Quanterix Secures CMS Reimbursement for Alzheimer’s Test Amid Q4 Growth

Quanterix’s fourth-quarter 2025 results signal a pivotal transition for the life sciences company as it pivots from a research-centric tool provider to a clinical diagnostics powerhouse. While the headline revenue figure of $43.9 million represents a robust 25% year-over-year increase, the underlying 22% organic revenue decline highlights the volatility inherent in the shift toward high-stakes clinical applications. This growth was largely supported by a significant expansion in diagnostics partner revenue, which reached $3.1 million for the quarter, and a total of 25 active partnerships that generated nearly $10 million for the full year. This divergence between organic and total growth suggests that Quanterix is successfully leveraging its intellectual property through external collaborations even as its direct-to-customer research sales face headwinds.

The most significant development for Quanterix in this period is the establishment of a national reference price for its Lucent AD Complete Alzheimer’s test. The Centers for Medicare & Medicaid Services (CMS) approved a reimbursement rate of $897, a move that provides the financial infrastructure necessary for widespread clinical adoption. As the market for Alzheimer’s therapies like Leqembi and Kisunla expands, the demand for high-sensitivity blood-based biomarkers is expected to surge. Quanterix’s Simoa technology, which underpins the Lucent test, is uniquely positioned to capture this market. Traditionally, Alzheimer's diagnosis required expensive PET scans or invasive cerebrospinal fluid (CSF) draws. By offering a high-accuracy blood test, Quanterix is lowering the barrier to entry for early diagnosis and treatment monitoring, which is critical for the success of new anti-amyloid therapies.

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Simoa revenue fell 22% organically to $27 million, and Spatial revenue dropped 23% to $17 million.

However, the company faces headwinds in its traditional core markets. Simoa revenue fell 22% organically to $27 million, and Spatial revenue dropped 23% to $17 million. This decline was exacerbated by a 21% reduction in pharma revenue, which management attributed to a decrease in large-scale projects within its Accelerator Lab. Despite these pressures, the Accelerator Lab still managed to exceed expectations, contributing $8.3 million in revenue through a mix of Simoa and Spatial services. This lab serves as a critical bridge for pharmaceutical companies during the drug development phase, allowing them to utilize Quanterix's ultra-sensitive detection capabilities without the immediate capital expenditure of purchasing instruments.