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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