Akoya Reports Record Revenue in the Second Quarter of 2023 and Reiterates Full Year 2023 Revenue Guidance
07 Agosto 2023 - 10:05PM
Akoya Biosciences, Inc. (Nasdaq: AKYA) (“Akoya”), The Spatial
Biology Company®, today announced its financial results for the
second quarter ending June 30, 2023.
“Akoya delivered strong financial performance in the second
quarter, highlighted by record revenue and the milestone of the
1,000th publication featuring Akoya platforms, the industry’s
largest and fastest growing publications volume,” said Brian
McKelligon, Chief Executive Officer, Akoya Biosciences. “With a
leading position in spatial biology, consistent commercial and
operational execution, and a recent financing to further increase
the strength of our balance sheet, Akoya is well positioned to
continue to drive long-term growth while moving the business
towards profitability.”
Second Quarter 2023 Financial Highlights
- Total revenue was $23.5 million
in the second quarter of 2023, compared to $17.9 million in the
prior year period; an increase of 31%.
- Product revenue (which includes
instruments, reagents, and software) was $17.1 million in the
second quarter of 2023, compared to $14.2 million in the prior year
period; an increase of 20%.
- Instrument revenue was $11.3
million, compared to $9.5 million in the prior year period; an
increase of 19%.
- Reagent revenue was $5.8 million,
compared to $4.5 million in the prior year period; an increase of
29%.
- Service and other revenue totaled
$6.4 million in the second quarter of 2023, compared to $3.7
million in the prior year period; an increase of 73%.
- Gross profit was $12.1 million
and gross profit margin was 51.5% in the second quarter of 2023,
compared to $10.3 million and 57.8% respectively in the prior year
period.
- COGS in the second quarter of
2023 was $11.4 million, compared to $7.6 million in the prior year
period.
- COGS in the second quarter of
2023 includes a non-routine charge of $2.0 million for inventory
related to the expiration of materials purchased in prior
periods.
- $47.8 million in net proceeds
from public offering of common stock in the second quarter of
2023.
- $93.3 million of cash and cash
equivalents as of June 30, 2023, with $11.3 million in additional
debt capacity.
Second Quarter 2023 Business Highlights
- 72 instruments were sold in the
second quarter of 2023: 27 PhenoCyclers, 45 PhenoImagers (which
includes Fusion and HT), compared to 60 instruments sold in the
prior year period (16 PhenoCyclers, 44 PhenoImagers).
- Instrument installed base of
1,064 as of June 30, 2023 (300 PhenoCyclers, 764 PhenoImagers),
compared to an installed base of 808 in the prior year period (212
PhenoCyclers, 596 PhenoImagers); an increase of 32%.
- Combined-unit PhenoCycler-Fusion
installed base of 159 as of June 30, 2023, compared to 55 in the
prior year period.
- As of June 30, 2023, there were
988 total publications featuring Akoya’s platforms, 60% growth from
618 total publications in the prior year period; achieved milestone
publication volume of 1,000 in July.
- Launched the Fusion 2.0 and HT
field upgrades with rolling launch of PhenoCode Panels.
- Adjusted organizational structure
to support portfolio prioritization and streamlined cost structure
to achieve objective of reaching cash flow breakeven.
YTD 2023 Financial and Business Highlights
- Total revenue was $44.9 million
YTD as of June 30, 2023, compared to $34.8 million in the prior
year period; an increase of 29%.
- Product revenue was $32.7 million
YTD as of June 30, 2023, compared to $27.5 million in the prior
year period; an increase of 19%.
- Services and other revenue
totaled $12.3 million YTD as of June 30, 2023, compared to $7.3
million in the prior year period; an increase of 68%.
- Gross profit was $24.4 million
YTD as of June 30, 2023, compared to $20.4 million in the prior
year period and gross profit margin was 54.3% YTD as of June 30,
2023, compared to 58.7% in the prior year period.
- 130 instruments were sold YTD as
of June 30, 2023; 46 PhenoCyclers, 84 PhenoImagers, compared to 111
instruments sold in the prior year period; an increase of 17%.
