NEW YORK – Akoya Biosciences reported after the close of the market Monday that its Q1 revenues rose 27 percent.
For the three months ended March 31, the Marlborough, Massachusetts-based firm posted revenues of $21.4 million, up from $16.9 million in the year-ago period and above the consensus Wall Street estimate of $20.3 million.
Product revenue was $15.5 million, up 17 percent from $13.3 million in Q1 2022. Instrument revenue was $9.6 million, a 13 percent increase from $8.5 million in the year-ago period. Meanwhile, reagent revenue was $5.7 million, up 24 percent year over year from $4.6 million.
During the quarter, the company sold 58 spatial instruments including 19 PhenoCyclers and 39 PhenoImagers. As of March 31, its installed base stood at 992, up 33 percent from 748 at the end of Q1 2022. Of the total installed base, 719 are PhenoImagers and 273 are PhenoCyclers.
Service and other revenue was $5.9 million, up 64 percent from $3.6 million in Q1 2022.
Akoya's net loss in the first quarter was $18.8 million, or $.49 per share, compared to $16.4 million, or $.44 per share, in Q1 2022. On average, Wall Street analysts were expecting a net loss of $.48 per share.
The firm's R&D expenses were $5.8 million, up slightly from $5.7 million in Q1 2022. SG&A costs rose 20 percent to $21.8 million from $18.2 million in the year-ago period.
For full-year 2023, Akoya reiterated its revenue guidance of $95.0 million to $98.0 million.
The company ended the quarter with $60.2 million in cash and cash equivalents.
"Akoya started the year strong, highlighted by record quarterly revenue and our 1,000th spatial instrument placement in April, the largest installed base in the rapidly growing spatial biology industry," Akoya CEO Brian McKelligon said in a statement.
In Tuesday morning trading on the Nasdaq, Akoya's shares were up about 3 percent at $6.66.