# Quanterix (QTRX.US)

Canonical: https://gigainvestors.com/s/QTRX

Analysis as of: 2026-10-16T07:31:26.591Z. Financial observations: FY2016–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $3.07 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 10

- Operating margin variation: 0.41×

Chart: Operating margin; fiscal year observations.

- FY2016: -1.23×

- FY2017: -1.14×

- FY2018: -0.84×

- FY2019: -0.73×

- FY2020: -0.37×

- FY2021: -0.53×

- FY2022: -0.99×

- FY2023: -0.38×

- FY2024: -0.39×

- FY2025: -0.79×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -60.3%

- ROIC, second-lowest year: -184.5%

- Typical minus recent gross margin: 0.9 pp

- Typical gross margin (annual median): 47.5%

- Recent gross margin (lower of latest and 3-year median): 46.7%

- Years with nonpositive capital: 2

- Capital spending / revenue: 4.3%

- ROIC including acquisitions, ten-year median: -71.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -64.7%

- FY2017: -27.3%

- FY2018: -1030.4%

- FY2019: -184.5%

- FY2020: -56.0%

- FY2021: -79.0%

- FY2022: -130.1%

- FY2023: -51.8%

- FY2024: -53.1%

- FY2025: -46.1%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$316M

- Net income, five-year total: -$331M

- Return on incremental invested capital: -105.7%

- Working capital / revenue, annual change: 3.3 pp

- Working capital / revenue, change between three-year averages: 23.7 pp

- Working capital / revenue, final three-year average: 44.2%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$62M

- FY2022: -$106M

- FY2023: -$24M

- FY2024: -$34M

- FY2025: -$91M

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -64.7% vs -51.8%

- Per-share earnings: -1.41 to -1.00 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 7.6%

- Market cap gain: -$169M

- Cumulative retained earnings: -$433M

- Diluted shares, 5-year annual growth: 7.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value change: $0.41

- Per-share value, starting three-year median: -$1.41

- Per-share value, ending three-year median: -$1.00

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.0%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: $112M

- Cumulative net income, 10 years: -$485M

- ROIC, first three-year median: -64.7%

- ROIC, last three-year median: -51.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$1.43

- FY2017: -$1.24

- FY2018: -$1.41

- FY2019: -$1.63

- FY2020: -$1.07

- FY2021: -$1.60

- FY2022: -$2.69

- FY2023: -$0.75

- FY2024: -$1.00

- FY2025: -$2.51

### accounting: pass

- Sloan accruals: -7.1%

- Receivables to sales index (DSRI): 0.91×

- Restructuring years, last five: 2

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.53×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -14.6%

- FY2017: -5.4%

- FY2018: -3.4%

- FY2019: -8.6%

- FY2020: -3.0%

- FY2021: -1.9%

- FY2022: -11.8%

- FY2023: -2.2%

- FY2024: -0.8%

- FY2025: -7.1%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 94% since Oct 2021 · "Quanterix announces executive terminations at Akoya subsidiary, expects $3.3 million in related expenses" (investing.com, Jul 2025) · sales +2.4%

Story as of 2026-10-16T09:59:28.191Z; price observation 2026-10-15.

- 2025-06-23: Quanterix's Simoa analyzer gains medical device registration in S.Korea ([investing.com](https://www.investing.com/news/company-news/quanterixs-simoa-analyzer-gains-medical-device-registration-in-skorea-93CH-4105616))

- 2025-07-18: Quanterix announces executive terminations at Akoya subsidiary, expects $3.3 million in related expenses ([investing.com](https://www.investing.com/news/sec-filings/quanterix-announces-executive-terminations-at-akoya-subsidiary-expects-33-million-in-related-expenses-93CH-4142580))

