Akoya Biosciences, Inc. announced its financial results for the first quarter ending March 31, 2025, on May 12, 2025, reporting total revenue of $16.639 million. This represents a 9% decrease compared to $18.350 million in Q1 2024, primarily driven by a 26% decrease in Service and Other revenue.
Despite the revenue decline, the company's gross profit increased by 18% to $9.871 million, resulting in a gross margin of 59%. This improvement was largely due to a $2.0 million inventory write-off in Q1 2024 and benefits from operational efficiencies. Operating expenses decreased significantly by 22% to $23.283 million, leading to a narrowed loss from operations of $13.412 million and a net loss of $15.652 million.
A critical development announced on the same day was an amendment with Midcap Financial Trust, which waived existing events of default as of March 31, 2025, and amended certain financial covenants. This action brought the company back into compliance, addressing the classification of its $76.487 million Midcap Trust Term Loan as a current liability and mitigating substantial doubt about its ability to continue as a going concern.
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