On November 7, 2022 Akoya Biosciences, Inc. (Nasdaq: AKYA) ("Akoya"), The Spatial Biology Company, reported its financial results for the third quarter ending September 30, 2022 (Press release, Akoya Biosciences, NOV 7, 2022, View Source [SID1234623218]).

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"Akoya continues to deliver strong financial performance with record growth this quarter and healthy system placement across the discovery, translational and clinical markets," said Brian McKelligon, Chief Executive Officer, Akoya Biosciences. "Our industry leading portfolio and installed base, commercial execution, and success across multiple market segments, from discovery to clinical, are key drivers of our success."

Third Quarter 2022 Financial Highlights

Total revenue was $18.9 million in the third quarter of 2022, compared to $13.5 million in the prior year period; an increase of 40%.
Product revenue was $14.4 million in the third quarter of 2022, compared to $10.9 million in the prior year period; an increase of 32%.
Instrument revenue was $9.5 million, compared to $7.1 million; an increase of 34%.
Reagent revenue was $4.7 million, compared to $3.4 million; an increase of 38%.
Services and other revenue totaled $4.4 million in the third quarter of 2022, compared to $2.6 million in the prior year period; an increase of 69%.
Gross profit was $10.9 million and gross profit margin was 58% in the third quarter of 2022.
55 instruments were sold in the third quarter of 2022; 17 PhenoCyclers, 38 PhenoImagers (which includes Fusion, HT and Mantra); compared to 33 instruments sold in the prior year period (16 PhenoCyclers, 17 PhenoImagers); an increase of 67%.
Instrument installed base of 863 as of September 30, 2022; 229 PhenoCyclers, 634 PhenoImagers.
Combined-unit PhenoCycler-Fusion installed base of 72 as of September 30, 2022.
$82 million of cash, cash equivalents, and marketable securities as of September 30, 2022.
YTD 2022 Financial Highlights

Total revenue was $53.6 million YTD as of September 30, 2022 compared to $38.8 million in the prior year period; an increase of 38%.
Product revenue was $41.9 million YTD as of September 30, 2022, compared to $31.6 million in the prior year period; an increase of 33%.
Services and other revenue totaled $11.7 million YTD as of September 30, 2022, compared to $7.2 million in the prior year period; an increase of 63%.
Gross profit was $31.3 million and gross profit margin was 58% YTD as of September 30, 2022.
166 instruments were sold YTD as of September 30, 2022; 47 PhenoCyclers, 119 PhenoImagers (which includes Fusion, HT and Mantra), compared to 101 instruments sold in the prior year period; an increase of 64%.
Third Quarter 2022 Business Highlights

As of September 30, 2022, there have been 691 total publications featuring Akoya’s platforms; 81% growth from 382 total publications as of September 30, 2021.
At the upcoming Society of Immunotherapy of Cancer (SITC) (Free SITC Whitepaper) conference taking place in Boston, MA (November 8-12, 2022), Akoya will unveil the PhenoCode Signature Panels (previously referred to as universal protein chemistry) on the PhenoImager workflows; please see the accompanying PhenoCode Signature Panels press release for more details.
At SITC (Free SITC Whitepaper), 6 key posters will be presented highlighting the development of PhenoCode Signature Panels and other novel phenotyping applications; Akoya will also be hosting a dinner symposium titled "Supercharging Spatial Signature Development."
Akoya will be hosting our 2nd annual Spatial Day on December 15, 2022, for which registration details can be found here: Akoya’s 2nd Annual Spatial Day.
2022 Financial Outlook

The Company, based on its updated plans and initiatives, is raising its full year 2022 revenue guidance range to $73-75 million.

Webcast and Conference Call Details

Akoya will host a conference call today, November 7 2022, at 5:00 p.m. Eastern Time to discuss its third quarter 2022 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.