Akoya Reports Record Revenue in the Fourth Quarter of 2022 and Provides Full Year 2023 Revenue Guidance

Q4 2022 revenue $21.2 million and FY 2022 revenue $74.9 million
FY 2023 revenue guidance range $95-98 million

MARLBOROUGH, Mass., March 06, 2023 (GLOBE NEWSWIRE) -- Akoya Biosciences Inc. (Nasdaq: AKYA) (“Akoya”), The Spatial Biology Company®, today announced its financial results for the fourth quarter and full year ending December 31, 2022.

“Akoya’s strong performance in 2022 is a reflection of the robust demand for our leading spatial biology solutions, our thoughtful consideration of market requirements, and sound execution of our financial and strategic plan,” said Brian McKelligon, Chief Executive Officer, Akoya Biosciences. “The accelerating adoption of our solutions enabled record setting revenues quarter over quarter throughout the year. We grew our installed base to 934 instruments by year end 2022 and expanded our reagent and analysis tool offerings, to deliver the fastest, simplest, and most flexible spatial biology platform in the market. Furthermore, we made significant progress towards the clinic, where we have a first-mover advantage, by securing biopharma CDx and IVD workflow partnerships, strengthening Akoya’s position within the largest spatial biology market segment.”

Fourth Quarter 2022 Financial Highlights

  • Total revenue was $21.2 million in the fourth quarter of 2022, compared to $16.2 million in the prior year period; an increase of 31%.
  • Product revenue was $15.7 million in the fourth quarter of 2022, compared to $12.9 million in the prior year period; an increase of 22%.
  • Services and other revenue totaled $5.5 million in the fourth quarter of 2022, compared to $3.2 million in the prior year period; an increase of 70%.
  • Gross profit was $12.0 million and gross profit margin was 57% in the fourth quarter of 2022.
  • 71 instruments were sold in the fourth quarter of 2022; 25 PhenoCyclers, 46 PhenoImagers (which includes Fusion and HT); compared to 46 instruments sold in the prior year period (21 PhenoCyclers, 25 PhenoImagers); an increase of 54%.
  • Instrument installed base of 934 as of December 31, 2022; 254 PhenoCyclers, 680 PhenoImagers.
  • Combined-unit PhenoCycler-Fusion installed base of 105 as of December 31, 2022.
  • $81.2 million of cash, cash equivalents, and marketable securities as of December 31, 2022.

Full Year 2022 Financial Highlights

  • Total revenue was $74.9 million for the FY 2022 compared to $54.9 million in the prior year; an increase of 36%.
  • Product revenue was $57.7 million for the FY 2022, compared to $44.5 million in the prior year; an increase of 30%.
  • Services and other revenue totaled $17.2 million for the FY 2022, compared to $10.4 million in the prior year; an increase of 65%.
  • Gross profit was $43.4 million and gross profit margin was 58% for the FY 2022.
  • 237 instruments were sold throughout the FY 2022; 72 PhenoCyclers, 165 PhenoImagers (which includes Fusion, HT, and Mantra), compared to 147 instruments sold in the prior year; an increase of 61%.

Fourth Quarter 2022 Business Highlights

  • As of December 31, 2022, there have been 772 total publications featuring Akoya’s platform; 57% growth from 493 total publications as of December 31, 2021.
  • At the 2022 Society of Immunotherapy of Cancer (SITC) conference November 8-12, 2022, Akoya unveiled the PhenoCode Signature Panels on the PhenoImager instruments and will begin commercial launch of the first five signature IO panels during the first quarter of 2023.
  • As highlighted during the 2nd Annual Spatial Day, held virtually on December 15, 2022, Akoya will be launching a suite of solutions throughout 2023 including: PhenoCode Signature Panels for low to mid-plex translational and clinical research studies, PhenoCode Discovery Panels for high-plex protein and RNA discovery studies, ACD’s RNAscope for RNA biomarker validation, a multi-slide carrier upgrade on the PhenoCycler-Fusion to double throughput, and cutting-edge partnered software analysis tools.
  • At the 2023 Advances in Genome Biology and Technology (AGBT) conference February 6-9, 2023, Akoya presented results from a novel same-section study which showcased the benefits of high-speed imaging via the PhenoCycler-Fusion to simultaneously detect protein and RNA markers across 23 different tissue samples, demonstrating a first-of-its-kind robust and scalable multiomics dataset.
  • Announced a strategic partnership with Agilent to accelerate multi-plex tissue analysis adoption in the clinic with a combined end-to-end commercial workflow of reagents, staining, imaging, analysis and services for the benefit of biopharma and CROs to meet spatial diagnostic needs.

