Akoya Biosciences, Inc. (AKYA) | Investment Case

1. Company Snapshot

1.a. Company Description

Akoya Biosciences, Inc., a life sciences technology company, provides spatial biology solutions focused on transforming discovery and clinical research in North America, the Asia Pacific, Europe, the Middle East, and Africa.The company offers PhenoCycler instrument, a compact bench-top fluidics system that integrates with a companion microscope to automate image acquisition; and PhenoImager platform that enables researchers to visualize, analyze, quantify, and phenotype cells in situ, in fresh frozen or FFPE tissue sections, and tissue microarrays utilizing an automated and high-throughput workflow.It also provides PhenoCycler and PhenoImager reagents; and biopharma services.

In addition, the company offers Proxima, a cloud-based platform to store, analyze, and share spatial data; inForm Tissue, an automated image analysis software package for accurately visualizing and quantifying biomarkers in tissue sections; Phenoptr, which provides functions that consolidate and analyze output tables created by inForm software; and phenoptrReports, a software that generates shareable reports and visualizations based on the phenoptr output in an intuitive front-end GUI.The company was incorporated in 2015 and is headquartered in Marlborough, Massachusetts.

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1.b. Last Insights on AKYA

Akoya Biosciences' recent performance was negatively driven by a series of challenges, including a Q1 loss of $0.32 per share, which missed revenue estimates. The company's proposed merger with Quanterix Corporation has been met with opposition from significant shareholders, including Kent Lake and Tikvah Management, who have expressed concerns over the terms of the deal. Additionally, the company's recent earnings release highlighted a decline in revenue and a widening loss per share.

1.c. Company Highlights

Last Price	1.29
Change Percentage	-5.15%
Open	1.29
Previous Close	1.36
Market Cap ( Millions)	64
Volume	715252
Year High	3.42
Year Low	0.93
M A 50	1.22
M A 200	2.04

FCF Yield	-50.19%
Dividend Yield	0.00%
ROE	-505.83%
Debt / Equity	-1421.68%
Net Debt / EBIDTA	-199.33%
Price To Book	-10.88
Price Earnings Ratio	-1.35
Price To FCF	-1.99
Price To sales	0.81
EV / EBITDA	-4.02

2. Transcript Summary

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3. NewsRoom

AKOYA BIOSCIENCES INVESTOR ALERT BY THE FORMER ATTORNEY GENERAL OF LOUISIANA: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Akoya Biosciences, Inc. - AKYA

Jun -20

Source: prnewswire.com

Kent Lake Responds to Quanterix's Post-Effective Amendment and Akoya's Superior $1.40-per-Share Alternative Proposal

May -23

Source: prnewswire.com

Akoya Biosciences (AKYA) Reports Q1 Loss, Misses Revenue Estimates

May -12

Source: zacks.com

Akoya Biosciences Reports First Quarter 2025 Financial Results

May -12

Source: globenewswire.com

Quanterix and Akoya Biosciences Announce Amended Merger Agreement

Apr -29

Source: businesswire.com

Akoya Biosciences Expands Biopharma Service Portfolio with New ADC Breast Cancer Assay and Real-world IO60 Insights at AACR 2025

Apr -24

Source: globenewswire.com

Akoya Biosciences and Enable Medicine Launch the Largest Commercially Available Single-Cell Spatial Proteomics Atlas

Apr -24

Source: globenewswire.com

Akoya Biosciences and Singapore Translational Cancer Consortium (STCC) Partner on SUPER Study Designed to Advance Cancer Immunophenotyping for Patients in Singapore

Apr -23

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.23%)

6. Segments

Instruments

Expected Growth: 12%

Akoya Biosciences' 12% growth is driven by increasing adoption of its spatial biology instruments, particularly in the pharmaceutical and biotech industries. Growing demand for precision medicine, advancements in single-cell analysis, and expansion into new markets also contribute to the company's growth.

Service and Other

Expected Growth: 11%

Akoya Biosciences' 11% growth in Service and Other segment is driven by increasing adoption of its spatial biology solutions, expansion of its customer base, and growing demand for its proprietary imaging and analysis services. Additionally, strategic partnerships and collaborations are contributing to revenue growth, as well as the company's ability to provide customized solutions to its clients.

