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Akoya Biosciences (AKYA)
NASDAQ:AKYA
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Akoya Biosciences
(NASDAQ:AKYA)
39Underperform
Positive Factors
Cost Synergies
The merger is expected to yield approximately $40 million in annual cost synergies by the end of 2026.
Leadership Stability
AKYA's CEO, Brian McKelligon, plans to join the combined company, which is viewed positively given his expertise with AKYA's products and knowledge in oncology.
Merger Synergies
The combination of Akoya and Quanterix's proteomics platforms is expected to offer a complete solution, particularly with applications in both blood and tissue.
Negative Factors
Funding Uncertainty
NIH funding uncertainty will likely negatively impact Akoya's U.S. academic research business.
Revenue Decline
Revenue decreased about 19% to $21.3 million in 4Q, and the company's full-year 2024 revenue represented a decline of 15.5%.
Shareholder Skepticism
Investors appear skeptical of the merger synergies, and share price performance may remain muted until the shareholder/merger vote occurs.
Akoya Biosciences (AKYA) vs. S&P 500 (SPY)
Market Cap
$74.23M
Dividend YieldN/A
Average Volume (3M)324.85K
Price to Earnings (P/E)―
Beta (1Y)2.82
Revenue Growth-15.48%
EPS Growth24.53%
CountryUS
Employees205
SectorHealthcare
Sector Strength70
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)-1.12
Shares Outstanding49,816,357
10 Day Avg. Volume213,540
30 Day Avg. Volume324,845
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)1.04
Price to Cash Flow (P/CF)-7.10
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$2.57Price Target Upside72.48% Upside
Rating ConsensusHold
Number of Analyst Covering6
Akoya Biosciences Business Overview & Revenue Model
Company DescriptionAkoya Biosciences, Inc. (AKYA) is a biotechnology company specializing in spatial biology solutions. The company operates in the life sciences sector, focusing on developing advanced imaging technologies and reagents that enable spatial phenotyping of tissue samples. Akoya's core products include the Phenoptics and CODEX platforms, which are used for high-parameter tissue imaging and biomarker discovery, aiding researchers in understanding complex biological systems and diseases.
How the Company Makes MoneyAkoya Biosciences generates revenue primarily through the sale of its imaging platforms, reagents, and related services. The company's revenue streams include the direct sale of its Phenoptics and CODEX platforms to research institutions, pharmaceutical companies, and academic entities. In addition, Akoya earns money from the sale of consumables and reagents required for the operation of its platforms, as well as from service contracts and support agreements. Key partnerships with leading research organizations and collaborations with pharmaceutical companies also contribute to its revenue by expanding its market reach and facilitating the adoption of its technologies in drug development and precision medicine research.
Akoya Biosciences Financial Statement Overview
Summary
Akoya Biosciences is facing significant financial challenges with declining revenue, high leverage, and negative profitability metrics. Despite slight improvements in gross profit margin and debt-to-equity ratio, the overall financial health remains weak.Income Statement
Akoya Biosciences has experienced a decline in revenue and profitability over the past year. The gross profit margin improved to 58.6% in 2024 from 58.3% in 2023, indicating some efficiency in production. However, the net profit margin remains negative at -67.8% in 2024, compared to -65.5% in 2023, reflecting ongoing challenges in achieving profitability. Revenue growth has been volatile, with a decrease of 15.5% in 2024 after a growth of 29.1% in 2023. The company also faces negative EBIT and EBITDA margins, indicating operational difficulties.45
Neutral
Balance Sheet
The company's balance sheet shows high leverage with a debt-to-equity ratio of 1.05 in 2024, down from 1.59 in 2023, indicating slight improvement but still high leverage. The return on equity remains negative due to persistent net losses. The equity ratio fell to 6.1% in 2024 from 29.8% in 2023, showing a decline in financial stability and increased financial risk.40
Negative
Cash Flow
Akoya Biosciences exhibits negative free cash flow growth, with free cash flow improving slightly but still negative at -$46.6M in 2024, compared to -$54.6M in 2023. The operating cash flow to net income ratio remains negative, highlighting cash flow challenges. The company struggles to generate positive cash flow from operations, impacting its ability to sustain operations without external financing.35
Negative
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 86.81M | 81.67M | 96.63M | 74.86M | 54.92M | 42.44M | Gross Profit |
| 48.23M | 47.88M | 56.30M | 43.39M | 34.22M | 25.91M | EBIT |
| -45.29M | -46.73M | -57.67M | -66.21M | -37.23M | -11.49M | EBITDA |
| -39.79M | -46.73M | -45.63M | -58.81M | -35.17M | -10.13M | Net Income Common Stockholders |
| -57.97M | -55.37M | -63.32M | -70.64M | -42.94M | -16.71M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 21.66M | 35.04M | 83.13M | 81.22M | 113.08M | 17.01M | Total Assets |
| 0.00 | 125.00M | 180.37M | 176.03M | 190.91M | 77.66M | Total Debt |
| 0.00 | 7.96M | 85.71M | 75.78M | 32.47M | 34.99M | Net Debt |
| 21.66M | -3.81M | 2.58M | 1.55M | -80.61M | 17.99M | Total Liabilities |
| 0.00 | 117.41M | 126.60M | 117.45M | 69.56M | 59.09M | Stockholders Equity |
| 34.19M | 7.59M | 53.77M | 58.58M | 121.35M | 18.57M |
| Cash Flow | Free Cash Flow | ||||
| -48.68M | -46.56M | -54.55M | -60.86M | -41.16M | -10.14M | Operating Cash Flow |
| -46.67M | -44.10M | -50.90M | -53.50M | -36.07M | -6.84M | Investing Cash Flow |
| -27.34M | -24.05M | 3.35M | -14.08M | -5.09M | 6.73M | Financing Cash Flow |
| 8.32M | -3.21M | 56.84M | 28.73M | 137.03M | 5.49M |
Akoya Biosciences Technical Analysis
Negative
1.49
Price Trends
2.12
Negative
2.32
Negative
2.43
Negative
Market Momentum
-0.14
Negative
32.47
Neutral
17.47
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AKYA, the sentiment is Negative. The current price of 1.49 is below the 20-day moving average (MA) of 1.57, below the 50-day MA of 2.12, and below the 200-day MA of 2.43, indicating a bearish trend. The MACD of -0.14 indicates Negative momentum. The RSI at 32.47 is Neutral, neither overbought nor oversold. The STOCH value of 17.47 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AKYA.
