Akoya Reports Fourth Quarter of 2024 and Full Year Financial Results

Core Insights - Akoya Biosciences faced a challenging 2024 in the life science tools market but managed to strengthen gross margins, reduce operating expenses, and advance companion diagnostics programs, maintaining optimism for long-term growth in spatial biology solutions [2] Financial Highlights - Fourth quarter 2024 revenue was $21.3 million, a decrease of 19.4% from $26.5 million in the prior year, primarily due to a decline in instrument revenue [6] - Gross margin improved to 67.4% in Q4 2024 from 62.7% in the prior year, driven by operational efficiency and product mix [6] - Operating expenses decreased by 22.9% to $20.1 million in Q4 2024 from $26.1 million in the prior year [6] - The operating loss for Q4 2024 was $5.7 million, an improvement of 39.5% compared to a loss of $9.4 million in the prior year [6] - Full year 2024 revenue was $81.7 million, down 15.5% from $96.6 million in the previous year [6] - Full year 2024 gross margin was reported at 58.6%, with a non-GAAP adjusted gross margin of 61.1% [6] - Full year 2024 operating expenses totaled $94.6 million, with non-GAAP operating expenses at $88.6 million [6] - The loss from operations for the full year 2024 was $46.7 million, with a non-GAAP loss from operations of $38.6 million [6] Business Highlights - The installed base of instruments increased to 1,330 as of December 31, 2024, up 12.4% from 1,183 in the prior year [6] - Akoya achieved 1,733 total publications citing its technology, a 49.4% increase from 1,160 in the previous year [6] - The company launched a Manufacturing Center of Excellence to enhance gross margins and expanded its content menu into new markets such as neurobiology [2]