By Dean Seal
Shares of Akoya Biosciences tumbled after the company cut its full-year revenue outlook and said it was considering strategic alternatives.
The stock was down 21% at $2.46 in premarket trading. Shares had already fallen 36% year-to-date when the market closed Thursday.
The maker of platforms for spatial phenotyping said after yesterday's bell that it now expects $80 million to $85 million in revenue this year, rather than $96 million to $104 million as previously forecast.
The company said the revision was driven by "persistent macro challenges" during the year and that it is actively looking at a range of strategic alternatives.
In its third quarter, revenue fell 25% to $18.8 million. Analysts polled by FactSet had been expecting a slight uptick in revenue to $25.3 million.
The shortfall was largely due to ongoing constraints in spending on capital equipment in the market for life science tools, Chief Executive Brian McKelligon said.
The company's quarterly loss narrowed to $10.5 million, or 21 cents a share, compared with $12.9 million, or 26 cents a share, a year ago.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
November 15, 2024 08:22 ET (13:22 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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