Akoya Biosciences rises after license agreement with Thermo Fisher

Akoya Biosciences

08/01/2024 11:42

** Shares of spatial biology company Akoya Biosciences
 AKYA.O   rise 6.2% to $4.6 premarket 
    ** Co on Sunday announced a license and distribution
agreement with Thermo Fisher Scientific  TMO.N  to market its
lab devices to detect protein in tissue samples 
    ** The devices can measure both protein and RNA compounds,
which will help researchers better understand tumor progression
    ** Separately, co announced quarterly results; projected Q4
revenue to be in $25.5 mln-$26.5 mln, versus analysts' estimates
of ~26 mln 
    ** Expects 2023 cash and cash equivalents to be in $83-$85
mln range 
    ** Adds, based on current plans and initiatives, FY24
revenue will likely grow over 20%, with operating cash flow
breaking even by year end 
    ** Stock down 49% in 2023 

 (Reporting by Sneha  S K)
 ((Sneha.SK@thomsonreuters.com;))