On August 5, 2024 Akoya Biosciences, Inc. (Nasdaq: AKYA) ("Akoya"), The Spatial Biology Company, reported its financial results for the second quarter ending June 30, 2024 (Press release, Akoya Biosciences, AUG 5, 2024, View Source [SID1234645328]).
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"Our second-quarter revenue showed a strong rebound with 26% sequential top-line growth and a stable year-over-year performance," said Brian McKelligon, CEO of Akoya Biosciences. "We believe that Akoya’s platforms are poised to lead the spatial biology market from discovery to diagnostics, while we also position the company to achieve near-term operating cash flow breakeven as we align our cost structure with our strategic objectives."
Second Quarter 2024 Financial and Business Results
For the second quarter of 2024, revenue was $23.2 million, a 26.2% quarter-over-quarter increase from $18.4 million in the first quarter and 1.5% year-over-year decrease from $23.5 million in the second quarter of 2023.
Instruments, consumables and services all contributed to sequential growth. Instrument revenue was $8.3 million, a 70.4% quarter-over-quarter increase. Reagent revenue was $7.4 million, a 5.6% quarter-over-quarter increase. Service and other revenue was $7.2 million, a 16.6% quarter-over-quarter increase.
For the second quarter of 2024, gross margin was 57.8%, compared to gross margin of 45.7% in the first quarter of 2024 and 51.5% in the second quarter of 2023.
For the second quarter of 2024, operating expenses were $24.5 million, compared to operating expenses of $30.0 million in the first quarter of 2024, a 18.3% quarter-over-quarter decrease, and $31.4 million in the second quarter of 2023, a 22.0% year-over-year decrease.
For the second quarter of 2024, loss from operations was $11.1 million, compared to loss from operations of $21.6 million in the first quarter of 2024, a 48.6% quarter-over-quarter decrease, and $19.2 million in the second quarter of 2023, a 42.4% year-over-year decrease.
Ended the second quarter of 2024 with an instrument installed base of 1,264 (374 PhenoCyclers, 890 PhenoImagers), a year-over-year increase of 18.8%, compared to an installed base of 1,064 in the prior year period (300 PhenoCyclers, 764 PhenoImagers).
As of June 30, 2024, there were 1,450 total publications citing Akoya’s technology, compared to 988 total publications in the prior year period, a 46.8% increase.
$48.7 million of cash, cash equivalents and marketable securities as of June 30, 2024.
YTD 2024 Financial Results
YTD 2024 revenue was $41.5 million, compared to $44.9 million in the prior year period: a 7.6% decrease.
YTD 2024 reported gross margin was 52.4% while non-GAAP adjusted gross margin was 57.4% when excluding the write-off from discontinued legacy products in the first quarter of 2024. Both GAAP and non-GAAP gross margin were 54.3% in the prior year period of 2023.
YTD 2024 operating expenses were $54.4 million while non-GAAP operating expenses were $50.1 million when excluding the impairment charge for facility consolidation and restructuring associated with a reduction in force in the first quarter of 2024. Both GAAP and non-GAAP operating expenses were $61.1 million in the prior year period of 2023.
YTD 2024 loss from operations was $32.7 million while non-GAAP loss from operations was $26.3 million excluding the items noted above. Both GAAP and non-GAAP loss from operations were $36.7 million in the prior year period of 2023.
2024 Financial Outlook
Akoya is updating its revenue outlook for the full year 2024 while maintaining its commitment to achieving operating cash flow breakeven by year end. The Company now expects the full year 2024 revenue to be in the range of $96-104 million.
Webcast and Conference Call Details
Akoya will host a conference call today, August 5, 2024, at 5:00 p.m. Eastern Time to discuss its second quarter 2024 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.