- 2025-08-07: Quanterix GAAP EPS of -$0.77 misses by $0.36, revenue of $24.5M misses by $5.23M ([seekingalpha.com](https://seekingalpha.com/news/4482125-quanterix-gaap-eps-of-0_77-misses-by-0_36-revenue-of-24_5m-misses-by-5_23m?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-09-10: Quanterix rises on CMS price for LucentAD Alzheimer blood biomarker test ([seekingalpha.com](https://seekingalpha.com/news/4493764-quanterix-rises-on-cms-price-for-lucentad-alzheimer-blood-biomarker-test?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-11-11: Quanterix outlines $85M synergy target and signals 2026 cash flow breakeven as integration advances ([seekingalpha.com](https://seekingalpha.com/news/4519759-quanterix-outlines-85m-synergy-target-and-signals-2026-cash-flow-breakeven-as-integration?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales +2.4%; source https://www.sec.gov/Archives/edgar/data/1503274/000150327426000013/qtrx-20251231.htm; observed 2026-03-02.

- FY2016: $18M 

- FY2017: $23M 

- FY2018: $38M 

- FY2019: $57M 

- FY2020: $86M 

- FY2021: $111M 

- FY2022: $106M 

- FY2023: $121M 

- FY2024: $135M 

- FY2025: $139M 

### Gross margin · FY2025

gross margin 46.7%; source https://www.sec.gov/Archives/edgar/data/1503274/000150327426000013/qtrx-20251231.htm; observed 2026-03-02.

- FY2016: 44.1% 

- FY2017: 43.7% 

- FY2018: 47.8% 

- FY2019: 47.3% 

- FY2020: 55.8% 

- FY2021: 55.8% 

- FY2022: 43.0% 

- FY2023: 60.3% 

- FY2024: 59.9% 

- FY2025: 46.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical devices; annual sales are USD 138.7 million.

- Source: https://www.sec.gov/Archives/edgar/data/1503274/000150327426000013/qtrx-20251231.htm (filed 2026-03-02); FY2025: revenue 138654000; grossProfit 64716000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); QTRX.US: Quanterix Corporation, a life sciences company in North America, Europe, the Middle East, Africa, and the Asia Pacific regions. The company offers HD-X instrument, a protein detection platform; and SR-X instrument that enables researchers to apply Simoa detection in an expanded range of applications. It also provides SP-X instrument that is based on Simoa planar array technology for the measurement of multiplex chemiluminescent immunoassays. The company's products include assays include all components required to run enzyme-based immunoassay, such as beads, capture and detector reagents, and enzyme reagents and substrate; and replacement parts, reagents, and antibodies. In addition, the company offers contract research and clinical laboratory testing services, including research and clinical trial testing, and lucent diagnostic services. The company primarily operates in the areas of neurology, oncology and immunology, and inflammation. It sells its products for the life science research sector primarily to laboratories associated with academic and governmental research institutions, as well as pharmaceutical, biotechnology, and contract research companies through a direct field sale, support organizations, and sales force and distributors. The company was formerly known as Digital Genomics, Inc. and changed its name to Quanterix Corporation in August 2007. Quanterix Corporation was incorporated in 2007 and is headquartered in Billerica, Massachusetts.

### Why customers stay

Margins ranged from 46.7% to 60.3% during 2023–25; it lost 60.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2023: grossProfit / revenue = 60.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2024: grossProfit / revenue = 59.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1503274/000150327426000013/qtrx-20251231.htm (filed 2026-03-02); FY2025: grossProfit / revenue = 46.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); 10-year return on capital observations [[2016,-0.6467210889483805],[2017,-0.27301655857963003],[2018,-10.303637866887144],[2019,-1.8450482820570402],[2020,-0.5597110747212813],[2021,-0.7899865157799512],[2022,-1.3013233063700709],[2023,-0.5183156438129476],[2024,-0.530952009912246],[2025,-0.4605722522178158]]; median -0.6032160818348309. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 6.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); QTRX.US SharesStats.PercentInsiders = 6.335 percentage points; cache date 2026-10-05.

