Quanterix
QTRX on Nasdaq. Quanterix sells instruments, consumables, and services to scientists studying biomarkers. Market value $180m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-49.08 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$3.44 a share, 60% above its 1-year low
Over the past year the price has ranged from $2.15 to $8.77.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $111m | $106m | $122m | $137m | $139m |
| Operating margin | |||||
| Operating margin | -51.1% | -98.8% | -37.6% | -38.3% | -90.4% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.04bn | 0.04bn | 0.05bn | 0.05bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)1 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsSlow, 10.0% a year
- Buying back its own sharesNo, 28% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $33 million last quarter, up 34% on a year ago.
- A loss of $49 million, compared with a loss of $30 million a year ago.
- It loses 100 cents on each $1 of sales, compared with 72 cents a year earlier.
- 21% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $36m |
| December 2024 | $35m |
| March 2025 | $30m |
| June 2025 | $24m |
| September 2025 | $40m |
| December 2025 | $44m |
| March 2026 | $36m |
| June 2026 | $33m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$8m |
| December 2024 | Not reported |
| March 2025 | -$21m |
| June 2025 | -$30m |
| September 2025 | -$34m |
| December 2025 | -$23m |
| March 2026 | -$18m |
| June 2026 | -$49m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 2 March 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 133 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Eagle Investment ManagementMatthew McLennan | $24m | <0.1% | Added |
Largest holders overall
- First Eagle Investment Management$24mAdded
- BlackRock$16mAdded
- Blue Water Life Science Advisors, LP$15mAdded
- Portolan Capital Management$8mCut
- Vanguard Capital Management$8m
- Lionhunter Capital Management$6m
- AQR Capital Management$6mAdded
- Geode Capital Management$5mAdded
- Ameriprise Financial$4mCut
- Marshall Wace, LLP$4mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
7 investors own more than 5%; 1 of them is pushing for change.
- Ameriprise Financial, Inc.Passive investor7.5%+5.4 ptsSince 31 March 2026
- BlackRock, Inc.Passive investor7.3%Since 30 June 2025
- TAM UK International Holdings LimitedPassive investorat least 6.7%0.0 pts(filed with 7 related holders)Since 31 December 2025
- First Eagle Investment ManagementPassive investorat least 5.8%(filed with 1 related holder)Since 30 June 2026
- Telegraph Hill Partners III, L.P.Passive investorat least 5.4%(filed with 3 related holders)Since 30 September 2025
- at least 4.5%−2.4 pts(filed with 5 related holders)Since 11 July 2025
What they said
Item 4 is hereby amended to add the following: As previously disclosed in Amendment No. 1 to the Schedule 13D, on February 28, 2025, Kent Lake delivered a letter to the Issuer nominating Alexander G. Dickinson, Bruce Felt and Hakan Sakul (the "Nominees") for election to the…
Read the filing - Portolan Capital Management, LLCPassive investorat least 4.0%−2.2 pts(filed with 1 related holder)Since 30 June 2026
- AllianceBernstein L.P.Passive investorSold down below 5%Since 31 March 2025
- Millennium Management LLCPassive investorSold down below 5%Since 31 March 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Akoya Biosciences, Inc.Strategic holderSold down below 5%Since 9 January 2025
What they said
The information contained in Item 3 of this Schedule 13D is incorporated by reference herein.
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Ameriprise Financial, Inc. Passive investor | 7.5%+5.4 pts | 31 March 2026 | |
BlackRock, Inc. Passive investor | 7.3% | 30 June 2025 | |
TAM UK International Holdings Limited Passive investor | at least 6.7%0.0 pts (filed with 7 related holders) | 31 December 2025 | |
First Eagle Investment Management Passive investor | at least 5.8% (filed with 1 related holder) | 30 June 2026 | |
Telegraph Hill Partners III, L.P. Passive investor | at least 5.4% (filed with 3 related holders) | 30 September 2025 | |
at least 4.5%−2.4 pts (filed with 5 related holders) | 11 July 2025 | What they saidItem 4 is hereby amended to add the following: As previously disclosed in Amendment No. 1 to the Schedule 13D, on February 28, 2025, Kent Lake delivered a letter to the Issuer nominating Alexander G. Dickinson, Bruce Felt and Hakan Sakul (the "Nominees") for election to the… Read the filing | |
Portolan Capital Management, LLC Passive investor | at least 4.0%−2.2 pts (filed with 1 related holder) | 30 June 2026 | |
AllianceBernstein L.P. Passive investor | Sold down below 5% | 31 March 2025 | |
Millennium Management LLC Passive investor | Sold down below 5% | 31 March 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Akoya Biosciences, Inc. Strategic holder | Sold down below 5% | 9 January 2025 | What they saidThe information contained in Item 3 of this Schedule 13D is incorporated by reference herein. Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $296,049 of shares on the open market.
- DONNELLY WILLIAM PDirectorBought
- Date
- 13 August 2026
- Shares
- 72,245
- Price
- $2.93
- Value
- $211,678
- DONNELLY WILLIAM PDirectorBought
- Date
- 12 August 2026
- Shares
- 27,155
- Price
- $2.75
- Value
- $74,676
- Meadows BenjaminChief Commercial OfficerBought
- Date
- 12 May 2026
- Shares
- 3,500
- Price
- $2.77
- Value
- $9,695
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 13 August 2026 | DONNELLY WILLIAM P Director | Bought | 72,245 | $2.93 | $211,678 |
| 12 August 2026 | DONNELLY WILLIAM P Director | Bought | 27,155 | $2.75 | $74,676 |
| 12 May 2026 | Meadows Benjamin Chief Commercial Officer | Bought | 3,500 | $2.77 | $9,695 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Quanterix’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 2 Mar 2026, plus the 10-Q filed 10 Aug 2026 and 6 later 8-Ks.
Its past accounts can't be relied on
SeriousIt told the SEC its earlier accounts should no longer be relied on, usually because they contained errors.
8-K Item 4.02 filed 12 Nov 2024: the company said its earlier financial statements should no longer be relied on.
From an 8-K filed 12 November 2024: Previously issued accounts should no longer be relied on. Open the filing
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On May 9, 2025, Quanterix Corporation (the “Company”) dismissed Ernst and Young LLP (“EY”) as its independent registered public accounting firm”
From an 8-K filed 14 May 2025: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.