Akoya Biosciences Reports Second Quarter 2024 Financial Results
05 August 2024 - 10:00PM
Akoya Biosciences, Inc. (Nasdaq: AKYA) (“Akoya”), The Spatial
Biology Company®, today announced its financial results for the
second quarter ending June 30, 2024.
“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 https://investors.akoyabio.com/. The webcast will be
archived on the website following the completion of the call for
three months.
Non-GAAP Financial Measures
In addition to reporting financial measures in accordance with
generally accepted accounting principles (“GAAP”), Akoya is
including in this press release “non-GAAP adjusted gross profit,”
“non-GAAP adjusted gross margin,” “non-GAAP operating expense,” and
“non-GAAP loss from operations,” all of which are non-GAAP
financial measures. Akoya defines non-GAAP adjusted gross profit as
gross profit margin adjusted for certain excess and obsolete
inventory charges. Non-GAAP adjusted gross margin is defined as
non-GAAP adjusted gross profit divided by total revenue. Akoya
defines non-GAAP operating expense as operating expense adjusted
for impairment and restructuring charges. Akoya defines non-GAAP
loss from operations as loss from operations adjusted for certain
excess and obsolete inventory charges, impairment, and
restructuring charges.
Akoya includes these non-GAAP financial measures because it
believes they allow investors to understand and evaluate the
Company’s core operating performance and trends. In particular, the
exclusion of certain items in calculating non-GAAP adjusted gross
profit, non-GAAP adjusted gross margin, non-GAAP operating expense,
and non-GAAP loss from operations can provide useful measures for
period-to-period comparisons of the Company’s core business. These
non-GAAP financial measures have limitations as analytical tools,
including the fact that such non-GAAP financial measures may not be
comparable to similarly titled measures presented by other
companies because other companies may calculate non-GAAP adjusted
gross profit, non-GAAP adjusted gross margin, non-GAAP operating
expense, and non-GAAP loss from operations differently than Akoya
does. For more information regarding these non-GAAP financial
measures, see the tables included at the end of this press
release.
Forward-Looking Statements
This press release contains forward-looking statements that are
based on management’s beliefs and assumptions and on information
currently available to management. All statements contained in this
release other than statements of historical fact are
forward-looking statements, including statements regarding our
expectations for full year 2024 revenue, our growth prospects, our
ability to lead the spatial biology market from discovery to
diagnostics, our ability to achieve operating cash flow breakeven
by year end or at all, and other statements regarding our business
strategies, use of capital, results of operations, financial
performance and plans and objectives for future operations.
In some cases, you can identify forward-looking statements by
the words “may,” “will,” “could,” “would,” “should,” “expect,”
“intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,”
“project,” “potential,” “continue,” “ongoing” or the negative of
these terms or other comparable terminology, although not all
forward-looking statements contain these words. These statements
involve risks, uncertainties and other factors that may cause
actual results, levels of activity, performance, or achievements to
be materially different from the information expressed or implied
by these forward-looking statements. These risks, uncertainties and
other factors are described under "Risk Factors," "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" and elsewhere in the documents we file with the
Securities and Exchange Commission from time to time. We caution
you that forward-looking statements are based on a combination of
facts and factors currently known by us and our projections of the
future, about which we cannot be certain. As a result, the
forward-looking statements may not prove to be accurate. The
forward-looking statements in this press release represent our
views as of the date hereof. We undertake no obligation to update
any forward-looking statements for any reason, except as required
by law.
About Akoya Biosciences
As The Spatial Biology Company®, Akoya Biosciences’ mission is
to bring context to the world of biology and human health through
the power of spatial phenotyping. The Company offers comprehensive
single-cell imaging solutions that allow researchers to phenotype
cells with spatial context and visualize how they organize and
interact to influence disease progression and response to therapy.
Akoya offers a full continuum of spatial phenotyping solutions to
serve the diverse needs of researchers across discovery,
translational and clinical research: PhenoCode™ Panels and
PhenoCycler®, PhenoImager® Fusion and PhenoImager HT Instruments.
To learn more about Akoya, visit www.akoyabio.com.
Investor Contact:
Priyam Shahinvestors@akoyabio.com
Media Contact:
Christine Quernmedia@akoyabio.com
|
AKOYA BIOSCIENCES, INC. AND
SUBSIDIARYCondensed Consolidated Balance
Sheets (unaudited)(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
December 31, 2023 |
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
8,923 |
|
|
$ |
83,125 |
|
Marketable securities |
|
|
36,301 |
|
|
|
— |
|
Accounts receivable, net |
|
|
16,554 |
|
|
|
16,994 |
|
Inventories, net |
|
|
24,796 |
|
|
|
17,877 |
|
Prepaid expenses and other current assets |
|
|
2,938 |
|
|
|
3,794 |
|
Total current assets |
|
|
89,512 |
|
|
|
121,790 |
|
Property and equipment,
net |
|
|
8,164 |
|
|
|
10,729 |
|
Marketable securities, net of
current portion |
|
|
3,496 |
|
|
|
— |
|
Demo inventory, net |
|
|
666 |
|
|
|
893 |
|
Intangible assets, net |
|
|
15,986 |
|
|
|
17,412 |
|
Goodwill |
|
|
18,262 |
|
|
|
18,262 |
|
Operating lease right of use
assets, net |
|
|
5,154 |
|
|
|
8,365 |
|
Financing lease right of use
assets, net |
|
|
1,154 |
|
|
|
1,562 |
|
Other non-current assets |
|
|
1,351 |
|
|
|
1,356 |
|
Total assets |
|
$ |
143,745 |
|
|
$ |
180,369 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable, accrued expenses and other current
liabilities |
|
$ |
22,955 |
|
|
$ |
25,209 |
|
Current portion of operating lease liabilities |
|
|
2,680 |
|
|
|
2,681 |
|
Current portion of financing lease liabilities |
|
|
642 |
|
|
|
767 |
|
Deferred revenue |
|
|
6,461 |
|
|
|
6,688 |
|
Total current liabilities |
|
|
32,738 |
|
|
|
35,345 |
|
Deferred revenue, net of
current portion |
|
|
3,170 |
|
|
|
3,193 |
|
Long-term debt, net |
|
|
75,684 |
|
|
|
75,254 |
|
Contingent consideration
liability, net of current portion |
|
|
4,097 |
|
|
|
5,765 |
|
Operating lease liabilities,
net of current portion |
|
|
5,155 |
|
|
|
6,238 |
|
Financing lease liabilities,
net of current portion |
|
|
537 |
|
|
|
766 |
|
Other long-term
liabilities |
|
|
115 |
|
|
|
38 |
|
Total liabilities |
|
|
121,496 |
|
|
|
126,599 |
|
Total stockholders'
equity |
|
|
22,249 |
|
|
|
53,770 |
|
Total liabilities and
stockholders' equity |
|
$ |
143,745 |
|
|
$ |
180,369 |
|
|
|
|
|
|
|
|
|
|
|
AKOYA BIOSCIENCES, INC. AND
SUBSIDIARYConsolidated Statements of
Operations (unaudited)(in
thousands, except share and per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
|
|
June 30, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Product revenue |
|
$ |
15,926 |
|
|
$ |
17,147 |
|
|
$ |
28,066 |
|
|
$ |
32,671 |
|
Service and other revenue |
|
|
7,238 |
|
|
|
6,374 |
|
|
|
13,448 |
|
|
|
12,260 |
|
Total revenue |
|
|
23,164 |
|
|
|
23,521 |
|
|
|
41,514 |
|
|
|
44,931 |
|
Cost of goods sold: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product revenue |
|
|
6,467 |
|
|
|
7,788 |
|
|
|
13,190 |
|
|
|
13,539 |
|
Cost of service and other revenue |
|
|
3,311 |
|
|
|
3,617 |
|
|
|
6,559 |
|
|
|
6,983 |
|
Total cost of goods sold |
|
|
9,778 |
|
|
|
11,405 |
|
|
|
19,749 |
|
|
|
20,522 |
|
Gross profit |
|
|
13,386 |
|
|
|
12,116 |
|
|
|
21,765 |
|
|
|
24,409 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
19,094 |
|
|
|
23,905 |
|
|
|
38,957 |
|
|
|
47,030 |
|
Research and development |
|
|
5,288 |
|
|
|
6,923 |
|
|
|
10,842 |
|
|
|
13,300 |
|
Change in fair value of contingent consideration |
|
|
88 |
|
|
|
530 |
|
|
|
267 |
|
|
|
757 |
|
Impairment |
|
|
— |
|
|
|
— |
|
|
|
2,971 |
|
|
|
— |
|
Restructuring |
|
|
— |
|
|
|
— |
|
|
|
1,397 |
|
|
|
— |
|
