The following is a summary of the Akoya Biosciences, Inc. (AKYA) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Akoya Biosciences reports Q1 2024 total revenue of $18.4 million, highlighting a shortfall due to various challenges including capital expenditure pressures and transitions from third-party to internal manufacturing.

• Reagent revenue constituted $7 million, marking a 23% increase from the previous year.

• Operating expenses reached $30 million, while maintaining cash and marketable securities at approximately $61.6 million.

• Despite revenue shortfall, Akoya expects a recovery throughout 2024 and plans to achieve operating cash flow breakeven by the end of the year.

Business Progress:

• Akoya advances its business progress by launching a new manufacturing center that aims to improve operational efficiency and increase gross margins.

• Their strategic partnerships with Acrivon Therapeutics, Shanghai KR Pharmtech, and NeraCare aim to innovate in companion diagnostics, expand into the Chinese market and personalize therapy selection for early-stage melanoma patients.

• Akoya has seen an increase in demand for grant application support in the Chinese market, reflecting potential future growth.

• Despite manufacturing transition issues that affected the financial performance, Akoya is focusing on improving top-line performance and margin performance for the rest of the year.

More details: Akoya Biosciences IR

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