Akoya Reports Fourth Quarter of 2024 and Full Year Financial Results
MARLBOROUGH, Mass., March 17, 2025 (GLOBE NEWSWIRE) -- Akoya Biosciences, Inc. (Nasdaq: AKYA) ("Akoya"), The Spatial Biology Company$(R)$ , today announced its financial results for the fourth quarter and full year ending December 31, 2024.
"Akoya navigated a challenging 2024 in the life science tools market, which was constrained by subdued capital equipment purchases, by successfully strengthening gross margins, reducing operating expenses and advancing our companion diagnostics programs throughout the year. We remain optimistic about the long-term growth outlook of Akoya's leading spatial biology solutions," said Brian McKelligon, CEO of Akoya. "In 2024, Akoya achieved multiple milestones, including expanding our market-leading installed base to 1,330 instruments, launching our Manufacturing Center of Excellence to drive improvements in gross margins and the expansion of our content menu into new markets like neurobiology, and continued advancement of our clinical partnerships led by Acrivon and NeraCare."
Fourth Quarter 2024 Financial Highlights
-- Revenue was $21.3 million in the fourth quarter of 2024, compared to
$26.5 million in the prior year period; a decrease of 19.4%. This topline
revenue decrease was primarily due to a decline in instrument revenue.
-- Gross margin was 67.4% in the fourth quarter of 2024, compared to 62.7%
in the prior year period. The increase in gross margin was primarily
driven by operational efficiency from in-house reagent manufacturing and
product mix.
-- Operating expenses were $20.1 million for the fourth quarter of 2024,
compared to $26.1 million in the prior year period; an improvement of
22.9%. The improvement was primarily driven by further realized operating
leverage and efficiencies.
-- Operating loss was $5.7 million for the fourth quarter of 2024, compared
to an operating loss of $9.4 million in the prior year period; an
improvement of 39.5%.
-- $35.0 million of cash, cash equivalents, and marketable securities as of
December 31, 2024.
Business Highlights
-- Announced the pending acquisition of Akoya Biosciences by Quanterix
Corporation (Nasdaq: QTRX), which, if consummated, would create the first
integrated solution for ultra-sensitive detection of blood and
tissue-based protein biomarkers.
-- Announced a strategic product roadmap, powered by the success of IO60 and
upcoming launch of neurobiology panels to solidify leadership in spatial
proteomics across new research verticals.
-- Announced an exclusive global license agreement with NeraCare for the
development and commercialization of the Immunoprint test for early-stage
melanoma patient treatment decisions.
-- Nature Methods named spatial proteomics "Method of the Year 2024" -- a
key milestone which reaffirms Akoya's leadership position in the spatial
proteomics field with the largest installed base and publications volume
in the industry.
Financial Highlights
-- Full year 2024 revenue was $81.7 million, compared to $96.6 million in
the prior year; a decrease of 15.5%.
-- Full year 2024 reported gross margin was 58.6% while non-GAAP adjusted
gross margin(1) was 61.1% when excluding the write-off from discontinued
legacy products in the first quarter of 2024. Both GAAP and non-GAAP
gross margin were 58.3% in the prior year.
-- Full year 2024 operating expenses were $94.6 million while non-GAAP
operating expenses(1) were $88.6 million when excluding the impairment
charge for facility consolidation and restructuring associated with
reductions in force completed in the first quarter of 2024 and third
quarter of 2024, respectively. Both GAAP and non-GAAP operating expenses
were $114.0 million in the prior year.
-- Full year 2024 loss from operations was $46.7 million while non-GAAP loss
from operations(1) was $38.6 million excluding the items noted above.
Both GAAP and non-GAAP loss from operations were $57.7 million in the
prior year.
-- Instrument installed base of 1,330 as of December 31, 2024 (400
PhenoCyclers, 930 PhenoImagers), compared to an installed base of 1,183
in the prior year (342 PhenoCyclers, 841 PhenoImagers); an increase of
12.4%.
-- 1,733 total publications citing Akoya's technology as of December 31,
2024, compared to 1,160 total publications in the prior year; an increase
of 49.4%. (1) See discussion of "Non-GAAP Financial Measures" below.
In light of the pending acquisition by Quanterix Corporation, Akoya will not be hosting an earnings conference call or providing forward guidance at this time.
Non-GAAP Financial Measures
In addition to reporting financial measures in accordance with generally accepted accounting principles ("GAAP"), Akoya is including in this press release "non-GAAP adjusted gross profit," "non-GAAP adjusted gross margin," "non-GAAP operating expense," and "non-GAAP loss from operations," all of which are non-GAAP financial measures. Akoya defines non-GAAP adjusted gross profit as gross profit margin adjusted for certain excess and obsolete inventory charges. Non-GAAP adjusted gross margin is defined as non-GAAP adjusted gross profit divided by total revenue. Akoya defines non-GAAP operating expense as operating expense adjusted for impairment and restructuring charges. Akoya defines non-GAAP loss from operations as loss from operations adjusted for certain excess and obsolete inventory charges, impairment, and restructuring charges.
Akoya includes these non-GAAP financial measures because it believes they allow investors to understand and evaluate the Company's core operating performance and trends. In particular, the exclusion of certain items in calculating non-GAAP adjusted gross profit, non-GAAP adjusted gross margin, non-GAAP operating expense, and non-GAAP loss from operations can provide useful measures for period-to-period comparisons of the Company's core business. These non-GAAP financial measures have limitations as analytical tools, including the fact that such non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies because other companies may calculate non-GAAP adjusted gross profit, non-GAAP adjusted gross margin, non-GAAP operating expense, and non-GAAP loss from operations differently than Akoya does. For more information regarding these non-GAAP financial measures, see the tables included at the end of this press release.
Forward-Looking Statements
This press release contains forward-looking statements that are based on management's beliefs and assumptions and on information currently available to management. All statements contained in this release other than statements of historical fact are forward-looking statements, including statements regarding the potential benefits of the pending acquisition of Akoya by Quanterix Corporation and the likelihood that such acquisition will be consummated, Akoya's ability to achieve market acceptance of its current and planned products and services, Akoya's ability to develop, achieve regulatory approval and commercialize Immunoprint and other statements regarding Akoya's business strategies, use of capital, results of operations, financial and market positions and plans and objectives for future operations.
In some cases, you can identify forward-looking statements by the words "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing" or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in the documents Akoya files with the Securities and Exchange Commission from time to time. Akoya cautions you that forward-looking statements are based on a combination of facts and factors currently known by Akoya and its projections of the future, about which it cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this press release represent Akoya's views as of the date hereof. Akoya undertakes no obligation to update or otherwise revise any forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events for any reason, except as required by law.
All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to herein. If one or more events related to these or other risks or uncertainties materialize, or if Akoya's underlying assumptions prove to be incorrect, actual results may differ materially from what Akoya anticipates. Akoya cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made and are based on information available at that time.
About Akoya Biosciences
As The Spatial Biology Company(R) , Akoya Biosciences' mission is to bring context to the world of biology and human health through the power of spatial phenotyping. The Company offers comprehensive single-cell imaging solutions that allow researchers to phenotype cells with spatial context and visualize how they organize and interact to influence disease progression and response to therapy. Akoya offers a full continuum of spatial phenotyping solutions to serve the diverse needs of researchers across discovery, translational and clinical research: PhenoCode$(TM)$ Panels and PhenoCycler(R) , PhenoImager(R) Fusion and PhenoImager HT Instruments. To learn more about Akoya, visit www.akoyabio.com.
Important Additional Information
In connection with its proposed acquisition of Akoya (the "Merger"), Quanterix Corporation ("Quanterix") filed a Registration Statement on Form S-4 (the "Registration Statement") which contains a preliminary joint proxy statement of Quanterix and Akoya and a preliminary prospectus of Quanterix (the "Joint Proxy Statement/Prospectus"), and each of Quanterix and Akoya may file with the SEC other relevant documents regarding the Merger. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS CAREFULLY AND IN THEIR ENTIRETY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BY QUANTERIX AND AKOYA, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT QUANTERIX, AKOYA AND THE MERGER. A definitive copy of the Joint Proxy Statement/Prospectus will be mailed to Quanterix and Akoya stockholders when that document is final. Investors and security holders will be able to obtain the Registration Statement and the Joint Proxy Statement/Prospectus, as well as other filings containing information about Quanterix and Akoya, free of charge from Quanterix or Akoya or from the SEC's website when they are filed. The documents filed by Quanterix with the SEC may be obtained free of charge at Quanterix's website, at www.quanterix.com, or by requesting them by mail at Quanterix Investor Relations, 900 Middlesex Turnpike, Billerica, MA 01821. The documents filed by Akoya with the SEC may be obtained free of charge at Akoya's website, at www.akoyabio.com, or by requesting them by mail at Akoya Biosciences, Inc., 100 Campus Drive, 6th Floor, Marlborough, MA 01752, ATTN: Chief Legal Officer.
