Quanterix Q3 2026 Earnings Call Transcript

Quanterix (NASDAQ:QTRX) reported third-quarter financial results on Monday. The transcript from the company’s third-quarter earnings call has been provided below.

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Summary

Quanterix Corporation reported sequential revenue growth of 6.3% in Q3 2026, with total revenue of $35 million.

The company highlighted strong performance in the Americas region, with high-teens percentage growth, and a significant improvement in spatial consumables.

Quanterix expanded its Simoa menu and released new spatial assays, contributing to increased demand and sales in the neurology biomarker and oncology segments.

The company announced new commercial partnerships and insurance coverage, notably with Florida Medicaid approving coverage for Alzheimer’s disease testing.

Quanterix’s diagnostics team is focusing on expanding commercial partnerships and scaling for growth, especially with Lucent AD tests, which saw a doubling in sales.

Financially, cash usage was $16.2 million in Q3, ending the quarter with $80.7 million in cash. The company aims to end 2026 with $70 million in cash and no debt.

Quanterix provided guidance for 2026 with expected total revenue of $142 to $146 million and non-GAAP gross margins between 48% and 50%.

The company is preparing for FDA clearance for its Alzheimer’s disease diagnostic test and plans to leverage its diagnostics business for growth in 2027.

Management noted significant progress in commercial execution and leadership, positioning the company for continued growth into 2027.

Full Transcript

OPERATOR

Hello everyone. Thank you for joining us, and welcome to Quanterix Corporation third quarter 2026 earnings call. After today’s prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Mary Conway, Investor Relations.

Mary Conway (Investor Relations)

Thank you, and good morning. With me on today’s call are Everett Cunningham, Quanterix’s President and CEO, and Jason Faessler, Chief Financial Officer. Today’s call is being recorded, and a replay of the call will be available on the Investors section of our website. During today’s presentation, we will make forward-looking statements covered under the U.S. Private Securities Litigation Reform Act. These forward-looking statements are based on management’s beliefs and assumptions. As of today, November 9, 2026, we may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. To supplement our financial statements presented on a GAAP basis, we have provided certain non-GAAP financial measures. These non-GAAP measures are used to evaluate our operating performance in a manner that allows for meaningful period-to-period comparison and analysis of trends in our business and our competitors.

We believe that such measures are important in comparing current results with other periods’ results and assessing our operating performance within our industry. Non-GAAP financial information presented herein should be considered in conjunction with, and not as a substitute for, the financial information presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures set forth in the presentation posted to our website and in the earnings release issued today.

Finally, any percentage changes we discuss will be on a year-over-year basis unless otherwise noted. Now I’d like to turn the call over to Everett Cunningham. Everett.

Everett Cunningham (President and CEO)

Thanks, Mary, and good morning, everybody. I’m happy to share that we exceeded our expectations for top-line performance in the third quarter with sequential revenue growth of 6.3% and improvement across the business. These results reflect the hard work of our entire team. Our solid Q3 results are an important early proof point in our path to restoring growth. And there’s more. As shown on slide 3, our commercial teams performed better across the board despite continued market softness, with strong sequential growth across all product categories and technology platforms.

The Americas region posted the strongest improvement with high-teens percentage growth. Spatial consumables were at a near-record level, demonstrating that our instrument install base is being utilized. We’re pleased with these first elements of recovery at Quanterix, which are reversing the revenue decline trend from last year. Our Accelerator Lab grew bookings for the second consecutive quarter at a book-to-bill approaching 2x, and the new dedicated sales team is focused on building long-term relationships, including through our custom assay development services.

We expanded the Simoa menu with more neurology biomarkers, and our Spatial Content Innovation engine released new spatial assays for our Phenocycler. We doubled the number of Lucent AD tests sold in Q3 from the prior quarter as commercial partnerships are driving demand. New partnerships that I’ll discuss later today position us to extend that growth now. With the foundation of these efforts, we now possess several critical catalysts for accelerating growth for Quanterix.

