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Akoya BioSciences, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in total revenue to $18.8 million from $25.2 million in the same quarter the previous year, primarily due to a decline in instrument sales.
Gross profit for the quarter was $11.7 million, down from $15.3 million in the previous year, with gross margin remaining relatively stable at 62%.
Operating expenses decreased to $20.1 million from $26.8 million, driven by reductions in selling, general and administrative expenses and research and development costs.
Net loss for the quarter was $10.5 million, compared to a net loss of $12.9 million in the previous year.
The company reported cash, cash equivalents, and marketable securities totaling $39.3 million as of September 30, 2024.
Akoya's management highlights the company's focus on expanding its installed base and increasing recurring revenue through consumables and services.
The filing indicates substantial doubt about the company's ability to continue as a going concern, citing the need for additional financing or improved operating results.
The company entered into Amendment No. 5 to its Midcap Trust Term Loan, extending the interest-only period and amending certain financial covenants.
Akoya continues to focus on its spatial biology solutions, aiming to enhance existing products and develop new offerings to drive growth and market penetration.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Akoya BioSciences Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.