Akoya Biosciences (AKYA) AI Stock Analysis

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Akoya Biosciences

(NASDAQ:AKYA)

39Underperform

Akoya Biosciences is currently struggling with significant financial and operational challenges, reflected in its weak financial performance, bearish technical indicators, and unattractive valuation. The company faces high leverage and negative profitability, while technical analysis indicates continued downward pressure on the stock. The lack of earnings call data and corporate events further limits potential positive catalysts.

Positive Factors

Cost Synergies

The merger is expected to yield approximately $40 million in annual cost synergies by the end of 2026.

Leadership

AKYA's CEO, Brian McKelligon, plans to join the combined company, which is viewed positively given his expertise with AKYA's products and knowledge in oncology.

Merger Synergies

The combination of Akoya and Quanterix's proteomics platforms is expected to offer a complete solution, particularly with applications in both blood and tissue.

Negative Factors

Funding Uncertainty

NIH funding uncertainty could negatively impact AKYA's academic research business going forward.

Revenue Decline

Revenue decreased about 19% to $21.3 million in 4Q, and the company's full-year 2024 revenue represented a decline of 15.5%.

Shareholder Opposition

The deal is facing shareholder opposition, valuation concerns, and general market skepticism.

Akoya Biosciences (AKYA) vs. S&P 500 (SPY)

Market Cap

$65.29M

Dividend YieldN/A

Average Volume (3M)165.17K

Price to Earnings (P/E)―

Beta (1Y)2.70

Revenue Growth-15.48%

EPS Growth24.53%

CountryUS

Employees205

SectorHealthcare

Sector Strength69

IndustryMedical - Instruments & Supplies

Share Statistics

EPS (TTM)-1.12

Shares Outstanding49,836,930

10 Day Avg. Volume140,480

30 Day Avg. Volume165,172

Financial Highlights & Ratios

PEG RatioN/A

Price to Book (P/B)N/A

Price to Sales (P/S)0.00

Price to Cash Flow (P/CF)0.00

P/FCF Ratio0.00

Enterprise Value/Market Cap2.81

Enterprise Value/RevenueN/A

Enterprise Value/Gross Profit3.84

Enterprise Value/EbitdaN/A

Forecast

1Y Price Target

$1.75

Price Target Upside33.59% Upside

Rating ConsensusHold

Number of Analyst Covering4

Akoya Biosciences Business Overview & Revenue Model

Company DescriptionAkoya Biosciences, Inc., a life sciences technology company, provides spatial biology solutions focused on transforming discovery and clinical research in North America, the Asia Pacific, Europe, the Middle East, and Africa. The company offers PhenoCycler instrument, a compact bench-top fluidics system that integrates with a companion microscope to automate image acquisition; and PhenoImager platform that enables researchers to visualize, analyze, quantify, and phenotype cells in situ, in fresh frozen or FFPE tissue sections, and tissue microarrays utilizing an automated and high-throughput workflow. It also provides PhenoCycler and PhenoImager reagents; and biopharma services. In addition, the company offers Proxima, a cloud-based platform to store, analyze, and share spatial data; inForm Tissue, an automated image analysis software package for accurately visualizing and quantifying biomarkers in tissue sections; Phenoptr, which provides functions that consolidate and analyze output tables created by inForm software; and phenoptrReports, a software that generates shareable reports and visualizations based on the phenoptr output in an intuitive front-end GUI. The company was incorporated in 2015 and is headquartered in Marlborough, Massachusetts.

How the Company Makes MoneyAkoya Biosciences generates revenue primarily through the sale of its imaging platforms, reagents, and related services. The company's revenue streams include the direct sale of its Phenoptics and CODEX platforms to research institutions, pharmaceutical companies, and academic entities. In addition, Akoya earns money from the sale of consumables and reagents required for the operation of its platforms, as well as from service contracts and support agreements. Key partnerships with leading research organizations and collaborations with pharmaceutical companies also contribute to its revenue by expanding its market reach and facilitating the adoption of its technologies in drug development and precision medicine research.

Akoya Biosciences Financial Statement Overview

Summary

Akoya Biosciences is facing significant financial challenges with declining revenue, high leverage, and negative profitability metrics. Despite slight improvements in gross profit margin and debt-to-equity ratio, the overall financial health remains weak.

Income Statement

Neutral

Akoya Biosciences has experienced a decline in revenue and profitability over the past year. The gross profit margin improved to 58.6% in 2024 from 58.3% in 2023, indicating some efficiency in production. However, the net profit margin remains negative at -67.8% in 2024, compared to -65.5% in 2023, reflecting ongoing challenges in achieving profitability. Revenue growth has been volatile, with a decrease of 15.5% in 2024 after a growth of 29.1% in 2023. The company also faces negative EBIT and EBITDA margins, indicating operational difficulties.

Balance Sheet

Negative

The company's balance sheet shows high leverage with a debt-to-equity ratio of 1.05 in 2024, down from 1.59 in 2023, indicating slight improvement but still high leverage. The return on equity remains negative due to persistent net losses. The equity ratio fell to 6.1% in 2024 from 29.8% in 2023, showing a decline in financial stability and increased financial risk.

Cash Flow

Negative

Akoya Biosciences exhibits negative free cash flow growth, with free cash flow improving slightly but still negative at -$46.6M in 2024, compared to -$54.6M in 2023. The operating cash flow to net income ratio remains negative, highlighting cash flow challenges. The company struggles to generate positive cash flow from operations, impacting its ability to sustain operations without external financing.

Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Breakdown
Income Statement		Total Revenue
81.67M	96.63M	74.86M	54.92M	42.44M
	Gross Profit
47.88M	56.30M	43.39M	34.22M	25.91M
	EBIT
-46.73M	-57.67M	-66.21M	-37.23M	-11.49M
	EBITDA
-37.14M	-45.63M	-58.81M	-35.17M	-10.13M
	Net Income Common Stockholders
-55.37M	-63.32M	-70.64M	-42.94M	-16.71M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
35.04M	83.13M	81.22M	113.08M	17.01M
	Total Assets
125.00M	180.37M	176.03M	190.91M	77.66M
	Total Debt
7.96M	85.71M	75.78M	32.47M	34.99M
	Net Debt
-3.81M	2.58M	1.55M	-80.61M	17.99M
	Total Liabilities
117.41M	126.60M	117.45M	69.56M	59.09M
	Stockholders Equity
7.59M	53.77M	58.58M	121.35M	18.57M
Cash Flow		Free Cash Flow
-46.56M	-54.55M	-60.86M	-41.16M	-10.14M
	Operating Cash Flow
-44.10M	-50.90M	-53.50M	-36.07M	-6.84M
	Investing Cash Flow
-24.05M	3.35M	-14.08M	-5.09M	6.73M
	Financing Cash Flow
-3.21M	56.84M	28.73M	137.03M	5.49M

Akoya Biosciences Technical Analysis

Technical Analysis Sentiment

Neutral

Last Price1.31

Price Trends

50DMA

1.50

Negative

100DMA

2.04

Negative

200DMA

2.33

Negative

Market Momentum

MACD

-0.08

Negative

RSI

48.70

Neutral

STOCH

84.74

Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AKYA, the sentiment is Neutral. The current price of 1.31 is above the 20-day moving average (MA) of 1.22, below the 50-day MA of 1.50, and below the 200-day MA of 2.33, indicating a neutral trend. The MACD of -0.08 indicates Negative momentum. The RSI at 48.70 is Neutral, neither overbought nor oversold. The STOCH value of 84.74 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AKYA.

Akoya Biosciences Risk Analysis

Akoya Biosciences disclosed 82 risk factors in its most recent earnings report. Akoya Biosciences reported the most risks in the “Finance & Corporate” category.

Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy

Latest Risks Added 0 New Risks

Akoya Biosciences Peers Comparison

Overall Rating

UnderperformOutperform

Sector (51)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$5.35B	3.41	-40.83%	2.89%	18.11%	2.60%
IVVD	44 Neutral	$79.38M	―	-138.71%	―	―	20.91%
TCRX	39 Underperform	$90.55M	―	-65.08%	―	-86.62%	―
AKYA	39 Underperform	$65.29M	―	-180.44%	―	-15.48%	24.53%
ABOS	36 Underperform	$62.39M	―	-45.60%	―	―	-57.45%
ACRV	36 Underperform	$48.59M	―	-54.07%	―	―	10.84%

* Healthcare Sector Average

Performance Comparison

AKYA

Akoya Biosciences

1.27

-2.55

-66.75%

ABOS

Acumen Pharmaceuticals

1.05

-2.17

-67.39%

TCRX

TScan Therapeutics

1.59

-6.13

-79.40%

IVVD

Invivyd

0.64

-1.58

-71.17%

ACRV

Acrivon Therapeutics, Inc.

1.44

-7.65

-84.16%

ANL

Adlai Nortye Ltd. Sponsored ADR

1.98

-11.82

-85.65%

Akoya Biosciences Earnings Call Summary

Earnings Call Date:Mar 17, 2025

(Q3-2024)

% Change Since: -16.03%|

Next Earnings Date:May 20, 2025

Earnings Call Sentiment Neutral

The earnings call reflects a challenging quarter for Akoya Biosciences, with significant revenue declines and underperformance in instrument sales due to market constraints. However, improvements in operational efficiencies and strategic advancements in the clinical pipeline provide a positive outlook for long-term growth.

Q3-2024 Updates

Positive Updates

Improved Gross Margin

Gross margin improved to 62.3% from 60.6% in the prior year period, driven by operational efficiencies and the manufacturing center of excellence.

Operational Restructuring Success

Operating expenses decreased by 25% year-over-year to $20.1 million, improving the loss from operations by 28%.

Reagent Revenue Growth

Reagent revenue increased by 11% year-over-year, totaling $6.3 million, indicating strong demand and utilization.

Expansion in Clinical Pipeline

Significant progress in clinical business with promising partnerships, including Acrivon Therapeutics and NeraCare, positioning for future growth.

Negative Updates

Revenue Decline

Total revenue for the third quarter was $18.8 million, a 25% year-over-year decrease due to capital equipment purchase constraints.

Instrument Sales Underperformance

Instrument revenue fell by 53% year-over-year to $5.7 million, with only 35 instruments placed in the quarter, impacted by extended sales cycles and funding issues.

Reduced Full-Year Revenue Guidance

Full-year revenue guidance was revised down to $80 million to $85 million from a previous range of $96 million to $104 million.

Challenges in Market Dynamics

Extended sales cycles and conversion rate volatility, particularly in North America and academic markets, affecting predictability and performance.

Company Guidance

During the AKYA Q3 2024 earnings call, executives provided guidance indicating a challenging year, with full-year revenue now expected to range between $80 million and $85 million, a revision from the previous estimate of $96 million to $104 million. The company reported a Q3 revenue of $18.8 million, a 25% decrease year-over-year, with instrument sales particularly impacted, totaling $5.7 million, a 53% decline from the previous year. Despite these challenges, Akoya highlighted operational efficiencies, achieving a gross margin of 62.3%, up from 60.6% last year, and a notable reduction in operating expenses by 25%, lowering the loss from operations by 28% to $8.3 million. The company remains optimistic about the long-term growth prospects, driven by advancements in their reagent and companion diagnostic pipeline, and emphasized a commitment to strategic alternatives to sustain growth and profitability.

Glossary

OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.

NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.

UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.