Quanterix Corporation (QTRX) valuation at a glance
- Price
- $2.91
- Market cap
- $138M
- P/S (TTM)
- 0.9×
CompaniesQTRX
QTRX
Quanterix Corporation
HealthcareLife Science ToolsAlzheimer's DiagnosticsNet CashTurnaround
Overview
$2.91+7.0%
Market Cap
$138M
SEC filings
P/E (TTM)
–
SEC filings
Rev Growth YoY
–
SEC filings
Gross Margin
42.6%
SEC filings
FCF Yield
-60.0%
Calculated from SEC filings
Fair Value
Not established
Yahoo chart 2026-09-16 close $2
Conviction
3/5Can a debt-free Simoa tools company with cash near 70% of its market value reach 2027 breakeven before the cash pile is consumed?
Research Depth
ScreeningDeep ResearchFull Model
Updated 1d ago
Quality Snowflake
Overall 38/100
Value1/2
Futuren/a
Past1/4
Health3/4
Dividend0/1
Each axis scores the checks for which data is available (filled = pass, hollow = no data). Computed from the sourced metrics on this page, not a third-party rating.
Thesis
Quanterix sells ultra-sensitive Simoa immunoassay instruments, consumables and CLIA lab services to neurology and pharma researchers, plus spatial biology platforms from the July 2025 Akoya acquisition. It screens as deep value because the 10-Q for the quarter ended June 30, 2026 shows $44.2 million of cash and $49.4 million of marketable securities, no borrowings, and total liabilities of $82.4 million, against a market value of roughly $138 million at the 2026-09-16 Yahoo close of $2.91 on 47.29 million shares (10-Q cover). Cash and securities of $93.5 million are about two thirds of that market value. The strongest counter-evidence is the loss trend: FY2025 net loss was $107.2 million, the six months to June 30, 2026 lost $66.5 million including $46.8 million of impairment and restructuring charges (all Akoya goodwill written off), operating cash use was $23.2 million for the half, and the filing moves the cash flow breakeven target from year-end 2026 to 2027 after weaker-than-expected first-half revenue. Confirmation would be second-half revenue growth under the product-based sales reorganization, an FDA 510(k) decision on the Alzheimer's blood test, and stable quarterly cash use. Sources: https://www.sec.gov/Archives/edgar/data/1503274/000150327426000036/qtrx-20260630.htm ; https://www.sec.gov/Archives/edgar/data/1503274/000150327426000013/qtrx-20251231.htm
Bull Case
Net cashThe 10-Q for June 30, 2026 shows $44.2 million cash plus $49.4 million marketable securities and no debt, versus a market value near $138 million at the 2026-09-16 close (https://www.sec.gov/Archives/edgar/data/1503274/000150327426000036/qtrx-20260630.htm ; https://query1.finance.yahoo.com/v8/finance/chart/QTRX?range=1mo&interval=1d).
Diagnostics optionA 510(k) premarket notification for a multi-analyte algorithmic Alzheimer's blood test was submitted on January 31, 2026, and the FY2025 10-K states CMS approved a $897 reimbursement rate for the test in November 2025 (https://www.sec.gov/Archives/edgar/data/1503274/000150327426000013/qtrx-20251231.htm).
Revenue growthQ2 2026 total revenue was $32.9 million versus $24.5 million in Q2 2025, and first-half revenue was $69.3 million versus $54.8 million, largely from the Akoya consolidation; the 10-Q cites about $85.0 million of annualized cost synergies realized (https://www.sec.gov/Archives/edgar/data/1503274/000150327426000036/qtrx-20260630.htm).
Bear Case
Burn and breakeven slipOperating cash use was $23.2 million in the six months to June 30, 2026, and the 10-Q pushes the cash flow breakeven target from year-end 2026 to 2027 while adding commercial and diagnostics spending (https://www.sec.gov/Archives/edgar/data/1503274/000150327426000036/qtrx-20260630.htm).
ImpairmentsThe company wrote off the full $26.9 million of Akoya goodwill in Q2 2026 and a $19.3 million IPR&D asset in Q1 2026, with $46.8 million of impairment and restructuring charges in the first half and an accumulated deficit of $643.7 million (https://www.sec.gov/Archives/edgar/data/1503274/000150327426000036/qtrx-20260630.htm).
Guidance cutResearch notes record the August 2026 FY2026 revenue outlook was reduced to $142-148 million from $169-174 million alongside a commercial reorganization (https://seekingalpha.com/news/4630190-quanterix-forecasts-142m-148m-2026-revenue-amid-commercial-reorganization-and-2027-cash-flow); the 10-Q attributes the breakeven delay partly to weaker-than-expected first-half revenue (https://www.sec.gov/Archives/edgar/data/1503274/000150327426000036/qtrx-20260630.htm).
