Quanterix Corporation (QTRX): Business Model Canvas [Dec-2025 Updated]

You're digging into Quanterix Corporation (QTRX)'s core engine, especially after that big Akoya Biosciences merger, trying to see if the math adds up for this ultra-sensitive diagnostics play. Honestly, the business model hinges on their proprietary Simoa technology, aiming for a full-year 2025 revenue guidance between $130 million to $135 million, heavily supported by their resilient consumables stream and the new spatial capabilities. The near-term action is realizing those promised cost synergies while pushing for FDA approval on key tests like LucentAD, all while managing a cost structure that includes roughly $27 million in R&D year-to-date. If you want to see exactly how their $120 million expected cash balance supports this strategy, check out the full canvas break down below.

Quanterix Corporation (QTRX) - Canvas Business Model: Key Partnerships

You're looking at the partnerships Quanterix Corporation has locked in to drive its platform strategy, which is now heavily focused on integrating tissue and blood-based biomarker analysis. This is where the real scale comes from, so let's look at the hard numbers behind these alliances.

Strategic Merger with Akoya Biosciences for Spatial Phenotyping Integration

The acquisition of Akoya Biosciences, completed on July 8, 2025, was a massive step, combining Quanterix Corporation's ultra-sensitive blood detection with Akoya's spatial biology tools. The final terms of the amended merger, announced April 29, 2025, involved Quanterix Corporation issuing approximately 7.8 million shares of common stock and paying $20 million in cash to Akoya shareholders and equity award holders. This transaction immediately expanded Quanterix Corporation's served addressable market from $1 billion to $5 billion. The combined entity ended the quarter of the close with approximately $163 million in cash after settling Akoya's debt and transaction costs. Management expects the combined business to hit profitability by 2026, driven in part by expected annualized synergies of $85 million as of the third quarter of 2025.

Here's a quick look at the deal structure and scale post-merger:

Collaborations with Pharmaceutical Companies for Clinical Trials and Assay Development

Quanterix Corporation continues to rely on its deep ties within the biopharma sector, even as that market faces headwinds. For the third quarter of 2025, revenue from Pharma declined 23% year-over-year. Still, the company is making significant investments to support this base; year-to-date through Q3 2025, Quanterix Corporation invested roughly $27 million in R&D, which is just under 30% of its revenue for that period. A key, long-standing collaboration involves Eli Lilly and Company, where license and collaboration agreements for p-Tau 217 antibody technology began in March 2022.

The company's ability to shepherd a biomarker from discovery to diagnostics is a core value proposition for these partners, evidenced by:

• The Simoa® p-Tau 217 Planar Kit uses technology licensed from Eli Lilly and Company.
• Quanterix Corporation aims to submit data for its Alzheimer's diagnostic test, LucentAD Complete, to the FDA by the end of 2025.
• The HD-X Simoa Immunoassay Analyzer received Class 1 Medical Device registration in South Korea in 2025.

Diagnostic Partnerships, Including ARUP Laboratories for pTau217 Blood Test

The push into diagnostics relies heavily on reference lab integration. ARUP Laboratories launched its blood test for phosphorylated tau 217 (pTau217) to help identify Alzheimer's disease (AD) pathology. This test was validated using samples from Eli Lilly and Company's Phase 3 TRAILBLAZER-ALZ 2 trial, which included blood specimens from 524 individuals. Quanterix Corporation also noted a positive Medicare pricing recommendation supporting its Alzheimer's diagnostics business. You should know that Quanterix Corporation has secured over thirty U.S. patents protecting its technology.

Expanding Network of over 20 Lab-Enabled Partners Globally

To build out the necessary global infrastructure for blood-based testing, Quanterix Corporation is actively expanding its lab network. As of a March 2025 filing, the company had formalized 15 partnerships with leading hospital labs for its LucentAD Complete offering. The company is actively pursuing more, with recent expansion noted across Asia. The overall goal is to establish a broad network to support clinical testing.

Exclusive License for Simoa Technology Intellectual Property from Tufts University

The foundation of Quanterix Corporation's core technology comes from an exclusive license with Tufts University. The agreement, originally from June 2007 and last amended in September 2020, grants an exclusive, worldwide license to all patent rights for the Simoa bead-based technology. This IP is critical; as of December 31, 2024, Quanterix Corporation owned or exclusively licensed more than 100 issued patents and patent applications worldwide, which includes this foundational Tufts IP. Financial obligations include:

• Payment of low single-digit royalties on all net sales of products and services using the licensed technology.
• Payment of a portion of any sublicensing revenues.
• Payment of annual maintenance fees, which are fully creditable against royalty payments.
• A milestone payment due upon any sublicense.

For context, royalty expenses related to the Tufts License Agreement totaled $0.5 million for the three months ended March 31, 2024. Professor David Walt, the founder of Quanterix Corporation and a current Board member, pioneered the underlying technology at Tufts.

Finance: draft 13-week cash view by Friday.

Quanterix Corporation (QTRX) - Canvas Business Model: Key Activities

You're looking at the core engine of Quanterix Corporation as of late 2025, post-Akoya integration. It's all about execution on innovation and synergy capture right now. Here's the quick math on what they are actively doing to drive the business forward.

