ALMR · Alamar Biosciences, Inc.

Alamar Biosciences reported a strong first quarter for 2026, with total revenue of $26.0 million, nearly doubling year-over-year from $13.1 million. The growth was broad-based, with instrument revenue up 78% to $7.4 million, consumable revenue surging 178% to $14.0 million, and services and other revenue increasing 20% to $4.7 million. The consumable growth was driven by pull-through from a larger installed base and higher average selling prices. Gross margin expanded to 56% from 49%, benefiting from manufacturing efficiencies, higher average selling prices, and a favorable mix shift toward higher-margin consumables. Operating expenses rose 79% to $26.8 million, reflecting increased personnel costs, product expansion, and professional fees. The operating loss widened to $12.3 million from $8.6 million, including $1.5 million in stock-based compensation. Net loss increased to $21.3 million from $7.7 million, primarily due to an $8.6 million loss on remeasurement of convertible notes. The company ended the quarter with $69.5 million in cash, cash equivalents, and restricted cash. Subsequent to quarter end, Alamar completed its IPO in April 2026, raising $197.8 million in net proceeds, which significantly strengthens its balance sheet. Management highlighted the launch of two new products, the NULISAseq Neuro 220 Panel and NULISAqpcr AD 5-plex Assay, furthering its leadership in neurodegenerative disease research. The company plans to provide full-year 2026 revenue guidance in conjunction with its second quarter 2026 earnings release in August 2026.