These include the complete build-out of our senior leadership team, including Dr. Yuri Fesko as our first Chief Medical Officer. Yuri’s deep experience with large diagnostics companies in clinical and regulatory areas is already benefiting teams across the company with relevant and timely expertise. Jim Gu joined Quanterix in mid-August as our Chief Commercial Officer, bringing proven leadership to help drive improved execution in our commercial organization.

With rigor, discipline, and accountability, our diagnostics team added important sales and marketing talent to the team ready to leverage more opportunities for diagnostics revenue growth. Their efforts are supported by impactful insurance coverage that is growing. We are pleased with the decision by Florida’s Medicaid administrator, as I’ll discuss shortly, to approve coverage of blood-based biomarker testing for Alzheimer’s disease like Lucent AD Complete for 4 million Florida residents eligible for Medicaid as of November 1st. Innovation is emerging as a strategic lever for both Simoa and spatial teams. Between recent assay and menu option launches and upcoming planned expansion, we’re addressing real customer needs to drive greater use of our instrument install base. As we’ve already seen with our Q3 consumable growth, Spatial’s content innovation engine is targeting exciting new areas, including one surrounding the hallmarks of cancer that I’ll describe further. Man, this is a great start, and we plan to actively build upon it.

Now turning to slide 4, let’s review our organizational priorities, the strategies driving our progress. The first element, and I’ve said this since I started back in January, is bringing a laser focus to improving our commercial execution. I just mentioned the discipline and rigor that Jim Gu is deploying within our commercial organization. Our return to a product-based approach allows our sales team to bring their skills and decades of market focus to each customer, whether that be in Spatial, Simoa, our Accelerator Lab, or diagnostics.

Second, we’re prioritizing the key areas in our strategic roadmap to accelerate growth. That means strengthening our position in ultrasensitive protein detection, which we’re accomplishing through concrete steps like launching new assays and menu options. As I noted, addressing customer needs effectively is critical to our growth in a competitive marketplace, along with advancing the in vitro diagnostics readiness of our HDX platform that we expect will expand distribution opportunities for us.

Third, we plan to leverage our diagnostics business, where the dedicated team is working hard under Jeff Albrecht’s leadership to scale for growth by continuing to expand commercial partnerships and build networks and clinical credibility. This is a critically important initiative for our company. Quanterix is a recognized leader in ultrasensitive protein detection, with differentiated capabilities across blood-based biomarkers and spatial tissue analysis.

These technologies, enabled by their sensitivity, reproducibility, and high-throughput performance, create significant near-term opportunities in diagnostics as healthcare increasingly prioritizes earlier detection and intervention. Now let me share some Q3 updates from our product teams in both Simoa and Spatial areas on slides 5, 6, and 7, where we show how we’re addressing customer needs more directly and delivering innovation that will help speed up, expand, and improve their research efforts. On our Simoa platform, we expanded our assay menu offering in Q3 by launching APOE 4 prototyping and IL-18 kits, enabling steady and important increases of new biomarkers for new research in Alzheimer’s and other neurodegenerative diseases.

APOE 4 variants have been linked to risk of Alzheimer’s disease and serious side effects associated with anti-amyloid therapies. The Simoa APOE 4 Prototyping Assay allows researchers to distinguish between non-carriers, heterozygotes, and homozygotes that are linked to an individual’s risk status. The Simoa IL-18 assay builds an emerging need to better understand the role of neuroinflammation in the onset and progression of Alzheimer’s disease and has a broader application in inflammation and oncology.

Importantly, our work on the planned submission of our 510 application for our HDX instrument as an in vitro diagnostic remains on track, with our third-party contract manufacturer fully engaged as we plan to execute towards our goal of a 2027 submission. Lastly, new regulatory approvals will advance access to neurology biomarker testing in China based upon our HDX and SRX instruments and testing kits for four biomarkers. Innovita Biological Technology Company, a leading Chinese diagnostics company, is broadening access to blood biomarker testing in China as part of our strategy to bring our Simoa-powered diagnostic capabilities to large markets worldwide by working with strong regional commercial partners.