Participants in the Solicitation
Quanterix and Akoya and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Quanterix or Akoya in respect of the Merger. Information about Quanterix's directors and executive officers is available in the Joint Proxy Statement/Prospectus, and other documents filed by Quanterix with the SEC. Information about Akoya's directors and executive officers is available in the Joint Proxy Statement/Prospectus and Akoya's proxy statement dated April 23, 2024, for its 2024 Annual Meeting of Stockholders, and other documents filed by Akoya with the SEC. Other information regarding the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the Joint Proxy Statement/Prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when they become available. Investors should read the definitive Joint Proxy Statement/Prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from Quanterix or Akoya as indicated above.
No Offer or Solicitation
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval with respect to the Merger, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
Investor Contact:
Priyam Shah
investors@akoyabio.com
Media Contact:
Ritu Mihani
media@akoyabio.com
AKOYA BIOSCIENCES, INC. AND SUBSIDIARY
Condensed Consolidated Balance Sheets (unaudited)
(in thousands)
December 31, 2024 December 31, 2023
------------------- -------------------
Assets
Current assets
Cash and cash equivalents $ 11,779 $ 83,125
Marketable securities 23,261 --
Accounts receivable, net 13,779 16,994
Inventories, net 24,321 17,877
Prepaid expenses and other
current assets 3,592 3,794
--- -------------- --- --------------
Total current assets 76,732 121,790
Property and equipment, net 7,203 10,729
Demo inventory, net 1,336 893
Intangible assets, net 14,559 17,412
Goodwill 18,262 18,262
Operating lease right of use
assets, net 4,255 8,365
Financing lease right of use
assets, net 1,525 1,562
Other non-current assets 1,133 1,356
--- -------------- --- --------------
Total assets $ 125,005 $ 180,369
=== ============== === ==============
Liabilities and Stockholders'
Equity
Current liabilities
Accounts payable, accrued
expenses and other current
liabilities $ 19,607 $ 25,209
Current portion of operating
lease liabilities 2,674 2,681
Current portion of financing
lease liabilities 609 767
Deferred revenue 6,554 6,688
-------------- --------------
Total current liabilities 29,444 35,345
Deferred revenue, net of current
portion 3,063 3,193
Long-term debt, net 76,182 75,254
Contingent consideration
liability, net of current
portion 3,871 5,765
Operating lease liabilities, net
of current portion 3,988 6,238
Financing lease liabilities, net
of current portion 693 766
Other long-term liabilities 169 38
--- -------------- --- --------------
Total liabilities 117,410 126,599
--- -------------- --- --------------
Total stockholders' equity 7,595 53,770
--- -------------- --- --------------
Total liabilities and
stockholders' equity $ 125,005 $ 180,369
=== ============== === ==============
AKOYA BIOSCIENCES, INC. AND SUBSIDIARY
Consolidated Statements of Operations (unaudited)
(in thousands, except share and per share amounts)
Three months ended Year ended
-------------------------- ----------------------------
December 31, December 31, December 31, December 31,
2024 2023 2024 2023
------------ ------------ ------------ --------------
Revenue:
Product revenue $ 12,663 $ 16,691 $ 53,027 $ 67,410
Service and
other revenue 8,681 9,796 28,645 29,223
---------- ---------- ---------- ----------
Total revenue 21,344 26,487 81,672 96,633
Cost of goods
sold:
Cost of product
revenue 4,419 6,031 22,039 25,778
Cost of service
and other
