Fremont, August 11, 2026, 19:16 EDT – Alamar Biosciences (ALMR) shares soared 31% after the company reported higher gross margins, attributed to stronger sales of consumables.
- Shares of Alamar Biosciences, Inc. NASDAQ:ALMR ended 30.7% higher at $36.57 after the company reported an 82% increase in second-quarter revenue.
- Consumables accounted for 52.6% of revenue, an increase from 38.8% in the corresponding period last year.
- The final valuation was approximately 21.5 times the midpoint of projected 2026 revenue.
Shares of Alamar Biosciences, Inc. NASDAQ:ALMR jumped 30.7% on Tuesday after the company’s quarterly revenue outpaced the trajectory suggested by its full-year guidance. The stock ended the session at $36.57, just below its record intraday peak of $38.54.
The composition took precedence over headline expansion. Consumables emerged as Alamar’s top revenue source, boosting gross margin by seven percentage points. This change offers the young installed base a more defined recurring-revenue outlook.
The new valuation sets a high bar. Alamar’s market capitalisation closed at $2.53 billion, equating to roughly 21.5 times the projected midpoint of its 2026 sales guidance of $118 million. Shares also closed above all analyst targets tracked after the results.
| Market measure | Value | Investor context |
|---|---|---|
| Aug. 11 close | $36.57 | Rose 30.7% during the session |
| Intraday high | $38.54 | Marked a fresh 52-week peak |
| Trading volume | 1.55 million | Roughly 5.4 times the three-month average |
| Week ended Aug. 7 | +12.2% | Moved from $25.36 to $28.46 |
| Return from $17 IPO price | +115.1% | IPO was set on April 16 |
| Market value | $2.53 billion | Nearly 21.5 times the midpoint of guidance |
The stock rose 12.2% during the week ending August 7. On Tuesday, 1.55 million shares were traded. The stock finished the day at more than twice its $17 IPO price, which had been set less than four months earlier.
Revenue for the second quarter was $29.4 million, an increase of 82% compared to the same period last year. Consumables revenue surged 147% to $15.5 million. The company’s revenue share climbed by 13.8 percentage points.
| Revenue stream | Q2 2026 | Q2 2025 | Year-on-year | 2026 mix | 2025 mix |
|---|---|---|---|---|---|
| Instruments | $7.79 million | $5.77 million | +34.9% | 26.5% | 35.7% |
| Consumables | $15.48 million | $6.27 million | +147.0% | 52.6% | 38.8% |
| Services | $6.16 million | $4.12 million | +49.4% | 20.9% | 25.5% |
| Total | $29.43 million | $16.16 million | +82.1% | 100% | 100% |
“We delivered a strong second quarter with consumable revenue growing nearly 150% year-over-year,” said founder, chairman and Chief Executive Yuling Luo. Segment and mix calculations are based on the company’s disclosed numbers. Alamar second-quarter results
Gross profit surged to $17.7 million, over twice the previous figure. Gross margin improved to 60% from 53%. Operating expenses increased by 89%, outpacing the rate of revenue growth.
| Quarterly measure | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Revenue | $29.43 million | $16.16 million | up 82.1% |
| Gross profit | $17.72 million | $8.58 million | up 106.5% |
| Gross margin | 60% | 53% | higher by 7 percentage points |
| Operating expenses | $31.25 million | $16.50 million | up 89.4% |
| Operating loss | $13.53 million | $7.92 million | Loss increased 70.9% |
| Net loss | $13.20 million | $7.02 million | Loss increased 88.0% |
Alamar stated it held $256.3 million in cash, short-term investments and restricted cash, providing capacity to support commercial growth. However, its broader operating loss indicates that its scale still falls short of covering its cost base.
Management maintained its 2026 revenue forecast at $116 million to $120 million, with the midpoint representing a 59% increase over 2025. Revenue for the first half was $55.5 million.
| Guidance bridge | Low case | Midpoint | High case |
|---|---|---|---|
| Projected 2026 revenue | $116.0 million | $118.0 million | $120.0 million |
| Revenue for first half | $55.46 million | $55.46 million | $55.46 million |
| Estimated revenue for H2 | $60.54 million | $62.54 million | $64.54 million |
| Quarterly average required | $30.27 million | $31.27 million | $32.27 million |
| Increase needed from Q2 | +2.9% | +6.3% | +9.7% |
| Market value divided by guidance | 21.9x | 21.5x | 21.1x |
The forecast requires only a small uptick from quarter to quarter. To reach the midpoint, Alamar must generate an average of $31.3 million in revenue for each quarter of the second half, representing a 6.3% rise over the second quarter figure. These figures are based on the company’s revenue for the first half of the year and its outlook.
The scope for business has grown. Alamar stated that a broader partnership with the Alzheimer’s Disease Data Initiative and Gates Ventures will analyze 86,000 plasma samples. By 2027, the total dataset is expected to surpass 140,000 samples.
Luo stated, “The expansion of our collaboration with Alzheimer’s Disease Data Initiative and Gates Ventures reflects the scientific momentum we’ve built together and the value the NULISA platform is delivering to the field.” The initiative utilizes Alamar’s Neuro 220 panel along with the ARGO HT system. Alamar partnership release
Following the report, three analysts increased their price targets. J.P. Morgan NYSE:JPM set its target at $35, Stifel Financial Corp. NYSE:SF raised to $32, and Bank of America Corp. NYSE:BAC adjusted up to $31. All of these revised targets remain under Tuesday’s closing price.
| Analyst | Firm | Rating | Target | Target change | Implied return vs. $36.57 |
|---|---|---|---|---|---|
| Casey Woodring | J.P. Morgan | Buy | $35 | Raised from $32 to $35 | -4.3% |
| Daniel Arias | Stifel Nicolaus | Buy | $32 | Increased from $28 to $32 | -12.5% |
| Michael Ryskin | Bank of America Securities | Hold | $31 | Lifted from $30 to $31 | -15.2% |
| Daniel Brennan | TD Cowen | Buy | $34 | Moved up from $30 to $34 | -7.0% |
| Puneet Souda | Leerink Partners | Buy | $35 | Started coverage with $35 | -4.3% |
| Consensus | Five analysts | Buy | $33.40 | — | -8.7% |
The recommendations listed are based on S&P Global and TipRanks information, updated as of August 11. Implied returns were determined using the most recent closing price. TD Cowen is part of Toronto-Dominion Bank NYSE:TD.
Risks: Alamar continues to report losses, while its operating expenses are outpacing revenue growth. A decline in instrument placements might eventually limit demand for consumables. The stock’s high sales multiple also offers limited tolerance for setbacks in execution.
The upcoming test is limited in scope but significant: revenue for the second half needs only a small increase, while a larger proportion of sales in consumables should start to curb losses. At $36.57, investors have priced in both outcomes.
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