Quanterix Corporation (QTRX): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage en évolution rapide des diagnostics de précision, Quanterix Corporation (QTRX) est à l'avant-garde de la technologie biomédicale révolutionnaire, transformant la façon dont les chercheurs et les cliniciens détectent et comprennent des maladies complexes. En tirant parti de son révolutionnaire Simoa Plateforme d'immuno-essai numérique, la société a développé un modèle commercial innovant qui prie la recherche scientifique de pointe avec des applications médicales pratiques, offrant une sensibilité sans précédent dans la détection des protéines qui pourrait potentiellement remodeler notre compréhension des conditions neurodégénératives et inflammatoires. Cette exploration de la toile du modèle commercial de Quantérix révèle une approche stratégique qui combine l'innovation technologique, l'expertise scientifique et l'engagement ciblé sur le marché pour conduire des solutions de santé transformatrices.

Quanterix Corporation (QTRX) - Modèle d'entreprise: partenariats clés

Collaborations stratégiques avec des institutions de recherche pharmaceutique et biotechnologique

Quanterix maintient des partenariats stratégiques avec les institutions de recherche suivantes:

Institution	Focus de partenariat	Année établie
École de médecine de Harvard	Recherche de biomarqueurs des maladies neurodégénératives	2019
Hôpital général du Massachusetts	Applications de neurosciences de la technologie SIMOA	2017

Partenariats avec des centres médicaux académiques et des organisations de recherche clinique

Quanterix collabore avec plusieurs organisations de recherche clinique:

• Université de Californie, San Francisco - Recherche neurologique
• Cleveland Clinic - Développement de diagnostic de précision
• Memorial Sloan Kettering Cancer Center - Recherche en oncologie des biomarqueurs

Équipements de diagnostic et fournisseurs de technologies

Les partenariats clés de la technologie et de l'équipement comprennent:

Fournisseur	Technologie / équipement	Valeur du contrat
Thermo Fisher Scientific	Instruments de diagnostic de précision	Contrat annuel de 3,2 millions de dollars
Agilent Technologies	Systèmes de laboratoire	Contrat annuel de 2,7 millions de dollars

Accords collaboratifs avec les entreprises mondiales de diagnostic de soins de santé

Partenariats de diagnostic de soins de santé mondiaux:

• Roche Diagnostics - Développement des biomarqueurs neurologiques
• Siemens Healthineers - Advanced Diagnostic Technology Intégration
• Laboratoires Abbott - Recherche de médecine de précision

Alliances de recherche et développement avec des réseaux de recherche en neurosciences et en oncologie

Collaborations du réseau R&D:

Réseau de recherche	Focus de recherche	Engagement de financement
Institut national des troubles neurologiques et des accidents vasculaires cérébraux	Recherche de biomarqueurs d'Alzheimer	Brant de recherche de 4,5 millions de dollars
American Cancer Society	Technologie précoce de détection du cancer	Financement de recherche de 3,8 millions de dollars

Quanterix Corporation (QTRX) - Modèle d'entreprise: Activités clés

Développement d'une technologie de détection des protéines ultra-sensible

Quanterix a investi 31,4 millions de dollars dans les dépenses de R&D pour l'exercice 2022, en se concentrant sur le développement de la plate-forme technologique SIMOA.

Paramètre technologique	Spécification
Sensibilité à la détection	Jusqu'à 1000x plus sensible que les méthodes ELISA traditionnelles
Plage de mesure des protéines	0,1 pg / ml à 1000 ng / ml

Commercialisation des plateformes d'immuno-essai numériques

Quanterix a généré 125,7 millions de dollars de revenus totaux pour 2022, avec une contribution significative des ventes de plateformes d'immuno-essai numérique.

• Analyseur SIMOA HD-X
• Analyseur SIMOA SR-X
• Plates-formes d'immuno-essai numériques entièrement automatisées

Recherche continue dans les diagnostics des maladies neurodégénératives

Domaine de mise au point de recherche	Investissement
Recherche de biomarqueurs d'Alzheimer	12,6 millions de dollars alloués en 2022
Diagnostics des troubles neurologiques	3 partenariats de recherche actifs

Fabrication d'instruments de test de diagnostic de haute précision

La capacité de fabrication s'est étendue pour soutenir la demande mondiale du marché avec des installations de production à Lexington, Massachusetts.

• ISO 13485: Processus de fabrication certifiés 2016
• Capacité de production annuelle de 500 instruments SIMOA

Support technique et formation client

Quanterix a maintenu une équipe de support client dédiée de 47 spécialistes techniques en 2022.