revenue 2,536 3,836 11,755 14,550
---------- ---------- ---------- ----------
Total cost of
goods sold 6,955 9,867 33,794 40,328
---------- ---------- ---------- ----------
Gross profit 14,389 16,620 47,878 56,305
Operating
expenses:
Selling,
general and
administrative 15,688 20,082 69,317 87,363
Research and
development 4,429 5,360 19,745 24,974
Change in fair
value of
contingent
consideration (16) 617 (512) 1,636
Impairment -- -- 2,971 --
Restructuring -- -- 3,087 --
---------- ---------- ---------- ----------
Total
operating
expenses 20,101 26,059 94,608 113,973
---------- ---------- ---------- ----------
Loss from
operations (5,712) (9,439) (46,730) (57,668)
Other income
(expense):
Interest
expense (2,586) (2,293) (10,429) (8,761)
Interest income 380 913 2,506 3,489
Other expense,
net (289) (5) $(566.SI)$ (343)
---------- ---------- ---------- ----------
Loss before
(provision)
benefit for
income taxes (8,207) (10,824) (55,219) (63,283)
(Provision)
benefit for
income taxes 8 22 (146) (40)
---------- ---------- ---------- ----------
Net loss $ (8,199) $ (10,802) $ (55,365) $ (63,323)
========== ========== ========== ==========
Net loss per
share
attributable to
common
stockholders,
basic and
diluted $ (0.17) $ (0.22) $ (1.12) $ (1.43)
========== ========== ========== ==========
Weighted-average
shares
outstanding,
basic and
diluted 49,560,227 49,089,712 49,418,535 44,434,570
========== ========== ========== ==========
AKOYA BIOSCIENCES, INC. AND SUBSIDIARY
Gross Profit to Non-GAAP Adjusted Gross Profit Reconciliation
and Calculation of Gross Margin and Non-
GAAP Adjusted Gross Margin (unaudited)
(in thousands)
Three months ended Year ended
------------------------ ------------------------
December December December December
31, 31, 31, 31,
2024 2023 2024 2023
----------- ----------- ----------- -----------
Total revenue $21,344 $26,487 $81,672 $96,633
Gross profit 14,389 16,620 47,878 56,305
Provision for
excess and
obsolete
inventories -
product
discontinuation
and lease exit
inventory
charges -- -- 2,045 --
------ ------ ------ ------
Non-GAAP
adjusted gross
profit $14,389 $16,620 $49,923 $56,305
====== ====== ====== ======
Gross margin 67% 63% 59% 58%
====== ====== ====== ======
Non-GAAP
adjusted gross
margin 67% 63% 61% 58%
====== ====== ====== ======
AKOYA BIOSCIENCES, INC. AND SUBSIDIARY
Operating Expense to Non-GAAP Operating Expense Reconciliation
(unaudited)
(in thousands)
Three months ended Year ended
------------------------- ---------------------------
December December
December 31, 31, 31, December 31,
2024 2023 2024 2023
------------- ---------- ----------- --------------
Operating
expenses $ 20,101 $ 26,059 $ 94,608 $ 113,973
Impairment -- -- (2,971) --
Restructuring -- -- (3,087) --
--- -------- ------ ------ ----------
Non-GAAP
operating
expenses $ 20,101 $ 26,059 $ 88,550 $ 113,973
=== ======== ====== ====== ==========
AKOYA BIOSCIENCES, INC. AND SUBSIDIARY
Loss From Operations to Non-GAAP Loss From Operations
Reconciliation (unaudited)
(in thousands)
Three months ended Year ended
------------------ ----------------------
December December December December
31, 31, 31, 31,
2024 2023 2024 2023
-------- -------- --------- -----------
Loss from
operations $(5,712) $(9,439) $(46,730) $(57,668)
Provision for
excess and
obsolete
inventories -
product
discontinuation
and lease exit
inventory
charges -- -- 2,045 --
Impairment -- -- 2,971 --
Restructuring -- -- 3,087 --
------ ------ ------- -------
Non-GAAP loss
from
operations $(5,712) $(9,439) $(38,627) $(57,668)
====== ====== ======= =======
(END) Dow Jones Newswires
March 17, 2025 16:00 ET (20:00 GMT)
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