NEW YORK – Akoya Biosciences reported after the close of the market Tuesday that its Q1 revenues rose 11 percent.
For the three months ended March 31, the Marlborough, Massachusetts-based firm posted revenues of $12.2 million, up from $11.0 million in the year-ago period.
Product revenue was $10.0 million, up 12 percent from $8.9 million in Q1 2020. Instrument revenue was $6.8 million, up 1 percent from $6.7 million in the year-ago period, while reagent revenue was $2.5 million, up 19 percent from $2.1 million in Q1 2020.
The company sold 20 of its CODEX instruments and 17 Phenoptics instruments during the quarter. Over the last 12 months its install base has increased by 28 percent and now stands at 132 CODEX and 455 Phenoptics placements.
Service and other revenue was $2.2 million, up 5 percent from $2.1 million in Q1 2020.
On a conference call following the release of the Q1 results, Akoya CEO Brian McKelligon noted that the quarter's revenues came in at the high end of the previously estimated range of $12 million to $12.2 million. He added that the firm has begun an "aggressive expansion" of its commercial and R&D teams, using funds from its initial public offering last month that raised $151.3 million in gross proceeds.
On the call, CFO Joe Driscoll said the company planned to use the IPO proceeds to expand its global commercial team and to accelerate several active projects related to the development of new instruments, reagents, and software.
McKelligon also highlighted the number of peer-reviewed publications using Akoya's technology, noting that there were 109 such publications in 2020, roughly a fourfold increase over 2019. The company saw more than 60 peer-reviewed publications using its instruments in Q1 2021, he added.
He also noted the deal Akoya inked this week with microscopy firm Zeiss to comarket and integrate its CODEX system with Zeiss' Axio Observer microscope platform.
Akoya's net loss in the first quarter was $8.1 million, or $3.54 per share, compared to $2.1 million, or $1.59 per share, in Q1 2020.
The company's R&D expenses were $3.2 million, up 33 percent from $2.4 million in Q1 2020. SG&A costs were up 30 percent to $8.2 million from $6.3 million in the year-ago period.
Akoya said it expects 2021 revenue of at least $52 million and Q2 2021 revenue growth of roughly 45 percent year over year.
It ended the quarter with $11.7 million in cash and cash equivalents.
In Wednesday morning trading on Nasdaq, Akoya shares were down 1 percent to $19.40.