Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for Akoya Biosciences, driven by higher revenues, but actual results compared to estimates will significantly influence stock price movements [1][2]. Financial Expectations - Akoya is expected to report a quarterly loss of $0.29 per share, reflecting a year-over-year change of +17.1% [3]. - Revenues are projected to be $19.88 million, which is an increase of 8.3% from the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate for Akoya has remained unchanged over the last 30 days, indicating stability in analyst expectations [4]. - The Most Accurate Estimate for Akoya is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +20.69%, suggesting a more optimistic outlook from analysts [10]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive Earnings ESP reading is a strong predictor of an earnings beat, especially when combined with a favorable Zacks Rank [8]. - However, Akoya currently holds a Zacks Rank of 4, which complicates the prediction of an earnings beat despite the positive Earnings ESP [11]. Historical Performance - In the last reported quarter, Akoya was expected to post a loss of $0.15 per share but actually reported a loss of $0.17, resulting in a surprise of -13.33% [12]. - Over the past four quarters, Akoya has only beaten consensus EPS estimates once [13]. Industry Comparison - Illumina, another player in the biomedical and genetics industry, is expected to report earnings of $0.96 per share, showing a year-over-year change of +966.7%, with revenues projected at $1.04 billion, down 3.5% from the previous year [17]. - Illumina's consensus EPS estimate has been revised 0.6% lower in the last 30 days, but a higher Most Accurate Estimate has resulted in an Earnings ESP of 0.18%, indicating a likelihood of beating the consensus EPS estimate [18].

Akoya's technology to generate data for a first-of-its-kind Biobank and Data Repository for Cancer Equity Research, funded through the Cancer Grand Challenges initiative The unprecedented scale of the initiative requires the high plex and high throughput of Akoya's PhenoCycler-Fusion platform to process thousands of patients' samples MARLBOROUGH, Mass., April 02, 2025 (GLOBE NEWSWIRE) -- Akoya Biosciences, Inc., (NASDAQ:AKYA), The Spatial Biology Company®, and SAMBAI, a team funded through the Cancer Grand ...

Core Viewpoint - Akoya Biosciences reported a quarterly loss of $0.17 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.15, indicating a surprise of -13.33% [1] - The company has struggled with revenue, posting $21.34 million for the quarter, missing the consensus estimate by 1.05% and down from $26.49 million a year ago [2] Financial Performance - The company has only surpassed consensus EPS estimates once in the last four quarters [2] - Akoya shares have declined approximately 34.5% year-to-date, compared to a 4.1% decline in the S&P 500 [3] Future Outlook - The company's earnings outlook is uncertain, with current consensus EPS estimates of -$0.21 for the next quarter and -$0.64 for the current fiscal year [7] - The estimate revisions trend for Akoya is currently unfavorable, resulting in a Zacks Rank 4 (Sell), suggesting expected underperformance in the near future [6] Industry Context - The Medical - Biomedical and Genetics industry, to which Akoya belongs, is currently in the top 30% of Zacks industries, indicating a favorable industry outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Akoya's stock performance [5]

