Q2 2024 Akoya Biosciences Inc Earnings Call Transcript
Key Points
- Akoya Biosciences Inc (AKYA) reported a 26% sequential increase in revenue for Q2 2024, reaching $23.2 million.
- The company's new Manufacturing Center of Excellence in Marlborough, Massachusetts, is fully operational, contributing to increased reagent volumes and instrument placements.
- Instrument revenue saw a significant 70% sequential growth, with 51 instruments placed in Q2 compared to 30 in Q1.
- Reagent revenue increased by 27% year-over-year and showed sequential growth from Q1.
- Service and other revenue grew by approximately 14% year-over-year and 17% sequentially, driven by expanded instrument warranty and field service revenue.
- Despite the revenue growth, Akoya Biosciences Inc (AKYA) had to lower its full-year revenue guidance to a range of $96 million to $104 million.
- The company implemented a workforce reduction of approximately 35% compared to the end of 2023, indicating significant restructuring.
- Operating expenses were $24.5 million in Q2, although this was a decrease from previous quarters, it still represents a substantial cost.
- The company continues to face pressures on capital purchases, particularly in the academic and biopharma sectors.
- There is a noted contraction in system utilization within CROs, as more projects are being brought in-house by biopharma companies.
Good day and thank you for standing by. Welcome to the Akoya Biosciences second quarter 2024 earnings conference call. (Operator Instructions). Please be advised that today's conference is being recorded.
I would now like to hand the conference over to Priyam Shah, Head of Investor Relations. Please go ahead.
Thank you, operator, and thank you to everyone who's joining us today on this call. I'm Priyam Shah, Head of Investor Relations at Akoya Biosciences. On the call today we have Brian McKelligon, Chief Executive Officer; and Johnny Ek, Chief Financial Officer. Earlier today, Akoya released financial results for the second quarter ended June 30, 2024. A copy of the press release is available on the company's website.
Before we begin, I'd like to remind you that management will make statements during this call that include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the Safe Harbor provisions of the
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