On May 5, 2022 Akoya Biosciences, Inc. (Nasdaq: AKYA) ("Akoya"), The Spatial Biology Company, reported its financial results for the first quarter ending March 31, 2022 (Press release, Akoya Biosciences, MAY 5, 2022, View Source [SID1234613754]).

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"Akoya remains on an exciting trajectory, delivering record revenue and system placements in the first quarter," said Brian McKelligon, Chief Executive Officer, Akoya Biosciences. "This quarter was highlighted by the commercial launch of the PhenoCycler-Fusion System and showcasing powerful new data of our 100+ plex antibody panels as well as the new universal chemistry capabilities at the recent AACR (Free AACR Whitepaper) meeting. We continued to execute on all segments of the business and are confident in our updated full year revenue guidance."

First Quarter 2022 Financial Highlights

Total revenue was $16.9 million in the first quarter of 2022, compared to $12.2 million in the prior year period; an increase of 38%.
Product revenue was $13.3 million in the first quarter of 2022, compared to $10.0 million in the prior year period; an increase of 34%; within product revenue, reagent revenue was $4.6 million for the quarter, versus $2.5 million in the prior year period; an increase of 82%.
Services and other revenue totaled $3.6 million in the first quarter of 2022, compared to $2.2 million in the prior year period; an increase of 58%.
Gross profit was $10.1 million in the first quarter of 2022, compared to $7.4 million in the prior year period; an increase of 36%; gross profit margin was 60% in the first quarter of 2022.
51 instruments were sold in the first quarter of 2022; 14 PhenoCyclers, 37 PhenoImagers (which includes Fusion and HT).
Instrument installed base of 748 as of March 31, 2022; 196 PhenoCyclers, 552 PhenoImagers (of which 28 are the new Fusion instruments).
Combined-unit PhenoCycler-Fusion installed base of 23 as of March 31, 2022.
First Quarter 2022 Business Highlights

As of March 31, 2022, there have been 531 total publications featuring Akoya’s platforms; 112% growth from 251 total publications as of March 31, 2021.
Appointment of Dr. Ehab El-Gabry, M.D. as Akoya’s new Chief Medical Officer, who brings over 20 years of leadership experience in pathology and IVD development that are critical for Akoya’s vision of advancing spatial phenotyping in precision medicine and cancer care.
Showcased new data for a panel of 100+ protein markers for deep spatial phenotyping at single-cell resolution across an entire tissue sample at AACR (Free AACR Whitepaper).
Previewed the new universal chemistry to enable accelerated validation of biomarkers discovered using deep spatial phenotyping at AACR (Free AACR Whitepaper).
Launched world tour for PhenoCycler-Fusion across 29 cities in North America, Europe, and Asia-Pacific; please visit View Source for a full list of the world tour cities and dates to experience the PhenoCycler-Fusion at a city near you.
$94 million of cash and cash equivalents as of March 31, 2022, well capitalized to deliver on our existing strategic plan.
2022 Outlook

The company, based on its updated plans and initiatives, is raising its full year 2022 revenue guidance range to $70-73 million.

Webcast and Conference Call Details

Akoya will host a conference call today, May 5, 2022, at 5:00 p.m. Eastern Time to discuss its first quarter 2022 financial results. The dial-in numbers are (833) 562-0146 for domestic callers or (661) 567-1226 for international callers, followed by Conference ID: 7363649. 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.