Quanterix Q4 revenue jumps 25% to $43.9M, places 38 instruments
Quanterix reported Q4 revenue of $43.9M, up 25% year-over-year, and placed 38 instruments (21 Simoa, 17 Spatial) generating $6.1M in instrument sales. The company ended the quarter with $122M cash, achieved $74M of its $85M cost synergy target, and reaffirmed break-even profitability in 2026 while advancing its LucentAD Alzheimer’s test.
1. Q4 Financial Performance
Quanterix reported fourth-quarter 2025 revenue of $43.9 million, a 25% increase year-over-year and 7% sequential growth. Instrument revenue reached $6.1 million from 21 Simoa and 17 Spatial placements, while Spatial revenue totaled $17.0 million, down 23% year-over-year (16% decline excluding a terminated $2.5 million agreement). Organic revenue fell 22%, offset by $3.1 million from diagnostics partners and stronger academic demand.
2. Cost Synergies and Cash Position
The company achieved $74 million of its $85 million cost synergy target and reported non-GAAP operating expenses of $30.0 million, down $1.5 million sequentially. Adjusted EBITDA loss improved to $7.9 million from $11.9 million in Q3, and the balance sheet held $122 million in cash, marketable securities, and restricted cash with no debt.
3. LucentAD Reimbursement and FDA Timeline
Quanterix’s multi-analyte LucentAD Alzheimer’s blood test received a CMS reimbursement rate of $897 in Q4, establishing a national reference price. A 510(k) pre-market notification was submitted to the FDA in January 2026, with approval anticipated by Q4 2026, and clinical utility study results expected in H2 2026 to support payer engagement.
4. Growth Initiatives and Outlook
The company launched 13 new assays in 2025, including two Simoa tau assays and two Spatial PhenoCode Discovery panels, and rolled out an early access program for Simoa One. Management expects a steady cadence of assay launches in 2026 and is focused on executing a growth plan across neurology, oncology, immunology and reaching break-even profitability next year.