Akoya Biosciences Reports Third Quarter 2024 Financial Results

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]