Service d'assistance	Couverture
Support technique mondial	Service 24/7 dans 35 pays
Programmes de formation	Plus de 150 ateliers scientifiques réalisés

Quanterix Corporation (QTRX) - Modèle d'entreprise: Ressources clés

Plateforme de technologie d'immunoessai numérique propriétaire SIMOA propriétaire

La plate-forme technologique SIMOA de Quanterix permet la détection des protéines ultra-sensibles avec les spécifications suivantes:

Métrique technologique	Spécifications de performance
Sensibilité à la détection	Jusqu'à 1000x plus sensible que les méthodes ELISA traditionnelles
Plage de mesure des protéines	0,1 pg / ml à 10 000 pg / ml
Capacité de multiplexage	Jusqu'à 10 protéines simultanément

Talent scientifique et technique hautement spécialisé

Quanterix emploie du personnel spécialisé avec des antécédents scientifiques avancés:

• Rechercheurs de niveau doctoral: environ 35% du total de la main-d'œuvre
• Total des employés à partir de 2023: 308
• Personnel de R&D: environ 40% de la main-d'œuvre totale

Portfolio de propriété intellectuelle étendue

Catégorie IP	Nombre d'actifs
Total des brevets accordés	87
Demandes de brevet en instance	42
Couverture des brevets géographiques	États-Unis, Europe, Asie

Installations de recherche et développement avancées

Emplacement: Lexington, Massachusetts

• Espace total des installations de R&D: 55 000 pieds carrés
• Investissement annuel de R&D: 41,2 millions de dollars (2022 Exercice)
• Pourcentage de dépenses de R&D des revenus: 64,3%

Équipement de laboratoire sophistiqué et infrastructure de test

Catégorie d'équipement	Quantité
Analyseurs SIMOA HD-X	38
Plates-formes ELISA numériques	22
Instruments microfluidiques de haute précision	15

Quanterix Corporation (QTRX) - Modèle d'entreprise: propositions de valeur

Technologie de mesure des protéines ultra-sensible révolutionnaire

La technologie Quanterix Simoa permet la détection des protéines 1 000x plus sensible que les méthodes ELISA traditionnelles. En 2024, la plate-forme peut détecter des protéines à des concentrations aussi faibles que 0,1 pg / ml.

Métrique technologique	Valeur de performance
Sensibilité à la détection	0,1 pg / ml
Plage de mesure des protéines	10 ^ -3 à 10 ^ 4 pg / ml
Volume d'échantillonnage requis	10-50 μl

Capacités de détection précoce

Quanterix se concentre sur les biomarqueurs des maladies neurodégénératives et inflammatoires avec des capacités éprouvées dans:

• Détection de la maladie d'Alzheimer
• Surveillance traumatique des lésions cérébrales
• Recherche de neuroinflammation

Solutions de diagnostic de précision

L'analyseur HD-X de l'entreprise fournit des mesures de protéines quantitatives avec Coefficient de variation (CV) sous 10%.

Paramètre de diagnostic	Spécifications de performance
Précision de mesure	Cv < 10%
Capacité de multiplexage	Jusqu'à 10 protéines simultanément

Sensibilité accrue par rapport aux méthodes traditionnelles

La technologie SIMOA démontre une sensibilité supérieure sur plusieurs plates-formes de détection de protéines.

• 1 000x plus sensible que ELISA traditionnel
• Détecte les protéines dans les concentrations picomolaires
• Nécessite un volume d'échantillon minimal

Détection de biomarqueurs en médecine personnalisée

En 2024, Quanterix prend en charge plus de 300 tests de biomarqueurs protéiques distincts dans plusieurs domaines de recherche.

Catégorie de biomarqueurs	Nombre de tests
Marqueurs neurodégénératifs	127
Marqueurs inflammatoires	85
Marqueurs d'oncologie	58

Quanterix Corporation (QTRX) - Modèle d'entreprise: relations avec les clients

Engagement de l'équipe de vente directe avec les institutions de recherche

Quanterix maintient une équipe de vente dédiée ciblant les institutions de recherche avec un chiffre d'affaires annuel de 93,5 millions de dollars en 2022. L'équipe se concentre sur les centres de recherche universitaire, les sociétés pharmaceutiques et les organisations de biotechnologie.

Segment de clientèle	Fréquence d'engagement	Valeur du contrat moyen
Centres de recherche universitaires	Trimestriel	$250,000
Sociétés pharmaceutiques	Bi-annuellement	$475,000
Organisations de biotechnologie	Mensuel	$350,000

Services de support technique et de consultation

Quanterix fournit Assistance technique 24/7 avec une équipe dédiée de 45 professionnels spécialisés de soutien scientifique.

• Temps de réponse moyen: 2,5 heures
• Taux de satisfaction client: 94%
• Sessions de consultation technique: 1 200 par an

Programmes de formation pour les professionnels scientifiques et médicaux

L'entreprise propose des programmes de formation complets avec 87 séances d'atelier structurées en 2022.

Type de formation	Nombre de sessions	Participants
Webinaires en ligne	52	1,450
Ateliers en personne	35	780

Plateformes de support client en ligne

Quanterix exploite plusieurs canaux de support numériques avec Taux d'engagement numérique à 95%.

