Akoya Biosciences (AKYA) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue was $23.2M, up 26% sequentially but down 1.5–2% year-over-year, with net loss improving to $13.1M from $20.8M in Q2 2023.

• Instrument placements rebounded to 51 in Q2, installed base reached 1,264, and reagent revenue grew 27% year-over-year.

• Gross margin improved to 57.8–58% from 51.5–52% prior year, driven by lower inventory write-offs and improved product mix.

• Operating expenses fell 18–22% sequentially and year-over-year, reflecting workforce reductions and cost-saving initiatives.

• Full-year 2024 revenue guidance updated to $96–$104M, reflecting a more cautious outlook amid macro pressures.

Financial highlights

• Q2 total revenue: $23.2M; product revenue: $15.9M (down 7% year-over-year); service and other revenue: $7.2M (up 14–16.6%).

• Instrument revenue: $8.3M (70.4% sequential growth); reagent revenue: $7.4M (5.6–27% year-over-year growth).

• Gross profit: $13.4M (up 10%); gross margin: 57.8–58%.

• Net loss per share: $(0.27) vs. $(0.51) in Q2 2023; weighted average shares outstanding: 49.4M.

• Cash, cash equivalents, and marketable securities at June 30, 2024: $48.7M.

Outlook and guidance

• Full-year 2024 revenue guidance is $96–$104M, with Q4 expected to benefit from seasonality.

• Targeting operating cash flow breakeven and adjusted EBITDA positivity by year-end 2024.

• Existing liquidity expected to cover operating needs for at least the next 12 months.