Akoya Q4 2023 Earnings Report
Key Takeaways
Akoya Biosciences reported Q4 2023 revenue of $26.5 million, a 25.0% increase compared to the prior year period. The company's gross margin was 62.7%, and the operating loss decreased by 46.6% to $9.4 million. Cash and cash equivalents totaled $83.1 million.
Revenue increased by 25.0% to $26.5 million compared to the prior year period, driven by higher reagents and services revenue.
Gross margin improved to 62.7% due to product mix and improved margin on the product business.
Operating loss decreased by 46.6% to $9.4 million due to operating leverage and efficiencies.
Cash and cash equivalents totaled $83.1 million as of December 31, 2023.
Akoya
Akoya
Akoya Revenue by Segment
Forward Guidance
Akoya expects full year 2024 revenue guidance range of $114.0-118.0 million and projects operating cash flow breakeven by year end.
Positive Outlook
- Anticipates strong topline growth in 2024.
- Projects operating cash flow breakeven by year end.
- Expanded installed base to nearly 1,200 instruments.
- Improved platform speeds.
- Simplified workflows with new offerings of reagents and analysis tools.