Akoya Biosciences Announces Preliminary Financial Results for the Fourth Quarter and Full Year 2023 and Provides 2024 Outlook

MARLBOROUGH, Mass., Jan. 07, 2024 (GLOBE NEWSWIRE) -- Akoya Biosciences, Inc. (Nasdaq: AKYA) (“Akoya”), The Spatial Biology Company, today announced preliminary unaudited revenue for the fourth quarter and full year ended December 31, 2023, and projected year end 2023 cash, cash equivalents, and restricted cash balance, which remain subject to quarter end closing adjustments and are also unaudited.

• Revenue for the fourth quarter of 2023 is expected to be between $25.5 million and $26.5 million, as compared to $21.2 million for the corresponding quarter of 2022.
• For the fiscal year of 2023, revenue is expected to be between $95.6 million and $96.6 million, as compared to $74.9 million for the fiscal year of 2022.
• Year end 2023 projected cash, cash equivalents, and restricted cash balance is expected to be between $83.0 million and $85.0 million.
  

“The fourth quarter of 2023 is expected to be another record revenue quarter for Akoya, demonstrating our continued business momentum and commercial execution in the rapidly growing spatial biology market,” said Brian McKelligon, Chief Executive Officer, Akoya Biosciences. “Throughout 2023, we delivered strong financial performance on the topline while maintaining operating expenses at a steady level, bolstering our confidence in achieving cash flow positivity earlier than previously projected.”

2024 Financial Outlook

The Company, based on its current plans and initiatives, expects full year 2024 revenue to grow 20%+ and projects achieving operating cash flow breakeven by year end 2024.

The financial results in this press release reflect expectations based on currently available information. The company has yet to complete its quarter end closing and the information has not been audited and actual results are therefore subject to change.

Use of forward-looking statements

This press release contains forward-looking statements that are based on management’s beliefs and assumptions and on information currently available to management. All statements contained in this release other than statements of historical fact are forward-looking statements, including statements regarding our preliminary results for the fourth quarter and full year 2023 revenue, our projected year end 2023 cash, cash equivalents and restricted cash balance, our ability to achieve operating cash flow breakeven and cash flow positivity, our projections regarding timing for achieving operating cash flow breakeven and cash flow positivity, statements regarding our expectations for full year revenue growth for 2024 and other statements regarding our future financial and operational performance.