Akoya Biosciences Inc ( (AKYA) ) has released its Q3 earnings. Here is a breakdown of the information Akoya Biosciences Inc presented to its investors.
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Akoya Biosciences, Inc., known as The Spatial Biology Company®, specializes in spatial phenotyping solutions that allow researchers to understand cell organization and interactions, primarily serving the life sciences sector.
In its latest earnings report for the third quarter of 2024, Akoya Biosciences announced a revenue drop to $18.8 million, marking a 25% year-over-year decrease. Despite the revenue decline, the company improved its gross margin and reduced operating expenses compared to the same period last year.
Key financial metrics revealed that Akoya’s gross margin improved slightly to 62.3%, while operating expenses saw a significant 25% reduction. The company also reported a 28% improvement in loss from operations, which decreased to $8.3 million. Business updates highlighted growth in its installed base and increased academic citations, alongside introducing new product offerings aimed at driving future growth.
Looking ahead, Akoya remains confident in its strategic position and anticipates a return to top-line growth in 2025. The company is also exploring strategic alternatives to enhance sustainable growth and profitability, reflecting management’s proactive approach to navigating current market challenges.
