Akoya Biosciences, Inc. (AKYA)·Q4 2024 Earnings Summary

Executive Summary

• Q4 topline: Revenue $21.3M, down 19.4% YoY on weaker instrument sales, but up vs Q3 ($18.8M) as the company exited 2024 with improved mix and margins; GAAP gross margin reached 67% (press release narrative also cited 67.4%) and operating loss narrowed to $5.7M .
• Margin/OpEx execution: In-house reagent manufacturing and mix lifted gross margin vs prior year; OpEx fell 22.9% YoY to $20.1M, improving operating loss 39.5% YoY .
• Guidance and call: No Q4 conference call and no forward guidance due to the pending acquisition by Quanterix; FY24 revenue finished at $81.7M, within the reduced Q3 guide of $80–$85M and below the original Q2 guide of $96–$104M .
• Stock reaction catalyst: The Quanterix acquisition process and approvals, along with continued gross margin gains and clinical/CDx progress (Acrivon, NeraCare), are the key near-term narrative drivers .

What Went Well and What Went Wrong

• What Went Well

  • Gross margin expansion despite softer revenue: Q4 GAAP gross margin 67% (67.4% cited in the narrative), up from 62.7% in Q4’23, driven by in-house reagent manufacturing and product mix; non-GAAP and GAAP were identical in Q4 since there were no inventory/lease exit adjustments that quarter .
  • Tight cost control: Q4 OpEx fell to $20.1M from $26.1M YoY, improving operating loss to $(5.7)M from $(9.4)M; FY24 non-GAAP OpEx reduced to $88.6M vs $114.0M in FY23 after restructuring/impairment exclusions .
  • Strategic and clinical momentum: Installed base grew to 1,330 instruments, publications to 1,733; NeraCare Immunoprint exclusive license signed; IO60 panel launched; Nature Methods named spatial proteomics “Method of the Year 2024,” reinforcing leadership .

• What Went Wrong

  • Revenue contraction: Q4 revenue $21.3M vs $26.5M in Q4’23 (down 19.4%) as instrument revenue lagged; management highlighted subdued capital equipment spending as a continuing headwind .
  • No guidance or call: Company provided no forward guidance or earnings call due to pending Quanterix acquisition, reducing near-term transparency for investors .
  • Balance sheet trend: Cash, cash equivalents, and marketable securities decreased to $35.0M at year-end from $48.7M at Q2 and $39.3M at Q3, reflecting the challenging operating backdrop despite margin/OpEx improvements .

Financial Results

Overall P&L and margins (chronological columns: oldest → newest):

Notes: The press release narrative cites Q4’24 gross margin at 67.4% (rounded to 67% in the reconciliation table) .

Segment revenue breakdown:

Liquidity snapshot:

KPI trajectory:

Full-year 2024 (for context): Revenue $81.7M; GAAP gross margin 58.6% vs non-GAAP 61.1%; GAAP OpEx $94.6M vs non-GAAP $88.6M; GAAP loss from operations $(46.7)M vs non-GAAP $(38.6)M .

Guidance Changes

Company explicitly withheld Q4 guidance and did not host a call due to the pending Quanterix acquisition .

Earnings Call Themes & Trends

Management Commentary

• CEO on 2024 and Q4 setup: “Akoya navigated a challenging 2024... by successfully strengthening gross margins, reducing operating expenses and advancing our companion diagnostics programs... We remain optimistic about the long-term growth outlook” .
• Q4 drivers: “This topline revenue decrease was primarily due to a decline in instrument revenue” .
• On cost/margin actions: “Operational efficiency from in-house reagent manufacturing and product mix” drove gross margin improvement; “further realized operating leverage and efficiencies” reduced OpEx .
• On strategic initiatives: “Pending acquisition by Quanterix... would create the first integrated solution for ultra-sensitive detection of blood and tissue-based protein biomarkers” .
• CDx pipeline: “Exclusive global license agreement with NeraCare for Immunoprint” to identify high-risk early-stage melanoma patients for potential therapy .

Q&A Highlights

(From Q3’24 call; no Q4 call was held)

• Cash and debt runway: Cash burn ~$8–9M from ops in Q3; expected to be “meaningfully less” in Q4; interest-only period on debt extended to March 2026 .
• Strategic alternatives: “Nothing off the table” as the company evaluates options amid a constrained end market .
• Sales cycles and funding: Sales cycles lengthened ~35% YoY; conversion rates volatile, particularly in North America academia due to funding availability .
• Margins/ASPs: Gross margin improvement from in-house manufacturing and mix; instrument ASPs “stable”; further GM gains expected into 2025 .
• Services and pull-through: Services recognized over time and tied to instrument base; reagent pull-through variability in Q3 seen as temporary with improvement expected in Q4 .

Estimates Context

• S&P Global (Capital IQ) consensus for AKYA Q4 2024 could not be retrieved due to missing CIQ mapping (no estimate data available). As a result, quantitative comparisons to Street revenue/EPS estimates are not provided. Values would normally be retrieved from S&P Global, but were unavailable in this case.

Key Takeaways for Investors

• Revenue pressure remains instrument-driven, but Q4 sequential improvement and 67% GAAP gross margin underscore the benefits of in-house manufacturing and mix management .
• Expense discipline is sticking; OpEx held ~flat QoQ and materially lower YoY, narrowing operating losses into year-end .
• Liquidity trended down through 2H (to $35.0M), but cost/margin actions helped moderate burn; debt interest-only pushed to Mar’26, easing near-term cash demands .
• Clinical/CDx optionality is building (Acrivon, NeraCare), creating potential medium-term revenue catalysts beyond instruments and supporting the strategic rationale for the Quanterix tie-up .
• Lack of Q4 guidance/call and pending acquisition shift the near-term stock narrative from fundamentals to deal process/approvals and strategic integration prospects .
• Watch data points: merger milestones, reagent content adoption (IO60, neuro panels), service/CLIA revenues, and margin trajectory as leading indicators of durability post-transaction .

Supporting Detail

YoY and sequential context for Q4’24:

• Revenue: $21.344M vs $26.487M in Q4’23 (YoY decline tied to instruments); vs $18.814M in Q3’24 (sequential improvement) .
• Gross margin: 67% (67.4% narrative) vs 63% in Q4’23; in-line with the multi-quarter expansion from 58% in Q2’24 and 62% in Q3’24, driven by in-house manufacturing and mix .
• Operating loss narrowed to $(5.712)M from $(9.439)M in Q4’23 and $(8.349)M in Q3’24; EPS improved to $(0.17) vs $(0.22) in Q4’23 .

Non-GAAP adjustments:

• Q4 non-GAAP figures equal GAAP for gross margin, OpEx, and operating loss (no inventory/lease exit, impairment, or restructuring charges in the quarter). FY24 non-GAAP adjusted GM 61.1% vs GAAP 58.6%, and non-GAAP OpEx $88.6M vs GAAP $94.6M due to exclusions in earlier quarters .

Other relevant Q4 period press releases and milestones:

• Product/content roadmap and IO60 launch at SITC (ultrahigh-plex immuno-oncology panel), mouse IO panel, and expanded barcodes enabling routine 100-plex research .
• Nature Methods “Method of the Year 2024” recognition for spatial proteomics, reinforcing platform leadership .
• MANIFEST program selection in the UK multi-omic immunotherapy initiative (Crick/Royal Marsden) .
• Chair transition to Scott Mendel to support operational and strategic execution in a tougher market .

All data and statements above are sourced from company filings, press releases, and transcripts as cited. Where S&P Global consensus would normally be used for estimate comparisons, it was unavailable for AKYA this quarter.