In September, at the European Society for Spatial Biology meeting, we showcased significant progress in our Spatial Content Innovation engine, with the phenyl code 2.0 molecular barcoding kit now in full commercial release, enabling researchers to barcode virtually any antibody in applications spanning immuno-oncology, neuroscience, and other areas. Two other panels will ship early in 2027: one, the TIME panel, providing a broader view of the tumor-immune microenvironment, and the other, the high-plex antibody-drug conjugate, or ADC, panel that enables co-measurement of ADC target expression alongside tumor-immune contexture within a single tissue section, addressing demand for combination biology readouts. Our Accelerator Lab is accepting requests for custom ADC panel development, widening access to its ADC combination biology fully managed service for biopharma and translational teams.

On slide 7, we illustrate how the Hallmarks of Cancer framework, shown on the right, is helping us build out and expand our Spatial Oncology panel offering, including some recent new product launches that I mentioned. We see an excellent opportunity to continue to expand our offerings covering more elements of the hallmarks of cancer, which are a fundamental way of understanding cancer, and further increase our spatial consumable growth as we did in Q3.

These new offerings and approaches underline our highly regarded scientific innovation and respond directly to customers’ needs in the clinic and lab. We’re excited about our new panels and technological advances, and we intend to maintain this pace to sustain our market leadership. Traction in diagnostics business continues to build, setting a sound foundation for the strong growth that we anticipate in 2027. We’re making impressive progress establishing new meaningful collaborations, pushing forward on reimbursement, and positioning Quanterix to achieve our goal next year.

Highlights, as shown on slides 8 and 9, included Lucent AD tests more than double sequentially. As we transform our diagnostic business into a larger, profitable element of Quanterix’s profile, we’re expanding across different end customers and areas within diagnostics. We’ve signed new commercial partnerships with two key clinical reference labs, Sherman Abrams in the New York–New Jersey Tri-State area, and True Path in Mississippi, spanning over 14 states across the United States.

Both partnerships will soon be operational, and we’re delighted about the caliber of opportunities that we’re going to pursue together, broadening the reach of our existing collaborations with other commercial partners. We’re actively discussing more clinical reference lab partnerships, including with key international collaborators, fulfilling our goal to expand globally in targeted markets with strong regional commercial partners. We’re also pleased to share progress emanating from Florida House Bill 885, which directed the Florida Agency for Health Care Administration to cover blood-based biomarker testing for Alzheimer’s disease like Lucent AD Complete when medical necessity criteria are met. As of November 1st of this year, reimbursement rates were finalized at $480 per test, and coverage is effective retroactive to July 2026.

Now, given Florida’s significant addressable population, including over 4 million residents eligible for Medicaid, this is an important step forward likely to be enacted in other states as part of a national movement supporting blood-based biomarker testing for Alzheimer’s disease. We’ve seen continued progress with clinical utility studies involving our five-biomarker test, Lucent AD Complete. While we await publication of completed studies by three major health organizations, we’ve heard that some researchers are encouraging clinicians at their centers to consider utilizing Lucent AD Complete tests for Alzheimer’s disease assessments of patients. We’re excited about this progress, and we’re looking forward to the publication of these studies soon.

Our diagnostics team was built smartly and efficiently. That team now numbers approximately 20 people. To enhance their efforts, we welcomed Dr. Yuri Fesko as Chief Medical Officer last quarter. As I mentioned, Yuri’s deep experience in clinical and regulatory affairs in diagnostics offers clear value to our teams, advancing Quanterix’s initiatives. Productive discussions with the FDA regarding our five-biomarker test for Alzheimer’s disease pathology have continued.

While we cannot predict FDA timing, we remain confident that the test provides the most clinically important information with the lowest indeterminate readings of any in vitro diagnostic test that is currently on the market for Alzheimer’s disease assessment. And we’re not stopping at Alzheimer’s. We intend to build a total neurological brain health diagnostic assessment portfolio as we identify more critical biomarkers that can transform the diagnosis of diseases like Parkinson’s and Huntington’s, as well as traumatic brain injuries.

