• Akoya Reports Record Revenue in the First Quarter of 2023 and Reiterates Full Year 2023 Revenue Guidance

    Source: Nasdaq GlobeNewswire / 08 May 2023 16:05:08   America/New_York

    Q1 2023 revenue $21.4 million, 27% y/y growth
    Reiterating FY 2023 revenue guidance range of $95-98 million

    MARLBOROUGH, Mass., May 08, 2023 (GLOBE NEWSWIRE) -- Akoya Biosciences, Inc. (Nasdaq: AKYA) (“Akoya”), The Spatial Biology Company®, today announced its financial results for the first quarter ending March 31, 2023.

    “Akoya started the year strong, highlighted by record quarterly revenue and our 1000th spatial instrument placement in April, the largest installed base in the rapidly growing spatial biology industry,” said Brian McKelligon, Chief Executive Officer, Akoya Biosciences. “We continue to see robust growth and rising interest in our platforms across the discovery, translational, and clinical markets, as well as strong traction with our new product offerings. Our targeted investments in product development, commercial expansion, and business infrastructure have positioned us well to continue to drive long-term growth, while moving towards business profitability.”

    First Quarter 2023 Financial Highlights

    • Total revenue was $21.4 million in the first quarter of 2023, compared to $16.9 million in the prior year period; an increase of 26.6%.
    • Product revenue (which includes instruments, reagents, and software) was $15.5 million in the first quarter of 2023, compared to $13.3 million in the prior year period; an increase of 16.5%.
      • Instrument revenue was $9.6 million, compared to $8.5 million; an increase of 12.9%.
      • Reagent revenue was $5.7 million, compared to $4.6 million; an increase of 23.9%.
    • Service and other revenue totaled $5.9 million in the first quarter of 2023, compared to $3.6 million in the prior year period; an increase of 63.9%.
    • Gross profit was $12.3 million and gross profit margin was 57.4% in the first quarter of 2023.
    • 58 instruments were sold in the first quarter of 2023; 19 PhenoCyclers, 39 PhenoImagers (which includes Fusion and HT); compared to 51 instruments sold in the prior year period (14 PhenoCyclers, 37 PhenoImagers).
    • Instrument installed base of 992 as of March 31, 2023 (273 PhenoCyclers, 719 PhenoImagers); compared to an installed base of 748 in the prior year period (196 PhenoCyclers, 552 PhenoImagers); an increase of 33%.
    • Combined-unit PhenoCycler-Fusion installed base of 128 as of March 31, 2023; compared to 23 in the prior year period.
    • $60.2 million of cash and cash equivalents as of March 31, 2023, with $11.3 million in additional debt capacity.

    First Quarter 2023 Business Highlights

    2023 Financial Outlook

    The Company, based on its current plans and initiatives, continues to expect full year 2023 revenue guidance range of $95-98 million.

    Webcast and Conference Call Details

    Akoya will host a conference call today, May 8, 2023, at 5:00 p.m. Eastern Time to discuss its first quarter 2023 financial results. Investors interested in listening to the conference call are required to register online. A live webcast of the conference call will be available on the “Investors” section of the Company's website at https://investors.akoyabio.com/. The webcast will be archived on the website following the completion of the call for three months.

    Forward-Looking Statements

    This press release contains forward-looking statements that are based on management’s beliefs and assumptions and on information currently available to management. All statements contained in this release other than statements of historical fact are forward-looking statements, including expectations regarding our ability to market and sell our PhenoCycler and PhenoImager platforms and our other products and services, our ability to increase awareness of spatial biology technology, our ability to execute on our plans and expectations, our research and development efforts and other matters regarding our business strategies, future performance, use of capital, results of operations and financial position and plans and objectives for future operations.

    In some cases, you can identify forward-looking statements by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this press release represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law.