Financial Performance - Total revenue for the year ended December 31, 2024, was $81.672 million, a decrease of 15.5% compared to $96.633 million in 2023[550] - Product revenue decreased to $53.027 million in 2024 from $67.410 million in 2023, representing a decline of 21.4%[550] - Net loss for 2024 was $55.365 million, compared to a net loss of $63.323 million in 2023, showing an improvement of 12.4%[550] - The company reported a gross profit of $47.878 million for 2024, down from $56.305 million in 2023, reflecting a decrease of 15.0%[550] - For the year ended December 31, 2024, the net loss was $55,365, an improvement from a net loss of $63,323 in 2023, representing a reduction of approximately 11.5%[557] - The company reported a net loss before income taxes of $55,219 for the year ended December 31, 2024, compared to a net loss of $63,283 in 2023, indicating an improvement of approximately 12.5%[691] - Basic and diluted net loss per common share improved to $(1.12) in 2024 from $(1.43) in 2023[706] Cash and Assets - Cash and cash equivalents decreased significantly from $83.125 million in 2023 to $11.779 million in 2024[548] - Total assets decreased from $180.369 million in 2023 to $125.005 million in 2024, a reduction of 30.6%[548] - Total cash equivalents and marketable securities decreased from $76,844 million in 2023 to $31,385 million in 2024[652] - Cash, cash equivalents, and marketable securities totaled $35,040 as of December 31, 2024, with an accumulated deficit of $285,436[561] - The company’s total intangible assets decreased from $17,412 million in 2023 to $14,559 million in 2024[660] - The company had total deferred tax assets of $64,647 as of December 31, 2024, compared to $53,496 in 2023, representing an increase of approximately 20.9%[692] Liabilities and Expenses - Total liabilities decreased from $126.599 million in 2023 to $117.410 million in 2024, a decline of 7.5%[548] - Operating expenses for 2024 were $94.608 million, down from $113.973 million in 2023, a decrease of 16.9%[550] - The company incurred cash paid for interest of $9,178 in 2024, compared to $7,650 in 2023, indicating a 19.9% increase in interest expenses[557] - Total accrued expenses and other current liabilities decreased from $13,433 million in 2023 to $10,848 million in 2024[662] - Operating expenses for compensation and benefits decreased to $46,779,000 in 2024 from $60,895,000 in 2023, a reduction of 23.2%[709] Revenue Breakdown - Revenue from instruments was $23,829 million in 2024, down from $42,095 million in 2023, a decrease of 43.5%[609] - Consumables revenue increased to $28,258 million in 2024, up from $24,134 million in 2023, reflecting a growth of 17.8%[609] - Service and other revenue totaled $28,645 million in 2024, slightly down from $29,223 million in 2023, a decrease of 2.0%[609] - Revenue recognized from contract liabilities was $7,123 million in 2024 and $9,032 million in 2023[616] - Revenue from North America accounted for 62% of total revenue in 2024, slightly up from 60% in 2023, while APAC revenue decreased to 15% from 17%[710] Inventory and Receivables - The company reported a total inventory of $24,321 as of December 31, 2024, up from $17,877 in 2023, reflecting a 36.0% increase[580] - Accounts receivable balance was $13,779 as of December 31, 2024, net of an allowance for credit losses of $960, which increased from $45 in 2022[576] Capital and Financing - The company completed a follow-on public offering in June 2023, raising additional capital to support operations[561] - The Company received approximately $47,817,000 in net proceeds from the Offering of 10,005,000 shares at a public offering price of $5.00 per share[679] - The Company has not sold any shares of common stock under the ATM program as of December 31, 2024, despite having an aggregate offering price of up to $50,000,000[676] Workforce and Operational Changes - In January 2024, the Company initiated a workforce reduction as part of operating expense cost savings initiatives[731] - The workforce reduction was substantially completed by the end of Q1 2024[731] - During the three months ended March 31, 2024, the Company recorded $1,257 million in charges related to the workforce reduction[732] - The Company also incurred $140 million in employee and equipment relocation costs associated with the exit of its Menlo Park facility[732] Impairment and Asset Evaluation - The Company recorded $902 million in impairment related to property and equipment for the three months ended March 31, 2024[656] - The Company evaluates long-lived assets for impairment and concluded that its long-lived assets were not impaired as of December 31, 2024[591] - Goodwill was tested for impairment and determined to be not impaired as of November 1, 2024[592] Stock and Compensation - The Company granted stock options with an aggregate fair value of $3,451,000 in 2024, down from $7,447,000 in 2023, indicating a decrease of 53.6%[683] - The aggregate intrinsic value of options exercised was $571,000 in 2024, compared to $4,330,000 in 2023, representing a decline of 86.8%[685] - The Company granted Restricted Stock Units (RSUs) with an aggregate fair value of $7,915,000 in 2024, down from $13,057,000 in 2023, reflecting a decrease of 39.5%[686] - Total stock-based compensation for the year ended December 31, 2024, was $9,306, a decrease of 10.8% from $10,437 in 2023[688] Accounting Standards and Compliance - The Company follows ASC 606 for revenue recognition, ensuring revenue is recognized when control of goods or services is transferred to customers[595] - The company adopted ASC 2023-07 on December 31, 2024, enhancing segment disclosures in its financial statements[643] - The company is evaluating the impact of ASC Update No. 2023-09 on its consolidated financial statements, effective after December 15, 2024[644]

