QTRXHIGH SIGNALFINANCIAL10-K

QTRX completed its acquisition of Akoya Biosciences with substantially higher revenue but deteriorating profitability and a significant cash position decline.

The acquisition integration appears complete based on language changes from "planned" to "anticipated benefits," but the financial impact shows concerning trends with gross profit declining despite revenue growth, suggesting margin compression. The nearly 50% decline in cash reserves combined with substantially higher liabilities indicates the acquisition was costly and may strain near-term liquidity.

Comparing 2026-03-02 vs 2025-03-17View on EDGAR →
FINANCIAL ANALYSIS

Revenue grew substantially while gross profit declined meaningfully, indicating significant margin deterioration likely from the Akoya acquisition integration. The balance sheet shows clear acquisition impacts with inventory growing notably, total liabilities increasing substantially, and cash reserves declining by nearly half. Operating expenses increased across both SG&A and R&D, reflecting the expanded combined entity but putting additional pressure on already compressed margins.

FINANCIAL STATEMENT CHANGES
Current Liabilities
Balance Sheet
+78%
$42.0M→$74.8M

Current liabilities surged 78% — significant near-term obligations; verify ability to meet short-term debt.

Inventory
Balance Sheet
+67.1%
$32.8M→$54.8M

Inventory surged 67.1% — growing significantly faster than typical sales pace; potential demand softening or supply chain overcorrection.

Revenue
P&L
+64.5%
$22.9M→$37.6M

Strong top-line growth of 64.5% — accelerating demand or successful expansion into new markets.

Total Liabilities
Balance Sheet
+60.8%
$76.5M→$123.0M

Liabilities grew 60.8% — significant increase in debt or obligations, assess impact on financial flexibility.

Cash & Equivalents
Balance Sheet
-47.4%
$56.7M→$29.8M

Cash declined 47.4% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Current Assets
Balance Sheet
-41.6%
$363.6M→$212.3M

Current assets declined 41.6% — monitor working capital adequacy and short-term liquidity.

SG&A Expense
P&L
+35.8%
$101.6M→$138.0M

SG&A up 35.8% — significant increase in sales or administrative costs, monitor impact on operating leverage.

Capital Expenditure
Cash Flow
-22.4%
$3.4M→$2.6M

Capex reduced 22.4% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Gross Profit
P&L
-21.8%
$83.1M→$65.0M

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

R&D Expense
P&L
+15.6%
$31.1M→$35.9M

R&D investment increased 15.6% — signals commitment to future product development, though near-term margin impact.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-03-17
ADDED
As of February 24, 2026, the registrant had 46,939,975 shares of common stock outstanding.
These forward-looking statements include, but are not limited to, statements about: the anticipated benefits and synergies from our acquisitions of Akoya Biosciences, Inc.
government policies, including impacts of tariffs and reductions in federal research funding.
We caution not to give undue weight to such projections, assumptions, and estimates.
Service Marks, Trademarks, and Trade Names Quanterix, Simoa, Simoa HD-X, Simoa ONE, SR-X, SP-X , HD-X , LucentAD, Lucent Diagnostics, Akoya, PhenoCycler, PhenoImager, PhenoCode, and our logo are our trademarks.
BUSINESS Overview We are a life sciences company transforming healthcare innovation by accelerating biomarker breakthroughs from discovery to diagnostics using our ultra-sensitive translational research and spatial biology instruments, consumables, and services.
We continue to invest in pushing a paradigm shift in healthcare from an emphasis on later-stage treatment to a focus on earlier detection, monitoring, prognosis, and, ultimately, prevention.
Our combined platforms have achieved significant commercial adoption with an installed base of over 2,500 instruments and scientific validation with citations in more than 6,200 scientific publications in areas of high unmet medical need and research interest such as neurology, oncology, immunology, and inflammation.
Multi-plexing biomarker analysis in tissue samples with our Spatial Biology platforms enables scientists to understand the localized interactions occurring on the cellular level.
We believe our combination of technologies will enable scientists to help drive diagnostic innovation in the evolving healthcare landscape with data across the tissue to fluid continuum.
REMOVED
As of March 11, 2025, the registrant had 38,776,208 shares of common stock outstanding.
Table of Cont ents QUANTERIX CORPORATION INDEX TO FORM 10-K Note Regarding Forward-Looking Statements Page PART I Item 1.
Form 10-K Summary 72 Signatures 73 Consolidated Financial Statements F- 1 i Table of Cont ents Unless the context otherwise requires, the terms Quanterix, the Company, we, it, us, and our in this Annual Report on Form 10 K refer to Quanterix Corporation and its consolidated subsidiaries.
These forward-looking statements include, but are not limited to, statements about: our planned acquisition of Akoya Biosciences, Inc.
government policies, including potential impacts of tariffs and on federal research funding; our ability to successfully penetrate the diagnostics market; and our future financial performance.
We caution not to give undue weight to such projections, assumptions and estimates.
Service Marks, Trademarks, and Trade Names Quanterix, Simoa, Simoa HD-X, Simoa HD-1, Simoa ONE, SR-X, SP-X , HD-X , LucentAD, Lucent Diagnostics, and our logo are our trademarks.
BUSINESS Overview We are a life sciences company that develops and commercializes next-generation, ultra-sensitive digital immunoassay platforms that advance life sciences research and diagnostics.
The ability of our Simoa platforms to detect proteins in the femtomolar range enables the development of novel therapies and diagnostics and has the potential to identify early-stage disease markers before symptoms appear to facilitate a paradigm shift in healthcare from an emphasis on later-stage treatment to a focus on earlier detection, monitoring, prognosis, and, ultimately, prevention.
Our Simoa platforms have achieved significant commercial adoption with an installed base of over 1,000 instruments, and scientific validation with citations in more than 3,200 scientific publications in areas of high unmet medical need and research interest such as neurology, oncology and immunology, and inflammation.
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