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

    Source: Nasdaq GlobeNewswire / 08 Nov 2023 16:00:00   America/New_York

    Q3 2023 revenue $25.2 million, 34% y/y growth
    Reiterating FY 2023 revenue guidance range of $95-98 million

    MARLBOROUGH, Mass., Nov. 08, 2023 (GLOBE NEWSWIRE) -- Akoya Biosciences, Inc. (Nasdaq: AKYA) (“Akoya”), The Spatial Biology Company®, today announced its financial results for the third quarter ending September 30, 2023.

    "Akoya delivered strong financial performance in the third quarter with another record revenue quarter while maintaining operating expenses at a steady or reduced level, solidifying the path towards achieving positive cash flow," explained Brian McKelligon, Chief Executive Officer of Akoya Biosciences. "We are executing on our plan to improve workflow throughput, with the ongoing 2.0 instrument field upgrades across the industry's largest installed base and by expanding our menu of ready-to-use panels. Akoya is strategically positioned to scale spatial biology by setting the standard in the industry."

    Third Quarter 2023 Financial Highlights

    • Total revenue was $25.2 million in the third quarter of 2023, compared to $18.9 million in the prior year period; an increase of 34%.
    • Product revenue (which includes instruments, reagents, and software) was $18.0 million in the third quarter of 2023, compared to $14.4 million in the prior year period; an increase of 25%.
      • Instrument revenue was $12.0 million, compared to $9.5 million in the prior year period; an increase of 27%.
      • Reagent revenue was $5.7 million, compared to $4.7 million in the prior year period; an increase of 21%.
    • Service and other revenue totaled $7.2 million in the third quarter of 2023, compared to $4.4 million in the prior year period; an increase of 62%.
    • Gross profit was $15.3 million in the third quarter of 2023, compared to $10.9 million in the prior year period; an increase of 40%.
      • Gross profit margin was 60.6% in the third quarter of 2023, compared to 57.9% in the prior year period.
    • $78.6 million of cash and cash equivalents as of September 30, 2023, with $11.3 million in additional debt capacity.

    Third Quarter 2023 Business Highlights

    • 69 instruments were sold in the third quarter of 2023: 27 PhenoCyclers, 42 PhenoImagers (which includes Fusion and HT), compared to 55 instruments sold in the prior year period (17 PhenoCyclers, 38 PhenoImagers).
    • Instrument installed base of 1,132 as of September 30, 2023 (327 PhenoCyclers, 805 PhenoImagers), compared to an installed base of 863 in the prior year period (229 PhenoCyclers, 634 PhenoImagers); an increase of 31%.
      • Combined-unit PhenoCycler-Fusion installed base of 186 as of September 30, 2023, compared to 72 in the prior year period.
    • 1,070 total publications citing Akoya’s technology as of September 30, 2023, compared to 691 total publications in the prior year period: an increase of 55%.
    • The University of Queensland and Akoya Biosciences have comprehensively mapped the spatial proteome of head and neck squamous cell carcinoma (HNSCC) using ultrahigh-plex phenotyping (100+ protein biomarkers) on the PhenoCycler-Fusion, as published in an article in the inaugural issue of GEN Biotechnology.
    • Ongoing Fusion 2.0 and HT 2.0 field upgrades with rolling launch of new ready-to-use PhenoCode Panels.

    YTD 2023 Financial and Business Highlights

    • Total revenue was $70.1 million YTD as of September 30, 2023, compared to $53.6 million in the prior year period; an increase of 31%.
    • Product revenue was $50.7 million YTD as of September 30, 2023, compared to $41.9 million in the prior year period; an increase of 21%.
    • Services and other revenue totaled $19.4 million YTD as of September 30, 2023, compared to $11.7 million in the prior year period; an increase of 66%.
    • Gross profit was $39.7 million YTD as of September 30, 2023, compared to $31.3 million in the prior year period and gross profit margin was 56.6% YTD as of September 30, 2023, compared to 58.4% in the prior year period.
    • 198 instruments were sold YTD as of September 30, 2023; 73 PhenoCyclers, 125 PhenoImagers, compared to 166 instruments sold in the prior year period; an increase of 19%.

