Akoya Biosciences (AKYA) Canaccord Genuity 44th Annual Growth Conference & Private Company Showcase summary

Financial performance and operational focus

• Achieved sequential revenue growth in Q2, reaching $23.2M, up from $18.4M in Q1, with 51 instrument placements, and maintained a goal of operational cash flow breakeven by year-end.

• Adjusted EBITDA and margin improvements are key targets for 2025, with ongoing cost controls and internal reagent manufacturing supporting higher margins.

• Cost reductions included consolidating R&D and operations, bringing supply chain and customer support in-house, and optimizing headcount to support profitability without sacrificing growth.

• Revenue guidance was refined due to elongated sales cycles and capital expenditure constraints, with a focus on realistic pipeline conversion rates.

• Gross margins are expected to remain in the mid- to high-50% range, with reagent revenue and workflow improvements driving further gains.

Market dynamics and product strategy

• Instrument sales are impacted by longer purchase cycles and funding pullbacks, but the company remains a leader in spatial proteomics with stable market share.

• Pull-through per instrument is increasing, especially for the PhenoCycler-Fusion and HT platforms, with CROs and core labs showing the highest utilization.

• The PhenoCode launch has boosted pull-through by enabling higher plex and modular content, with further expansion into neurobiology and preclinical markets planned.

• The installed base and recent upgrades support growth with minimal additional R&D, focusing on workflow and content expansion.

• Multi-omics, including RNA, is seen as a complementary, secondary driver to core proteomics workflow improvements.

Clinical and partnership developments

• Targeted investments are being made to support potential clinical approvals, such as the Acrivon partnership, with infrastructure and procedures in place for commercial execution.

• The NeraCare partnership offers a significant opportunity in early-stage melanoma, with a validated assay licensed for commercialization and potential for new deals in 2025.

• Regulatory progress in China with KR Pharmtech has completed system approval, now moving to establish clinical utility, with revenue potential in 2–4 years.

• Technical differentiation includes high-quality multiplexing, reproducibility, and design control, with CLIA lab and Agilent partnership de-risking clinical spatial strategies.

• CDx partnerships are structured to be funded by pharma, with milestone and per-patient payments, minimizing cash outlay and supporting margin growth.