Revenue Performance - Revenue for Q4 2024 was $21.3 million, a decrease of 19.4% compared to $26.5 million in Q4 2023, primarily due to a decline in instrument revenue[5] - Full year 2024 revenue was $81.7 million, down 15.5% from $96.6 million in 2023[10] - Total revenue for Q4 2024 was $21,344 million, a decrease of 19.3% compared to $26,487 million in Q4 2023[23] - Product revenue decreased to $12,663 million in Q4 2024 from $16,691 million in Q4 2023, representing a decline of 24.3%[23] Gross Margin and Profitability - Gross margin improved to 67.4% in Q4 2024 from 62.7% in the prior year, driven by operational efficiency and product mix[5] - Gross profit for the year ended December 31, 2024, was $47,878 million, down 15.0% from $56,305 million in 2023[23] - Non-GAAP adjusted gross margin for Q4 2024 was 67%, consistent with 63% in Q4 2023[24] - The company reported a gross margin of 59% for the year ended December 31, 2024, compared to 58% in 2023[24] Operating Expenses - Operating expenses decreased by 22.9% to $20.1 million in Q4 2024 from $26.1 million in Q4 2023, reflecting realized operating leverage and efficiencies[5] - Operating expenses for Q4 2024 were $20,101 million, a reduction of 22.9% compared to $26,059 million in Q4 2023[25] Net Loss and Financial Health - Net loss for Q4 2024 was $8,199 million, compared to a net loss of $10,802 million in Q4 2023, showing an improvement of 24.2%[23] - Non-GAAP loss from operations for the year ended December 31, 2024, was $38,627 million, an improvement from $57,668 million in 2023[26] - Interest expense for the year ended December 31, 2024, was $10,429 million, up from $8,761 million in 2023[23] Instrument and Technology Developments - The installed base of instruments increased by 12.4% to 1,330 as of December 31, 2024, compared to 1,183 in the prior year[10] - Total publications citing Akoya's technology rose by 49.4% to 1,733 as of December 31, 2024, up from 1,160 in the prior year[10] - Akoya announced a pending acquisition by Quanterix Corporation, which would create an integrated solution for ultra-sensitive detection of biomarkers[5] - A strategic product roadmap was announced, including the upcoming launch of neurobiology panels to enhance leadership in spatial proteomics[5] - Nature Methods recognized spatial proteomics as "Method of the Year 2024," reaffirming Akoya's leadership in the field[5] Shareholder Information - Weighted-average shares outstanding increased to 49,560,227 in Q4 2024 from 49,089,712 in Q4 2023[23]

Core Insights - Akoya Biosciences faced a challenging 2024 in the life science tools market but managed to strengthen gross margins, reduce operating expenses, and advance companion diagnostics programs, maintaining optimism for long-term growth in spatial biology solutions [2] Financial Highlights - Fourth quarter 2024 revenue was $21.3 million, a decrease of 19.4% from $26.5 million in the prior year, primarily due to a decline in instrument revenue [6] - Gross margin improved to 67.4% in Q4 2024 from 62.7% in the prior year, driven by operational efficiency and product mix [6] - Operating expenses decreased by 22.9% to $20.1 million in Q4 2024 from $26.1 million in the prior year [6] - The operating loss for Q4 2024 was $5.7 million, an improvement of 39.5% compared to a loss of $9.4 million in the prior year [6] - Full year 2024 revenue was $81.7 million, down 15.5% from $96.6 million in the previous year [6] - Full year 2024 gross margin was reported at 58.6%, with a non-GAAP adjusted gross margin of 61.1% [6] - Full year 2024 operating expenses totaled $94.6 million, with non-GAAP operating expenses at $88.6 million [6] - The loss from operations for the full year 2024 was $46.7 million, with a non-GAAP loss from operations of $38.6 million [6] Business Highlights - The installed base of instruments increased to 1,330 as of December 31, 2024, up 12.4% from 1,183 in the prior year [6] - Akoya achieved 1,733 total publications citing its technology, a 49.4% increase from 1,160 in the previous year [6] - The company launched a Manufacturing Center of Excellence to enhance gross margins and expanded its content menu into new markets such as neurobiology [2]