    2023 Financial Outlook

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

    Webcast and Conference Call Details

    Akoya will host a conference call today, November 8, 2023, at 5:00 p.m. Eastern Time to discuss its third 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)
             
      September 30, 2023 December 31, 2022
    Assets        
    Current assets        
    Cash and cash equivalents $ 78,595  $ 74,229 
    Marketable securities   —    6,989 
    Accounts receivable, net   16,096    9,729 
    Inventories, net   18,752    14,486 
    Prepaid expenses and other current assets   3,505    6,764 
    Total current assets   116,948    112,197 
    Property and equipment, net   10,843    10,174 
    Demo inventory, net   1,305    2,084 
    Intangible assets, net   18,123    20,048 
    Goodwill   18,262    18,262 
    Operating lease right of use assets, net   9,003    10,785 
    Financing lease right of use assets, net   1,776    1,490 
    Other non-current assets   984    991 
    Total assets $ 177,244  $ 176,031 
    Liabilities and Stockholders’ Equity        
    Current liabilities        
    Accounts payable, accrued expenses and other current liabilities $ 25,084  $ 27,147 
    Current portion of operating lease liabilities   2,790    3,009 
    Current portion of financing lease liabilities   799    620 
    Deferred revenue   6,850    6,279 
    Total current liabilities   35,523    37,055 
    Deferred revenue, net of current portion   2,782    2,114 
    Long-term debt, net   63,818    63,277 
    Contingent consideration liability, net of current portion   5,255    6,039 
    Operating lease liabilities, net of current portion   6,752    8,203 
    Financing lease liabilities, net of current portion   914    675 
    Other long-term liabilities   227    87 
    Total liabilities   115,271    117,450 
    Total stockholders' equity   61,973    58,581 
    Total liabilities and stockholders' equity $ 177,244  $ 176,031 


    AKOYA BIOSCIENCES, INC. AND SUBSIDIARY
    Consolidated Statements of Operations (unaudited)
    (in thousands, except share and per share amounts)
                 
      Three months ended  Nine months ended
      September 30,  September 30,  September 30,  September 30, 
      2023  2022  2023  2022 
    Revenue:            
    Product revenue $ 18,048  $ 14,438  $ 50,719  $ 41,942 
    Service and other revenue   7,167    4,414    19,427    11,698 
    Total revenue   25,215    18,852    70,146    53,640 
    Cost of goods sold:            
    Cost of product revenue   6,208    5,455    19,747    14,733 
    Cost of service and other revenue   3,731    2,490    10,714    7,563 
    Total cost of goods sold   9,939    7,945    30,461    22,296 
    Gross profit   15,276    10,907    39,685    31,344 
    Operating expenses:            
    Selling, general and administrative   19,017    19,922    63,483    58,705 
    Research and development   5,173    5,466    17,219    16,778 
    Change in fair value of contingent consideration   262    357    1,019    (599)
    Depreciation and amortization   2,375    1,815    6,193    4,975 
    Total operating expenses   26,827    27,560    87,914    79,859 
    Loss from operations   (11,551)   (16,653)   (48,229)   (48,515)
    Other income (expense):            
    Interest expense   (2,239)   (1,109)   (6,468)   (2,707)
    Interest income   1,074    136    2,576    212 
    Other expense, net   (185)   (225)   (338)   (607)
    Loss before provision for income taxes   (12,901)   (17,851)   (52,459)   (51,617)
    Provision for income taxes   (15)   (21)   (62)   (149)
    Net loss $ (12,916) $ (17,872) $ (52,521) $ (51,766)
    Net loss per share attributable to common stockholders, basic and diluted $ (0.26) $ (0.47) $ (1.23) $ (1.37)
    Weighted-average shares outstanding, basic and diluted   48,975,432    37,900,821    42,686,065    37,660,814 


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