Key Highlights

  • Revenue grew 68% to USD 33.5 million, and biopharma customers were the largest Revenue group for the first time.
  • Consumables rose 79% to USD 17.8 million, instruments rose 50% to USD 8.5 million, and services rose 69%.
  • Gross Margin improved to 61.5% from 59.7%, while the net loss widened to USD 13.3 million from USD 8.0 million.
  • Full-year 2026 revenue guidance rose to USD 121 million to USD 123 million, representing 64% growth at the midpoint.

Revenue Mix and Margin

Alamar Biosciences, Inc. (NASDAQ:ALMR), a precision proteomics company based in Fremont, California, reported third-quarter 2026 revenue of USD 33.5 million, a 68% increase from USD 19.9 million. Instrument revenue grew 50% to USD 8.5 million from USD 5.7 million on new placements. Consumable revenue grew 79% to USD 17.8 million from USD 10.0 million on Demand for multiplex panels. Services and other revenue grew 69% to USD 7.2 million from USD 4.3 million on custom assay development.

Gross margin was 61.5% compared with 59.7%. Management credited lower instrument costs, higher average selling prices for consumables, higher margins on services and a favorable product mix.

Analyst estimates were EPS of negative USD 0.20 against reported EPS of negative USD 0.19, and revenue of USD 30.2 million against reported revenue of USD 33.5 million.

Spending, Losses and Cash

Operating expenses were USD 35.8 million, up 81% from USD 19.8 million, reflecting planned Investment in headcount, infrastructure and research supplies, plus incremental public company costs. Operating loss was USD 15.1 million compared with USD 7.9 million, and it included stock-based compensation of USD 3.9 million against USD 0.7 million. Net loss was USD 13.3 million versus USD 8.0 million.

Cash, cash equivalents, short-term investments and restricted cash were USD 231.5 million as of September 30, 2026.

Customer Wins and Guidance

Founder, Chief Executive Officer and Chair Yuling Luo said biopharma customers accounted for the largest portion of revenue for the first time. The company was selected by UK Biobank to profile 80,000 samples for a study aimed at earlier detection and treatment of neurodegenerative conditions including Parkinson's disease and Alzheimer's disease. It also launched a collaboration with GSK on a 60,000-sample study across respiratory, liver, kidney, neurological and autoimmune conditions.

A publication in Lancet Neurology described the first longitudinal treatment response for Alzheimer's disease measured on the NULISA platform. Management raised full-year 2026 revenue guidance to USD 121 million to USD 123 million, which represents growth of 64% at the midpoint compared with 2025.

Cash and cash equivalents were USD 121.5 million and short-term investments were USD 105.1 million at September 30, 2026, versus cash of USD 30.0 million at December 31, 2025, and inventory was USD 54.1 million versus USD 38.5 million.

Measures to Follow

Instrument placements, consumable pull-through, Operating Expense growth and conversion of the two large sample programs into revenue are the main items to follow. Because operating expenses grew 81% against revenue growth of 68%, the path to narrowing the operating loss depends on gross margin gains and on how quickly installed instruments generate repeat consumable orders. The fourth-quarter result shows how the raised guidance range holds up.