On March 14, 2022 Akoya Biosciences, Inc. (Nasdaq: AKYA) ("Akoya"), The Spatial Biology Company, reported its financial results for the fourth quarter and full year ending December 31, 2021 (Press release, Akoya Biosciences, MAR 14, 2022, View Source [SID1234610036]).

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"Our strong finish to 2021 demonstrates the continued and accelerating adoption of our leading spatial biology solutions and is a result of sound execution of our financial and strategic plans," said Brian McKelligon, Chief Executive Officer, Akoya Biosciences. "We set another record in quarterly revenue, grew our installed base to nearly 700 instruments worldwide, and have approximately 500 publications on Akoya platforms to date. Highlighting our strong quarter was the commercial launch of the PhenoCycler-Fusion System and additional near-term menu offerings across protein and RNA, delivering the fastest, single-cell, multi-omic spatial biology solution in the market."

Fourth Quarter 2021 Financial Highlights

Total revenue was $16.2 million in the fourth quarter of 2021, compared to $12.9 million in the prior year period; an increase of 26%.
Product revenue was $12.9 million in the fourth quarter of 2021, compared to $10.5 million in the prior year period; an increase of 23%.
Services and other revenue totaled $3.2 million in the fourth quarter of 2021, compared to $2.4 million in the prior year period; an increase of 33%.
Gross profit was $10.2 million in the fourth quarter of 2021, compared to $7.9 million in the prior year period; an increase of 29%; and gross profit margin was 63.3% in the fourth quarter of 2021, compared to 61.3% in the prior year period.
46 instruments were sold in the fourth quarter of 2021; 21 PhenoCyclers, 25 PhenoImagers (which includes Fusion, HT, and earlier PhenoImager workflow instruments such as the Mantra and Vectra).
Instrument installed base of 697 as of December 31, 2021; 182 PhenoCyclers, 515 PhenoImagers.
Full Year 2021 Financial Highlights

Total revenue was $54.9 million for the FY 2021, compared to $42.4 million in the prior year; an increase of 29.5%.
Product revenue was $44.5 million for the FY 2021, compared to $33.4 million in the prior year; an increase of 33%.
Services and other revenue totaled $10.4 million for the FY 2021, compared to $9.0 million in the prior year; an increase of 16%.
Gross profit was $34.2 million for the FY 2021, compared to $25.9 million in the prior year; an increase of 32%; and gross profit margin was 62.3% for FY 2021, compared to 61.0% in the prior year.
147 instruments were sold for the FY 2021; 70 PhenoCyclers, 77 PhenoImagers.

Fourth Quarter 2021 Business Highlights

There were 278 publications in 2021 featuring Akoya’s platforms, as compared with 109 publications in 2020.
Akoya’s inaugural ‘Spatial Day’ held on December 15, 2021 featured a preview of our new integrated suite of solutions, including the PhenoCycler-Fusion System, novel spatial transcriptomics chemistry and universal protein chemistry, and additionally brought together academic, clinical, and industry leaders who highlighted how Akoya’s spatial phenotyping platforms are uniquely equipped to address key questions across discovery, translational, and clinical research.
Announced full commercial launch of the PhenoCycler-Fusion System, the fastest single-cell, multi-omic, spatial biology solution.
Announced a groundbreaking collaboration with PathAI to combine spatial biology with AI-powered tools to facilitate discovery of novel predictive biomarkers.
Announced a strategic partnership with Bio-Techne to deliver an automated spatial multiomics workflow using the RNAScope technology to enable comprehensive spatial phenotyping of RNA and protein biomarkers on the PhenoCycler-Fusion System.
Announced the securing of CLIA lab certification, a milestone for applying spatial biology technologies to accelerate precision cancer therapies.
Appointment of Marilee Moy as Chief People Officer, who brings more than 30 years of HR leadership experience at high-performing life sciences and technology companies and will be instrumental in defining and executing Akoya’s human resource strategy as the company enters a new phase of global growth.
$113.1 million of cash and cash equivalents as of December 31, 2021, well capitalized to deliver on our existing strategic plan.
2022 Outlook

The company, based on its current plans and initiatives, expects a full year 2022 revenue guidance range of $69-71 million.

Webcast and Conference Call Details

Akoya will host a conference call today, March 14, 2022, at 5:00 p.m. Eastern Time to discuss its fourth quarter and full year 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: 5291099. 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.