Akoya Biosciences Shares Jump on 2024 Outlook, Thermo Fisher Deal

By Dean Seal

Shares of Akoya Biosciences rose after the company provided its 2024 outlook, gave preliminary fourth-quarter expectations and announced an agreement with Thermo Fisher Scientific.

The stock was up 20% at $5.20 in Monday trading. Shares traded at $9.93 a year ago.

The spatial biology company it expects full-year revenue to grow more than 20% in 2024 and for projects to achieve cash flow breakeven by the end of the year.

For the fourth quarter of 2023, the company expects revenue to be $25.5 million to $26.5 million, up from $21.2 million in the year-ago quarter and in line with analyst expectations.

Akyoya said it has signed a license and distribution agreement with Thermo Fisher allowing it to market the combination of Akoya's spatial biology solutions with the Thermo Fisher ViewRNA in situ hybridization assays for detecting protein and RNA biomarkers in tissue samples.

The agreement should facilitate a streamlined workflow for whole-slide, multiomic imaging, with protein and RNA biomarkers playing complementary roles in defining cell phenotypes and cell states, the company said.

Write to Dean Seal at [e-mail]

(END) Dow Jones Newswires

January 08, 2024 15:42 ET (20:42 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.