Akoya Reports Record Revenue in the First Quarter of 2023 and Reiterates Full Year 2023 Revenue Guidance
May 08 2023 - 4:05PM
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
- As of March 31, 2023, there have been 860 total publications
featuring Akoya’s platforms; 62% growth from 530 total publications
as of March 31, 2022.
- Akoya shipped its 1000th instrument in April, a major milestone
for the company and the largest installed base in the spatial
biology industry.
- At the 2023 American Association of Cancer Research (AACR)
conference held from April 16-19, Akoya launched two new commercial
product offerings, including the high-plex modular PhenoCode
Discovery Panels on the PhenoCycler-Fusion platform, to further
increase speed and simplicity of the workflow, and the partnered
Enable Medicine Cloud Platform, for enhanced and rapid data
analysis of high-plex images, with the potential to improve
outcomes in both clinical and research settings.
- Johnny Ek appointed as new Chief Financial Officer, who brings
more than 20 years of financial leadership experience across the
diagnostics and life sciences tools industries, and Joe Driscoll
has retired after more than four successful years as Chief
Financial Officer.
- Jennifer Kamocsay appointed as Akoya’s first General Counsel,
who brings over a decade of experience as a corporate and M&A
attorney, to oversee all company legal activities and provide
strategic guidance and corporate governance oversight.
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 ShahSr. Director, Investor RelationsAkoya
Biosciencesinvestors@akoyabio.com
Media Contact:
Christine
Quern617-650-8497media@akoyabio.com
AKOYA BIOSCIENCES, INC. AND
SUBSIDIARYCondensed 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
SUBSIDIARYConsolidated 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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