Key Metrics
Market Cap
$138M
SEC filings
Enterprise Value
$127M
Calculated from SEC filings
Revenue (TTM)
$153M
SEC filings
P/E (TTM)
–
SEC filings
Forward P/E
–
Yahoo chart 2026-09-16 close $2
P/S (TTM)
0.9×
SEC filings
P/B
0.6×
SEC filings
EV/EBITDA
–
Calculated from SEC filings
PEG
–
Calculated from SEC filings
Revenue Growth
–
SEC filings
Gross Margin
42.6%
SEC filings
Operating Margin
-99.8%
SEC filings
Net Margin
-80.3%
SEC filings
Free Cash Flow
$-83M
SEC filings
FCF Yield
-60.0%
Calculated from SEC filings
Debt / Equity
0.1×
SEC filings
Current Ratio
3.4×
SEC filings
Short Interest
11.5%
SEC filings
Institutional Own.
71.2%
SEC filings
Insider Own.
6.3%
SEC filings
Shares Out.
47.3M
SEC filings
Float
38.0M
SEC filings
Valuation
Price vs Fair Value
Now $2.91
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches the deep-research stage.
Historical Multiples
Multiple history pending
This section is being deepened.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| QTRX | $138M | – | 0.9× | – | +34.0% | 45.0% | -80.0% |
| TECH | $11.34B | 62.3× | 9.3× | 34.0× | +1.0% | 66.0% | 15.0% |
| TXG | $9.83B | – | 15.9× | – | -13.0% | 70.0% | -12.0% |
| LAB | $287M | – | 3.4× | 3.2× | -8.0% | 50.0% | 100.0% |
| SEER | $106M | – | 7.5× | 0.4× | -23.0% | 48.0% | 0.0% |
| NAUT | $129M | – | 676.5× | – | – | 92.0% | 0.0% |
Financials
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Total Revenue | 105.0 | 121.1 | 135.4 | 138.7 |
| Cost of Revenue | 60.2 | 48.1 | 54.3 | 73.9 |
| Gross Profit | 44.8 | 73.0 | 81.1 | 64.7 |
| Operating Income | (74.7) | (44.7) | (52.6) | (109.8) |
| EBITDA | (68.6) | (36.4) | (44.3) | (90.9) |
| Net Income | (99.6) | (28.4) | (38.5) | (107.2) |
| Diluted EPS | -2.61 | -0.75 | -1.00 | -2.51 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash & Equivalents | 338.7 | 174.4 | 56.7 | 29.8 |
| Total Assets | 433.6 | 428.6 | 406.5 | 418.8 |
| Total Debt | 44.1 | 41.5 | 37.4 | 37.2 |
| Total Liabilities | 75.7 | 78.6 | 76.5 | 123.0 |
| Shareholders' Equity | 357.9 | 350.0 | 330.0 | 295.7 |
| Shares Out. (M) | 37.3 | 38.0 | 38.5 | 46.7 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Operating Cash Flow | (48.6) | (18.8) | (35.2) | (77.2) |
| Capital Expenditure | (11.6) | (3.8) | (3.4) | (2.6) |
| Free Cash Flow | (60.2) | (22.7) | (38.5) | (79.8) |
| Investing Cash Flow | (11.1) | (148.5) | (82.3) | 50.2 |
| Financing Cash Flow | 2.3 | 2.7 | 0.5 | (0.7) |
Figures normalized from Quanterix Corporation's SEC 10-K filed 2026-03-02. USD millions; EPS and share count per their units. Annual periods. Source: 10-K filed 2026-03-02 ↗
Catalysts
Q3 '26
Earningshigh relevance
Q3 2026 results
First quarter under the product-based sales reorganization and new Chief Commercial Officer appointed August 10, 2026 (https://www.sec.gov/Archives/edgar/data/1503274/000150327426000035/qtrx-20260810.htm); Q3 2025 results were released in early November, so early November 2026 is an estimate, not an announced date.
Q4 '26
Regulatory
FDA 510(k) decision on multi-analyte Alzheimer's blood test
Submitted January 31, 2026 per the 10-Q (https://www.sec.gov/Archives/edgar/data/1503274/000150327426000036/qtrx-20260630.htm); the company has targeted a Q4 2026 decision per the research file (https://finance.yahoo.com/healthcare/articles/quanterix-reshapes-sales-strategy-targets-180202066.html). Timing depends on FDA and is not assured.
FY '26
Earnings
FY2026 10-K and 2027 breakeven framing
The 10-Q states the company now anticipates cash flow breakeven in 2027 (https://www.sec.gov/Archives/edgar/data/1503274/000150327426000036/qtrx-20260630.htm); the annual filing will show whether year-end cash and securities remained above the mid-2026 level of $93.5 million.
H1 '27
Product
HD-X platform upgrade toward FDA IVD status
The 10-Q says the company commenced upgrading its HD-X platform with the intent to pursue FDA in vitro diagnostics status in 2027 (https://www.sec.gov/Archives/edgar/data/1503274/000150327426000036/qtrx-20260630.htm).
