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]

Company Performance - Akoya Biosciences reported a quarterly loss of $0.18 per share, which was better than the Zacks Consensus Estimate of a loss of $0.19, and an improvement from a loss of $0.26 per share a year ago, indicating an earnings surprise of 5.26% [1] - The company posted revenues of $18.81 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 25.39%, and down from $25.22 million in the same quarter last year [2] - Over the last four quarters, Akoya has surpassed consensus EPS estimates two times and topped consensus revenue estimates just once [2] Stock Performance - Akoya shares have declined approximately 34.2% since the beginning of the year, contrasting with the S&P 500's gain of 25.5% [3] - The current Zacks Rank for Akoya is 3 (Hold), suggesting that the shares are expected to perform in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.08 on revenues of $31.59 million, and for the current fiscal year, it is -$0.99 on revenues of $98.35 million [7] - The outlook for the Medical - Biomedical and Genetics industry, where Akoya operates, is currently in the top 29% of over 250 Zacks industries, indicating a favorable environment for potential stock performance [8]

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].

Financial Performance - For Q3 2024, revenue was $18.8 million, a 25% year-over-year decrease from $25.2 million in Q3 2023[3] - Gross margin for Q3 2024 improved to 62.3%, up from 60.6% in Q3 2023[3] - Operating expenses for Q3 2024 were $20.1 million, a 25% year-over-year improvement from $26.8 million in Q3 2023[3] - Loss from operations for Q3 2024 was $8.3 million, a 28% year-over-year improvement from $11.6 million in Q3 2023[3] - Total revenue for Q3 2024 was $18,814, a decrease of 25.5% compared to $25,215 in Q3 2023[15] - Product revenue for Q3 2024 was $12,298, down 32.1% from $18,048 in Q3 2023[15] - Gross profit for Q3 2024 was $11,724, representing a gross margin of 62%, compared to $15,276 and 61% in Q3 2023[16][17] - Operating expenses for Q3 2024 totaled $20,073, a decrease of 25.2% from $26,827 in Q3 2023[18] - Loss from operations for Q3 2024 was $8,349, an improvement from a loss of $11,551 in Q3 2023[19] - Net loss for Q3 2024 was $10,533, compared to a net loss of $12,916 in Q3 2023[15] - Non-GAAP loss from operations for Q3 2024 was $6,659, compared to $11,551 in Q3 2023[19] - YTD 2024 revenue was $60.3 million, a 14% decrease compared to $70.1 million in the prior year period[6] - YTD 2024 loss from operations was $41.0 million, compared to $48.2 million in the prior year period[6] - Total revenue for the nine months ended September 30, 2024, was $60,328, down 14.0% from $70,146 in the same period of 2023[16] Cash and Securities - Cash, cash equivalents, and marketable securities totaled $39.3 million as of September 30, 2024[3] Future Outlook - Full year 2024 revenue is now expected to be in the range of $80 million to $85 million, down from a prior range of $96 million to $104 million[7] Operational Metrics - The installed instrument base increased by 15% year-over-year to 1,299 units as of September 30, 2024[4] - Total publications citing Akoya's technology rose by 47% year-over-year to 1,578 as of September 30, 2024[4] Research and Development - Research and development expenses for Q3 2024 were $4,474, down from $6,314 in Q3 2023[15] Share Information - The weighted-average shares outstanding for Q3 2024 were 49,503,272, compared to 48,975,432 in Q3 2023[15]

Core Viewpoint - Akoya Biosciences reported third-quarter results that fell below expectations due to ongoing capital equipment purchase constraints in the life science tools market, but remains optimistic about long-term growth prospects [2] Financial Results - Revenue for Q3 2024 was $18.8 million, a 25% decrease from $25.2 million in Q3 2023 [3] - Gross margin improved to 62.3% in Q3 2024 from 60.6% in Q3 2023 [3] - Operating expenses decreased by 25% year-over-year to $20.1 million from $26.8 million in Q3 2023 [3] - Loss from operations was $8.3 million, a 28% improvement from $11.6 million in Q3 2023 [3] - Cash, cash equivalents, and marketable securities totaled $39.3 million as of September 30, 2024 [3] Business Updates - The installed instrument base increased by 15% year-over-year to 1,299 units [4] - Publications citing Akoya's technology rose by 47% to 1,578 compared to 1,070 in the prior year [4] - New product offerings were announced at the Society for Immunotherapy of Cancer Conference, including the PhenoCode™ Discovery IO60 Panel and a new mouse FFPE IO panel [4] - Akoya's platforms were selected for the UK-wide MANIFEST program, a multi-million-dollar initiative focused on cancer immunotherapy [4] - Scott Mendel was appointed as Chairman of the Board of Directors [4] Year-to-Date Financial Results - Year-to-date revenue for 2024 was $60.3 million, down from $70.1 million in the prior year, representing a 14% decrease [5] - Reported gross margin for YTD 2024 was 55.5%, with a non-GAAP adjusted gross margin of 58.9% [5] - YTD operating expenses were $74.5 million, with non-GAAP operating expenses at $68.4 million [6] - Loss from operations for YTD 2024 was $41.0 million, with a non-GAAP loss of $32.9 million [6] Financial Outlook - Akoya expects full-year 2024 revenue to be in the range of $80 million to $85 million, down from a previous estimate of $96 million to $104 million [7]

MARLBOROUGH, Mass., Oct. 28, 2024 (GLOBE NEWSWIRE) -- Akoya Biosciences, Inc. (Nasdaq: AKYA) ("Akoya"), The Spatial Biology Company®, today announced that it will release financial results for the third quarter of 2024 after the market closes on Thursday, November 14, 2024. Company management will host a conference call to discuss financial results at 5:00 p.m. ET. Investors interested in listening to the conference call are required to register online. It is recommended to register at least a day in advanc ...