2023 Financial Outlook

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

Webcast and Conference Call Details

Akoya will host a conference call today, March 6, 2023, at 5:00 p.m. Eastern Time to discuss its fourth quarter and full year 2022 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 increase awareness of spatial biology technology, our research and development efforts and other matters regarding our business strategies, 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

Media Contact:

Christine Quern

Condensed Consolidated Balance Sheets (unaudited)
(in thousands)

  December 31, 2022   December 31, 2021
Current assets              
Cash and cash equivalents $ 74,229     $ 113,079  
Marketable securities   6,989        
Accounts receivable, net   9,729       9,444  
Inventories, net   14,486       9,014  
Prepaid expenses and other current assets   6,764       9,277  
Total current assets   112,197       140,814  
Property and equipment, net   10,174       7,487  
Demo inventory, net   2,084       2,548  
Intangible assets, net   20,048       21,150  
Goodwill   18,262       18,262  
Operating lease right of use assets, net   10,785        
Financing lease right of use assets, net   1,490        
Other non-current assets   991       646  
Total assets $ 176,031     $ 190,907  
Liabilities and Stockholders’ Equity              
Current liabilities              
Accounts payable, accrued expenses and other current liabilities $ 27,147     $ 23,198  
Current portion of operating lease liabilities   3,009        
Current portion of financing lease liabilities   620        
Deferred revenue   6,279       4,484  
Total current liabilities   37,055       27,682  
Deferred revenue, net of current portion   2,114       1,330  
Long-term debt, net   63,277       32,471  
Contingent consideration liability, net of current portion   6,039       7,850  
Operating lease liabilities, net of current portion   8,203        
Financing lease liabilities, net of current portion   675        
Other long-term liabilities   87       223  
Total liabilities   117,450       69,556  
Total stockholders' equity   58,581       121,351  
Total liabilities and stockholders' equity $ 176,031     $ 190,907  



Consolidated Statements of Operations (unaudited)
(in thousands, except share and per share amounts)

  Three months ended   Year ended
  December 31,   December 31,   December 31,   December 31,
    2022       2021       2022       2021  
Product revenue $ 15,708     $ 12,921     $ 57,650     $ 44,477  
Service and other revenue   5,511       3,237       17,209       10,440  
Total revenue   21,219       16,158       74,859       54,917  
Cost of goods sold:                      
Cost of product revenue   6,214       4,090       20,947       14,471  
Cost of service and other revenue   2,959       1,842       10,522       6,228  
Total cost of goods sold   9,173       5,932       31,469       20,699  
Gross profit   12,046       10,226       43,390       34,218  
Operating expenses:                      
Selling, general and administrative   20,948       19,046       79,653       51,016  
Research and development   6,433       5,563       23,211       15,701  
Change in fair value of contingent consideration   497       1,023       (102 )     2,073  
Depreciation and amortization   1,759       1,374       6,734       4,726  
Total operating expenses   29,637       27,006       109,496       73,516  
Loss from operations   (17,591 )     (16,780 )     (66,106 )     (39,298 )
Other income (expense):                      
Interest expense   (1,847 )     (844 )     (4,554 )     (3,115 )
Change in fair value of warrant liability                     (2,728 )
Gain on extinguishment of debt                     2,476  
Interest income   564       26       777       91  
Other expense, net   (27 )     (192 )     (635 )     (501 )
Loss before benefit (provision) for income taxes   (18,901 )     (17,790 )     (70,518 )     (43,075 )
Benefit (provision) for income taxes   26       117       (123 )     140  
Net loss $ (18,875 )   $ (17,673 )   $ (70,641 )   $ (42,935 )
Dividends accrued on redeemable convertible preferred stock                     (1,435 )
Adjusted net loss attributable to common stockholders   (18,875 )     (17,673 )     (70,641 )     (44,370 )
Net loss per share attributable to common stockholders, basic and diluted $ (0.50 )   $ (0.47 )   $ (1.87 )   $ (1.65 )
Weighted-average shares outstanding, basic and diluted   38,002,409       37,252,039       37,746,915       26,896,976  


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