We’re looking forward to sharing more about these opportunities as we address a rapidly growing space with highly competitive assets and inefficient market proceeds. In conclusion, I want to recognize our team’s solid performance in exceeding top-line revenue expectations in the third quarter, the first signal of restoring growth back to Quanterix. We’re grateful for the effort across the board, especially in our refocused commercial organization. We see clear data points supporting our outlook for the remainder of 2026 and positioning us for growth continuing in ’27. The initial impact of our new commercial leadership team and the refreshed focus of our selling teams are becoming apparent, and the enthusiasm, the discipline, and energy in these teams are exciting.

Our diagnostics business is readying its platform to scale and support our expansion, especially the expansion of Lucent AD Complete testing in 2027. We’re carefully managing our financial resources as our leadership team drives to leverage opportunities, and we appreciate the support of our investors along this journey. Now I’ll turn the call over to Jason Faessler, our Chief Financial Officer. Jason.

Jason Faessler (Chief Financial Officer)

Thanks, Everett. I’m pleased to join you today to discuss Quanterix’s third quarter financial results and our outlook for the rest of the year. Starting on slide 11. On the top line, we generated sequential growth better than we had forecasted last quarter with total revenue of 35 million, up 6.3% from Q2, although 13.1% below Q3 2025 reported 40.2 million on a pro forma basis. When we exclude 2.4 million from our Q3 2025 revenue from a terminated diagnostic development program and include Acoya pre-acquisition revenue of 0.6 million, the Q3 2026 year-over-year decline is only 8.6%.

Quanterix significantly slowed our revenue decline this past quarter. As Everett noted, this positive performance does not reflect the full impact of the new leadership and reprioritization in the commercial organization which only began midway through Q3. We saw improvements across the board with consumables showing the greatest increase, reflecting leverage from our strong installed base of instruments. Our consumable revenue growth was led by our spatial business, which hit its second highest level ever in Q3.

We intend to sustain this momentum as we close out this year and move into 2027, knowing that the commercial organization transition with its new priorities, rigor, and discipline will take time for full impact. Due to additional demands on our cash in the quarter from spending and timing of working capital movements, cash usage was 16.2 million in the quarter. We ended Q3 with a cash balance of approximately 80.7 million. We intend to carefully balance plans for growth against their costs, and cash preservation is an important goal for all of us.

Moving to slide 12, I will cover our product, region, and end market performance mostly on a quarter-over-quarter and a pro forma basis. Q3 2025 was the first quarter of our Acoya acquisition and thus sequential comparisons are more meaningful. Looking at Q3 2026 revenue performance by region, our Americas commercial execution improved nicely at high-teens percentage growth quarter over quarter, while EMEA was down sequentially, reflecting seasonally lower revenue.

APAC sales were roughly flat versus Q2 2026. We see varied performance across end markets and regions. Our pharma end market was down slightly quarter over quarter on EMEA softness, while our U.S. spatial consumable demand was a highlight for our academic end market, which was up double-digit percentage. Importantly, our growth is accelerating even without a significant recovery in academic markets worldwide, so we believe that we are well positioned for the end market recovery.

In Q3, Simoa revenue increased slightly on a sequential basis driven by instrument placements. As previously mentioned, our spatial revenue grew sequentially by a double-digit percent driven by our near record level of consumable revenue. Our accelerator lab business saw sequential growth in bookings with a second consecutive quarter of book-to-bill approaching 2x, another early turnaround sign for our business. Accelerator lab service revenue was flat sequentially, excluding revenue in Q3 2025 from a terminated diagnostic development program.

Revenue from Diagnostics Partners was 1.2 million, down year over year for Q3 2026 and also year to date. This decline reflects fewer instrument placements from our lab enablement model, which is not yet offset by our recurring revenue from our lab testing model. As we said, diagnostic lab test volume doubled last quarter, and as we add more partners, our ability to serve the market through both instrument placements and lab services reflects a differentiated commercial model that we believe represents a unique competitive advantage and a source of long-term strength.

Moving to the P&L on slide 13, GAAP gross profit and margin for the third quarter was 13.5 million or 38.6%. Non-GAAP gross profit was 16.6 million, a 10% decrease from Q3 2025, and non-GAAP gross margin was 47.4%, an improvement of 150 basis points. The year-over-year improvement in gross margin was largely driven by Acoya acquisition synergies and cost optimization despite lower volume. Operating expenses for the third quarter of 2026 were 36 million, an improvement of 27.2 million from Q3 2025.

