Akoya Biosciences (AKYA) Q4 2024 earnings summary

Executive summary

• 2024 revenue declined 15.5% year-over-year to $81.7M, reflecting subdued capital equipment demand.

• Gross margin improved to 58.6% (GAAP) and 61.1% (adjusted), driven by operational efficiencies and product mix.

• Operating expenses fell 17.0% to $94.6M, with further reductions on a non-GAAP basis due to restructuring and impairment charges.

• Operating loss narrowed to $46.7M (GAAP) and $38.6M (adjusted), compared to $57.7M in the prior year.

• Announced pending acquisition by Quanterix Corporation, aiming to create an integrated spatial proteomics platform.

Financial highlights

• Q4 2024 revenue was $21.3M, down 19.4% year-over-year, mainly due to lower instrument sales.

• Q4 gross margin rose to 67.4% from 62.7% a year ago, reflecting in-house reagent manufacturing and favorable product mix.

• Q4 operating expenses decreased 22.9% to $20.1M; Q4 operating loss improved 39.5% to $5.7M.

• Cash, cash equivalents, and marketable securities totaled $35.0M at year-end 2024.

• Net loss for 2024 was $55.4M, or $1.12 per share, compared to $63.3M, or $1.43 per share, in 2023.

Segment performance

• Product revenue for 2024 was $53.0M, down from $67.4M in 2023; service and other revenue was $28.6M, slightly down from $29.2M.

• Installed instrument base grew 12.4% to 1,330 units, with 400 PhenoCyclers and 930 Phenolmagers.

• Total publications citing Akoya technology increased 49.4% to 1,733.