Akoya Biosciences(AKYA) - 2024 Q4 - Annual Results

Revenue Performance - Revenue for Q4 2024 was $21.3 million, a decrease of 19.4$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$96.6 million in 2023[10] - Total revenue for Q4 2024 was $21,344 million, a decrease of 19.3$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$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$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]