Second quarter of 2026
Filed Aug 10, 2026Alamar Biosciences Reports Second Quarter 2026 Financial Results and Provides 2026 Revenue Guidance
Total revenue increased 82%, consumable revenue grew 147%, and gross margin expanded to 60%, while operating expenses increased 89% and net loss widened to $13.2 million.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenueGAAP | $29.4 million | – | 82% increase |
| Product revenueGAAP | $23,269 | – | – |
| Service and other revenueGAAP | $6,158 | – | – |
| Total cost of revenueGAAP | $11,709 | – | – |
| Gross profitGAAP | $17,718 | – | – |
| Gross marginGAAP | 60% | – | – |
| Research and development expenseGAAP | $13,817 | – | – |
| Selling, general and administrative expenseGAAP | $17,433 | – | – |
| Total operating expensesGAAP | $31.2 million | – | 89% increase |
| Operating lossGAAP | $13.5 million | – | – |
| Interest income, netGAAP | $1,875 | – | – |
| Interest expenseGAAP | $(224) | – | – |
| Loss on remeasurement of convertible notesGAAP | $(1,377) | – | – |
| Net lossGAAP | $13.2 million | – | – |
| Net loss per share, basic and dilutedGAAP | $(0.22) | – | – |
| Weighted-average common shares outstanding, basic and dilutedGAAP | 58,665,055 | – | – |
| Total stock-based compensation expenseGAAP | $3.3 million | – | – |
| Cash, cash equivalents, short-term investments and restricted cashother | $256.3 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| InstrumentsDriven primarily by continued growth in new instrument placements. | $7.8 million | – | 35% |
| ConsumablesDriven primarily by strong demand for multiplex panels. | $15.5 million | – | 147% |
| Services and other revenueDriver not specified. | $6.2 million | – | 49% |
Full year 2026 outlook
- Revenue$116 million to $120 million
- NoteGrowth of 59% at the midpoint of the range compared to full year 2025.
What drove it
- Consumable revenue grew 147%, driven primarily by strong demand for multiplex panels.
- Instrument revenue grew 35%, driven primarily by continued growth in new instrument placements.
- Gross-margin expansion was primarily driven by manufacturing efficiencies for consumables and a favorable shift in mix toward high-margin consumables.
- The company launched the first commercial multiplexed blood-based immunoassay for eMTBR-tau and launched the NULISAseq™ Immune 340 Panel.
Concerns
- Operating expenses increased 89% to $31.2 million, primarily related to planned investments in headcount, infrastructure and R&D capabilities as well as incremental public company costs.
- Net loss increased to $13.2 million from a $7.0 million net loss.
- The quarter included a $1,377 loss on remeasurement of convertible notes.
- The filing identifies risks including intense competition in the proteomics market, dependence on researchers who rely heavily on government funding, reductions in research and academic-institution spending, and manufacturing complexity.
What to watch
- Demand for multiplex panels and the resulting consumable-revenue trajectory.
- New instrument placements and their contribution to instrument revenue.
- Whether manufacturing efficiencies and the mix toward high-margin consumables support gross margin.
- Adoption of eMTBR-tau and the NULISAseq™ Immune 340 Panel.
- Progress toward full-year 2026 revenue guidance of $116 million to $120 million.
- The pace of spending on headcount, infrastructure and R&D capabilities.
Balance sheet and cash flow
- Cash and cash equivalents were $132,969 as of June 30, 2026.
- Short-term investments were $117,083 as of June 30, 2026.
- Restricted cash was $6,254 as of June 30, 2026.
- Term debt was $9,947 as of June 30, 2026.
- No operating cash flow, free cash flow, repurchases, or dividends were reported.
Analysis
Alamar reported $29.4 million of second-quarter revenue, up 82% from $16.2 million in the corresponding prior-year period. Growth was led by consumables, which rose 147% to $15.5 million on strong demand for multiplex panels. Instrument revenue increased 35% to $7.8 million, driven primarily by new instrument placements, while services and other revenue increased 49% to $6.2 million.
The revenue mix supported profitability at the gross-profit level. Gross margin increased to 60% from 53%, with the company attributing the improvement to consumables manufacturing efficiencies and a favorable shift toward high-margin consumables. Gross profit was $17,718, compared with $8,581 in the prior-year quarter, based on the condensed consolidated statements of operations.
Operating investment rose faster than revenue. Operating expenses increased 89% to $31.2 million, reflecting planned investments in headcount, infrastructure and R&D capabilities as well as incremental public company costs. Operating loss was $13.5 million versus an operating loss of $7.9 million, and net loss was $13.2 million compared with a $7.0 million net loss. The quarter included $3.3 million of stock-based compensation and a $1,377 loss on remeasurement of convertible notes.
Liquidity was $256.3 million in cash, cash equivalents, short-term investments and restricted cash as of June 30, 2026. The company provided full-year 2026 revenue guidance of $116 million to $120 million, representing growth of 59% at the midpoint compared with full-year 2025. The key operating indicators are sustained consumables demand, continued instrument placements, commercialization of eMTBR-tau and the Immune 340 Panel, and the relationship between spending growth and further gross-margin expansion.
Management, verbatim
We delivered a strong second quarter with consumable revenue growing nearly 150% year-over-year.
Yuling Luo, PhD, founder, CEO, and chair of Alamar Biosciences
With the recent launches of eMTBR-tau and the Immune 340 Panel strengthening our content menu and extending into new disease areas, we believe we are well-positioned to sustain momentum into the coming quarters.
Yuling Luo, PhD, founder, CEO, and chair of Alamar Biosciences
Not in the filing
stated, not guessed- Previous-quarter revenue, segment revenue, gross margin, operating expenses, operating loss, net loss, EPS, and cash-flow comparisons were not reported.
- Non-GAAP revenue, gross margin, operating income or loss, net income or loss, and EPS were not reported.
- Operating cash flow and free cash flow were not reported.
- Share repurchases and dividends were not reported.
- Guidance for gross margin, operating expenses, tax rate, EPS, operating cash flow, or free cash flow was not reported.
- Prior guidance was not provided.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.