The following is a summary of the Akoya Biosciences, Inc. (AKYA) Q3 2024 Earnings Call Transcript:
Financial Performance:
Akoya Biosciences reported Q3 2024 revenue of $18.8 million, a 25% year-over-year decrease.
Gross margin improved to 62.3% from 60.6% year-over-year, primarily due to operational efficiency and in-house manufacturing.
Lowered full-year revenue expectations to $80 million to $85 million due to continued capital equipment purchase constraints and customer spending pressures.Loss from operations improved by 28% year-over-year to $8.3 million.
Business Progress:
Akoya has seen substantial growth in its installed base, which now totals 1,299 instruments.
The company introduced new reagent products and expanded its manufacturing center-of-excellence.
Focused on advancing companion diagnostic pipeline and extending its clinical business, with promising Phase 2 data from Acrivon Therapeutics and partnership with NeraCare for melanoma therapy selection.
Opportunities:
Akoya's substantial installed base and new reagent offerings position it to capitalize on existing market presence and customer relationships for revenue growth.
Strategic partnerships in the testing of immunotherapy responses and adoption by major research initiatives suggest potential for increased adoption and market expansion.
Risks:
Revenue and instrument placement affected by broader economic pressures and funding constraints in the life sciences market.
Sales cycle length increased by about 35%, affecting the speed and predictiveness of revenue generation.
Volatility in conversion rates across different regions, particularly North America, poses risks to predictable revenue streams.
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