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Mar 31, 2024
Akoya Q1 2024 Earnings Report
Akoya Biosciences' first quarter results fell short of expectations due to systemic pressure on capital expenditures, deferred pharmaceutical partner lab services revenue, and reagent availability issues.
Key Takeaways
Akoya Biosciences reported a revenue of $18.4 million for Q1 2024, a 14% decrease compared to the prior year period. The company faced challenges due to capital expenditure pressures, deferred revenue from pharmaceutical partners, and temporary reagent fulfillment delays. Despite these setbacks, Akoya is committed to achieving operating cash flow breakeven by year end.
Revenue was $18.4 million, down 14% year-over-year.
Gross margin was 46%, while non-GAAP adjusted gross margin was 57%.
Operating expenses were $30.0 million, and non-GAAP operating expenses were $25.6 million.
Ended the quarter with an instrument installed base of 1,213, a 22% year-over-year increase.
Akoya
Akoya
Akoya Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.comService and other Revenue
CapyFin.com Forward Guidance
Akoya is updating its revenue outlook for the full year 2024 while maintaining its commitment to achieving operating cash flow breakeven by year end. The Company now expects full year 2024 revenue to be in the range of $104.0-$112.0 million.
Positive Outlook
- Commitment to achieving operating cash flow breakeven by year end.
- Focus on scaling internal reagent manufacturing.
- Partnership with Acrivon Therapeutics shows positive clinical data.
- Partnership with NeraCare enables personalized therapy selection.
- KR-HT5 instrument receives premarket approval from China’s NMPA.
Challenges Ahead
- Systemic pressure on capital expenditures persisted.
- Certain pharmaceutical partner lab services revenue were deferred to the second half of 2024 due to revised clinical trial milestones.
- Completion and launch of fully operational Manufacturing Center of Excellence temporarily impacted reagent fulfillment times, delaying instrument purchases.
- First quarter results fell short of expectations.
- Revenue decreased by 14% compared to the prior year period.
Revenue & Expenses
Visualization of income flow from segment revenue to net income