Non-GAAP operating expenses were 35.4 million in Q3, down 2.8 million from 38.2 million in Q3 2025, reflecting a disciplined approach to planned expenditures in revenue-facing areas. In this year’s third quarter, non-GAAP operating expenses in Q3 2026 increased 3.7 million sequentially. About half of this reflected a one-time impact from the timing of compensation. The cost reductions associated with the Acoya acquisition and strategic roadmap realignment earlier this year allowed us to reallocate capital to drive sustained growth.

We prioritized revenue-facing areas of investment, including building out the dedicated commercial diagnostics team and ensuring sufficient infrastructure to scale that business for faster growth. We anticipate in 2027 and beyond. Our net loss for Q3 2026 was 21.6 million, an 11.9 million improvement versus Q3 2025. Our adjusted EBITDA for the third quarter was a loss of 12.2 million, an increase in loss of 0.3 million year over year on lower volume, somewhat offset by lower operating expenses.

I will now turn to our guidance for 2026 on slide 14. As Everett noted, we view our third quarter revenue performance as a first step in restoring growth. Based upon that performance and our outlook for further improvement in Q4, we are narrowing our expectations to approximately 142 to 146 million in total revenue in 2026. We continue to expect non-GAAP gross margins in the range of 48 to 50% for the full year, and we now expect to end 2026 with cash of approximately 70 million and no debt.

Finally, we expect the significant commercial organization actions beginning in the third quarter will start to drive increased revenue in the fourth quarter of 2026, but more materially in 2027 and beyond. Quanterix is committed to achieving profitability and generating cash over the medium term while balancing investments for growth. We’re excited about the opportunities ahead, and the entire team is committed to achieving the high level of growth Quanterix is capable of.

I will now turn it back to Everett for closing remarks.

Everett Cunningham (President and CEO)

Thanks, Jason. Quanterix’s third quarter showed meaningful progress, demonstrating the first step of restoring growth back to our company. We strengthened our leadership team and built momentum across our business, positioning us well for the rest of the year and beyond. Now, while it’s too early to see the full results from the actions that we took back in August to improve our commercial performance, we’re confident that the discipline and rigor they bring will provide a strong uplift to results going forward.

The leadership team is working well together, relying on strengths and expertise from each area, and that in itself is a catalyst for growth directionally. I am very pleased with our efforts. We remain confident in the strength and differentiated positioning of both our research tools and diagnostic businesses even if markets are soft. Our ultrasensitive protein detection capabilities and high-flex spatial analysis in tissue, combined with our differentiated multi-analyte approach, provide competitive advantages across targeted translational research and diagnostics. Our strong, experienced commercial leadership team brings heightened commercial discipline, and our diagnostics team is ready to leverage expanding partnerships.

We plan to drive high-margin recurring revenue as well as expand pull-through, like the consumables strength we just produced. Our senior management team is focused on achieving key milestones in Alzheimer’s disease testing, including the upcoming publication of three clinical utility studies and advancing our engagement with the FDA regarding clearance of our pending 510(k) application for our multi-biomarker blood test for Alzheimer’s disease pathology, as well as our upcoming submission of our 510(k) application for our HDX platform as an IVD. With that, I’d like to turn the call back over to Mary to begin the Q&A session.

Mary Conway (Investor Relations)

Thank you, Everett. Operator, please assemble the Q&A roster.

OPERATOR

Thank you. We will now begin the question and answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster.

Your first question comes from Kyle Mixon with Canaccord Genuity. Please go ahead.

Kyle Mixon (Analyst)

Hey, guys, thanks for the questions. Nice quarter. So congrats on the spatial consumables—that’s great. But on Simoa consumables, I’m just looking at instrument placements increased sequentially, I think, and then spatial revenue overall beat nicely. So the delta is probably on Simoa consumables, I guess. I know spatial instruments were a little soft, but there seems to be a healthy interest for utilization in the industry, including large-scale proteomics studies recently.

Any reason why usage may have been a touch soft in the third quarter for Simoa?

