Reports Q1 revenue $18.4M, consensus $24.28M. “While we made meaningful progress in advancing both our operational and clinical objectives, our first quarter results fell short of expectations due to three main factors. First, systemic pressure on capital expenditures persisted. Second, certain pharmaceutical partner lab services revenue were deferred to the second half of 2024 due to revised clinical trial milestones. Third, the completion and launch of our fully operational Manufacturing Center of Excellence temporarily impacted reagent fulfillment times, delaying instrument purchases,” said Brian McKelligon, CEO of Akoya Biosciences. “With the industry’s leading installed base, normalization of pharmaceutical partner revenue in the second half of 2024, and now resolved reagent availability issues, we believe that our foundational initiatives will lead us back to strong top-line growth and achievement of our profitability objectives.”
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AKYA:
- AKYA Earnings this Week: How Will it Perform?
- Akoya, NeraCare enter exclusive agreement for personalized therapy selection
- Akoya Biosciences and NeraCare Enter into an Exclusive Agreement to Enable Personalized Therapy Selection for Early-Stage Melanoma Patients
- Akoya Biosciences opens Operations and Manufacturing Center in Marlborough
- Akoya Biosciences Opens Operations and Manufacturing Center of Excellence in Marlborough, Massachusetts