Research and Development (R&D) of new Simoa and Spatial assays

Quanterix Corporation is definitely keeping the innovation pipeline fueled. Year-to-date in 2025, the company has invested roughly $27 million in R&D. To put that in perspective, that spend represents just under 30% of their revenue year-to-date. This investment is focused on developing their next-generation platform, advancing their Alzheimer's diagnostics programs, and expanding new assays across both the Simoa and Spatial franchises.

• Invested $27 million in R&D year-to-date 2025.
• R&D spend is just under 30% of year-to-date revenue.
• Focus areas include next-gen platform and Alzheimer's diagnostics.

Manufacturing and quality control of instruments and consumables

This activity is the backbone supporting the installed base and driving recurring revenue. For the third quarter of 2025, consumable revenue hit $18.8 million. They are working to maintain the resiliency of this segment, which on a pro forma basis, they highlighted as a $100 million high-margin consumables business. Operationally, they've streamlined things by consolidating four manufacturing and lab service operations into just two Quanterix sites.

Here is the revenue breakdown from the third quarter of 2025:

The consumable revenue specifically broke down into $12.3 million from Simoa and $6.5 million from Spatial consumables in Q3 2025.

Integration of Akoya to realize $85 million in annualized cost synergies

The integration following the Akoya Biosciences acquisition is a major Key Activity. As of the Q3 2025 update, Quanterix Corporation has already captured $67 million of the targeted $85 million in annualized cost synergies. This is a strong start, considering the initial target was $40 million in annual run-rate cost synergies by the end of 2026, with $20 million expected in the first year post-close. The company is on track to realize the full $85 million target and reach cash flow breakeven in 2026.

Pursuing FDA approval for the LucentAD Complete Alzheimer's test

Advancing Alzheimer's diagnostics is clearly a top priority. The company noted that its Alzheimer's Diagnostics revenues more than tripled year-over-year in Q2 2025. While the search results confirm the Simoa p-Tau 217 blood test received Breakthrough Device designation from the U.S. FDA back in March 2024, the specific final approval status for the LucentAD Complete test as of late 2025 wasn't explicitly stated as approved. However, management highlighted a positive Medicare pricing recommendation and expanding partnerships across Asia as key progress points in advancing toward standard clinical practice for blood-based testing.

Operating the CLIA-certified Accelerator lab for service revenue

The Accelerator lab is a direct revenue generator from service work. In the third quarter of 2025, this lab generated $8 million in revenue. This was split between $5 million from Simoa services and $3 million from Spatial services. The Simoa Accelerator lab revenue specifically saw a sequential increase of $1 million in that quarter. Even with constrained biopharma budgets leading to smaller project sizes, the Accelerator business reported a net increase in new customers during Q2 2025.

Finance: review Q4 2025 cash flow projections incorporating the Q3 synergy run-rate by end of next week.

Quanterix Corporation (QTRX) - Canvas Business Model: Key Resources

You're looking at the core assets that make Quanterix Corporation's model work, the things they own or control that are essential to delivering their value proposition. Honestly, it's a mix of proprietary science, regulatory clearance, and human expertise.

Proprietary Simoa® ultra-sensitive digital immunoassay technology

The foundation here is the Simoa technology itself. It's what lets researchers detect and quantify proteins in blood and other fluids at concentrations far below what traditional analog methods can manage. This digital immunoassay technology is the engine for their high-value consumables business.

Here's a quick look at the scale of scientific validation around this core asset as of late 2025:

The company is pushing this forward with the expected launch of the Simoa ONE platform by the end of 2025, which aims to significantly broaden market access by leveraging existing equipment.

Integrated Simoa and Spatial phenotyping intellectual property portfolio

The IP strength was materially enhanced in 2025 with the acquisition of Akoya Biosciences. This move integrated spatial biology capabilities with single-cell resolution directly into the Quanterix ecosystem, connecting biology across both blood and tissue applications.

• Acquisition of Akoya Biosciences completed in 2025.
• Added multiplexed tissue imaging with single-cell resolution to the portfolio.
• The combined installed base includes 1,396 instruments from the Akoya acquisition.
• Quanterix operates with 326 active competitors in the market.

Cash balance expected to exit 2025 at approximately $120 million

Managing capital is crucial, especially following the integration of the Akoya transaction. You need to know where the liquidity stands to fund operations and R&D.

Quanterix Corporation continues to expect it will end 2025 with approximately $120 million in cash, cash equivalents, marketable securities, and restricted cash, with no debt. This projection follows the third quarter of 2025, where the company ended the period with $138.1 million in this cash position. The full-year adjusted cash usage is anticipated to be approximately $34 million to $38 million.

CLIA-certified Accelerator laboratory for high-complexity testing

The Accelerator Laboratory is a key service delivery asset, providing high-complexity testing capabilities under stringent regulatory oversight. Securing the New York State Clinical Laboratory Permit in August 2025 was a major step, as it means the facility is now fully CLIA-certified in all 50 states, removing geographic restrictions for clients.

The operational scope of the Accelerator Laboratory includes:

This lab supports biopharmaceutical research, clinical testing, and custom assay development using the Simoa technology.

Highly specialized scientific and engineering talent

The intellectual property and technology are only as good as the people who develop and support them. You need deep expertise to maintain a lead in this field.

As of the filing date in March 2025, the employee base showed a significant concentration in R&D:

• Total full-time employees (as of March 11, 2025): 471.
• Employees in engineering and research and development: 240.
• Employees in manufacturing and operations: 240.

The company culture defintely emphasizes attracting and retaining visionaries and innovators in the field.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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):

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.