NEW YORK – Akoya Biosciences reported after the close of the market on Monday that its fourth quarter revenues dropped 19 percent year over year, primarily due to declining instrument sales.
For the three months ended Dec. 31, 2024, the Marlborough, Massachusetts-based spatial biology firm, which is in the process of being acquired by Quanterix, booked revenues of $21.3 million compared to $26.5 million in Q4 2023 and on par with analysts' average estimate of $21.3 million.
Fourth quarter product revenues, including instruments, reagents, and software, were $12.7 million, down 24 percent from $16.7 million in the same period a year ago.
The company’s Q4 service and other revenue was $8.7 million, an 11 percent decrease from $9.8 million in Q4 2023.
Akoya's Q4 net loss was $8.2 million, or $.17 per share, compared to a net loss of $10.8 million, or $.22 per share, in Q4 2023, exceeding the Wall Street estimate of a $.16 loss per share.
The company's Q4 R&D expenses dropped 19 percent to $4.4 million from $5.4 million a year ago, and its SG&A costs decreased 22 percent to $15.7 million from $20.1 million.
For full-year 2024, Akoya reported revenues of $81.7 million, down16 percent from $96.6 million in 2023 and slightly below analysts' average estimate of $81.8 million.
Full-year product revenues were $53.0 million, down 21 percent from $67.4 million in 2023. Service and other revenues dipped 2 percent year over year to $28.6 million from $29.2 million.
The company’s global installed base grew to 1,330 instruments by the end of 2024, including 400 PhenoCyclers and 930 PhenoImagers. This represents a 12 percent increase compared to an installed base of 1,183 instruments by the end of 2023.
Akoya’s 2023 R&D expenses declined 21 percent to $19.7 million from $25.0 million in 2023, while its SG&A expenses were also down 21 percent year over year to $69.3 million from $87.4 million.
Akoya's full-year net loss was $55.4 million, or $1.12 per share, compared to a net loss of $63.3 million, or $1.43 per share, in the prior year, exceeding the Wall Street estimate of a $1.07 loss per share.
In light of the pending acquisition by Quanterix, Akoya did not issue 2025 guidance.
The company ended the year with $11.8 million in cash and cash equivalents and $23.3 million in marketable securities.