Akoya Biosciences(AKYA) - 2024 Q3 - Quarterly Results

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]