Everett Cunningham (President and CEO)

Yeah, let me—Kyle, first of all, thanks. Maybe let me touch on a couple things that we think are driving that sequential improvement, and then I’ll have Mike maybe touch on Simoa and what we’re doing as we launch new tests and assays on the Simoa side. I think it’s driven by a couple things, Kyle. First of all, we made intentional movements in our commercial organization, splitting our commercial organization into production-focused teams. Now, we saw that lift starting in Q3, and we know that it’s going to be continued in Q4 and into ’27.

So just allowing our teams to really dive deep into their specialty, the customers that they know, was a really good move for us. So we’re happy about that. And when you think about the consumable growth that we had sequentially and the stickiness of our business, I think it’s driven a lot by our commercial organization and the leadership by Jim Goot. You know, I’m also pleased, too, with the new assays that we launched on the Simoa side, which will give us some really good trending moving forward in Q4 and ’27. I mentioned the APOE4 proteotyping and the IL-18 on the Simoa side. And then on the spatial side we launched the PhenoCode 2.0 molecular barcoding kit and two new assays that will take off and give us momentum in ’27 with the time panel and the ADC panel. We actually brought Mike here on the call to maybe dig a little bit deeper in terms of why we’re bullish in terms of both those showing sequential growth moving forward.

Mike, anything to add?

Michael Miller (Chief Operating Officer)

Thanks, Everett. Hey, Kyle, I think you had asked about the Simoa progress, and I think we’ve been adding menu, you know, strategically, in terms of the feedback we get from our customers and our CROs. And I think, you know, we’re focused on those studies and applications where the benefits of ultrasensitivity combined with precision and reproducibility are critical. So that typically is later-stage clinical trials as well as clinical research studies where quantitative comparisons are key to being able to draw the conclusions about the role of the biomarkers in disease.

And so I think we remain focused on that. We see continued strong interest from CROs and uptake from CROs, so that’s a sign that we’re playing well in that space.

Jason Faessler (Chief Financial Officer)

Kyle, it’s Jason. One bright spot in the quarter for Simoa was instruments were up a million dollars quarter over quarter, so that was a bright spot. And there was a slight change in the mix on Accelerator which offset the instrument improvement. There was a bit more Accelerator quarter over quarter from spatial, so that highlights the sort of the offset on the Simoa side.

Kyle Mixon (Analyst)

Okay. All right, fantastic. Thank you. And then on the diagnostic side, so LucentAD Complete volume doubled. So that’s great. I’m curious if revenue doubled given everybody’s got different pricing. I guess you have the payment rate out there. Collections could be variable, so it’s interesting to hear about. I’m also wondering how you’ve been so successful with that asset so far just without FDA approval, and hopefully that comes maybe early next year.

Everett Cunningham (President and CEO)

Let me touch on that, Kyle. Again, we’re so excited about our diagnostics buildout. We brought in Jeff Albrecht from Quest Diagnostics, who’s our diagnostics GM. You know, over almost 30 years of experience in diagnostics, and Jeff, you know, had experience with blood-based biomarkers. I would say there’s three levers for the diagnostics. First of all, our internal buildout is impressive. Jeff has now a dedicated team of around 20 people. We have a dedicated internal sales force that’s really focused on, you know, selling to our segments, LucentAD Complete.

Number two, we have a differentiated test, the five-marker test. What we’re hearing from our customers is the fact that it provides more answers. We feel it’s a better test, and we’re going out there, you know, really selling the value of LucentAD Complete. And that’s what you’re seeing in sequential pickup of, you know, the samples quarter over quarter. And then lastly, we’re not doing the scaling by ourselves. Again, my hat’s off to Jeff and team. They’ve scoured the globe in terms of finding what I would call really good partners to help us scale. And we announced just two this morning in Sherman Abrams Lab in the New York–New Jersey tri-state area and Trupath that spans across 14 states that have themselves the sales force that will help us scale to improve the momentum of LucentAD Complete.

And then as far as payment, most of those are client-bill pay and it’s off a low base. So, you know, really not in Q3 going to talk about, you know, specifics around that, but as we grow we’ll give more visibility. Jason, I don’t know if you want to add anything.