• Utilisateurs du portail client: 3200
• Articles de base de connaissances en ligne: 450
• Temps de résolution des billets de support numérique moyen: 16 heures

Partenariats de recherche collaborative

Quanterix a établi 22 partenariats de recherche collaborative actifs en 2022, générant des revenus de développement de la recherche supplémentaires.

Type de partenariat	Nombre de partenariats	Valeur de partenariat estimé
Collaborations académiques	12	3,2 millions de dollars
Partenariats pharmaceutiques	8	5,7 millions de dollars
Collaborations de biotechnologie	2	1,5 million de dollars

Quanterix Corporation (QTRX) - Modèle d'entreprise: canaux

Force de vente directe ciblant les laboratoires de recherche

Quanterix emploie une équipe de vente dédiée axée sur les laboratoires de recherche, avec 37 représentants des ventes directes au quatrième trimestre 2023. La force de vente cible les institutions académiques, les sociétés pharmaceutiques et les centres de recherche en biotechnologie.

Catégorie de canal de vente	Nombre d'institutions cibles	Taux de pénétration annuel
Établissements de recherche universitaire	268	42%
Sociétés pharmaceutiques	87	55%
Centres de recherche en biotechnologie	129	38%

Conférences scientifiques et salons de l'industrie

Quanterix participe à 24 principales conférences scientifiques par an, avec un engagement direct estimé à 3 412 professionnels de la recherche en 2023.

• Conférences de neurosciences: 8 événements
• Symposiums de recherche en oncologie: 6 événements
• Conférences d'immunologie: 5 événements
• Sumts sur la médecine de précision: 5 événements

Marketing numérique et publications scientifiques en ligne

Budget de marketing numérique pour 2023: 1,2 million de dollars, avec des publicités de publication scientifique en ligne ciblées atteignant environ 57 000 professionnels de la recherche.

Canal de marketing numérique	Portée annuelle	Taux d'engagement
Réseaux scientifiques de LinkedIn	42 000 professionnels	3.7%
Publicités de publication scientifique	15 000 chercheurs	2.9%

Webinaires et événements de démonstration technique

En 2023, Quanterix a dirigé 36 webinaires techniques avec une fréquentation moyenne de 214 professionnels de la recherche par événement.

Partenariats avec des distributeurs d'équipements scientifiques

Quanterix maintient des partenariats avec 17 distributeurs d'équipements scientifiques en Amérique du Nord, en Europe et en Asie, représentant un réseau de distribution mondial.

Région géographique	Nombre de distributeurs	Couverture du marché
Amérique du Nord	7	45%
Europe	6	32%
Asie-Pacifique	4	23%

Quanterix Corporation (QTRX) - Modèle d'entreprise: segments de clientèle

Établissements de recherche universitaire

Quanterix dessert 278 établissements de recherche universitaires dans le monde en 2023. Valeur du contrat de recherche annuel moyen: 124 500 $.

Type d'institution	Nombre de clients	Valeur du contrat annuel moyen
Universités de recherche de haut niveau	87	$156,200
Centres de recherche médicale	124	$98,750

Organisations de recherche pharmaceutique

Quanterix soutient 62 organisations de recherche pharmaceutique en 2024.

• Les 10 meilleurs clients pharmaceutiques génèrent 14,3 millions de dollars de revenus annuels
• Durée du contrat moyen: 2,4 ans
• Axé sur les plateformes de recherche neurodégénérative et en oncologie

Laboratoires de diagnostic clinique

Total Clinical Diagnostic Laboratory Clients: 193 auprès du quatrième trimestre 2023.

Catégorie de laboratoire	Nombre de clients	Revenu annuel moyen par client
Laboratoires hospitaliers	87	$215,000
Laboratoires cliniques indépendants	106	$178,500

Centres de recherche en neurosciences et en oncologie

Segment de clientèle dédié: 46 centres de recherche spécialisés en 2024.

• Centres des neurosciences: 28
• Centres de recherche en oncologie: 18
• Revenu annuel total de ce segment: 9,7 millions de dollars

Biotechnology Companies

Quanterix dessert 97 sociétés de biotechnologie dans le monde en 2024.

Taille de l'entreprise	Nombre de clients	Valeur du contrat moyen
Grandes entreprises de biotechnologie	22	$475,000
Petites et moyennes entreprises de biotechnologie	75	$124,500

Quanterix Corporation (QTRX) - Modèle d'entreprise: Structure des coûts

Investissement important dans la recherche et le développement

Pour l'exercice 2022, Quanterix a déclaré des dépenses de R&D de 68,2 millions de dollars, ce qui représente 57,4% du total des dépenses d'exploitation.