Consumables

Expected Growth: 14%

Akoya Biosciences' Consumables segment growth of 14% is driven by increasing adoption of spatial biology platforms, rising demand for precision medicine, and growing research in immuno-oncology. Additionally, expanding partnerships with biopharma companies and academic institutions, as well as the launch of new products, contribute to the segment's growth.

Standalone Software

Expected Growth: 15%

Akoya Biosciences' Standalone Software growth is driven by increasing adoption in research and clinical settings, fueled by advancements in spatial biology and multiplexed imaging. Growing demand for precision medicine, rising investments in life sciences, and expanding applications in oncology and immunology also contribute to the 15% growth.

7. Detailed Products

PhenoCode

A comprehensive, high-dimensional biomarker discovery platform that enables researchers to identify and validate novel biomarkers for cancer and other diseases.

CODEX

A high-dimensional imaging platform that enables researchers to visualize and analyze multiple biomarkers in tissue samples, providing a comprehensive understanding of tissue biology.

PhenoImager

A high-resolution, high-throughput imaging platform that enables researchers to visualize and analyze tissue samples at the single-cell level.

PhenoPlex

A high-dimensional biomarker analysis platform that enables researchers to analyze multiple biomarkers in a single assay, providing a comprehensive understanding of biological systems.

Spatial Biology Solutions

A suite of products and services that enable researchers to analyze and understand the spatial distribution of biomarkers in tissue samples.

8. Akoya Biosciences, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Akoya Biosciences, Inc. operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the evolving nature of the biotechnology industry.

Bargaining Power Of Customers

Akoya Biosciences, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are highly specialized, making it difficult for customers to switch to alternative suppliers.

Bargaining Power Of Suppliers

Akoya Biosciences, Inc. relies on a few key suppliers for critical components, which gives them some bargaining power. However, the company's strong relationships with suppliers and its ability to negotiate contracts mitigate this risk.

Threat Of New Entrants

The biotechnology industry has high barriers to entry, including significant capital requirements and regulatory hurdles. This makes it difficult for new entrants to compete with established players like Akoya Biosciences, Inc.

Intensity Of Rivalry

The biotechnology industry is highly competitive, with many established players competing for market share. Akoya Biosciences, Inc. must continually innovate and differentiate its products to maintain its market position.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	59.41%
Debt Cost	10.22%
Equity Weight	40.59%
Equity Cost	11.55%
WACC	10.76%
Leverage	146.37%

11. Quality Control: Akoya Biosciences, Inc. passed 3 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Koru Medical Systems

A-Score: 4.5/10

Value: 6.4

Growth: 3.4

Quality: 4.8

Yield: 0.0

Momentum: 9.5

Volatility: 2.7

1-Year Total Return ->

Singular Genomics Systems

A-Score: 4.3/10

Value: 7.8

Growth: 3.2

Quality: 3.4

Yield: 0.0

Momentum: 8.0

Volatility: 3.3

1-Year Total Return ->

Akoya Biosciences

A-Score: 3.3/10

Value: 9.6

Growth: 2.8

Quality: 4.8

Yield: 0.0

Momentum: 0.5

Volatility: 2.0

1-Year Total Return ->

Femasys

A-Score: 2.7/10

Value: 6.0

Growth: 2.8

Quality: 3.1

Yield: 0.0

Momentum: 4.0

Volatility: 0.3

1-Year Total Return ->

Milestone Scientific

A-Score: 2.5/10

Value: 6.6

Growth: 3.2

Quality: 4.3

Yield: 0.0

Momentum: 0.0

Volatility: 1.0

1-Year Total Return ->

Harvard Bioscience

A-Score: 2.2/10

Value: 9.2

Growth: 1.1

Quality: 2.6

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

17.72%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

10.76%

Akoya Biosciences, Inc. - US00974H1041

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on AKYA

1.c. Company Highlights

Average Quality

Fairly Valued

Average Growth

Earnings Miss

Revenues Miss

Weak Momentum

Earnings Beats

Stable Momentum

Cheaper

Medium Volatility

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.23%)

6. Segments

Instruments

Expected Growth: 12%

Service and Other

Expected Growth: 11%

Consumables

Expected Growth: 14%

Standalone Software

Expected Growth: 15%

7. Detailed Products

PhenoCode

CODEX

PhenoImager

PhenoPlex

Spatial Biology Solutions

8. Akoya Biosciences, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Akoya Biosciences, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.29$

Current Price

1.29$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA