The following is a summary of the Akoya Biosciences, Inc. (AKYA) Q4 2023 Earnings Call Transcript:
Financial Performance:
Akoya's Q4 2023 revenue hit $26.5 million and yearly revenue closed at $96.6 million, marking a 29% annual growth.
Gross margin achieved in Q4 was 62.7%.
2024 forecasts predict substantial top-line growth and margin expansion.
Operating expenses in 2023 grew just 4% from the previous year.
Akoya plans to reach operating cash flow breakeven by end of 2024.
Business Progress:
Akoya's installed instruments cover the spectrum of spatial biology markets, totalling 1,200 units.
Strategic partnerships with Thermo Fisher and Enable Medicine targeted advancement of spatial multiomic workflows.
New launches, PhenoCycler-Fusion 2.0 and PhenoImager HT 2.0, significantly enhanced their platforms' capabilities.
For 2024, extension of applications and improved workflow efficiencies aim to drive reagent revenue growth and cost-effectiveness.
The company foresees continued geographical trend and substantial reagent sector growth into 2024, with a plan to reach operating cash flow breakeven, aided by reagents growth and margin expansion.
More details: Akoya Biosciences IR
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