On November 8, 2023 Akoya Biosciences, Inc. (Nasdaq: AKYA) ("Akoya"), The Spatial Biology Company, reported its financial results for the third quarter ending September 30, 2023 (Press release, Akoya Biosciences, NOV 8, 2023, View Source [SID1234637242]).

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"Akoya delivered strong financial performance in the third quarter with another record revenue quarter while maintaining operating expenses at a steady or reduced level, solidifying the path towards achieving positive cash flow," explained Brian McKelligon, Chief Executive Officer of Akoya Biosciences. "We are executing on our plan to improve workflow throughput, with the ongoing 2.0 instrument field upgrades across the industry’s largest installed base and by expanding our menu of ready-to-use panels. Akoya is strategically positioned to scale spatial biology by setting the standard in the industry."

Third Quarter 2023 Financial Highlights

Total revenue was $25.2 million in the third quarter of 2023, compared to $18.9 million in the prior year period; an increase of 34%.
Product revenue (which includes instruments, reagents, and software) was $18.0 million in the third quarter of 2023, compared to $14.4 million in the prior year period; an increase of 25%.
Instrument revenue was $12.0 million, compared to $9.5 million in the prior year period; an increase of 27%.
Reagent revenue was $5.7 million, compared to $4.7 million in the prior year period; an increase of 21%.
Service and other revenue totaled $7.2 million in the third quarter of 2023, compared to $4.4 million in the prior year period; an increase of 62%.
Gross profit was $15.3 million in the third quarter of 2023, compared to $10.9 million in the prior year period; an increase of 40%.
Gross profit margin was 60.6% in the third quarter of 2023, compared to 57.9% in the prior year period.
$78.6 million of cash and cash equivalents as of September 30, 2023, with $11.3 million in additional debt capacity.
Third Quarter 2023 Business Highlights

69 instruments were sold in the third quarter of 2023: 27 PhenoCyclers, 42 PhenoImagers (which includes Fusion and HT), compared to 55 instruments sold in the prior year period (17 PhenoCyclers, 38 PhenoImagers).
Instrument installed base of 1,132 as of September 30, 2023 (327 PhenoCyclers, 805 PhenoImagers), compared to an installed base of 863 in the prior year period (229 PhenoCyclers, 634 PhenoImagers); an increase of 31%.
Combined-unit PhenoCycler-Fusion installed base of 186 as of September 30, 2023, compared to 72 in the prior year period.
1,070 total publications citing Akoya’s technology as of September 30, 2023, compared to 691 total publications in the prior year period: an increase of 55%.
The University of Queensland and Akoya Biosciences have comprehensively mapped the spatial proteome of head and neck squamous cell carcinoma (HNSCC) using ultrahigh-plex phenotyping (100+ protein biomarkers) on the PhenoCycler-Fusion, as published in an article in the inaugural issue of GEN Biotechnology.
Ongoing Fusion 2.0 and HT 2.0 field upgrades with rolling launch of new ready-to-use PhenoCode Panels.
Showcased Akoya’s new 2.0 solutions, data, and applications at the 2023 Society for Immunotherapy of Cancer (SITC) (Free SITC Whitepaper) conference held November 1-5 in San Diego, CA.
YTD 2023 Financial and Business Highlights

Total revenue was $70.1 million YTD as of September 30, 2023, compared to $53.6 million in the prior year period; an increase of 31%.
Product revenue was $50.7 million YTD as of September 30, 2023, compared to $41.9 million in the prior year period; an increase of 21%.
Services and other revenue totaled $19.4 million YTD as of September 30, 2023, compared to $11.7 million in the prior year period; an increase of 66%.
Gross profit was $39.7 million YTD as of September 30, 2023, compared to $31.3 million in the prior year period and gross profit margin was 56.6% YTD as of September 30, 2023, compared to 58.4% in the prior year period.
198 instruments were sold YTD as of September 30, 2023; 73 PhenoCyclers, 125 PhenoImagers, compared to 166 instruments sold in the prior year period; an increase of 19%.
2023 Financial Outlook

The Company, based on its current plans and initiatives, continues to expect full year 2023 revenue in the range of $95-98 million.

Webcast and Conference Call Details

Akoya will host a conference call today, November 8, 2023, at 5:00 p.m. Eastern Time to discuss its third 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.