Akoya Biosciences, Inc.

Reported Q3 2024 revenue was $18.8 million, down 25% year over year. Product revenue was $12.3 million; instrument revenue was $5.7 million, down 53% year over year; reagent revenue was $6.3 million, up 11% year over year; and services/other revenue was $6.5 million, down 10% year over year. Gross margin was 62.3% versus 60.6% in the prior-year quarter. Operating expenses were $20.1 million, down 25% year over year, and loss from operations improved to $8.3 million from $11.6 million. Cash, cash equivalents, and marketable securities were approximately $39.3 million at quarter-end. For 2024, management now expects revenue of $80 million-$85 million, down from a prior range of $96 million-$104 million. On cash burn, management said cash from operations burn was about $8 million-$9 million in Q3 and expects it to be meaningfully less in Q4, with adjusted EBITDA in the low single digits by year-end and cash breakeven likely not until next year. Interest-only debt terms were extended to March 2026.

Brian McKelligon framed 2024 as a difficult year caused mainly by capital equipment funding constraints, especially in North America and academia, but said Akoya used the period to reset its structure and prepare for long-term growth. He emphasized a shift toward content- and application-driven selling, with new reagent panels, expanded barcode offerings, and a stronger clinical pipeline as the main growth engines for 2025. He also said the company remains committed to profitability and is actively evaluating strategic alternatives, stating that nothing is off the table.

Johnny Ek focused on the improved operating profile: gross margin rose to 62.3% from 60.6%, operating expenses fell to $20.1 million from $26.8 million, and operating loss narrowed to $8.3 million. He said Q3 cash burn from operations was about $8 million-$9 million, expects it to be meaningfully lower in Q4, and pointed to limited back-half capital expenditures after the manufacturing center-of-excellence build-out. He also noted approximately $39.3 million in cash, cash equivalents, and marketable securities, and said the company amended its lending agreement to push the interest-only period to March 2026.

Analysts focused on cash burn, the lower revenue guide, instrument volatility, pull-through, and whether the company’s strategic review could affect customers. Management said the revenue shortfall was driven primarily by capital availability, though the workforce restructuring also caused some disruption, and estimated about 15%-20% of the shortfall came from reorganization effects. They added that Q3 reagent softness was largely tied to earlier stocking and supply transition effects, that sales cycles have lengthened by about 35% year over year, and that no customer concern from the strategic review has risen to a material issue. On cash flow, management said breakeven likely slips beyond year-end but still sees a path to cash flow positivity going into next year.