### What the price says

The price is 0.9 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Closing price 3.07 USD; reporting-to-trading FX 1; FY2025 annual sales per share 3.251811721663266; price multiple 0.944089099485049. FY2025 cash earnings/share -2.1303736016323085. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2017-12: $21.47 per share

- 2018-01: $20.81 per share

- 2018-02: $20.89 per share

- 2018-03: $17.04 per share

- 2018-04: $16.95 per share

- 2018-05: $18.40 per share

- 2018-06: $14.36 per share

- 2018-07: $14.99 per share

- 2018-08: $16.73 per share

- 2018-09: $21.42 per share

- 2018-10: $17.51 per share

- 2018-11: $18.74 per share

- 2018-12: $18.31 per share

- 2019-01: $21.06 per share

- 2019-02: $24.71 per share

- 2019-03: $25.83 per share

- 2019-04: $22.72 per share

- 2019-05: $25.61 per share

- 2019-06: $33.79 per share

- 2019-07: $30.98 per share

- 2019-08: $26.33 per share

- 2019-09: $21.96 per share

- 2019-10: $20.85 per share

- 2019-11: $25.33 per share

- 2019-12: $23.63 per share

- 2020-01: $27.11 per share

- 2020-02: $22.81 per share

- 2020-03: $18.37 per share

- 2020-04: $26.20 per share

- 2020-05: $27.59 per share

- 2020-06: $27.39 per share

- 2020-07: $32.31 per share

- 2020-08: $35.60 per share

- 2020-09: $33.74 per share

- 2020-10: $36.61 per share

- 2020-11: $43.19 per share

- 2020-12: $46.50 per share

- 2021-01: $64.74 per share

- 2021-02: $75.75 per share

- 2021-03: $58.47 per share

- 2021-04: $61.14 per share

- 2021-05: $51.49 per share

- 2021-06: $58.66 per share

- 2021-07: $53.15 per share

- 2021-08: $51.05 per share

- 2021-09: $49.79 per share

- 2021-10: $50.61 per share

- 2021-11: $39.97 per share

- 2021-12: $42.40 per share

- 2022-01: $30.44 per share

- 2022-02: $33.74 per share

- 2022-03: $29.19 per share

- 2022-04: $22.19 per share

- 2022-05: $16.86 per share

- 2022-06: $16.19 per share

- 2022-07: $15.99 per share

- 2022-08: $9.35 per share

- 2022-09: $11.02 per share

- 2022-10: $11.07 per share

- 2022-11: $13.30 per share

- 2022-12: $13.85 per share

- 2023-01: $14.13 per share

- 2023-02: $11.00 per share

- 2023-03: $11.27 per share

- 2023-04: $12.64 per share

- 2023-05: $19.61 per share

- 2023-06: $22.55 per share

- 2023-07: $24.84 per share

- 2023-08: $26.80 per share

- 2023-09: $27.14 per share

- 2023-10: $21.72 per share

- 2023-11: $23.97 per share

- 2023-12: $27.34 per share

- 2024-01: $22.09 per share

- 2024-02: $23.96 per share

- 2024-03: $23.56 per share

- 2024-04: $16.12 per share

- 2024-05: $15.97 per share

- 2024-06: $13.21 per share

- 2024-07: $14.76 per share

- 2024-08: $13.03 per share

- 2024-09: $12.96 per share

- 2024-10: $13.22 per share

- 2024-11: $12.33 per share

- 2024-12: $10.63 per share

- 2025-01: $9.19 per share

- 2025-02: $7.59 per share

- 2025-03: $6.51 per share

- 2025-04: $5.76 per share

- 2025-05: $5.20 per share

- 2025-06: $6.65 per share

- 2025-07: $5.94 per share

- 2025-08: $4.55 per share

- 2025-09: $5.43 per share

- 2025-10: $5.34 per share

- 2025-11: $7.26 per share

- 2025-12: $6.36 per share

- 2026-01: $6.34 per share

- 2026-02: $6.55 per share

- 2026-03: $3.52 per share

- 2026-04: $3.13 per share

- 2026-05: $3.06 per share

- 2026-06: $4.32 per share

- 2026-07: $3.48 per share

- 2026-08: $2.67 per share

- 2026-09: $3.71 per share

- 2026-10: $3.07 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1503274/000150327426000013/qtrx-20251231.htm); period 2025-12-31, filed 2026-03-02.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.