On August 10, 2021 Akoya Biosciences, Inc. (Nasdaq: AKYA) ("Akoya"), The Spatial Biology Company, reported its financial results for the second quarter ending June 30, 2021 (Press release, Akoya Biosciences, AUG 10, 2021, View Source [SID1234586241]).
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Second Quarter Financial Highlights
Total revenue for the second quarter of 2021 was $13.1 million, as compared to $8.6 million in the second quarter of 2020, representing 53% growth.
Strong quarter of reagent sales, with $4.3 million of reagent revenue compared to $1.5 million in the second quarter of 2020.
Gross profit was $8.1 million in the second quarter of 2021, compared to $5.3 million in the second quarter of 2020, resulting in a gross profit margin of 62.2%, as compared to 61.6% in the prior year period.
Second Quarter Business Highlights
Continued growth in scientific publications related to our platforms: over 135 new publications in the first half of 2021, compared to 109 for all of 2020.
Announced seminal publications in Science from Johns Hopkins University describing a novel biomarker signature for response to immune checkpoint inhibitors in melanoma and a multi-institutional study in the Journal for ImmunoTherapy of Cancer highlighting the analytical robustness and clinical trial readiness of our Phenoptics platform.
Launched Advanced Biopharma Solutions (ABS) and a partnership with AstraZeneca delivering spatial biomarker-guided drug development and clinical trials services out of our Marlborough labs.
Announced the industry’s first Imaging Innovators (I2) Network to accelerate spatial phenotyping application innovation on CODEX, which is enabled by recently announced partnerships with leading microscopy providers ZEISS, Nikon, CrestOptics and Andor.
Appointed Scott Mendel to our board of directors, bringing 25 years of experience as one of the most accomplished executives in the diagnostics industry and a proven track record of transforming innovative technologies into clinical testing solutions.
"Akoya’s performance in the second quarter demonstrates the growth of spatial biology for discovery, translational and clinical research, as well as the continued adoption of our CODEX and Phenoptics solutions. Our dedicated team delivered strong financial results as well as exciting strategic initiatives, which position Akoya for continued growth and leadership in spatial biology," said Brian McKelligon, CEO of Akoya. "Our strong financial performance will continue to help us execute on our mission of delivering a revolutionary new class of spatially derived biomarkers that empower life sciences researchers to better understand disease and response to therapy."
Second Quarter Financial Results
Total revenue for the second quarter of 2021 was $13.1 million, compared to $8.6 million in the second quarter of 2020.
Product revenue was $10.7 million in the second quarter of 2021, compared to $6.2 million in the prior year period. Within product revenue, instrument revenue was $6.3 million in the second quarter of 2021, compared to $4.5 million in the second quarter of 2020. Reagent revenue was $4.3 million in the second quarter of 2021, compared to $1.5 million in the second quarter of 2020.
Services and other revenue totaled $2.4 million in the second quarter of 2021, as compared to $2.4 million in the second quarter of 2020.
We also monitor instruments sold and installed based as key performance indicators for our business:
- We sold 31 instruments in second quarter of 2021; 13 CODEX, 18 Phenoptics (includes Polaris, Vectra, and Mantra).
- Instrument installed base of 618 as of June 30, 2021; CODEX 145, Phenoptics 473.
2021 Guidance
We are refining our revenue guidance for full year 2021 from at least $52.0 million to a range of $52.5 to $53.0 million. The third quarter of 2021 is expected to have revenue growth of approximately 28-30% over the prior year quarter.
Webcast and Conference Call Details
Akoya will host a conference call today, August 10, 2021, at 5:00 p.m. Eastern Time to discuss its second 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: 8057237. 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.