This article first appeared on GuruFocus .
Release Date: August 10, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Total revenue grew 82% year-over-year to $29.4 million, driven by exceptional consumable performance which surged 147%.
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Achieved a record 60% gross margin, up from 53% in the prior year, due to manufacturing efficiencies and a favorable product mix shift toward higher-margin consumables.
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Launched the first commercial multiplex blood-based immunoassay for eMTBR tau, a key Alzheimer's biomarker, positioning the company at the forefront of neurodegenerative disease research.
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Expanded strategic partnership with the Alzheimer's Disease Data Initiative and Gates Ventures to profile an additional 86,000 plasma samples, bringing the combined dataset to over 140,000 samples.
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Ended the quarter with a strong balance sheet of $256.3 million in cash and short-term investments, providing ample capital to execute growth plans and invest in R&D and commercial expansion.
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Surpassed 165 cumulative publications and preprints, with a four-fold increase in posters featuring its technology at AAIC, demonstrating growing scientific validation and adoption.
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Launched the NuLISA-Seq Immune 340 panel, the broadest multiplex immune profiling panel, opening a large and under-penetrated market opportunity in immunology.
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Maintained industry-leading instrument pull-through above $400,000, with a theoretical ceiling of $5-6 million per instrument, indicating strong customer engagement and platform utilization.
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Refinanced existing debt into a more flexible $100 million revolving credit facility with improved terms, enhancing financial flexibility.
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Provided full-year 2026 revenue guidance of $116 million to $120 million, reflecting expected annual growth of 59% at the midpoint.
Negative Points
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Net loss widened to $13.2 million in Q2 2026, up from $7 million in Q2 2025, reflecting increased operating expenses.
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SG&A expenses surged 129% year-over-year to $17.4 million, driven by higher personnel costs and professional services fees associated with operating as a public company.
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R&D expenses increased 55% to $13.8 million, reflecting higher lab supply costs and personnel expenses to support expanding panel menu and product development.
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The company expects gross margin to fluctuate in the mid-to-high 50s in the near term, indicating that the record 60% margin may not be sustained immediately.
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Q3 2026 revenue is expected to show only a modest sequential increase (low single-digit growth), suggesting a potential slowdown in momentum after a strong Q2.
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The Technology Access Program (TAP) revenue, which drove significant upside in Q2, is expected to grow at a slower rate going forward as the company focuses on converting customers to instrument purchases.
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Instrument revenue growth of 35% lagged overall revenue growth, indicating a potential shift in revenue mix that could pressure near-term margins.
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The company faces execution risks in its ambitious 2027 goals, including FDA marketing authorization for ArgoHTDx and establishing clinical diagnostic partnerships, which are subject to regulatory and market uncertainties.
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Large cohort study revenues are subject to long lead times and logistical complexities, which could cause revenue recognition to be lumpy and unpredictable across quarters.
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The passing of Board member Ian Radcliffe represents a loss of experienced leadership and guidance for the company.
Q & A Highlights
Q: Can you discuss the demand trends between academic and pharma customers in the quarter, and whether instrument placements were driven more by new or existing customers? A: Yuling Lo (CEO) noted strong growth from both academic and biopharma segments, with exceptional adoption in the neuro market driving academic growth. Justin McAneer (CFO) added that the majority of instrument placements year-to-date have been to new customers, while the CEO highlighted that existing customers are also expanding by adding additional instruments, which is a positive signal of platform value.
Q: Can you unpack the strength in Technology Access Program (TAP) revenue, whether it was one-time in nature, and how we should think about the Q3 sequential growth? A: Yuling Lo (CEO) explained that the TAP increase was significantly above expectations, driven by custom assay development, which indicates customers are moving from discovery to translation and clinical applications. Justin McAneer (CFO) added that TAP has a strong pipeline and is a leading indicator of future demand, but while the trend will continue into Q3, it won't be at Q2 levels. He clarified that "modest" sequential growth from Q2 to Q3 means low single-digit growth.
Q: How should we think about the $400,000 pull-through metric, its cadence, and what is the theoretical ceiling for pull-through per instrument? A: Yuling Lo (CEO) stated that consumables demand is strong, growing nearly 150% year-over-year, and the company remains confident in maintaining industry-leading pull-through above $400,000 annually. Justin McAneer (CFO) noted that new instrument placements will put near-term pressure on the metric, causing quarterly fluctuations, which is why it's reported annually. He added that the theoretical ceiling, assuming three plates per day, five days a week, could reach $5-6 million per instrument, though customers often prioritize faster turnaround over full capacity utilization.
Q: Regarding the assay portfolio, will you move customers from the CNS120 panel to the Neuro220 panel, and does that require a validation process that could impact run rates? A: Yuling Lo (CEO) outlined the product roadmap, emphasizing a focus on doubling down on winning products like the Neuro220 panel, launched in March with incredible adoption, and the new Immune 340 panel. The company plans to build content for new disease areas like cardiovascular, metabolic, and oncology. The CEO did not specifically address the validation process but highlighted the strong adoption of new panels.
Q: Can you explain the gross margin performance, whether the 60% level is sustainable, and what the roadmap for margins looks like? A: Justin McAneer (CFO) attributed the 60% gross margin to a favorable mix shift toward higher-margin consumables and manufacturing scale benefits. While he expects margins to fluctuate in the mid-to-high 50s in the near term due to instrument mix, he anticipates a continued upward trend over time as consumables become a larger share of revenue.
Q: With the IPO proceeds, how are you thinking about OpEx spending and capital allocation over the next 3-12 months? A: Justin McAneer (CFO) outlined three primary capital allocation priorities: expanding the commercial organization to drive instrument placements and deepen account penetration, scaling manufacturing capacity including the Fremont facility, and investing in R&D for new panels, instruments like the ArgoHTDx, and applications across disease areas.
Q: Can you clarify the cadence of large-scale cohort projects, specifically the 21,000-sample project, and how samples will be phased in 2026 and 2027? A: Todd White (President) explained that large cohort projects are spread over multiple quarters due to long lead times involving sample logistics, institutional coordination, and data infrastructure. The 2026 numbers are already contemplated in guidance, with the remainder phased in over the first half of 2027. He confirmed that the 21,000-sample project is part of the Gates Ventures/ADDI initiative, not a separate project.
Q: Regarding the Q4 2025 step-up in consumables, were there large orders that drove that, and how should we model seasonality this year? A: Justin McAneer (CFO) acknowledged that Q4 2025 had a significant step-up driven by two large cohort study orders that made outsized contributions relative to the revenue base. While similar large orders are spread across multiple quarters this year, he cautioned against using last year's Q4 as a direct guide for seasonality.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