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| Continued operating losses consume the cash and securities balance before breakeven | Financial | High | Medium | At the first-half 2026 operating cash use of $23.2 million, the $93.5 million of cash and securities covers roughly two years, and the 10-Q warns that additional equity funding would dilute stockholders. |
| Commercial reorganization fails to restore research-tools demand | Operational | High | Medium | The breakeven target already slipped once on weaker-than-expected first-half revenue; a second miss would push breakeven beyond 2027. |
| FDA does not clear the Alzheimer's 510(k) or clears it late | Regulatory | Medium | Medium | The diagnostics growth leg and the $897 CMS reimbursement rate would remain unmonetized, leaving the company as a research-tools business in a soft academic and pharma funding environment. |
| Competition in blood-based Alzheimer's testing and spatial biology | Competition | Medium | High | Larger diagnostics and tools companies pursuing pTau-based blood tests and spatial platforms could compress pricing and delay share gains. |
| Low share price and micro-cap liquidity | Liquidity | Low | Low | Closes of $2.50 to $2.91 in September 2026 are above the $1.00 Nasdaq minimum bid threshold, and no listing notice appears in the 10-K or 10-Q, but a further decline would narrow that margin. |
Technical Snapshot
52-Week Range
–$2.91–
RSI (14)
n/a
insufficient history
50-Day MA
–
insufficient history
200-Day MA
–
insufficient history
Avg Vol (30d)
vs average
Support Levels
Resistance Levels
Technical inputs: SEC filings. See the record-specific source notes for measurement basis.
Ownership & Insider Activity
Institutional Holdersvia Source-linked
Institutional holder details unavailable
This research record does not include a holder-level table.
Insider Activity
No controlling holder is disclosed; the FY2025 10-K puts non-affiliate market value at about $239 million as of June 30, 2025 with 46.9 million shares outstanding at February 24, 2026. Recent Form 4 activity is compensation-driven: the 2026-09-16 Form 4 shows Chief Technology Officer Michael Miller's RSUs vesting on 2026-09-15 with small share withholdings at $2.72 for taxes, and an S-8 filed 2026-09-11 registers inducement-plan shares for new hires rather than a capital raise (https://www.sec.gov/Archives/edgar/data/1503274/000212051626000017/xslF345X06/primarydocument.xml ; https://www.sec.gov/Archives/edgar/data/1503274/000150327426000039/forms-8x2025inducementplan.htm).
| Name | Title | Action | Shares | Price | Date | Value |
|---|---|---|---|---|---|---|
| Donnelly William P | Director | Buy | 27.2K | $2.75 | 2026-08-12 | $74.7K |
| Donnelly William P | Director | Buy | 72.2K | $2.93 | 2026-08-13 | $211.7K |
Additional issuer disclosures: SEC EDGAR company filings. Availability and filing forms vary by issuer.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| QTRX | $138M | – | 0.9× | – | +34.0% | 45.0% | -80.0% |
| TECH | $11.34B | 62.3× | 9.3× | 34.0× | +1.0% | 66.0% | 15.0% |
| TXG | $9.83B | – | 15.9× | – | -13.0% | 70.0% | -12.0% |
| LAB | $287M | – | 3.4× | 3.2× | -8.0% | 50.0% | 100.0% |
| SEER | $106M | – | 7.5× | 0.4× | -23.0% | 48.0% | 0.0% |
| NAUT | $129M | – | 676.5× | – | – | 92.0% | 0.0% |
Recognizable sector comparables. Source basis: SEC filings; lowest multiple in each column highlighted. Loss-making peers show no P/E.
Research Notes
2026-09-17SEC 10-Q
Liquidity and breakeven timing at June 30, 2026
The 10-Q reports $44.2 million cash and $49.4 million marketable securities, no borrowings, and management's statement that resources are sufficient for at least 12 months. The cash flow breakeven target moved from year-end 2026 to 2027 because of new commercial and diagnostics investment and weaker-than-expected first-half revenue. Six-month operating cash use was $23.2 million versus $19.5 million a year earlier (https://www.sec.gov/Archives/edgar/data/1503274/000150327426000036/qtrx-20260630.htm).
2026-09-17SEC 10-Q
Akoya goodwill fully impaired
A quantitative test in Q2 2026 found the reporting unit's carrying value exceeded fair value, producing a $26.9 million goodwill impairment that took goodwill to zero, on top of a $19.3 million IPR&D impairment in Q1 2026 after a diagnostic development agreement was terminated. The termination also produced $21.9 million of one-time non-cash and deferred-revenue income in Q1 (https://www.sec.gov/Archives/edgar/data/1503274/000150327426000036/qtrx-20260630.htm).
2026-09-17SEC 8-K
Executive hires and inducement grants
The August 10, 2026 8-K announced Jim Gute as Chief Commercial Officer alongside Q2 results (https://www.sec.gov/Archives/edgar/data/1503274/000150327426000035/qtrx-20260810.htm). Research notes record a Chief Medical Officer appointment on 2026-09-14 and inducement grants of 625,641 RSUs announced 2026-09-16; the S-8 filed 2026-09-11 registers the 2025 Inducement Plan shares (https://www.sec.gov/Archives/edgar/data/1503274/000150327426000039/forms-8x2025inducementplan.htm).
Sources
Quanterix Corporation valuation questions
What is Quanterix Corporation's market cap?
Quanterix Corporation (QTRX) has a market capitalization (its market value, often searched as "net worth") of $138M, and an enterprise value of $127M.