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.

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March 17, 2025 16:00 ET (20:00 GMT)