Skip to main content
Premium Trial:

Request an Annual Quote

Akoya Biosciences Q3 Revenues up 33 Percent

NEW YORK – Akoya Biosciences reported after the close of the market on Wednesday that its Q3 revenues rose 33 percent year over year, a record for the company.

For the three months ended Sept. 30, the Marlborough, Massachusetts-based spatial biology firm posted revenues of $25.2 million, up from $18.9 million in the year-ago period, beating the average Wall Street estimate of $24.5 million.

Product revenue was $18.0 million, up 25 percent from $14.4 million in Q3 2022. Of this, instrument revenue was $12.0 million, a 27 percent year-over-year increase compared to $9.5 million last year. Reagent revenue was $5.7 million, up 21 percent from $4.7 million Q3 2022.

Service and other revenue was $7.2 million, a 64 percent jump from $4.4 million a year ago.

The company sold 69 instruments, including 27 PhenoCyclers and 42 PhenoImagers, during the quarter. As of the end of Q3, Akoya’s instrument installed base grew to 1,132, including 327 PhenoCyclers and 805 PhenoImagers.

Akoya's net loss in the third quarter was $12.9 million, or $.26 per share, compared to $17.9 million, or $.47 per share, in Q3 2022. On average, analysts had estimated a loss per share of $.37.

The company's R&D expenses in Q3 were $5.2 million, down 5 percent from $5.5 million in Q3 2022. SG&A costs were down 5 percent to $19.0 million from $19.9 million in the year-ago period.

The company ended the quarter with $78.6 million in cash and cash equivalents.

Akoya maintained its full-year 2023 guidance of between $95 million and $98 million.