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AKYA Nasdaq· Akoya Biosciences Inc.
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AKYA Nasdaq· Akoya Biosciences Inc.
Earnings report Q3 2023

AKYA Biosciences Reports Strong Revenue Growth in Latest Quarter

Segments of Revenue

AKYA Biosciences, Inc. and its subsidiary reported total revenue of $25.22 million for the latest quarter, representing a significant increase of 33.8% compared to the same period last year. The company's revenue was primarily derived from two segments: product revenue and service and other revenue. Product revenue amounted to $18.05 million, showing a robust growth of 25.1% year-over-year. Service and other revenue contributed $7.17 million, indicating a substantial growth of 62.2% compared to the previous year.

Strengths

AKYA Biosciences demonstrated strong financial performance in the latest quarter, driven by notable revenue growth. The increase in product revenue can be attributed to successful product launches, expanded market penetration, and increased customer demand. The company's service and other revenue also experienced significant growth, indicating successful diversification of revenue streams. Management highlighted the successful execution of their sales and marketing strategies, as well as the continued adoption of their innovative products and services by customers.

Challenges

Despite the overall positive performance, AKYA Biosciences faced certain challenges in the latest quarter. The company reported higher operating expenses, particularly in selling, general, and administrative (SG&A) costs. SG&A expenses amounted to $19.02 million, which remained relatively stable compared to the previous year. Additionally, research and development expenses increased slightly to $5.17 million. These higher expenses may impact the company's profitability and require careful cost management in the future.

Noteworthy

One noteworthy aspect of AKYA Biosciences' performance in the latest quarter is the significant increase in gross profit. The company achieved a gross profit of $15.28 million, representing a robust growth of 40.1% compared to the same period last year. This improvement in gross profit margin can be attributed to effective cost management and increased economies of scale. Additionally, the company reported a change in fair value of contingent consideration, resulting in a gain of $262,000. This gain contributed positively to the overall financial performance.

Summary

AKYA Biosciences delivered a strong financial performance in the latest quarter, driven by substantial revenue growth. The company experienced significant increases in both product revenue and service and other revenue, indicating successful market penetration and customer adoption. Despite higher operating expenses, AKYA Biosciences managed to achieve a notable increase in gross profit. The company's ability to execute its sales and marketing strategies, as well as its focus on innovation, positions it well for future growth. However, careful cost management will be essential to maintain profitability in the face of rising expenses. Overall, AKYA Biosciences' latest quarter performance showcases its potential for continued success in the biotechnology industry.

Source documents

Form 10-Q  filed on Nov 08, 2023
11 pages scanned

Reference data

Company financials Q3 revenue 26.5M
Analyst estimates Q3 EPS missed by -39.29%
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