    About Akoya Biosciences

    As The Spatial Biology Company®, Akoya Biosciences’ mission is to bring context to the world of biology and human health through the power of spatial phenotyping. The Company offers comprehensive single-cell imaging solutions that allow researchers to phenotype cells with spatial context and visualize how they organize and interact to influence disease progression and response to therapy. Akoya offers a full continuum of spatial phenotyping solutions to serve the diverse needs of researchers across discovery, translational and clinical research: PhenoCode™ Panels and PhenoCycler®, PhenoImager® Fusion and PhenoImager HT Instruments. To learn more about Akoya, visit www.akoyabio.com.

    Investor Contact:

    Priyam Shah
    Sr. Director, Investor Relations
    Akoya Biosciences
    investors@akoyabio.com 

    Media Contact:

    Christine Quern
    617-650-8497
    media@akoyabio.com 


    AKOYA BIOSCIENCES, INC. AND SUBSIDIARY
    Condensed Consolidated Balance Sheets (unaudited)
    (in thousands)

           
         March 31, 2023    December 31, 2022
    Assets        
    Current assets      
    Cash and cash equivalents $ 60,247 $ 74,229
    Marketable securities   —   6,989
    Accounts receivable, net   12,943   9,729
    Inventories, net   14,507   14,486
    Prepaid expenses and other current assets   3,977   6,764
    Total current assets   91,674   112,197
    Property and equipment, net   10,425   10,174
    Demo inventory, net   1,967   2,084
    Intangible assets, net   19,496   20,048
    Goodwill   18,262   18,262
    Operating lease right of use assets, net   10,187   10,785
    Financing lease right of use assets, net   1,290   1,490
    Other non-current assets   996   991
    Total assets $ 154,297 $ 176,031
    Liabilities and Stockholders’ Equity      
    Current liabilities      
    Accounts payable, accrued expenses and other current liabilities $ 22,983 $ 27,147
    Current portion of operating lease liabilities   2,975   3,009
    Current portion of financing lease liabilities   608   620
    Deferred revenue   6,657   6,279
    Total current liabilities   33,223   37,055
    Deferred revenue, net of current portion   2,545   2,114
    Long-term debt, net   63,455   63,277
    Contingent consideration liability, net of current portion   4,626   6,039
    Operating lease liabilities, net of current portion   7,698   8,203
    Financing lease liabilities, net of current portion   539   675
    Other long-term liabilities   87   87
    Total liabilities   112,173   117,450
    Total stockholders' equity   42,124   58,581
    Total liabilities and stockholders' equity $ 154,297 $ 176,031
     

    AKOYA BIOSCIENCES, INC. AND SUBSIDIARY
    Consolidated Statements of Operations (unaudited)
    (in thousands, except share and per share amounts)

           
      Three months ended
      March 31,  March 31, 
         2023    2022
    Revenue:        
    Product revenue $ 15,524  $ 13,343 
    Service and other revenue   5,886    3,551 
    Total revenue   21,410    16,894 
    Cost of goods sold:        
    Cost of product revenue   5,751    4,080 
    Cost of service and other revenue   3,366    2,718 
    Total cost of goods sold   9,117    6,798 
    Gross profit   12,293    10,096 
    Operating expenses:        
    Selling, general and administrative   21,758    18,193 
    Research and development   5,773    5,714 
    Change in fair value of contingent consideration   227    200 
    Depreciation and amortization   1,971    1,543 
    Total operating expenses   29,729    25,650 
    Loss from operations   (17,436)   (15,554)
    Other income (expense):        
    Interest expense   (2,054)   (749)
    Interest income   765    22 
    Other expense, net   (48)   (96)
    Loss before provision for income taxes   (18,773)   (16,377)
    Provision for income taxes   (29)   (22)
    Net loss $ (18,802) $ (16,399)
    Net loss per share attributable to common stockholders, basic and diluted $ (0.49) $ (0.44)
    Weighted-average shares outstanding, basic and diluted   38,326,024    37,464,496 


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