Alamar 82% Q2 revenue growth, 60% gross margin and guides FY26 revenue up ~59%

 

Alamar Biosciences posts 82% Q2 revenue growth, 60% gross margin and guides FY26 revenue up ~59%

• Q2 2026 non-GAAP EPS -$0.22 and revenue $29.4m both beat analyst estimates.
• Revenue $29.4m up 82% YoY; consumables 53% of revenue, up 147% YoY.
• Gross margin reached 60% versus 53% last year, driven by consumables mix and scale.
• Service/TAP revenue exceeded expectations on large custom projects, but management anticipates slower growth ahead.
• FY26 revenue guided to $116–120m (~59% growth); Q3 only low-single-digit sequential increase.
• Operating loss widened to $13.5m as R&D and SG&A investments more than doubled YoY.
• Company plans to add at least 100 instruments in 2026, keeping pull-through above $400k.
• Neurodegeneration franchise leads growth with Neuro 220 panel and first multiplex blood eMTBR-tau assay.
• Expanded Gates Alzheimer’s partnership covers >140k plasma samples, supporting multi-quarter consumables demand visibility.
• Balance sheet strong with $256m cash and new $60m revolver, plus $40m accordion option.
• Long-term thesis hinges on ARGO HT/DX FDA clearance and clinical diagnostics partnerships, still in development.
• Main concern: accelerating OpEx and lumpy TAP/cohort revenues may pressure profitability and increase earnings volatility near term.
• Strong quarter, driven by surging high-margin consumables and robust adoption of the neurodegeneration proteomics platform.

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