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Quanterix helps research laboratories, universities and biopharmaceutical companies measure proteins associated with disease. Its Simoa instruments detect very low concentrations of protein biomarkers in blood and other fluids, while its PhenoCycler and PhenoImager platforms analyze biomarkers and cells within tissue, preserving their locations. Customers buy instruments, then purchase assay kits, reagents and other supplies to run tests. These repeat purchases provide most revenue; instrument sales and maintenance contracts also bring in money.
Customers can instead pay Quanterix’s Accelerator Laboratory to conduct research on their behalf. The laboratory also analyzes patient blood samples sent by medical providers through Lucent Diagnostics. Its LucentAD Complete test helps evaluate patients with cognitive problems who may have Alzheimer’s disease. Commercial uptake of these clinical tests depends partly on insurers and government healthcare programs covering and paying for them.
The research business depends on customers’ research budgets and continued use of installed instruments. Supply also relies on outside manufacturers and sole-source materials, including Simoa disks and cuvettes supplied by STRATEC. Most products are labeled for research use only, not clinical diagnosis. Clinical laboratory testing requires continued CLIA certification and applicable state licenses; expanding products into diagnostic uses may require additional regulatory clearance or approval.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Quanterix's results depend on research funding and pharmaceutical studies, but also watch STRATEC: it manufactures HD-X instruments and is the sole supplier of Simoa disks and cuvettes.
Alamar Biosciences competes with Quanterix for research laboratories' and biopharmaceutical companies' spending on instruments and assays that detect extremely low levels of proteins. Watch adoption of its NULISA instruments and neurology and immunology assays, where it competes with Simoa.
Bio-Techne competes with Quanterix for research customers buying instruments and reagents both to measure proteins in body fluids and to map biomarkers within tissue. Its Protein Sciences and spatial biology businesses are the relevant areas to watch, rather than treating all its diagnostics sales as competition.
10x Genomics competes with Quanterix for academic and biopharmaceutical researchers' tissue-analysis budgets through its Visium and Xenium platforms. Sales of these platforms and their related assays and consumables are more relevant to Quanterix's spatial biology business than 10x's single-cell products.
Thermo Fisher Scientific competes with Quanterix for research and biopharmaceutical customers in two ways: its Olink protein assays rival Simoa, and its research services rival the Accelerator Laboratory. Watch Olink offerings and pharmaceutical research services, not Thermo Fisher's broad sales total.
Standard BioTools competes with Quanterix's spatial biology offerings through its retained business measuring many protein markers at once, called mass cytometry, sold to research institutions and biopharmaceutical companies. Watch its CyTOF instruments and reagents; the divested SomaScan business is no longer the source of this competition.
Seer competes with Quanterix for academic and pharmaceutical researchers' spending on measuring proteins in body fluids. Its Proteograph instruments and consumable assays capture proteins for mass-spectrometry analysis, offering an alternative to Simoa's detection of very low protein concentrations.
Illumina's acquisition of SomaScan brought it into competition with Quanterix's protein biomarker assays for research and biopharmaceutical customers. Watch the acquired protein-analysis business rather than DNA sequencing, which accounted for 92% of Illumina's fiscal 2025 revenue.
Bruker competes with Quanterix for life-science researchers' spending on systems that analyze biomarkers within tissue. Its spatial biology product news is the relevant signal for Quanterix's tissue-analysis platforms, rather than Bruker's wider scientific-instrument business.
Bio-Rad competes with Quanterix in parts of the body-fluid protein-measurement market, selling protein-quantification instruments and reagents to research and biopharmaceutical laboratories. Watch these Life Science products rather than Clinical Diagnostics, which generated about 60% of Bio-Rad's 2025 net sales.
Quanterix depends on drugmaker Eli Lilly's licensed p-Tau 217 antibody technology for research assays and future Alzheimer's diagnostic applications, paying milestone fees and royalties on licensed-product sales. This non-exclusive license supports the p-Tau 217 part of Quanterix's Alzheimer's biomarker offering.
Labcorp competes with Quanterix's Accelerator Laboratory for pharmaceutical customers' research and clinical-trial testing work through its central laboratory and early-development services. Its BLS business is the relevant comparison for Quanterix's contract research revenue, not its larger routine and specialty testing business.
Acrivon Therapeutics pays Quanterix's Akoya subsidiary to develop and validate a test identifying cancer patients likely to respond to its experimental drug ACR-368, tying project revenue to that program's progress. Watch development and pre-commercialization milestones for the ACR-368 OncoSignature companion diagnostic, which has not obtained regulatory approval.
Labcorp Holdings Inc. earningsLH
Labcorp’s BLS business will show demand for outsourced research and clinical-trial services, the kind of work Quanterix’s laboratory also performs.
Focus on Labcorp’s BLS business, not its much larger routine and specialty testing operations. Strength there would suggest pharmaceutical customers are still buying outsourced research and early-development services, a supportive signal for demand for Quanterix’s contract research. Weakness would point to possible pressure on this type of customer spending, but would not prove that Quanterix’s project revenue moved the same way.
Bruker Corporation earningsBRKR
Bruker’s spatial biology results will show whether researchers are buying systems that compete with Quanterix’s tissue-analysis platforms.
Focus on Bruker’s spatial biology products, not its broader scientific-instrument business. Stronger demand would show researchers buying Bruker systems to analyze biomarkers in tissue, sharpening competition for Quanterix’s PhenoCycler and PhenoImager; weak demand would make that competitive signal less pronounced, but would not establish that Quanterix won orders.
Alamar Biosciences, Inc. earningsALMR
Sales of Alamar Biosciences’ NULISA instruments and assays will show whether research customers are buying an alternative to Quanterix’s Simoa for detecting very low protein levels.
Watch adoption of NULISA instruments and Alamar’s neurology and immunology assays. Rising adoption would show laboratories and drug companies buying Alamar’s approach to low-level protein measurement, potentially putting more pressure on Simoa; limited adoption would offer less evidence of that competitive pull, but would not mean Quanterix won those customers.
Quanterix Corporation earningsThis company
Quanterix’s report will show whether consumables and services can support sales, and whether a larger share of revenue remains after product and service costs.
Read product revenue, especially consumables and other products, alongside service and other revenue; then compare gross margin—the share of revenue left after product and service costs—and cash used in operations. Consumables growth, stabilizing service revenue, a higher margin and lower cash use would point to improving customer demand and better cost absorption. Weak revenue, a low margin or continued heavy cash use would show that sales and costs are not yet supporting a move toward cash-flow breakeven. Working-capital changes can also move cash flow, so one quarter alone is not decisive.
Acrivon Therapeutics, Inc. earningsACRV
Acrivon Therapeutics’ ACR-368 progress will show whether work can continue on the OncoSignature companion diagnostic it is developing with Quanterix’s Akoya subsidiary.
Watch ACR-368 development and pre-commercialization milestones, bearing in mind that the OncoSignature companion diagnostic is not approved. Progress would support continued development and validation work by Akoya and could support project revenue; a stall or setback would weaken that signal. Progress would not mean the test is approved or generating commercial sales.