Année	Dépenses de R&D	Pourcentage des dépenses d'exploitation
2022	68,2 millions de dollars	57.4%
2021	61,5 millions de dollars	55.3%

Équipement scientifique spécialisé à coût élevé

Les plates-formes technologiques Quantérix SimoA nécessitent des investissements en capital substantiels.

• Analyseur SIMOA HD-X: plage de coûts estimés de 250 000 $ - 500 000 $ par unité
• Consommables et réactifs spécialisés: environ 50 000 $ - 100 000 $ par an par site de recherche

Frais d'acquisition et de rétention de talents

Les dépenses totales du personnel pour 2022 étaient de 94,3 millions de dollars, notamment les salaires, la rémunération en actions et les avantages sociaux.

Catégorie de dépenses	Montant
Total des dépenses du personnel	94,3 millions de dollars
Salaire moyen (chercheur)	$120,000 - $180,000

Coûts de fabrication et de production

Les dépenses de fabrication pour 2022 ont totalisé 42,6 millions de dollars, ce qui représente 35,8% du total des dépenses d'exploitation.

• Coût des matières premières: environ 40 à 50% des dépenses de fabrication
• Facilités de production Coûts opérationnels: 15 à 20 millions de dollars par an

Infrastructure de marketing et de vente

Les frais de marketing et de vente pour 2022 étaient de 26,5 millions de dollars, représentant 22,3% du total des dépenses d'exploitation.

Catégorie de dépenses de marketing	Montant
Total des frais de marketing et de vente	26,5 millions de dollars
Compensation de l'équipe de vente	12 à 15 millions de dollars
Campagnes marketing	8 à 10 millions de dollars

Quanterix Corporation (QTRX) - Modèle d'entreprise: Strots de revenus

Vente d'instruments de test de diagnostic

Au troisième trimestre 2023, Quanterix a déclaré des ventes d'instruments de 8,7 millions de dollars, représentant un composant de revenus clé. La plate-forme d'analyseur SIMOA HD-X de l'entreprise sert d'offre d'instruments principale.

Type d'instrument	Fourchette de prix moyenne	Volume des ventes (2023)
Analyseur SIMOA HD-X	$250,000 - $350,000	24 unités
Analyseur SR-X	$150,000 - $225,000	12 unités

Revenus récurrents des kits de test consommables

Les kits de test consommables ont généré 17,2 millions de dollars de revenus pour Quanterix en 2023, représentant une source de revenus récurrente importante.

• Kits de test spécifiques à la neurologie: 7,5 millions de dollars
• Kits d'essai en oncologie: 5,3 millions de dollars
• Kits d'essai de maladie inflammatoire: 4,4 millions de dollars

Contrats de service de recherche

Les contrats de service de recherche ont contribué 12,6 millions de dollars aux revenus de Quantérix en 2023, avec des partenariats clés dans les secteurs de la recherche pharmaceutique et universitaire.

Type de contrat	Contribution des revenus	Nombre de contrats
Recherche pharmaceutique	8,4 millions de dollars	17 contrats
Recherche académique	4,2 millions de dollars	22 contrats

Licence de technologie propriétaire

Les licences technologiques ont généré 3,5 millions de dollars de revenus pour Quanterix en 2023.

• Licence de technologie de détection ultrasensible SIMOA: 2,1 millions de dollars
• Digital Elisa Platform Licensing: 1,4 million de dollars

Financement de recherche collaborative

Le financement de la recherche collaborative s'élevait à 6,3 millions de dollars en 2023, soutenant le développement avancé des technologies diagnostiques.

Catégorie de partenaire de recherche	Montant du financement	Focus de recherche
Subventions NIH	3,2 millions de dollars	Recherche de maladies neurodégénératives
Fondations de recherche privée	2,1 millions de dollars	Découverte de biomarqueurs
Programmes de recherche gouvernementaux	1,0 million de dollars	Initiatives de médecine de précision

Quanterix Corporation (QTRX) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Quanterix Corporation's technology, which really boils down to unmatched sensitivity and accessibility. This is where the company creates its primary economic moat right now.

Ultra-sensitive detection of protein biomarkers in blood (1000x improvement)

The Simoa technology delivers a significant leap in analytical power. It allows researchers to measure proteins at levels previously unattainable. Specifically, the sensitivity is up to 1000x greater than conventional immunoassay techniques [cite: 1, 8 from second search]. This means detecting biomarkers at femtomolar levels, which is critical for finding signals in complex matrices like blood when the target is scarce.

Enabling early disease detection, especially for neurodegenerative diseases

This extreme sensitivity directly translates into clinical utility, particularly in neurology. For instance, in the Alzheimer's Diagnostics area, the company reported that revenues in that segment more than tripled year-over-year as of Q2 2025 [cite: 4, 6 from first search]. The goal is to make blood-based testing for neurodegenerative diseases standard clinical practice, supported by milestones like a positive Medicare pricing recommendation mentioned in late 2025 reports [cite: 1 from first search].