Jason Faessler (Chief Financial Officer)

Yeah, nothing to add. The revenue is still relatively immaterial, Kyle, so just going to hold on releasing that, but we’re excited as Everett said.

Kyle Mixon (Analyst)

Great, thanks guys.

OPERATOR

Your next question comes from Dan Brannan with TD Cowen. Please go ahead.

Dan Brannan (Analyst)

Great, thanks a lot. Maybe just first, more of a short-term question, then I’ll zoom out for longer-term questions. Just for the updated guideline, so I guess it’s $40 million for the midpoint for the fourth quarter. Any color on just the building blocks for that $40 million across the different product lines and/or the different Simoa versus spatial?

Everett Cunningham (President and CEO)

Yeah, Dan, thanks again for your question. I have confidence in our Q4 guide, albeit it’s not a layup. It’s going to be every day, every week flogging it out. Why I’m confident: you know, I mentioned Jim Goot. Jim has decades of what I would call really rigorous, granular pipeline, you know, bottoms-up building. And we’ve seen that since he’s come on board since August 17th. Jim meets with the team on a regular basis. He meets with our business development managers, which are our frontline people driving the volume.

We then roll that up by business, by Simoa, by spatial, by region. That’s reviewed with me on a weekly basis. And what we did was we did a granular bottoms-up buildout of Q4. We’re going to do the same thing when we build our ’27 annual operating plan. But just the experience that Jim has and the additional rigor gives me confidence of us executing in Q4. Jason, I don’t know if you want to add.

Jason Faessler (Chief Financial Officer)

Yeah, thanks for the question. So for Q4, we expect to start to see a nice step up from Accelerator for the recent bookings performance that we’ve been highlighting. So I think that’s one highlight. And then I think one of the levers on the range will be instrument placement and the success on that. And we see a nice step up in consumables as well. So I think Accelerator is the highlight.

Everett Cunningham (President and CEO)

Yeah, I would say with our Accelerator team, too, what again gives me confidence is if you look just a couple of quarters ago, we did not have a standalone, fully dedicated Accelerator team. One of the things we did back in August, again intentionally, was getting an Accelerator leader who has years of experience at Quanterix. And now we have dedicated people — around seven — selling Accelerator globally. And that’s why we’re confident with our book-to-bill improvement quarter over quarter.

Dan Brannan (Analyst)

Awesome. Thank you for that. And then maybe just, I know you’re not going to guide for ’27, but you do have the cash flow breakeven target in 2027. Can you just speak to that a little bit? Just any construct — what needs to happen to realize that either from a top line basis and also just from a COGS and an opex basis? Thank you.

Jason Faessler (Chief Financial Officer)

Yeah, Dan, as you expect, I’m not going to go into details on ’27 yet, but our view is unchanged on cash flow breakeven for next year. You know, just as a reminder, coming into this year the company was targeting it in ’26, and last quarter we pushed that out to ’27. And as a part of that ’26 guidance change, it was a step down in revenue, right. So one of the biggest levers of achieving that next year will be revenue, and I think that’s it. Simply.

Dan Brannan (Analyst)

Great. Okay, thank you.

OPERATOR

Your next question comes from Puneet Sudha with Leerink Partners. Please go ahead.

Puneet Sudha (Analyst)

Yeah, hi guys. You talked about some bookings and order book and maybe book-to-bill — you talked about that. Just wondering if you can provide any numbers there, just given the midpoint of the guide was lowered here. Just want to get some context on that. If you can provide some quantitative numbers there.

Everett Cunningham (President and CEO)

Yeah, Puneet, thanks. Our Accelerator business, we might think of the step up from Q3 to Q4 — a lot of that’s built on our Accelerator business. We did about $2.9 million in Q3, significant step up in Q4 just because of our sequential book-to-bill improvement. You know, we look at Accelerator, Puneet, typically it converts to billings — approximately takes about four to six months to do that. That’s why we have the step up in Q4 just with our improvement in Q2 of this year.