Core Insights - Akoya Biosciences is expanding its product offerings with new ultrahigh-plex neurobiology panels for human and mouse applications, building on the success of the Human IO60 and Mouse FFPE IO panels [1][2] - The new panels aim to provide comprehensive spatial insights in neuroscience research, particularly in understanding neurodegenerative diseases and therapeutic development [2][6] - The company emphasizes its leadership in spatial biology and aims to capture a growing market segment through these innovations [1][4] Product Features - The Human Neurobiology Panel includes a wide range of biomarkers to study neurodegenerative diseases, neuroinflammation, and therapeutic targets, making it essential for neuroscience research [6] - The Mouse Neurobiology Panel is optimized for preclinical studies, offering deep biomarker insights to support disease modeling and translational applications [6] - Both panels are fully integrated with the PhenoCycler-Fusion platform, enhancing speed and resolution in spatial proteomics [6] Market Impact - The PhenoCode™ Discovery IO60 panel has been well-received by key opinion leaders and contract research organizations for its ability to provide deep insights into immune landscapes [2][5] - Strategic partnerships with leading CROs have facilitated the adoption of the IO60 panel, making advanced spatial proteomics more accessible to researchers [5] - The expansion of the product menu is attributed to the efficiency of Akoya's Manufacturing Center of Excellence, which supports the company's growth in various market segments [4]

Financial Data and Key Metrics Changes - Revenue for Q3 2024 was $18.8 million, a 25% year-over-year decrease compared to the prior year period [16][40] - Full year revenue is now expected to be in the range of $80 million to $85 million, down from a previous range of $96 million to $104 million [11][47] - Gross margin improved to 62.3%, up from 60.6% in the prior year period, attributed to operational efficiencies [19][43] - Loss from operations was $8.3 million, a 28% improvement over the $11.6 million loss in the prior year period [20][44] Business Line Data and Key Metrics Changes - Instrument revenue totaled $5.7 million, a 53% year-over-year decrease, with 35 instruments placed in Q3 [17][40] - Reagent revenue was $6.3 million, an 11% increase year-over-year [18][41] - Services and other revenue totaled $6.5 million, a 10% decrease year-over-year [18][42] Market Data and Key Metrics Changes - The total installed base increased to 1,299 instruments, a 15% increase over the prior year [18] - The company continues to lead in publication volume, with 1,578 publications citing its platform technologies, a 47% increase from the prior year [21] Company Strategy and Development Direction - The company is focused on advancing its companion diagnostic pipeline, which is expected to contribute significantly to growth [13] - Akoya aims to be the preferred platform in the spatial biology market, supporting a return to top-line growth in 2025 and beyond [16] - The company is actively evaluating a range of strategic alternatives for sustainable growth and profitability [39][48] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about long-term growth despite current challenges in customer spending and capital equipment funding [10][11] - The company is addressing temporary challenges through organizational restructuring and operational efficiencies [10][12] - Management noted that the macro environment is the primary driver of current volatility, rather than competition [64] Other Important Information - The company has introduced several new reagent product offerings, including the PhenoCode IO60 panel and a 24-plex mouse panel [27][30] - A significant multi-institutional study, MANIFEST, was announced, utilizing Akoya's platforms for cancer immunotherapy research [22][24] Q&A Session Summary Question: Can you provide cash burn expectations for the next several quarters? - Cash burn for Q3 was in the $8 million to $9 million range, expected to decrease in Q4 due to margin expansion and operational cost reductions [51][52] Question: What are the implications of the upcoming principal payments? - The interest-only period has been extended to March 2026, allowing more time before principal payments begin [54] Question: Can you discuss the confidence in reaccelerating top-line growth next year? - Confidence is based on recent reagent introductions and a robust clinical trial pipeline expected to contribute meaningfully to revenue [60][61] Question: What are the dynamics affecting the sales cycle? - The sales cycle has lengthened by about 35%, primarily due to funding availability rather than competition [82][84] Question: Are there competitive pressures affecting the business? - The company is competing for research dollars in shared services and core labs, with meaningful weakness observed in this area [119]

Akoya Biosciences (AKYA) came out with a quarterly loss of $0.18 per share versus the Zacks Consensus Estimate of a loss of $0.19. This compares to loss of $0.26 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 5.26%. A quarter ago, it was expected that this tissue analysis provider would post a loss of $0.27 per share when it actually produced a loss of $0.27, delivering no surprise. Over the last four quarters, the company h ...