Integrated solution for both blood- and tissue-based protein biomarkers

Following the combination with Akoya Biosciences, Quanterix Corporation now offers an integrated platform. This creates the first integrated platform capable of measuring biomarkers across the blood and tissue continuum [cite: 4 from first search]. This dual capability broadens the utility across the entire drug development and diagnostic workflow.

Simoa ONE compatibility with over 20,000 existing flow cytometers

A major strategic move to increase adoption without requiring new capital expenditure from customers involves the Simoa ONE platform. Starting in 2026, an early access program will let customers use unlocked Simoa ONE assay kits on over 20,000 existing flow cytometers worldwide [cite: 1 from third search]. This drastically lowers the barrier to entry for using their ultra-sensitive assays.

High-quality, recurring consumables business with pro forma revenue of around $100 million

The recurring revenue stream from consumables is a cornerstone of the business model's stability. As of mid-2025, the company stated it built a franchise generating approximately $100 million of consumables revenue, on a pro forma basis [cite: 4, 5, 6, 8 from first search]. This recurring revenue supports the R&D investment necessary to maintain the technology lead.

Here's a quick look at the key financial and statistical metrics underpinning these value propositions as of late 2025:

Metric Category	Specific Metric	Value / Amount
Sensitivity Advantage	Improvement over standard immunoassays	1000x
Recurring Revenue	Pro Forma Consumables Revenue (Annualized Estimate)	$100 million
Market Access/Adoption	Simoa ONE compatible flow cytometers (Starting 2026)	Over 20,000
Financial Outlook (2025)	Full Year Pro Forma Revenue Guidance	$165 million to $170 million
Financial Performance (Q3 2025)	Total Reported Revenue	$40.2 million
Growth Indicator	Alzheimer's Diagnostics Revenue Growth (YoY, Q2 2025)	More than tripled

The combination of superior analytical performance and a strategy to make that performance accessible-either through integrated blood/tissue platforms or by leveraging existing flow cytometer bases-defines the current value proposition set for Quanterix Corporation.

Quanterix Corporation (QTRX) - Canvas Business Model: Customer Relationships

You're looking at how Quanterix Corporation keeps its key customers engaged, which is crucial given the near-term funding headwinds affecting academic spending.

Dedicated direct sales and technical support teams

Quanterix Corporation is structuring its customer-facing operations around its installed base and the recent Akoya Biosciences combination. As of September 30, 2025, the total employee count stood at 464 people. The company indicated in March 2025 that it expected to increase the size of its selling, general and administrative functions to support growth, which includes the sales and support personnel. The structure supports the entire customer lifecycle from instrument placement to ongoing service.

Here's a look at the employee breakdown from March 2025, which informs the scale of these dedicated teams:

Function Area	Employee Count (as of March 2025)
Sales, Sales Support, Field Service, Marketing	219
Engineering and Research and Development	27
Manufacturing and Operations	240
General and Administration	68
Total Full-Time Employees	471

The salary range for an Inside Sales Representative role is cited as $50,000 to $75,000, plus bonus and equity.

High-touch, collaborative relationships with key pharma/academic researchers

The relationship focus is clearly on driving adoption of the core Simoa technology and the new diagnostics pipeline. The Accelerator business, which relies on these close ties, saw its Q1 2025 revenue come in at $5.6 million. Still, this represented a significant year-over-year decrease of 36%, which management attributed to a decline in large pharma projects, suggesting project sizes are shrinking even if the customer count remains sticky. In Q2 2025, the Accelerator business reported a net increase in new customers, even with smaller project sizes due to constrained biopharma budgets.

Long-term service contracts through the Accelerator lab

The Accelerator lab provides a service component that generates recurring revenue, though it faced headwinds in early 2025. Accelerator revenue in Q4 2024 was approximately $8.6 million. For Q1 2025, Accelerator services accounted for 18% of total revenue, which was $5.6 million. Management is focused on the combined entity generating approximately $100 million of consumables revenue on a pro forma basis for 2025, which is the core recurring revenue stream.

Early access program for the new Simoa ONE platform

Quanterix Corporation is making a significant move to expand its reach without forcing immediate capital expenditure on customers. The Simoa ONE platform is slated for launch by the end of 2025. Through a new early-access program, Simoa ONE assay kits will be compatible with over 20,000 existing flow cytometers worldwide, starting in 2026. This strategy aims to dramatically expand the addressable installed base, which was 1,052 instruments as of Q1 2025.

Scientific consultation to drive assay adoption and publication

The scientific credibility built through external validation directly supports customer relationships and assay adoption. As of Q1 2025, Quanterix Corporation technology has powered research published in more than 3,400 peer-reviewed journals. The cumulative publication count specifically reached 3,445 by the end of Q1 2025. The company is also expanding its diagnostics reach, having obtained Proprietary Laboratory Analysis (PLA) codes for its LucentAD® and LucentAD Complete tests, with pricing expected in the third quarter of 2025.

