NEW YORK - Akoya Biosciences reported after the close of the market on Monday that its fourth quarter 2021 revenues increased 26 percent year over year, while full-year revenues climbed 30 percent.
For the three months ended Dec. 31, the Marlborough, Massachusetts-based spatial biology firm posted revenues of $16.2 million, up from $12.9 million in the year-ago period and beating analysts' average estimate of $16.1 million.
“Akoya had an incredibly strong and eventful fourth quarter of 2021,” CEO Brian McKelligon told investors in a conference call recapping the financial results. He highlighted the company's Q4 milestones, including the commercial launch of the PhenoCycler-Fusion System, securing CLIA lab certification, partnering with Bio-Techne, and striking a collaboration with PathAI. Additionally, he said the firm's installed base expanded to nearly 700 instruments worldwide as of the end of 2021, including 182 PhenoCyclers and 515 PhenoImagers.
Product revenue, which included instruments, reagents, and software, was $12.9 million in Q4, up 23 percent from $10.5 million in Q4 2020. Specifically, instrument revenue was $8.5 million compared to $7.3 million the previous year. Reagent revenue was $4 million versus $2.8 million in Q4 2020, representing “a continuation of the growth we've experienced all year in reagents,” said Akoya CFO Joe Driscoll. Service and other revenue was $3.2 million, up 33 percent from $2.4 million in the same quarter last year.
During Q4, the company sold a total of 46 instruments, including 21 PhenoCyclers and 25 PhenoImagers.
Akoya's net loss for Q4 2021 was $17.7 million, or $.47 per share, compared to a net loss of $10.8 million, or $4.24 per share, in Q4 2020, below the consensus Wall Street estimate of a $.31 loss per share. The firm used approximately 37.3 million shares to calculate per-share loss in the recently completed quarter compared to about 2.5 million shares in the year-ago period. Akoya completed a $153 million initial public offering last June.
The company's Q4 R&D expenses were $5.6 million, more than doubled from $2.5 million in Q4 2020. SG&A costs almost tripled to $19 million from $6.8 million in the year-ago period.
For full-year 2021, Akoya reported revenues of $54.9 million, a 30 percent increase from $42.4 million in 2020, narrowly beating analysts' average estimate of $54.6 million.
Full-year product revenue was $44.5 million, up 33 percent from 2020's $33.4 million. Service and other revenue tallied $10.4 million, up 16 percent from $9 million the previous year.
Throughout 2021, Akoya sold 147 instruments, including 70 PhenoCyclers and 77 PhenoImagers.
The company's 2021 R&D expenses climbed 64 percent to $15.7 million from $9.6 million in 2020, while its SG&A expenses more than doubled to $51.0 million from $24.0 million. According to Driscoll, these increases were part of Akoya’s business strategy following the IPO, as the firm “hired aggressively in all areas of the business,” including commercial and R&D teams to drive market share growth.
Akoya's full-year net loss was $44.4 million, or $1.65 per share, compared to a net loss of $21.8 million, or $9.18 per share, in 2020 and below the consensus Wall Street estimate of a $1.44 loss per share. Akoya used about 26.9 million shares to calculate per-share loss in 2021 compared to about 2.4 million shares in 2020.
The company ended the year with $113.1 million in cash and cash equivalents, providing it with “a strong balance sheet with ample runway and flexibility to continue to invest in the business,” Driscoll said.
For 2022, Akoya projects full-year revenue in the range of $69 million to $71 million. “We're excited about the opportunities that lie ahead as we deliver new spatial solutions, from the discovery to the clinical markets,” McKelligon told investors.
In Tuesday morning trading on the Nasdaq, Akoya shares dipped almost 3 percent to $10.44.