Akoya Biosciences Inc ( (AKYA) ) has released its Q4 earnings. Here is a breakdown of the information Akoya Biosciences Inc presented to its investors.
Akoya Biosciences, Inc., known as The Spatial Biology Company®, specializes in single-cell imaging solutions that provide spatial context to biological research, primarily serving the life sciences sector. The company recently reported its financial results for the fourth quarter and full year of 2024, highlighting a challenging market environment but also significant strategic advancements.
In 2024, Akoya faced a 15.5% decline in annual revenue, totaling $81.7 million, primarily due to decreased instrument sales. Despite this, the company improved its gross margin to 58.6% for the year, driven by operational efficiencies and a strategic focus on in-house reagent manufacturing. Akoya also reported a reduction in operating expenses and a narrower operating loss compared to the previous year.
Key highlights from the year include the expansion of Akoya’s installed instrument base to 1,330 units, a 12.4% increase from the previous year, and the announcement of a pending acquisition by Quanterix Corporation. This acquisition aims to create an integrated solution for ultra-sensitive biomarker detection, potentially enhancing Akoya’s market position. Additionally, the company launched new products and secured a global license agreement with NeraCare, further solidifying its leadership in spatial proteomics.
Looking ahead, Akoya remains optimistic about its growth prospects, bolstered by its strategic initiatives and the anticipated benefits from the Quanterix acquisition. The company continues to focus on expanding its product offerings and strengthening its market presence in the spatial biology field.