The Alzheimer's Diagnostics revenues more than tripled year-over-year in Q2 2025.

Quanterix Corporation (QTRX) - Canvas Business Model: Channels

You're looking at how Quanterix Corporation gets its technology and services into the hands of researchers and clinicians as of late 2025. The channel strategy is a mix of direct high-touch sales, leveraging external partners, and offering direct lab services.

Direct sales force for high-capital instrument placement (e.g., HD-X)

The direct sales channel focuses on placing the capital equipment, like the Simoa HD-X Analyzer, which drives recurring consumable revenue. The installed base of Simoa instruments has been growing, though the pace of new placements can fluctuate with customer capital spending. As of the second quarter of 2025, the total installed base of Simoa instruments stood at 1,062 units. This represents growth from 708 units in 2021. In the third quarter of 2025 specifically, Quanterix placed 16 Simoa instruments and 27 Spatial instruments. Instrument revenue for Q3 2025 was $7.2 million, broken down into $2.5 million from Simoa instruments and $4.7 million from Spatial instruments.

Global network of distributors for instrument and consumable sales

To support global reach and the recurring consumable stream, Quanterix relies on a distributor network. While the exact size of this network isn't public, the strategy is clear: grow the installed base to increase consumables revenue, which dominated the revenue mix. Consumables revenue for Q3 2025 was $18.8 million, comprising $12.3 million from Simoa consumables and $6.5 million from Spatial consumables. The company stated an intent to continue growing this network throughout 2025. The success of this channel is tied to the installed base, which generates recurring revenue.

The key channel metrics for instrument adoption and service utilization through the first three quarters of 2025 look like this:

Channel Metric	Value/Period	Source/Context
Total Simoa Installed Base (as of Q2 2025)	1,062 units	End of Q2 2025
Simoa Instruments Placed (Q3 2025)	16 units	Q3 2025
Spatial Instruments Placed (Q3 2025)	27 units	Q3 2025
Accelerator Projects (YTD 2025)	275 projects	Year-to-Date as of Q2 2025
Accelerator Lab Revenue (Q3 2025)	$8 million	Q3 2025 total

CLIA-certified Accelerator lab for fee-for-service testing

The Accelerator lab serves as a fee-for-service channel, allowing customers to access the technology without immediate capital outlay, which is important when biopharma budgets are constrained. In Q1 2025, Accelerator lab revenue was $5.6 million. By Q3 2025, the Accelerator lab revenue grew to $8 million, with Simoa Accelerator lab revenue specifically at $5 million, showing sequential growth of $1 million in that segment for the quarter. Management noted they are already seeing an increase in the number of projects through this program.

Lab-enabled partnerships for decentralized diagnostic testing (e.g., in Asia)

Partnerships are crucial for expanding decentralized testing, especially in high-growth areas like Alzheimer's diagnostics. Quanterix is advancing this through several key relationships. They announced a collaboration with ARUP Laboratories, a national reference lab in the U.S., to offer a pTau217 blood test using the Quanterix platform. Furthermore, the company is actively expanding its international regulatory footprint and partnerships across Asia, noting that the UltraDx Plasma pTau-217 Assay Kit received medical device registration approval in South Korea in Q2 2025. A major strategic move to democratize access involves an early access program starting in 2026, where Simoa ONE assay kits will be compatible with over 20,000 existing flow cytometers worldwide, effectively leveraging a massive installed base outside of Quanterix's direct instrument placements.

Finance: finalize Q4 2025 cash flow projection based on Q3 burn rate by next Tuesday.

Quanterix Corporation (QTRX) - Canvas Business Model: Customer Segments

You're looking at the core users of Quanterix Corporation's ultra-sensitive biomarker detection technology, which, as of late 2025, is heavily influenced by the integration of Akoya Biosciences. The customer base is diverse, spanning pure research to clinical application, but the financial performance in 2025 shows clear pressure points in the research-heavy segments.

The business model targets customers across the spectrum of life sciences, from early discovery to late-stage diagnostics. Here's a breakdown of the key segments based on recent operational data:

Global Pharmaceutical and Biopharma companies (drug development)

This segment is critical, especially for high-throughput biomarker discovery and validation. You see their activity reflected in the Accelerator services, though budgets are tight. Pharma revenue specifically declined by 23% year-over-year in the third quarter of 2025. Still, consumables remain the backbone, with the combined franchise generating approximately $100 million of consumables revenue on a pro forma basis.

• Accelerator projects year-to-date in 2025 reached 275, up from 149 in 2021.
• However, revenue from Accelerator projects declined, reflecting smaller project sizes due to constrained biopharma budgets.
• The company is focused on driving new growth by combining Simoa's blood-based detection with Akoya's tissue-based spatial biology for oncology programs.