Akoya Biosciences Risk Analysis
Akoya Biosciences disclosed 82 risk factors in its most recent earnings report. Akoya Biosciences reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Akoya Biosciences Peers Comparison
Overall Rating
UnderperformOutperform
Sector (49)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $193.04B | 31.06 | 13.15% | 0.30% | 0.05% | 6.87% | |
49 Neutral | $6.94B | ― | -24.09% | ― | -3.92% | -202.80% | |
49 Neutral | $13.03B | ― | -30.11% | ― | -2.93% | -4.69% | |
49 Neutral | $6.85B | 0.81 | -52.75% | 2.49% | 20.08% | 1.28% | |
46 Neutral | $2.42B | ― | -50.74% | ― | -7.03% | -20233.78% | |
39 Underperform | $74.23M | ― | -180.44% | ― | -15.48% | 24.53% |
* Healthcare Sector Average
Performance Comparison
AKYA
Akoya Biosciences
1.43
-3.13
-68.64%
BIO
Bio-Rad Laboratories
243.00
-95.98
-28.31%
ILMN
Illumina
80.00
-48.98
-37.97%
QDEL
QuidelOrtho
34.89
-12.11
-25.77%
TMO
Thermo Fisher
500.16
-75.61
-13.13%
Akoya Biosciences Earnings Call Summary
Earnings Call Date: Mar 17, 2025 | % Change Since: -4.49% | Next Earnings Date: May 20, 2025
Earnings Call Sentiment Neutral
The earnings call reflects a challenging quarter for Akoya Biosciences, with significant revenue declines and underperformance in instrument sales due to market constraints. However, improvements in operational efficiencies and strategic advancements in the clinical pipeline provide a positive outlook for long-term growth.Highlights
Improved Gross Margin
Gross margin improved to 62.3% from 60.6% in the prior year period, driven by operational efficiencies and the manufacturing center of excellence.
Operational Restructuring Success
Operating expenses decreased by 25% year-over-year to $20.1 million, improving the loss from operations by 28%.
Reagent Revenue Growth
Reagent revenue increased by 11% year-over-year, totaling $6.3 million, indicating strong demand and utilization.
Expansion in Clinical Pipeline
Significant progress in clinical business with promising partnerships, including Acrivon Therapeutics and NeraCare, positioning for future growth.
Lowlights
Revenue Decline
Total revenue for the third quarter was $18.8 million, a 25% year-over-year decrease due to capital equipment purchase constraints.
Instrument Sales Underperformance
Instrument revenue fell by 53% year-over-year to $5.7 million, with only 35 instruments placed in the quarter, impacted by extended sales cycles and funding issues.
Reduced Full-Year Revenue Guidance
Full-year revenue guidance was revised down to $80 million to $85 million from a previous range of $96 million to $104 million.
Challenges in Market Dynamics
Extended sales cycles and conversion rate volatility, particularly in North America and academic markets, affecting predictability and performance.
Company Guidance
During the AKYA Q3 2024 earnings call, executives provided guidance indicating a challenging year, with full-year revenue now expected to range between $80 million and $85 million, a revision from the previous estimate of $96 million to $104 million. The company reported a Q3 revenue of $18.8 million, a 25% decrease year-over-year, with instrument sales particularly impacted, totaling $5.7 million, a 53% decline from the previous year. Despite these challenges, Akoya highlighted operational efficiencies, achieving a gross margin of 62.3%, up from 60.6% last year, and a notable reduction in operating expenses by 25%, lowering the loss from operations by 28% to $8.3 million. The company remains optimistic about the long-term growth prospects, driven by advancements in their reagent and companion diagnostic pipeline, and emphasized a commitment to strategic alternatives to sustain growth and profitability.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.