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Akoya Biosciences Q1 Revenues Rise 38 Percent

NEW YORK – Akoya Biosciences reported after the close of the market Thursday that its Q1 revenues rose 38 percent.

For the three months ended March 31, the Marlborough, Massachusetts-based firm posted revenues of $16.9 million, up from $12.2 million in the year-ago period and above the consensus Wall Street estimate of $14.9 million.

“Akoya had a very strong start to 2022,” CEO Brian McKelligon told investors during a conference call to discuss the financial results. Calling Q1 a “record revenue quarter,” McKelligon pointed to the company’s launch of the PhenoCycler-Fusion System, the expansion of its commercial team, and its strong execution as the key drivers for Akoya’s “solid performance” during this quarter.

Product revenue was $13.3 million, up 33 percent from $10.0 million in Q1 2021. Instrument revenue was $8.7 million, up 28 percent from $6.8 million in the year-ago period, while reagent revenue was $4.6 million, up 84 percent from $2.5 million in Q1 2021.

The company sold 14 of its PhenoCycler instruments and 37 PhenoImager instruments during the quarter. As of March 31, its install base stood at 748, up 27 percent from 587 at the end of Q1 2021. Of those, 552 are PhenoImagers and 196 PhenoCyclers.

Service and other revenue was $3.6 million, up 63 percent from $2.2 million in Q1 2021. “Following the CLIA certification in November 2021, we are seeing a substantial increase in orders for our service lab and have hired aggressively to support this demand,” Akoya CFO Joe Driscoll told investors.

Akoya's net loss in the first quarter was $16.4 million, or $.44 per share, compared to $8.1 million, or $3.54 per share, in Q1 2021, and larger than the consensus Wall Street estimate of a net loss of $.39 per share.

The company used approximately 37.5 million weighted-average shares to calculate net loss per share for Q1 of 2022, compared to 2.7 million shares in Q1 of 2021.

The firm's R&D expenses were $5.7 million, up 78 percent from $3.2 million in Q1 2021. SG&A costs more than doubled to $18.2 million from $8.2 million in the year-ago period.

Akoya said it is raising its 2022 revenue guidance to between $70 million and $73 million, up from its previous guidance of $69 million to $71 million.

It ended the quarter with $93.9 million in cash and cash equivalents.

“Akoya remains very well positioned for growth and we are excited about the opportunities that lie ahead,” McKelligon said. 

In Friday morning trading on the Nasdaq, Akoya shares climbed slightly to $10.27.