Alamar Biosciences (NASDAQ:ALMR) reported second-quarter 2026 revenue of $29.4 million, up 82% from $16.2 million a year earlier, as growth in consumables, instrument placements and service revenue supported the company’s first earnings call since completing its April initial public offering.
Chief Executive Officer Yuling Luo said the quarter reflected continued adoption of the company’s precision proteomics platform, which combines ultra-high sensitivity, specificity, multiplexing, dynamic range and automation. The company’s ARGO HT platform is used in research applications, with an initial focus on neurology and inflammation.
Revenue Growth Driven by Consumables
Chief Financial Officer Justin McAnear said consumables revenue totaled $15.5 million in the quarter, driven by demand for multiplex panel kits as the installed base expanded. Instrument revenue increased 35% to $7.8 million, while service and other revenue rose 49% to $6.2 million.
Service revenue includes the company’s Technology Access Program, or TAP, as well as maintenance contracts. McAnear said TAP is intended to support customer acquisition, custom assay development and product beta testing rather than operate as a long-term service business. The Q2 increase was primarily attributable to larger custom assay development projects.
During the question-and-answer session, President Tod White said TAP activity was higher than management had expected in the second quarter and should continue into the third quarter, though not at the Q2 level. He characterized the service pipeline as a potential leading indicator of future instrument and consumable demand.
Geographically, the Americas accounted for 69% of second-quarter revenue, followed by Europe, the Middle East and Africa at 22% and Asia-Pacific at 9%. Academic and research institutions generated 52% of revenue, biopharmaceutical customers contributed 42%, and distributors represented the remaining 6%.
Luo said both academic and biopharmaceutical customer segments experienced strong growth during the quarter. White added that most year-to-date instrument placements have gone to new customers, although existing customers have also been adding instruments and, in some cases, expanding platform use to additional sites.
Margins Improve as Product Mix Shifts
Gross profit increased to $17.7 million from $8.6 million a year earlier, and gross margin improved to 60% from 53%. McAnear attributed the expansion to manufacturing efficiencies as consumable production scaled and to a greater revenue contribution from consumables, which carry higher margins than instruments.
White said gross margin could fluctuate in the mid-to-high 50% range in the near term, depending on the mix of instruments, consumables and services. However, he said management expects margins to trend higher over time as consumables become a larger share of revenue.
Operating expenses rose to $31.2 million from $16.5 million in the prior-year quarter. Research and development expense increased 55% to $13.8 million, reflecting laboratory supply and personnel costs associated with expanding the company’s panel menu. Selling, general and administrative expense rose 129% to $17.4 million, driven by personnel and higher legal and accounting expenses associated with becoming a public company.
Alamar reported a $13.5 million operating loss, compared with a $7.9 million loss a year earlier. Net loss was $13.2 million, versus $7 million in the second quarter of 2025. The company recorded $3.3 million in stock-based compensation during the quarter.
As of June 30, Alamar had $256.3 million in cash equivalents, short-term investments and restricted cash. McAnear said the April IPO generated $197.8 million in net proceeds. The company also refinanced its debt facility with SVB First Citizens Bank, establishing a revolving credit facility with $60 million available at closing and a further $40 million uncommitted accordion.
New Panels and Large Neurology Studies
Alamar launched the NULISAseq Neuro 220 Panel in March and introduced a multiplex blood-based immunoassay for eMTBR-Tau in July. Luo said eMTBR-Tau is designed to measure tau tangle burden from blood samples and can be multiplexed with other neurodegeneration and neuroinflammation biomarkers.
The company also launched the NULISAseq Immune 340 Panel, which measures approximately 340 immune-related proteins from a single blood sample, and introduced a dried blood spot extraction kit designed to make home-collected fingerstick samples compatible with its platform.
Luo said Alamar added more than 40 publications and preprints during the quarter, bringing its cumulative total to 165. At the Alzheimer’s Association International Conference, the company counted more than 140 posters and presentations featuring NULISA technology, a fourfold increase from the prior year.
The company also expanded its partnership with the Alzheimer’s Disease Data Initiative and Gates Ventures to add profiling of 86,000 plasma samples using the Neuro 220 Panel. The expanded agreement includes a national-scale initiative involving approximately 21,000 plasma samples from 10,000 Alzheimer’s Disease Research Center participants. The combined dataset is expected to include more than 140,000 samples and be completed in 2027.
2026 Outlook and Clinical Strategy
Alamar forecast full-year 2026 revenue of $116 million to $120 million, representing 59% annual growth at the midpoint. Management expects third-quarter revenue to increase modestly sequentially from the second quarter, which White described as low-single-digit sequential growth.
For the full year, the company aims to add at least 100 instruments to its installed base and maintain annual per-instrument pull-through above $400,000. White said quarterly pull-through can fluctuate as new instruments are placed, and the company plans to report installed-base and average pull-through metrics annually.
Looking toward 2027, Alamar plans to launch a multiplex panel targeting another disease area, submit its ARGO HT DX clinical instrument for FDA marketing authorization, and establish partnerships to support diagnostic test development. The company said it intends to invest IPO proceeds in commercial expansion, manufacturing capacity and research and development.
About Alamar Biosciences (NASDAQ:ALMR)
Our mission is to power precision proteomics to enable the earliest detection of disease. We are a commercial-stage proteomics company establishing a gold standard in protein detection and analysis. Our proprietary NULISA technology was purpose-built to address the limitations of existing proteomics tools by detecting protein biomarkers at extremely low concentrations in non-invasive biological fluids, such as blood, with ultra-high sensitivity, high specificity, flexible multiplexing, broad dynamic range and seamless automation.
