On March 17, 2025 Akoya Biosciences, Inc. (Nasdaq: AKYA) ("Akoya"), The Spatial Biology Company, reported its financial results for the fourth quarter and full year ending December 31, 2024 (Press release, Akoya Biosciences, MAR 17, 2025, View Source [SID1234651177]).

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"Akoya navigated a challenging 2024 in the life science tools market, which was constrained by subdued capital equipment purchases, by successfully strengthening gross margins, reducing operating expenses and advancing our companion diagnostics programs throughout the year. We remain optimistic about the long-term growth outlook of Akoya’s leading spatial biology solutions," said Brian McKelligon, CEO of Akoya. "In 2024, Akoya achieved multiple milestones, including expanding our market-leading installed base to 1,330 instruments, launching our Manufacturing Center of Excellence to drive improvements in gross margins and the expansion of our content menu into new markets like neurobiology, and continued advancement of our clinical partnerships led by Acrivon and NeraCare."

Fourth Quarter 2024 Financial Highlights

Revenue was $21.3 million in the fourth quarter of 2024, compared to $26.5 million in the prior year period; a decrease of 19.4%. This topline revenue decrease was primarily due to a decline in instrument revenue.
Gross margin was 67.4% in the fourth quarter of 2024, compared to 62.7% in the prior year period. The increase in gross margin was primarily driven by operational efficiency from in-house reagent manufacturing and product mix.
Operating expenses were $20.1 million for the fourth quarter of 2024, compared to $26.1 million in the prior year period; an improvement of 22.9%. The improvement was primarily driven by further realized operating leverage and efficiencies.
Operating loss was $5.7 million for the fourth quarter of 2024, compared to an operating loss of $9.4 million in the prior year period; an improvement of 39.5%.
$35.0 million of cash, cash equivalents, and marketable securities as of December 31, 2024.
Business Highlights

Announced the pending acquisition of Akoya Biosciences by Quanterix Corporation (Nasdaq: QTRX), which, if consummated, would create the first integrated solution for ultra-sensitive detection of blood and tissue-based protein biomarkers.
Announced a strategic product roadmap, powered by the success of IO60 and upcoming launch of neurobiology panels to solidify leadership in spatial proteomics across new research verticals.
Announced an exclusive global license agreement with NeraCare for the development and commercialization of the Immunoprint test for early-stage melanoma patient treatment decisions.
Nature Methods named spatial proteomics "Method of the Year 2024" — a key milestone which reaffirms Akoya’s leadership position in the spatial proteomics field with the largest installed base and publications volume in the industry.
Financial Highlights

Full year 2024 revenue was $81.7 million, compared to $96.6 million in the prior year; a decrease of 15.5%.
Full year 2024 reported gross margin was 58.6% while non-GAAP adjusted gross margin(1) was 61.1% when excluding the write-off from discontinued legacy products in the first quarter of 2024. Both GAAP and non-GAAP gross margin were 58.3% in the prior year.
Full year 2024 operating expenses were $94.6 million while non-GAAP operating expenses(1) were $88.6 million when excluding the impairment charge for facility consolidation and restructuring associated with reductions in force completed in the first quarter of 2024 and third quarter of 2024, respectively. Both GAAP and non-GAAP operating expenses were $114.0 million in the prior year.
Full year 2024 loss from operations was $46.7 million while non-GAAP loss from operations(1) was $38.6 million excluding the items noted above. Both GAAP and non-GAAP loss from operations were $57.7 million in the prior year.
Instrument installed base of 1,330 as of December 31, 2024 (400 PhenoCyclers, 930 PhenoImagers), compared to an installed base of 1,183 in the prior year (342 PhenoCyclers, 841 PhenoImagers); an increase of 12.4%.
1,733 total publications citing Akoya’s technology as of December 31, 2024, compared to 1,160 total publications in the prior year; an increase of 49.4%.

(1) See discussion of "Non-GAAP Financial Measures" below.
In light of the pending acquisition by Quanterix Corporation, Akoya will not be hosting an earnings conference call or providing forward guidance at this time.