Akoya Biosciences (AKYA) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue was $23.2M, up 26.2% sequentially but down 1.5–2% year-over-year, with a net loss of $13.1M, improved from $20.8M in Q2 2023.

• Instrument placements rebounded to 51 in Q2, though down from 72 in Q2 2023; installed base grew to 1,264 systems, up 18.8% year-over-year.

• Gross margin improved to 57.8–58% from 45.7% in Q1 and 51.5–52% in Q2 2023, driven by lower inventory write-offs and revenue mix shift.

• Operating expenses fell 18.3% sequentially and 22% year-over-year to $24.5M, reflecting workforce reductions and cost-saving initiatives.

• Workforce reduced by 35% since end of 2023, with facility consolidation and restructuring charges; company targets operating cash flow break-even by year-end.

Financial highlights

• Q2 2024 total revenue: $23.2M; product revenue: $15.9M (down 7% year-over-year); service and other revenue: $7.2M (up 13.6–16.6% year-over-year).

• Gross profit: $13.4M (up 10% year-over-year); gross margin: 57.8–58%.

• Net loss per share: $(0.27) vs. $(0.51) in Q2 2023; weighted average shares outstanding: 49.4M.

• Cash, cash equivalents, and marketable securities at June 30, 2024: $48.7M.

• YTD 2024 revenue: $41.5M (down 7.6–8% year-over-year); YTD loss from operations: $32.7M GAAP, $26.3M non-GAAP.

Outlook and guidance

• Full-year 2024 revenue guidance is $96–$104M, reflecting a cautious second-half outlook.

• Targeting operating cash flow break-even and adjusted EBITDA positivity by year-end 2024.

• Gross margin expected to reach low-60% range by year-end, driven by improved inventory management and product mix.

• Existing liquidity expected to cover operating needs for at least the next 12 months; future capital needs depend on commercialization and sales growth.