In addition to that, this is a unique business. And I said this before, it takes one to two big deals for this business to start to really what I would call flywheel. And the conversations that we’re having with much bigger pharma partners — it’s impressive — and it’s not just done on the commercial side, but also our lab side. It’s just better connected than it was quarters ago. And then that’s going to — Jason talked about our margin — the Accelerator business has accretive margins across the way.

So we’ve intentionally put focus on this with people, with who we’re targeting from the pharma side, and just, again, bullish on our Accelerator in Q4.

Jason Faessler (Chief Financial Officer)

Yeah, got it. Just to add to that.

Everett Cunningham (President and CEO)

Yeah, please.

Jason Faessler (Chief Financial Officer)

We were up in instruments, consumables, and the biggest step up was in Accelerator. So really, really pleased with the bookings. And there was a slight offset in other services — where maintenance is — which can be a little lumpy. So that was a bit of an offset. So in our key categories, it was a nice step up quarter over quarter.

Puneet Sudha (Analyst)

Okay, that’s helpful. And then on the diagnostics — I mean, look, you’ve talked about LucentAD submission, FDA review. We have seen at least two assays here that have gotten FDA approval. You were expecting clearance by year end. So just wondering, I mean, is that still your expectation? Any updates from FDA in terms of the data that they need or anything else that’s potentially holding it back from approval?

Everett Cunningham (President and CEO)

Yeah, Puneet, first of all, we’re excited. I think the FDA approvals talk about the attractiveness of this market. It talks about Alzheimer’s disease and just the healthcare innovation that’s needed in this ugly journey of Alzheimer’s. So the fact that Roche and C2N got approval, we’re actually happy because it legitimizes the market. We are right now having productive discussions with the FDA — really productive discussions. What I also like, too, is a step up internally around just the cross-functional nature of our commercial team, our regulatory team, our research and development team.

Mike and his team are stepping up with making sure that we have the best approaches with the FDA. But those conversations have been very productive, and, you know, we’re still optimistic about our FDA clearance here coming forward.

Puneet Sudha (Analyst)

Okay, last one around the Medicaid pricing that you talked about in Florida. I mean, you know, how should we think about the ASP of the assay? I believe that the, you know, pricing of the assay is higher than the Medicaid pricing and Medicaid is generally lower. But just wondering, sort of the penetration you expect on the Medicaid side and then how you expect the pricing — do you expect that to impact the pricing of the assay longer term? Thank you.

Everett Cunningham (President and CEO)

Yeah. So, Puneet, during my comments, I talked about the Florida decision, Bill 885. Reimbursement’s already been established. I said 480 — it’s actually $484. So that’s a step up, and we’re happy about that. We do think, just looking at other states that have, you know, legislation, we think that it’s going to be enacted by other states really soon. Again, my hat’s off to Jeff Albrecht. We hired a dedicated market access person with deep experience in this space just last month, and we’re targeting the states, we’re targeting the federal, we’re targeting commercial plans.

So reimbursement is going to help. You know, it’s too early — it’s early days — in terms of talking about pricing, reimbursement, what we’re going to get. You know, what we communicate is those deals that we’ve closed in terms of, you know, Florida Medicaid. By the way, you know, the addressable market in Florida — I’ve always stated I’ve been, you know, in this space of healthcare for 35 years — you always want, you know, to start with the big four states: California, Texas, Florida, New York.

We’re really excited about, you know, the reimbursement of blood-based biomarkers in Florida. Jason, I don’t know if you want to add anything.

Jason Faessler (Chief Financial Officer)

No, I won’t add anything to that. You covered.

Puneet Sudha (Analyst)

Okay. All right, thanks, guys. Appreciate it.

Everett Cunningham (President and CEO)

Yep, thanks, Puneet.

OPERATOR

There are no further questions at this time. I will now turn the call back over to Mary Conway for closing remarks.

Mary Conway (Investor Relations)

Thanks again for joining us this morning to discuss Quanterix’s third quarter update. We welcome continuing dialogue with investors, so please reach out to Investor Relations if you would like to speak further. We plan to participate in the Piper Sandler Healthcare Conference in New York in early December, so if you’re attending that event, please let us know if you’d like to meet. Have a great day. Thank you.

OPERATOR

This concludes today’s call. Thank you for attending. You may now disconnect.

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