On May 8, 2023 Akoya Biosciences, Inc. (Nasdaq: AKYA) ("Akoya"), The Spatial Biology Company, reported its financial results for the first quarter ending March 31, 2023 (Press release, Akoya Biosciences, MAY 8, 2023, View Source [SID1234631127]).
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
"Akoya started the year strong, highlighted by record quarterly revenue and our 1000th spatial instrument placement in April, the largest installed base in the rapidly growing spatial biology industry," said Brian McKelligon, Chief Executive Officer, Akoya Biosciences. "We continue to see robust growth and rising interest in our platforms across the discovery, translational, and clinical markets, as well as strong traction with our new product offerings. Our targeted investments in product development, commercial expansion, and business infrastructure have positioned us well to continue to drive long-term growth, while moving towards business profitability."
First Quarter 2023 Financial Highlights
Total revenue was $21.4 million in the first quarter of 2023, compared to $16.9 million in the prior year period; an increase of 26.6%.
Product revenue (which includes instruments, reagents, and software) was $15.5 million in the first quarter of 2023, compared to $13.3 million in the prior year period; an increase of 16.5%.
Instrument revenue was $9.6 million, compared to $8.5 million; an increase of 12.9%.
Reagent revenue was $5.7 million, compared to $4.6 million; an increase of 23.9%.
Service and other revenue totaled $5.9 million in the first quarter of 2023, compared to $3.6 million in the prior year period; an increase of 63.9%.
Gross profit was $12.3 million and gross profit margin was 57.4% in the first quarter of 2023.
58 instruments were sold in the first quarter of 2023; 19 PhenoCyclers, 39 PhenoImagers (which includes Fusion and HT); compared to 51 instruments sold in the prior year period (14 PhenoCyclers, 37 PhenoImagers).
Instrument installed base of 992 as of March 31, 2023 (273 PhenoCyclers, 719 PhenoImagers); compared to an installed base of 748 in the prior year period (196 PhenoCyclers, 552 PhenoImagers); an increase of 33%.
Combined-unit PhenoCycler-Fusion installed base of 128 as of March 31, 2023; compared to 23 in the prior year period.
$60.2 million of cash and cash equivalents as of March 31, 2023, with $11.3 million in additional debt capacity.
First Quarter 2023 Business Highlights
As of March 31, 2023, there have been 860 total publications featuring Akoya’s platforms; 62% growth from 530 total publications as of March 31, 2022.
Akoya shipped its 1000th instrument in April, a major milestone for the company and the largest installed base in the spatial biology industry.
At the 2023 American Association of Cancer Research (AACR) (Free AACR Whitepaper) conference held from April 16-19, Akoya launched two new commercial product offerings, including the high-plex modular PhenoCode Discovery Panels on the PhenoCycler-Fusion platform, to further increase speed and simplicity of the workflow, and the partnered Enable Medicine Cloud Platform, for enhanced and rapid data analysis of high-plex images, with the potential to improve outcomes in both clinical and research settings.
Johnny Ek appointed as new Chief Financial Officer, who brings more than 20 years of financial leadership experience across the diagnostics and life sciences tools industries, and Joe Driscoll has retired after more than four successful years as Chief Financial Officer.
Jennifer Kamocsay appointed as Akoya’s first General Counsel, who brings over a decade of experience as a corporate and M&A attorney, to oversee all company legal activities and provide strategic guidance and corporate governance oversight.
2023 Financial Outlook
The Company, based on its current plans and initiatives, continues to expect full year 2023 revenue guidance range of $95-98 million.
Webcast and Conference Call Details
Akoya will host a conference call today, May 8, 2023, at 5:00 p.m. Eastern Time to discuss its first quarter 2023 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 View Source The webcast will be archived on the website following the completion of the call for three months.