Quanterix Posts Mixed 2025 Results Amid Alzheimer’s Diagnostic Push
Event summary
- Quanterix reported $43.9M in Q4 2025 revenue, up 25% YoY, but full-year revenue grew just 1% to $138.9M.
- GAAP gross margin dropped to 45.7% in Q4 from 63.0% a year earlier, while adjusted EBITDA loss widened to $7.9M.
- Submitted a 510(k) premarket notification for an Alzheimer’s diagnostic blood test in January 2026.
- CMS set a $897 reimbursement rate for its LucentAD Complete test, a key step for payer coverage.
- Completed 94% of Akoya Biosciences integration, capturing $74M in cost savings.
The big picture
Quanterix’s mixed 2025 results reflect the challenges of scaling diagnostics while integrating Akoya Biosciences. The Alzheimer’s test submission marks a strategic pivot toward higher-margin clinical applications, but profitability remains elusive. The company’s ability to monetize its biomarker platform hinges on regulatory approvals and payer negotiations, key levers in the precision diagnostics market.
What we're watching
- Diagnostic Commercialization
- Whether Quanterix can secure broad payer adoption for its Alzheimer’s test after CMS pricing.
- Profitability Path
- The pace at which Quanterix achieves cash flow breakeven in 2026 amid widening EBITDA losses.
- Integration Risks
- How the remaining Akoya synergies materialize and whether they offset declining gross margins.
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