Akoya Biosciences(US:AKYA)2024-05-13 20:05Financial Performance - Revenue for Q1 2024 was $18.4 million, a decrease of 14% compared to $21.4 million in Q1 2023[5] - Gross margin for Q1 2024 was reported at 46%, while non-GAAP adjusted gross margin was 57%, consistent with Q1 2023[6] - Operating expenses for Q1 2024 were $30.0 million, with non-GAAP operating expenses at $25.6 million, compared to $29.7 million in Q1 2023[6] - Loss from operations for Q1 2024 was $21.6 million, while non-GAAP loss from operations was $15.2 million[11] - Loss from operations for Q1 2024 was $21,585,000, compared to $17,436,000 in Q1 2023, indicating an increase in losses[22] - Non-GAAP loss from operations improved to $15,172,000 in Q1 2024 from $17,436,000 in Q1 2023[22] - The company incurred $2,045,000 in provisions for excess and obsolete inventories due to product discontinuation and lease exit inventory charges[22] - An impairment charge of $2,971,000 was recorded in Q1 2024[22] - Restructuring costs amounted to $1,397,000 in the first quarter of 2024[22] Operational Highlights - The installed base of instruments increased by 22% year-over-year, reaching 1,213 units as of March 31, 2024[11] - Total publications citing Akoya's technology rose to 1,307, marking a 52% increase from the previous year[11] - Akoya established a new Manufacturing Center of Excellence to scale internal reagent manufacturing[5] - The KR-HT5 instrument received premarket approval from China's National Medical Products Administration[5] Future Outlook - The company expects full-year 2024 revenue to be in the range of $104.0 million to $112.0 million[7] - Cash, cash equivalents, and marketable securities totaled $61.6 million as of March 31, 2024[11]