Quanterix Corporation — Earnings Quality Grade F
QTRX · Healthcare
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 79 days, change -8 days YoY
AR growth -6.7% vs revenue growth 2.4%
Revenue 2.4%, CFFO -119.6%. Cash follows revenue
Expense Quality
Inventory growth 67.1% exceeds COGS 36.1%
CapEx growth -22.4% vs revenue 2.4%. Normal
SG&A/Gross Profit = 214.6%, exceeds 70%
Gross margin swung -13.2pp (59.9% → 46.7%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = -7.1%. Low accruals
Cash $0.1B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.2B = 53% of equity. Over 50%
Debt/EBITDA = -0.4x. Healthy
Other assets grew 47.8% vs revenue 2.4%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles surged 3824% YoY
Manipulation Score
M-Score = 3.44 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25