On Tuesday, JPMorgan issued a rating change for Akoya Biosciences Inc (NASDAQ: AKYA), downgrading the stock from Overweight to Neutral. The shift in outlook came after the company reported its second-quarter earnings and adjusted its revenue guidance for 2024.
Akoya disclosed a second-quarter revenue of $23.2 million, which was close to the market's projection of $23.6 million. This performance was supported by the addition of 51 instruments to its installed base, which now totals 1,264, marking a 4% increase quarter over quarter.
However, the company has revised its revenue forecast for 2024 to a range of $96-104 million, down from the previous guidance of $104-112 million, and below the consensus estimate of $103 million.
Despite the adjusted revenue outlook, Akoya maintains its target to achieve operating cash-flow breakeven by the end of 2024 and now anticipates reaching adjusted EBITDA positivity by the same timeframe.
The company's quarterly results met expectations with a robust instrument performance, but this marks the second consecutive quarter where Akoya has had to lower its revenue guidance due to persistent macroeconomic pressures and a slower-than-expected recovery.
The firm noted that although Akoya continues to be a leader in spatial technology, the visibility into the company's business is currently hindered by the economic environment which is affecting customers' capital budgets.
JPMorgan also indicated a desire for clearer evidence of sustained growth following Akoya's recent restructuring efforts, which have included a 35% reduction in workforce year-to-date in comparison to the end of 2023, before taking a more optimistic stance on the stock.
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