On March 4, 2024 Akoya Biosciences, Inc. (Nasdaq: AKYA) ("Akoya"), The Spatial Biology Company, reported its financial results for the fourth quarter and full year ending December 31, 2023 (Press release, Akoya Biosciences, MAR 4, 2024, View Source [SID1234640722]).

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"Akoya’s successful 2023 performance reflects the high demand for our leading spatial biology solutions and effective execution of our financial and strategic plan," said Brian McKelligon, CEO of Akoya Biosciences. "We expanded our installed base to nearly 1,200 instruments, improved platform speeds, and simplified workflows with new offerings of reagents and analysis tools. We anticipate strong topline growth in 2024 and operating cash flow breakeven by year end."

Fourth Quarter 2023 Financial Highlights

Revenue was $26.5 million in the fourth quarter of 2023, compared to $21.2 million in the prior year period; an increase of 25.0%. This increase was primarily due to higher reagents and services revenue.
Gross margin was 62.7% in the fourth quarter of 2023, compared to 56.8% in the prior year period. The increase in gross margin was primarily driven by product mix and improved margin on the product business.
Operating expense was $26.1 million for the fourth quarter of 2023, compared to $29.6 million in the prior year period; a decrease of 11.8%. The decrease was primarily driven by further realized operating leverage and efficiencies.
Operating loss was $9.4 million for the fourth quarter of 2023, compared to an operating loss of $17.6 million in the prior year period; a decrease of 46.6%.
$83.1 million of cash and cash equivalents as of December 31, 2023.
Fourth Quarter 2023 Business Highlights

Announced a license and distribution agreement with Thermo Fisher Scientific to deliver spatial multiomic workflow by combining Akoya’s market leading spatial biology solutions with ViewRNA technology to enable rapid, whole-slide imaging of RNA and protein biomarkers.
Announced the formation of a new Scientific Advisory Board with initial members consisting of global experts in immunobiology: James Allison, Ph.D., former Akoya director Garry Nolan, Ph.D., and Padmanee Sharma, M.D., Ph.D.
Announced deployment of the MaxFuse algorithm co-developed by Dr. Garry Nolan and his laboratory at Stanford University for multiomic integration of spatial and single-cell data on the Enable Medicine platform.
Full Year 2023 Financial and Business Highlights

Revenue was $96.6 million for the year ended December 31, 2023, compared to $74.9 million in the prior year; an increase of 29.0%.
Gross margin was 58.3% for the year ended December 31, 2023, compared to 58.0% in the prior year period.
Operating expense was $114.0 million for the year ended December 31, 2023, compared to $109.5 million in the prior year period; an increase of 4.1%.
Operating loss was $57.7 million for the year ended December 31, 2023, compared to an operating loss of $66.1 million in the prior year period; a decrease of 12.7%.
Instrument installed base of 1,183 as of December 31, 2023 (342 PhenoCyclers, 841 PhenoImagers), compared to an installed base of 934 in the prior year period (254 PhenoCyclers, 680 PhenoImagers); an increase of 26.7%.
1,160 total publications citing Akoya’s technology as of December 31, 2023, compared to 772 total publications in the prior year period: an increase of 50.3%.
2024 Financial Outlook

The Company, based on its current plans and initiatives, expects full year 2024 revenue guidance range of $114.0-118.0 million and projects operating cash flow breakeven by year end.

Webcast and Conference Call Details

Akoya will host a conference call today, March 4, 2024, at 5:00 p.m. Eastern Time to discuss its fourth quarter and full year 2023 financial results. Investors interested in listening to the conference call are required to register online. A live webcast of the conference call will be available on the "Investors" section of the Company’s website at View Source The webcast will be archived on the website following the completion of the call for three months.