Total operating expenses |
|
|
24,470 |
|
|
|
31,358 |
|
|
|
54,434 |
|
|
|
61,087 |
|
Loss from operations |
|
|
(11,084 |
) |
|
|
(19,242 |
) |
|
|
(32,669 |
) |
|
|
(36,678 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(2,606 |
) |
|
|
(2,175 |
) |
|
|
(5,218 |
) |
|
|
(4,229 |
) |
Interest income |
|
|
668 |
|
|
|
737 |
|
|
|
1,605 |
|
|
|
1,502 |
|
Other expense, net |
|
|
(80 |
) |
|
|
(105 |
) |
|
|
(241 |
) |
|
|
(153 |
) |
Loss before provision for
income taxes |
|
|
(13,102 |
) |
|
|
(20,785 |
) |
|
|
(36,523 |
) |
|
|
(39,558 |
) |
Provision for income
taxes |
|
|
(47 |
) |
|
|
(18 |
) |
|
|
(110 |
) |
|
|
(47 |
) |
Net loss |
|
$ |
(13,149 |
) |
|
$ |
(20,803 |
) |
|
$ |
(36,633 |
) |
|
$ |
(39,605 |
) |
Net loss per share
attributable to common stockholders, basic and diluted |
|
$ |
(0.27 |
) |
|
$ |
(0.51 |
) |
|
$ |
(0.74 |
) |
|
$ |
(1.00 |
) |
Weighted-average shares
outstanding, basic and diluted |
|
|
49,419,982 |
|
|
|
40,639,714 |
|
|
|
49,304,076 |
|
|
|
39,489,261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AKOYA BIOSCIENCES, INC. AND
SUBSIDIARYGross Profit to Non-GAAP Adjusted Gross
Profit Reconciliation and Calculation of Gross Margin and Non-GAAP
Adjusted Gross
Margin (unaudited)(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
|
|
June 30, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Total revenue |
|
$ |
23,164 |
|
|
$ |
23,521 |
|
|
$ |
41,514 |
|
|
$ |
44,931 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
13,386 |
|
|
|
12,116 |
|
|
|
21,765 |
|
|
|
24,409 |
|
Provision for excess and
obsolete inventories - product discontinuation and lease exit
inventory charges |
|
|
— |
|
|
|
— |
|
|
|
2,045 |
|
|
|
— |
|
Non-GAAP adjusted gross
profit |
|
$ |
13,386 |
|
|
$ |
12,116 |
|
|
$ |
23,810 |
|
|
$ |
24,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
58 |
% |
|
|
52 |
% |
|
|
52 |
% |
|
|
54 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted gross
margin |
|
|
58 |
% |
|
|
52 |
% |
|
|
57 |
% |
|
|
54 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AKOYA BIOSCIENCES, INC. AND
SUBSIDIARYOperating Expense to Non-GAAP Operating
Expense
Reconciliation (unaudited)(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
|
|
June 30, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Operating expenses |
|
$ |
24,470 |
|
|
$ |
31,358 |
|
|
$ |
54,434 |
|
|
$ |
61,087 |
|
Impairment |
|
|
— |
|
|
|
— |
|
|
|
(2,971 |
) |
|
|
— |
|
Restructuring |
|
|
— |
|
|
|
— |
|
|
|
(1,397 |
) |
|
|
— |
|
Non-GAAP operating
expenses |
|
$ |
24,470 |
|
|
$ |
31,358 |
|
|
$ |
50,066 |
|
|
$ |
61,087 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AKOYA BIOSCIENCES, INC. AND SUBSIDIARYLoss
From Operations to Non-GAAP Loss From Operations
Reconciliation (unaudited)(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
|
|
June 30, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Loss from operations |
|
$ |
(11,084 |
) |
|
$ |
(19,242 |
) |
|
$ |
(32,669 |
) |
|
$ |
(36,678 |
) |
Provision for excess and
obsolete inventories - product discontinuation and lease exit
inventory charges |
|
|
— |
|
|
|
— |
|
|
|
2,045 |
|
|
|
— |
|
Impairment |
|
|
— |
|
|
|
— |
|
|
|
2,971 |
|
|
|
— |
|
Restructuring |
|
|
— |
|
|
|
— |
|
|
|
1,397 |
|
|
|
— |
|
Non-GAAP loss from
operations |
|
$ |
(11,084 |
) |
|
$ |
(19,242 |
) |
|
$ |
(26,256 |
) |
|
$ |
(36,678 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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