Alamar Biosciences (NASDAQ:ALMR) reported third-quarter revenue growth of 68% year over year, driven by rising consumables sales, new instrument placements and its largest Technology Access Program, or TAP, services quarter to date. The precision proteomics company also raised its full-year revenue outlook and highlighted newly announced large-scale collaborations with UK Biobank and GSK.
Total third-quarter revenue was $33.5 million, compared with $19.9 million in the prior-year period. Consumables revenue increased 79% to $17.8 million and accounted for 53% of total revenue, while instrument revenue rose 50% to $8.5 million. Service and other revenue, primarily TAP services, totaled $7.2 million.
Chief Executive Officer Yuling Luo said the company’s NULISA platform is gaining adoption among researchers and biopharmaceutical companies seeking to measure low-abundance proteins associated with disease. Alamar’s platform is designed to measure hundreds of proteins from a small blood sample, with applications in neurology, inflammation, oncology and autoimmune disease research.
Large-Scale Study Collaborations
Alamar said it was selected with Nightingale Health for UK Biobank’s Vanguard study of blood-based biomarkers for neurodegenerative disease. The study is expected to profile 220 neurologically relevant proteins across 80,000 blood samples from participants who were healthy at enrollment.
The study, funded by the Michael J. Fox Foundation, LifeArc and Alzheimer’s Research UK, is expected to be completed by the end of 2027. Alamar said the resulting data will be integrated with UK Biobank’s imaging, genetic and longitudinal health data and made available to approved researchers.
Chief Financial Officer Justin McAnear said sample processing for the UK Biobank work is expected to begin in the fourth quarter and ramp during 2027. He said the anticipated fourth-quarter contribution from the project was included in the company’s updated guidance, though Alamar does not break out revenue from individual projects.
The company also announced a scientific partnership with GSK to profile more than 60,000 serum samples using Alamar’s NULISAseq Immune 340 and Neuro 220 panels. The work will examine circulating protein signatures associated with disease progression, biological subtypes and treatment response across respiratory, liver, kidney, neurological and autoimmune conditions.
Luo said the GSK study is scheduled to begin in the first quarter of 2027. The company did not provide a completion timeline or disclose expected revenue from the collaboration.
Biopharma Mix and Scientific Footprint
Biopharmaceutical companies represented 49% of third-quarter revenue, exceeding the 44% contribution from academic and research institutions. Distributors accounted for the remaining 7%. McAnear said this was the first quarter in which biopharma customers represented the largest share of revenue, up from 42% in the second quarter.
“Biopharma customers tend to run larger, more sustained studies that drive meaningful consumables pull-through over time,” McAnear said.
Alamar added more than 35 publications and preprints during the quarter, bringing its cumulative total to more than 200 across neurodegenerative disease, oncology and autoimmune conditions. Luo highlighted an independent Emory University study published in Nature Communications that identified a 10-protein signature distinguishing amyotrophic lateral sclerosis, or ALS, from healthy controls with 98% balanced accuracy in a validation cohort, compared with approximately 90% for neurofilament light chain alone.
The company also cited a study published in The Lancet Neurology from Washington University researchers that used Alamar’s NULISAseq CNS 120 panel to measure 130 proteins across nearly 2,400 samples from patients receiving lecanemab and untreated comparison participants.
Margins, Expenses and Outlook
Gross profit rose to $20.6 million from $11.9 million a year earlier, while gross margin expanded to 61.5% from 59.7%. McAnear said the improvement reflected lower instrument costs, higher average consumables selling prices, improved TAP services margins and a favorable product mix.
Operating expenses increased to $35.8 million from $19.8 million in the prior-year quarter. Research and development expense rose 58% to $16.2 million, while selling, general and administrative expense increased 105% to $19.6 million, reflecting higher personnel, legal and accounting costs.
Alamar reported an operating loss of $15.1 million, compared with a $7.9 million operating loss a year earlier. Net loss was $13.3 million, compared with $8 million in the third quarter of 2025. The company ended the quarter with $231.5 million in cash equivalents, short-term investments and restricted cash.
The company raised its full-year 2026 revenue guidance to $121 million to $123 million, from a previous range of $116 million to $120 million. At the midpoint, the new outlook represents 64% annual growth.
For the fourth quarter, Alamar expects sequential growth in consumables revenue but a sequential decline in TAP revenue following the unusually strong third quarter. McAnear said TAP revenue benefited from large custom assay-development projects and population studies completed during the quarter that are not expected to recur at the same level in the fourth quarter.
Alamar expects fourth-quarter operating expenses to rise as it accelerates certain research and development projects initially planned for 2027. The company said those investments support its content and instrument roadmap.
Clinical Strategy and Operating Goals
Luo said Alamar remains on track to add at least 100 instruments to its installed base during 2026 and maintain average annual instrument pull-through above $400,000. The company plans to provide updated installed-base and pull-through metrics with its year-end results.
The company is developing the ARGO HT/DX clinical instrument and plans to submit it for FDA marketing authorization by the end of 2027. Luo said Alamar intends to pursue a test demonstrating the platform’s ultra-high sensitivity and multiplexing capabilities, while working with in vitro diagnostic and laboratory-developed-test partners on future clinical applications.
Alamar also announced that President Tod White plans to retire at year-end and will remain an adviser to the company through June 2027. Luo credited White, who previously served as the company’s chief financial officer and chief business officer, with helping build Alamar’s finance and operations foundation and guiding it through its initial public offering.
About Alamar Biosciences (NASDAQ:ALMR)
Alamar Biosciences, Inc (NASDAQ: ALMR) is a life sciences company focused on advancing proteomics and enabling earlier detection, diagnosis and monitoring of disease. The company develops technologies designed to measure very low levels of proteins in biological samples, supporting research in areas such as oncology, neurology, immunology and other complex diseases.
Its primary technology is the NULISA platform, a highly sensitive, multiplexed immunoassay system that combines affinity-based protein detection with digital counting.
