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Akoya Biosciences Q4 Revenues Rise 31 Percent

NEW YORK – Akoya Biosciences reported after the close of the market on Monday that its fourth quarter revenues climbed 31 percent year over year, while full-year revenues increased 36 percent.

For the three months ended Dec. 31, the Marlborough, Massachusetts-based spatial biology firm booked revenues of $21.2 million compared to $16.2 million in Q4 2021 and beating analysts' average estimate of $20.6 million.

"Akoya's strong performance in 2022 is a reflection of the robust demand for our leading spatial biology solutions, our thoughtful consideration of market requirements, and sound execution of our financial and strategic plan," Akoya CEO Brian McKelligon said in a statement. 

Product revenue for Q4 was $15.7 million, up 22 percent from $12.9 million in Q4 2021. Service and other revenue was $5.5 million, up 70 percent from $3.2 million in the year-ago quarter.

During Q4 2022 the company sold a total of 71 instruments, including 25 PhenoCyclers and 46 PhenoImagers. This represents a 54 percent increase from the 46 instruments sold in Q4 2021.

Akoya's Q4 net loss was $18.9 million, or $.50 per share, compared to a net loss of $17.7 million, or $.47 per share, in Q4 2021, falling short of the Wall Street estimate of a $.43 loss per share.

The company's Q4 R&D expenses grew 14 percent to $6.4 million from $5.6 million a year ago, while its SG&A costs increased 1 percent to $20.9 million from $19.0 million.

For full-year 2022, Akoya reported revenues of $74.9 million, up 36 percent from $54.9 million in 2021 and beating analysts' average estimate of $74.1 million.

Full-year product revenue was $57.7 million, a 30 percent increase from 2021's $44.5 million. Service and other revenue grew 65 percent year over year to $17.2 million from $10.4 million.

Throughout 2022, Akoya sold 237 instruments, including 72 PhenoCyclers and 165 PhenoImagers, up 61 percent from 147 instruments sold in 2021.

The company's 2022 R&D expenses climbed 48 percent to $23.2 million from $15.7 million in 2021, while its SG&A expenses swelled 56 percent to $79.7 million from $51.0 million.

Akoya's full-year net loss was $70.6 million, or $1.87 per share, compared to a net loss of $44.4 million, or $1.65 per share, in 2021, and below the Wall Street estimate of a $1.80 loss per share. Akoya used about 37.7 million shares to calculate per-share loss in 2022 compared to about 26.9 million shares in 2021.

The company ended the year with $74.2 million in cash and cash equivalents and $7.0 million in marketable securities.

For full-year 2023, Akoya expects its revenue to be in the range of $95.0 million to $98.0 million. On average, analysts are predicting full-year revenues of $93.0 million.

In Tuesday morning trading on the Nasdaq, Akoya shares remained largely flat at $11.19.

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