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Akoya Biosciences Books Record Revenue in Q2 on Strong Instrument Sales

NEW YORK – Akoya Biosciences reported after the close of the market Monday that its second quarter revenues rose 31 percent year over year, reaching a new record for the company.

For the three months ended June 30, the Marlborough, Massachusetts-based firm posted revenues of $23.5 million, compared with $17.9 million in the year-ago period and above the consensus Wall Street estimate of $22.4 million.

"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,” Akoya CEO Brian McKelligon said in a statement.

Product revenue, including instruments, reagents, and software, was $17.1 million, up 20 percent from ​​Q2 2022’s $14.2 million. Within product revenue, instrument revenue was $11.3 million, a 19 percent increase from $9.5 million in the year-ago period; reagent revenue was $5.8 million, up 29 percent from $4.5 million in Q2 2022.

The company sold 72 instruments during the quarter, including 27 PhenoCyclers and 45 PhenoImagers. As of June 30, the company's installed base had grown to 1,064 instruments, a 32 percent increase from 808 in the prior-year period.

Service and other revenue was $6.4 million in Q2, representing a 73 percent increase from $3.7 million in Q2 2022.

Akoya's net loss in the second quarter was $20.8 million, or $.51 per share, compared to a net loss of $17.5 million, or $.47 per share, in Q2 2022 and exceeding the consensus Wall Street estimate of a net loss of $.44 per share.

In June, Akoya priced a public offering that is expected to raise approximately $43.5 million in gross proceeds. During the quarter, the company raised $47.8 million in net proceeds from another public offering of common stock.

Akoya's R&D expenses were $6.3 million in Q2, up 13 percent from $5.6 million a year ago. SG&A costs rose 10 percent to $22.7 million from $20.6 million in Q2 2022.

The firm ended the quarter with $93.3 million in cash and cash equivalents.

For full-year 2023, Akoya reiterated its revenue guidance of $95.0 million to $98.0 million.

In morning trading on the Nasdaq, Akoya's shares were up about 3 percent at $6.30.