On January 7, 2024 Akoya Biosciences, Inc. (Nasdaq: AKYA) ("Akoya"), The Spatial Biology Company, reported preliminary unaudited revenue for the fourth quarter and full year ended December 31, 2023, and projected year end 2023 cash, cash equivalents, and restricted cash balance, which remain subject to quarter end closing adjustments and are also unaudited (Press release, Akoya Biosciences, JAN 7, 2024, View Source [SID1234639036]).
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Revenue for the fourth quarter of 2023 is expected to be between $25.5 million and $26.5 million, as compared to $21.2 million for the corresponding quarter of 2022.
For the fiscal year of 2023, revenue is expected to be between $95.6 million and $96.6 million, as compared to $74.9 million for the fiscal year of 2022.
Year end 2023 projected cash, cash equivalents, and restricted cash balance is expected to be between $83.0 million and $85.0 million.
"The fourth quarter of 2023 is expected to be another record revenue quarter for Akoya, demonstrating our continued business momentum and commercial execution in the rapidly growing spatial biology market," said Brian McKelligon, Chief Executive Officer, Akoya Biosciences. "Throughout 2023, we delivered strong financial performance on the topline while maintaining operating expenses at a steady level, bolstering our confidence in achieving cash flow positivity earlier than previously projected."
2024 Financial Outlook
The Company, based on its current plans and initiatives, expects full year 2024 revenue to grow 20%+ and projects achieving operating cash flow breakeven by year end 2024.
The financial results in this press release reflect expectations based on currently available information. The company has yet to complete its quarter end closing and the information has not been audited and actual results are therefore subject to change.