Akoya Biosciences(US:AKYA)2024-11-14 22:00Financial 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].