On November 8, 2021 Akoya Biosciences, Inc. (Nasdaq: AKYA) ("Akoya"), The Spatial Biology Company, reported its financial results for the third quarter ending September 30, 2021 (Press release, Akoya Biosciences, NOV 8, 2021, View Source [SID1234594696]).

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"Our strong performance in the third quarter shows that we have great momentum in all phases of our business," said Brian McKelligon, Chief Executive Officer, Akoya Biosciences. "We generated strong quarterly revenue, and with over 650 installed instruments worldwide, we are a leader in the fast-growing spatial biology market. We continue to see robust growth and interest in our platforms from discovery to translational and clinical research. We also made key additions to our management team and Board of Directors, as we continue to attract industry leaders to help drive our business forward. Expansion in our commercial and R&D organizations will help drive product development and growth, while CLIA certification for our ABS lab, which is expected before year-end, will enhance our ability to support larger and later stage clinical trials."

Third Quarter Financial Highlights

Total revenue was $13.5 million in the third quarter of 2021, compared to $10.0 million in the prior year period; an increase of 35%.
Product revenue was $10.9 million in the third quarter of 2021, compared to $7.9 million in the prior year period; an increase of 38%.
Services and other revenue totaled $2.6 million in the third quarter of 2021, compared to $2.1 million in the prior year period.
Gross profit was $8.5 million in the third quarter of 2021, compared to $6.0 million in the prior year period; an increase of 42% and gross profit margin was 62.7% for the current quarter.
33 instruments were sold in the third quarter of 2021; 16 CODEX, 17 Phenoptics (includes Polaris, Vectra, and Mantra).
Instrument installed base of 651 as of September 30, 2021; CODEX 161, Phenoptics 490.
Year to date Financial Highlights

Total revenue was $38.8 million YTD, compared to $29.5 million in the prior year period; an increase of 31%.
Product revenue was $31.6 million YTD, compared to $23.0 million in the prior year period; an increase of 37%.
Services and other revenue totaled $7.2 million YTD, compared to $6.6 million in the prior year period.
Gross profit was $24.0 million YTD, compared to $18.0 million in the prior year period; an increase of 33% and gross profit margin was 61.9%.
101 instruments were sold YTD; 49 CODEX, 52 Phenoptics (includes Polaris, Vectra, and Mantra).
Third Quarter Business Highlights

$13.5 million for the third quarter of 2021 is the highest quarterly revenue number in Akoya history.
As of September 30, 2021, through the first nine months of the year, there have been 192 publications featuring the Akoya platform, compared with 109 for calendar year 2020.
Announced the inaugural members of the Akoya Imaging Innovators (I2) Network, a collaboration of pioneering scientists from world-class research organizations, with ambitions to advance the field of spatial biology by exploring novel approaches using Akoya’s CODEX platform for single-cell spatial phenotyping and analysis.
Appointment of Myla Lai-Goldman, MD to our Board of Directors, a visionary and seasoned executive in the diagnostics industry with over 30 years of leadership experience in diagnostic research and development, as well as commercialization, at innovative organizations.
Appointment of Pascal Bamford, PhD as Executive Vice President of R&D, a pioneer in genomic clinical and diagnostic testing who brings deep scientific and operational experience leading teams in developing and implementing successful innovative digital pathology products and cloud-based analysis platforms.
$120.2 million of cash and cash equivalents as of September 30, 2021, providing for sufficient runway to make key investments in the business.
2021 Guidance

Akoya expects fourth quarter revenue of at least $15 million, and full year revenue of at least $53.8 million. Full year guidance has been increased from the prior guidance which had a range of $52.5 million to $53.0 million.

Webcast and Conference Call Details

Akoya will host a conference call today, November 8, 2021, at 5:00 p.m. Eastern Time to discuss its third quarter 2021 financial results. The dial-in numbers are (833) 562-0146 for domestic callers or (661) 567-1226 for international callers, followed by Conference ID: 6875504. A live webcast of the conference call will be available on the "Investors" section of the Company’s website at View Source The webcast will be archived on the website following the completion of the call for three months.