Financial Performance - Total revenue for the three months ended September 30, 2024, was $18.814 million, a decrease of 25.5% compared to $25.215 million for the same period in 2023[11]. - Product revenue for the nine months ended September 30, 2024, was $40.364 million, down 20.4% from $50.719 million in the same period of 2023[11]. - Gross profit for the three months ended September 30, 2024, was $11.724 million, representing a gross margin of 62.2% compared to $15.276 million in the prior year[11]. - Net loss for the three months ended September 30, 2024, was $10.533 million, compared to a net loss of $12.916 million for the same period in 2023[11]. - For the nine months ended September 30, 2024, the net loss was $47,166 thousand, compared to a net loss of $52,521 thousand for the same period in 2023, indicating a decrease in losses[16]. - The company reported a net loss of $10,533 for the three months ended September 30, 2024, compared to a net loss of $12,916 for the same period in 2023, representing a 17.5% improvement[113]. Cash and Assets - Cash and cash equivalents as of September 30, 2024, were $12.557 million, down from $83.125 million as of December 31, 2023[8]. - Total assets decreased to $129.973 million as of September 30, 2024, from $180.369 million at the end of 2023[8]. - The company’s total stockholders' equity decreased to $13,633 thousand as of September 30, 2024, down from $61,973 thousand at the end of September 2023[14]. - Cash, cash equivalents, and restricted cash at the end of the period were $13,240 thousand, a decrease from $78,925 thousand at the end of the previous year[16]. - As of September 30, 2024, the Company had cash, cash equivalents, and marketable securities totaling $39.295 million and an accumulated deficit of $277.237 million[23]. Liabilities and Expenses - Total liabilities were $116.340 million as of September 30, 2024, compared to $126.599 million at the end of 2023[8]. - Operating expenses for the three months ended September 30, 2024, totaled $20.073 million, a decrease of 25.1% from $26.827 million in the same period of 2023[11]. - The company incurred interest expense of $2.625 million for the three months ended September 30, 2024, compared to $2.239 million in the same period of 2023[11]. - The company’s cash paid for interest was $6,937 thousand for the nine months ended September 30, 2024, compared to $5,678 thousand in the same period of 2023[16]. - The company recorded an impairment charge of $2,971 during the nine months ended September 30, 2024, including $2,069 for right-of-use assets and $902 for property and equipment[121]. Revenue Breakdown - Product revenue for the three months ended September 30, 2024, was $12.298 million, down from $18.048 million in the same period of 2023, reflecting a decrease of about 32.5%[41]. - Service and other revenue for the three months ended September 30, 2024, was $6.516 million, compared to $7.167 million in the same period of 2023, indicating a decline of approximately 9.1%[41]. - North America accounted for 56% of total revenue in Q3 2024, down from 65% in Q3 2023, while APAC and EMEA contributed 16% and 28%, respectively[116]. Stock and Equity - The company reported a weighted-average shares outstanding of 49,503,272 for the three months ended September 30, 2024[11]. - As of September 30, 2024, a total of 49,522,728 shares of common stock were issued and outstanding, an increase from 49,117,738 shares as of December 31, 2023, representing a growth of approximately 0.83%[93]. - Stock options granted during the nine months ended September 30, 2024, totaled 1,202,217 shares at a weighted average fair value of $2.80 per share, compared to 1,518,154 shares at a weighted average fair value of $4.91 per share in the same period of 2023[103]. Strategic Initiatives - The company acquired the commercial Quantitative Pathology Solutions division from Perkin Elmer, now known as Revvity, to enhance its offerings in high parameter tissue analysis[18]. - The company entered into a Companion Diagnostic Agreement with Acrivon Therapeutics, which could yield total development milestone payments of up to $17.850 million[37]. - The Company completed a follow-on public offering of common stock in June 2023, which is part of its strategy to raise additional capital[23]. Operational Changes - The company initiated a workforce reduction in January 2024, recording $1,257 in charges related to this initiative during Q1 2024[130]. - A subsequent workforce reduction in July 2024 resulted in charges of $1,690 during Q3 2024, with $19 remaining unpaid as of September 30, 2024[132]. - The company signed a thirty-five month sublease agreement in June 2024 for a portion of its leased facility in Menlo Park, California, receiving a security deposit of $40[122]. Accounting and Compliance - The Company is evaluating the impact of recently issued accounting standards on its Consolidated Financial Statements[55]. - The Company has established guidelines to control credit risk through credit approvals and monitoring procedures[58]. - The Company’s debt financing is subject to minimum financial covenants, and there is uncertainty regarding compliance with these covenants over the next twelve months[24].