) of Simoa-enabled analyzers and related hardware to laboratories; these instrument placements expand the installed base. A key part of the model is recurring revenue from consumables used on those instruments—such as assay kits, reagents, and other single-use items—because customers must continually repurchase these products as they run tests, making consumables a repeat, utilization-driven stream tied to instrument adoption and throughput. Quanterix also generates revenue from services and other offerings, which can include maintenance contracts, service and support, and laboratory services (e.g., running biomarker assays for customers who outsource testing rather than running assays in-house). Additional monetization can come from developing and commercializing new assays (including for emerging biomarkers) that increase per-sample value and broaden applications, as well as from collaborations where partners use or help validate Quanterix assays/platforms in drug development workflows. Specific, material partnerships and their financial terms: null.

Quanterix Financial Statement Overview

Summary

Revenue has grown over time, and leverage is relatively low, but 2025 showed a sharp profitability setback (material gross margin decline and a much wider net loss) alongside accelerating cash burn and persistently negative operating/free cash flow, increasing funding and execution risk.

Income Statement

Revenue has grown over time (about $86M in 2020 to ~$139M in 2025), with 2025 showing mid-single-digit growth. However, profitability deteriorated sharply in 2025: gross margin fell materially (to ~47% vs ~60% in 2023–2024) and the net loss widened significantly (net margin ~-77% in 2025 vs ~-28% in 2024). Overall, the business is growing but remains far from breakeven and shows meaningful margin volatility.

Balance Sheet

Leverage appears manageable with low debt relative to equity (debt-to-equity roughly ~0.11–0.13 in recent years), providing balance sheet flexibility. That said, equity has trended down from 2021 to 2025, and returns on equity are consistently negative, reflecting ongoing losses that can continue to pressure the capital base if not stabilized.

Cash Flow

Cash generation is weak: operating cash flow and free cash flow are negative every year shown, and cash burn accelerated in 2025 (operating cash flow around -$77M; free cash flow around -$80M vs roughly -$35M/-$39M in 2024). While free cash flow is generally less negative than net income (suggesting non-cash charges help reported earnings losses), the sustained and rising cash outflows elevate funding risk if profitability does not improve.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	138.90M	135.44M	121.14M	105.52M	110.56M
Gross Profit	64.96M	81.12M	73.00M	45.36M	64.77M
EBITDA	-68.49M	-44.26M	-36.37M	-67.89M	-51.64M
Net Income	-107.15M	-38.53M	-28.35M	-99.57M	-55.55M
Balance Sheet
Total Assets	418.77M	406.53M	428.57M	433.58M	506.51M
Cash, Cash Equivalents and Short-Term Investments	118.23M	289.12M	321.32M	338.74M	396.46M
Total Debt	37.24M	37.37M	41.46M	44.10M	21.89M
Total Liabilities	123.04M	76.50M	78.61M	75.65M	65.56M
Stockholders Equity	295.73M	330.04M	349.96M	357.93M	440.95M
Cash Flow
Free Cash Flow	-79.85M	-38.53M	-22.69M	-60.00M	-61.52M
Operating Cash Flow	-77.24M	-35.16M	-18.90M	-48.27M	-47.91M
Investing Cash Flow	50.23M	-82.27M	-148.40M	-11.21M	-6.34M
Financing Cash Flow	-708.00K	456.00K	2.69M	2.31M	270.80M

Quanterix Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.72
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For QTRX, the sentiment is Negative. The current price of 4.72 is below the 20-day moving average (MA) of 5.55, below the 50-day MA of 6.21, and below the 200-day MA of 5.90, indicating a bearish trend. The MACD of -0.42 indicates Positive momentum. The RSI at 30.17 is Neutral, neither overbought nor oversold. The STOCH value of 8.07 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for QTRX.

Quanterix Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VMD	80 Outperform	$359.78M	19.35	10.87%	―	18.90%	29.22%
MASS	58 Neutral	$223.91M	9.76	13.25%	―	4.49%	3.61%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
OM	51 Neutral	$61.27M	-0.69	-54.99%	―	4.65%	68.71%
TLSI	48 Neutral	$236.03M	―	137.18%	―	49.52%	19.34%
NNOX	47 Neutral	$156.85M	-4.35	-32.46%	―	15.19%	-3.32%
QTRX	46 Neutral	$212.17M	-2.53	-29.28%	―	-2.69%	-149.18%

Quanterix Corporate Events

Quanterix Announces CEO Transition to Drive Growth

On January 8, 2026, Quanterix announced a planned leadership transition under which Everett Cunningham will become President and Chief Executive Officer and join the board on January 19, 2026, succeeding Masoud Toloue, who will step down as CEO, resign from the board and remain in an advisory role during the handover. The board highlighted Toloue’s role in expanding the assay menu, entering adjacent markets, building the diagnostics business and completing the acquisition of Akoya Biosciences, and framed Cunningham’s appointment—backed by a substantial mix of time- and performance-based equity tied to ambitious share-price hurdles—as a move to accelerate commercial execution and growth. Cunningham, a veteran commercial leader from Illumina, Exact Sciences, GE Healthcare, Quest Diagnostics and Pfizer, is being brought in as Quanterix disclosed that it expects to exceed its revenue and cash guidance for full-year 2025, signaling confidence in the company’s operational trajectory and reinforcing its ambition to scale its integrated biomarker and spatial biology platform for broader scientific and clinical impact.

The most recent analyst rating on (QTRX) stock is a Hold with a $7.00 price target. To see the full list of analyst forecasts on Quanterix stock, see the QTRX Stock Forecast page.