Akoya Biosciences (AKYA) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Key accomplishments and strategic initiatives

• Internalized reagent manufacturing, improving margins and operational control.

• Expanded clinical partnerships, notably with Acrivon, NeraCare, and Shanghai KR Pharmtech, advancing companion diagnostic opportunities.

• Focused on operational excellence and a clear path to profitability amid market headwinds.

• Achieved significant progress in the rollout of 2.0 platform upgrades, with completion expected next year.

• Maintained commercial intensity and optimized sales teams despite restructuring, prioritizing profitability over growth.

Market trends and competitive landscape

• Spatial proteomics and transcriptomics markets are currently balanced, but protein-based applications are expected to dominate long-term.

• Customers prioritize imaging area, plex level, throughput, and scalability when selecting platforms.

• Competitors like Bruker (COMET, Lunaphore) and others are gaining traction in specific market segments, but content scalability and manufacturing control are seen as key advantages.

• Multiomic solutions remain a long-term goal, with current customer behavior favoring multiple specialized platforms.

Financial outlook and revenue drivers

• Revenue from clinical partnerships is expected to become material in 2025, with significant upside projected for 2026.

• Gross margins have improved due to in-house reagent production, and cost efficiencies have been realized.

• Cash flow and EBITDA breakeven are targeted by year-end, with adjusted EBITDA as a key performance measure.

• Debt amortization extends through 2025, with cash reserves deemed sufficient for current strategy.