Akoya Biosciences Reports $16.6M Revenue in Q1 2025, Net Loss Improves

Akoya Biosciences, Inc. reported a total revenue of $16.6 million for the first quarter of 2025, a decrease of 9% from $18.4 million in the same period of 2024. The decline was primarily attributed to a 26% drop in service and other revenue, which fell to $4.6 million from $6.2 million, while product revenue remained relatively stable at $12.0 million compared to $12.1 million. The company recorded a gross profit of $9.9 million, an increase of 18% from $8.4 million year-over-year, resulting in a gross margin of 59%, up from 46% in the prior year.

Operating expenses decreased significantly to $23.3 million from $30.0 million, driven by a reduction in selling, general, and administrative expenses, which fell by 11% to $17.6 million. This reduction was largely due to workforce reductions and decreased personnel-related expenses. The company reported a net loss of $15.7 million, an improvement from a net loss of $23.5 million in the first quarter of 2024. The loss per share attributable to common stockholders was $0.32, compared to $0.48 in the previous year.

In terms of operational metrics, Akoya's installed base of systems increased to 1,359 as of March 31, 2025, up from 1,213 a year earlier. The company placed 29 new systems during the quarter, slightly down from 30 in the same period last year. The recurring revenue from consumables and services accounted for 59% of total revenue, reflecting a stable demand for its products. The company continues to focus on expanding its market presence, particularly in North America, which represented 61% of total revenue for the quarter.

Strategically, Akoya is navigating a significant merger with Quanterix Corporation, which is expected to close in the second quarter of 2025. This merger is seen as a critical step for the company to enhance its product offerings and market reach. However, the company has expressed concerns regarding its ability to maintain compliance with certain financial covenants under its existing debt agreement if the merger does not proceed as planned. As of March 31, 2025, Akoya had cash, cash equivalents, and marketable securities totaling approximately $27.5 million, but it continues to face substantial doubt about its ability to continue as a going concern over the next twelve months.

Looking ahead, Akoya aims to improve its operational results and achieve cash flow positivity by investing in its infrastructure, expanding its product offerings, and enhancing its market strategies. The company remains committed to driving growth through increased sales of its PhenoCycler and PhenoImager platforms, while also focusing on research and development to introduce new solutions.