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, August 7, 2023, at 5:00
p.m. Eastern Time to discuss its second 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 https://investors.akoyabio.com/. The webcast will be
archived on the website following the completion of the call for
three months.
Forward-Looking Statements
This press release contains forward-looking statements that are
based on management’s beliefs and assumptions and on information
currently available to management. All statements contained in this
release other than statements of historical fact are
forward-looking statements, including expectations regarding our
ability to market and sell our PhenoCycler and PhenoImager
platforms and our other products and services, our ability to
increase awareness of spatial biology technology, our ability to
execute on our plans and expectations, our research and development
efforts and other matters regarding our business strategies, future
performance, use of capital, results of operations and financial
position and plans and objectives for future operations.
In some cases, you can identify forward-looking statements by
the words “may,” “will,” “could,” “would,” “should,” “expect,”
“intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,”
“project,” “potential,” “continue,” “ongoing” or the negative of
these terms or other comparable terminology, although not all
forward-looking statements contain these words. These statements
involve risks, uncertainties and other factors that may cause
actual results, levels of activity, performance, or achievements to
be materially different from the information expressed or implied
by these forward-looking statements. These risks, uncertainties and
other factors are described under "Risk Factors," "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" and elsewhere in the documents we file with the
Securities and Exchange Commission from time to time. We caution
you that forward-looking statements are based on a combination of
facts and factors currently known by us and our projections of the
future, about which we cannot be certain. As a result, the
forward-looking statements may not prove to be accurate. The
forward-looking statements in this press release represent our
views as of the date hereof. We undertake no obligation to update
any forward-looking statements for any reason, except as required
by law.
About Akoya Biosciences
As The Spatial Biology Company®, Akoya Biosciences’ mission is
to bring context to the world of biology and human health through
the power of spatial phenotyping. The Company offers comprehensive
single-cell imaging solutions that allow researchers to phenotype
cells with spatial context and visualize how they organize and
interact to influence disease progression and response to therapy.
Akoya offers a full continuum of spatial phenotyping solutions to
serve the diverse needs of researchers across discovery,
translational and clinical research: PhenoCode™ Panels and
PhenoCycler®, PhenoImager® Fusion and PhenoImager HT Instruments.
To learn more about Akoya, visit www.akoyabio.com.
Investor Contact:
Priyam ShahSr. Director, Investor RelationsAkoya
Biosciencesinvestors@akoyabio.com
Media Contact:
Christine Quern617-650-8497media@akoyabio.com
AKOYA BIOSCIENCES, INC. AND
SUBSIDIARYCondensed Consolidated Balance
Sheets (unaudited)(in
thousands)
|
|
|
|
|
|
|
|
|
June 30, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
93,328 |
|
$ |
74,229 |
Marketable securities |
|
|
— |
|
|
6,989 |
Accounts receivable, net |
|
|
12,866 |
|
|
9,729 |
Inventories, net |
|
|
16,131 |
|
|
14,486 |
Prepaid expenses and other current assets |
|
|
3,845 |
|
|
6,764 |
Total current assets |