Academic and Government Research Institutions

This segment has been under significant funding pressure, which directly impacts instrument sales and service utilization. In the first quarter of 2025, U.S. academic revenue saw a substantial drop of approximately 30% year-over-year, tracking the decline in academic grants. The installed base of instruments, which serves this segment, has grown to 1,052 as of Q1 2025, up from 708 in 2021.

Contract Research Organizations (CROs)

While not explicitly broken out with separate financial metrics in the latest reports, CROs are integral users of the Accelerator services and high-throughput platforms, often serving the Pharma segment. The overall revenue mix shows consumables are the most resilient component, representing 60% of total revenue in Q1 2025. The company placed 16 SIMOA instruments in Q3 2025.

Clinical Diagnostics Laboratories and Hospital Networks

This is the emerging clinical segment, heavily driven by the Alzheimer's diagnostics push. The company reported that Alzheimer's Diagnostics revenues more than tripled year-over-year in the second quarter of 2025. The introduction of Simoa ONE assay kits, compatible with over 20,000 existing flow cytometers, is a direct strategy to penetrate this segment without requiring new capital equipment purchases.

Oncology and Immunology researchers (expanded focus post-Akoya)

The acquisition of Akoya Biosciences in 2025 solidified the focus on spatial biology, which is critical for oncology research. The Spatial business reported $17.2 million in revenue in Q3 2025. The combined entity aims to deliver integrated biology across blood (Simoa) and tissue (Spatial). The company placed 27 Spatial instruments in Q3 2025.

Here's a look at the revenue segmentation and key operational metrics as of late 2025:

Metric / Segment Focus	Value (Latest Reported Period)	Period Reference
Total Revenue	$40.2 million	Q3 2025
Simoa Revenue (Research/Blood Biomarkers)	$23 million	Q3 2025
Spatial Revenue (Tissue Biology/Oncology)	$17.2 million	Q3 2025
Consumables Revenue Share (Pro Forma)	Approximately $100 million (Annualized)	As of Q2 2025
Pharma Revenue Change	Declined 23% Year-over-Year	Q3 2025
U.S. Academic Revenue Change	Declined approximately 30%	Q3 2025
Instrument Placements (SIMOA)	16 units	Q3 2025
Instrument Placements (Spatial)	27 units	Q3 2025

The company is aggressively pursuing cost discipline, having already captured 67% of its $85 million in targeted annualized synergies from the Akoya transaction as of Q3 2025. This focus on efficiency is designed to support the customer segments while navigating the current funding environment, with a goal to achieve cash flow breakeven in 2026.

Quanterix Corporation (QTRX) - Canvas Business Model: Cost Structure

You're looking at the cost side of Quanterix Corporation's business model as of late 2025, post-Akoya Biosciences combination. The structure reflects heavy investment in innovation alongside aggressive post-merger cost-cutting.

High R&D expenses, with year-to-date investment of roughly $27 million

Quanterix Corporation is definitely keeping the innovation engine running. Year-to-date (YTD) through the third quarter of 2025, the investment in Research & Development (R&D) has been approximately $27 million. This spend represents just under 30% of the year-to-date revenue base, showing a commitment to advancing key franchises like Simoa One and Alzheimer's diagnostics, even while integrating a major acquisition.

Cost of Goods Sold (COGS) for instruments and high-margin consumables

The Cost of Goods Sold (COGS) directly impacts the gross margin, which is a key focus area following the accounting alignment with Akoya Biosciences. For the third quarter of 2025, the GAAP Gross Margin settled at 42.8%, translating to a GAAP Gross Profit of $17.2 million on total revenue of $40.2 million. The high-margin consumables business forms a significant part of the cost structure story; the pro forma consumables revenue base is generating approximately $100 million annually. In Q3 2025 specifically, consumable revenue was $18.8 million, while instrument revenue was $7.2 million. The adjusted (non-GAAP) gross margin was 45.9% for the quarter.

Sales, General, and Administrative (SG&A) expenses for global commercialization

The costs associated with getting the combined platform to market are substantial, particularly with the integration of a global commercial team. Total Operating Expenses for the third quarter of 2025 hit $54.5 million. To get a clearer view of the underlying operational spend, Non-GAAP Operating Expenses were $38.2 million in Q3 2025. Looking back at Q2 2025, the Selling, General and Administrative (SG&A) expense was $31.4 million, which was noted as being up 30% due to non-recurring acquisition costs.

Here's a quick look at the Q3 2025 expense components, keeping in mind the integration costs:

Expense Category	Q3 2025 Amount (USD)	Notes
Total Operating Expenses	$54.5 million	GAAP basis for the quarter.
Non-GAAP Operating Expenses	$38.2 million	Excludes certain items for trend analysis.
R&D Expense (YTD)	$27 million	Year-to-date investment as of Q3 2025.
Acquisition/Integration/Restructuring Costs (Q3)	$15 million	Included within Q3 Operating Expenses.
SG&A Expense (Q2)	$31.4 million	Reported for the prior quarter.

