Quanterix Reports $137.4M Revenue, 12% Growth, and Plans Merger with Akoya Biosciences

Quanterix Corporation reported a total revenue of $137.4 million for the fiscal year ending December 31, 2024, marking a 12% increase from $122.4 million in the previous year. The growth was primarily driven by a significant rise in service revenue, which increased by 28% to $51.2 million, largely due to heightened demand for services from its Accelerator Laboratory. However, product revenue remained relatively flat at $79.7 million, with a slight increase in consumables offset by a decrease in instrument sales, attributed to reduced demand in a constrained capital funding environment. The company incurred a net loss of $38.5 million for the year, compared to a loss of $28.4 million in 2023, reflecting ongoing investments in research and development and operational expansion.

In terms of strategic developments, Quanterix completed the acquisition of Emission, Inc. for an upfront payment of $10 million, with potential additional payments based on performance milestones. This acquisition is expected to enhance the company’s supply chain for its next-generation Simoa ONE instrument, which is anticipated to launch by the end of 2025. Additionally, Quanterix announced plans to merge with Akoya Biosciences, a move aimed at expanding its technology offerings in spatial biology and enhancing its capabilities in oncology and immunology. The merger is expected to close in the second quarter of 2025, pending regulatory approvals and other conditions.

Operationally, Quanterix reported an installed base of over 1,000 Simoa instruments, with significant scientific validation reflected in over 3,200 citations in scientific literature. The company has also expanded its customer base, serving more than 500 clients globally, including major pharmaceutical and biotechnology firms. As of December 31, 2024, Quanterix employed 471 full-time staff, with plans to increase headcount to support its growth initiatives, particularly in sales and marketing.

The company is currently addressing material weaknesses in its internal controls over financial reporting, which were identified in previous filings. Management has implemented several remediation measures, including hiring a Vice President for SOX Transformation and engaging accounting advisory consultants. Despite these challenges, Quanterix remains optimistic about its future, projecting continued revenue growth driven by its innovative product offerings and strategic acquisitions. The company expects to incur significant expenses and operating losses in the near term as it invests in expanding its market presence and developing new diagnostic tools.