|
|
126,170 |
|
|
112,197 |
Property and equipment,
net |
|
|
11,139 |
|
|
10,174 |
Demo inventory, net |
|
|
1,546 |
|
|
2,084 |
Intangible assets, net |
|
|
19,125 |
|
|
20,048 |
Goodwill |
|
|
18,262 |
|
|
18,262 |
Operating lease right of use
assets, net |
|
|
9,629 |
|
|
10,785 |
Financing lease right of use
assets, net |
|
|
1,990 |
|
|
1,490 |
Other non-current assets |
|
|
1,018 |
|
|
991 |
Total assets |
|
$ |
188,879 |
|
$ |
176,031 |
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable, accrued expenses and other current
liabilities |
|
$ |
26,460 |
|
$ |
27,147 |
Current portion of operating lease liabilities |
|
|
2,894 |
|
|
3,009 |
Current portion of financing lease liabilities |
|
|
822 |
|
|
620 |
Deferred revenue |
|
|
7,214 |
|
|
6,279 |
Total current liabilities |
|
|
37,390 |
|
|
37,055 |
Deferred revenue, net of
current portion |
|
|
2,495 |
|
|
2,114 |
Long-term debt, net |
|
|
63,636 |
|
|
63,277 |
Contingent consideration
liability, net of current portion |
|
|
5,051 |
|
|
6,039 |
Operating lease liabilities,
net of current portion |
|
|
7,253 |
|
|
8,203 |
Financing lease liabilities,
net of current portion |
|
|
1,066 |
|
|
675 |
Other long-term
liabilities |
|
|
87 |
|
|
87 |
Total liabilities |
|
|
116,978 |
|
|
117,450 |
Total stockholders'
equity |
|
|
71,901 |
|
|
58,581 |
Total liabilities and
stockholders' equity |
|
$ |
188,879 |
|
$ |
176,031 |
|
|
AKOYA BIOSCIENCES, INC. AND
SUBSIDIARYConsolidated Statements of
Operations (unaudited)(in
thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
|
|
June 30, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Product revenue |
|
$ |
17,147 |
|
|
$ |
14,161 |
|
|
$ |
32,671 |
|
|
$ |
27,504 |
|
Service and other revenue |
|
|
6,374 |
|
|
|
3,733 |
|
|
|
12,260 |
|
|
|
7,284 |
|
Total revenue |
|
|
23,521 |
|
|
|
17,894 |
|
|
|
44,931 |
|
|
|
34,788 |
|
Cost of goods sold: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product revenue |
|
|
7,788 |
|
|
|
5,198 |
|
|
|
13,539 |
|
|
|
9,278 |
|
Cost of service and other revenue |
|
|
3,617 |
|
|
|
2,355 |
|
|
|
6,983 |
|
|
|
5,073 |
|
Total cost of goods sold |
|
|
11,405 |
|
|
|
7,553 |
|
|
|
20,522 |
|
|
|
14,351 |
|
Gross profit |
|
|
12,116 |
|
|
|
10,341 |
|
|
|
24,409 |
|
|
|
20,437 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
22,708 |
|
|
|
20,590 |
|
|
|
44,466 |
|
|
|
38,783 |
|
Research and development |
|
|
6,273 |
|
|
|
5,598 |
|
|
|
12,046 |
|
|
|
11,312 |
|
Change in fair value of contingent consideration |
|
|
530 |
|
|
|
(1,156 |
) |
|
|
757 |
|
|
|
(956 |
) |
Depreciation and amortization |
|
|
1,847 |
|
|
|
1,617 |
|
|
|
3,818 |
|
|
|
3,160 |
|
Total operating expenses |
|
|
31,358 |
|
|
|
26,649 |
|
|
|
61,087 |
|
|
|
52,299 |
|
Loss from operations |
|
|
(19,242 |
) |
|
|
(16,308 |
) |
|
|
(36,678 |
) |
|
|
(31,862 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(2,175 |
) |
|
|
(849 |
) |
|
|
(4,229 |
) |
|
|
(1,598 |
) |
Interest income |
|
|
737 |
|
|
|
54 |
|
|
|
1,502 |
|
|
|
76 |
|
Other expense, net |
|
|
(105 |
) |
|
|
(286 |
) |
|
|
(153 |
) |
|
|
(382 |
) |
Loss before provision for
income taxes |
|
|
(20,785 |
) |
|
|
(17,389 |
) |
|
|
(39,558 |
) |
|
|
(33,766 |
) |
Provision for income
taxes |
|
|
(18 |
) |
|
|
(106 |
) |
|
|
(47 |
) |
|
|
(128 |
) |
Net loss |
|
$ |
(20,803 |
) |
|
$ |
(17,495 |
) |
|
$ |
(39,605 |
) |
|
$ |
(33,894 |
) |
Net loss per share
attributable to common stockholders, basic and diluted |
|
$ |
(0.51 |
) |
|
$ |
(0.47 |
) |
|
$ |
(1.00 |
) |
|
$ |
(0.90 |
) |
Weighted-average shares
outstanding, basic and diluted |
|
|
40,639,714 |
|
|
|
37,612,331 |
|
|
|
39,489,261 |
|
|
|
37,538,821 |
|
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