Integration and restructuring costs to achieve $85 million in synergies

A major cost driver is the one-time expense related to the Akoya combination, which is being offset by expected efficiencies. Quanterix Corporation is targeting $85 million in annualized synergies and cost reductions. By the end of the third quarter, management reported that $67 million of this total $\mathbf{\$85}$ million annualized cost reduction had already been implemented. These integration efforts are critical to the plan to achieve cash flow breakeven in 2026. The immediate impact of this work shows up in the quarterly charges; for instance, Q3 included $15 million in costs related to acquisition, integration, restructuring and purchase accounting.

Operating costs for the CLIA-certified Accelerator lab

The CLIA-certified Accelerator lab represents a service-based cost center that is scaling up. While specific operating costs for this lab aren't broken out, its scale can be inferred from its revenue contribution. The Accelerator business reported revenue of $8 million in the third quarter of 2025. This segment is showing growth, with a net increase in new customers during the quarter, even with smaller project sizes due to biopharma budget constraints.

• The company consolidated four manufacturing and lab facilities into two main sites in Billerica and Burlington, Massachusetts, as part of the integration.
• The overall goal is to exit 2025 with approximately $120 million in cash and no debt.

Finance: draft 13-week cash view by Friday.

Quanterix Corporation (QTRX) - Canvas Business Model: Revenue Streams

You're looking at the financial engine of Quanterix Corporation as of late 2025, specifically how the company brings in cash across its platforms and services. Honestly, the streams are showing a clear hierarchy, especially post-Akoya integration.

The largest and most resilient stream is definitely the sale of Consumables and Reagents. This high-margin component is the bedrock, even when capital equipment sales slow down. For instance, in the third quarter of 2025, Consumable revenue hit $18.8 million, which was split between $12.3 million from Simoa and $6.5 million from Spatial consumables. Back in Q1 2025, this segment was already the dominant force, making up 60% of total revenue at $18.1 million. Management has publicly highlighted this as their "$100M high-margin consumables business" showing resiliency despite market pressures.

Next up, you have Instrument sales, covering both the Simoa and Spatial platforms. These are the upfront capital purchases. In Q3 2025, Instrument revenue totaled $7.2 million, broken down into $2.5 million for Simoa instruments and $4.7 million for Spatial instruments. The placement activity in that quarter included 16 Simoa and 27 Spatial instruments. To give you context on the relative size, in Q2 2025, instruments only accounted for 8% of the total revenue mix.

The Accelerator lab service revenue, which is essentially fee-for-service testing, provides a steady recurring component. For Q3 2025, Accelerator lab revenue was $8 million, with $5 million coming from Simoa and $3 million from Spatial. The Simoa Accelerator lab revenue specifically showed sequential growth, increasing by $1 million over the prior quarter. This stream represented 16% of total revenue in Q2 2025.

The emerging, high-potential stream is Diagnostics revenue, driven by tests like LucentAD. This segment is showing rapid growth; in Q2 2025, diagnostics revenues more than tripled year-over-year. By Q3 2025, diagnostics-related revenue reached $2.4 million. Critically for future valuation, the preliminary Centers for Medicare & Medicaid Services (CMS) Clinical Lab Fee Schedule listed the maximum reimbursement for the LucentAD Alzheimer blood biomarker test at approximately $897 per test.

Here is a quick look at how these streams contributed to the overall picture in Q3 2025, based on the reported total revenue of $40.2 million for that quarter (Note: This Q3 total is different from the full-year guidance context, which includes Akoya for two quarters):

Revenue Stream Category	Q3 2025 Reported Revenue Amount	Q3 2025 Percentage of Total (Approximate)
Consumables Revenue	$18.8 million	46.8%
Accelerator Lab Revenue	$8 million	19.9%
Instrument Revenue	$7.2 million	17.9%
Diagnostics Revenue	$2.4 million	6.0%

The company's official full-year 2025 revenue guidance, reflecting the inclusion of about two quarters of Akoya performance, is set in a range of $130 million to $135 million. This guidance implies that the Simoa business alone is expected to contribute approximately $100 million to $105 million. If you look at the pro forma basis-assuming both companies were combined for the entire year-Quanterix expects to generate between $165 million and $170 million in revenue for 2025. The expected GAAP gross margin for the full year is targeted between 49% to 53%, though the Q3 actual GAAP gross margin was lower at 42.8%.

You should keep the following breakdown of revenue contribution in mind, based on Q1 2025 data, as it shows the historical weighting before the full Akoya integration effect:

• Consumables revenue: 60%
• Accelerator services: 18%
• Other revenue: 13%
• Instruments: 9%

The company is defintely navigating a complex revenue mix as it integrates Spatial and pushes diagnostics adoption.

Finance: draft 13-week cash view by Friday.