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Akoya Biosciences Q2 Revenues Rise 53 Percent

NEW YORK – Akoya Biosciences reported after the close of the market Tuesday that its Q2 revenues rose 53 percent.

For the three months ended June 30, the Marlborough, Massachusetts-based spatial biology firm posted revenues of $13.1 million, up from $8.6 million in the year-ago period.

Product revenue was $10.7 million, up 73 percent from $6.2 million in Q2 2020. Instrument revenue was $6.3 million, up 40 percent from $4.5 million in the year-ago period, while reagent revenue was $4.3 million, up nearly threefold from $1.5 million in Q2 2020.

The company sold 13 of its Codex instruments and 18 Phenoptics instruments during the quarter.

Service and other revenue was $2.4 million, flat compared to Q2 2020.

On a conference call following the release of the Q2 results, Akoya CEO Brian McKelligon noted that despite the "strong results," the company had seen an impact from the COVID-19 pandemic, particularly in Japan where several instrument shipments were delayed.

"Ongoing challenges in Asia-Pacific continue," he said, adding that "customer access in areas like the UK has been an ongoing problem, and in the US it is pretty dynamic in terms of the access to customers."

"We are confident that the opportunities on the instrument side and the reagents side are in line with our expectations, but it is pretty volatile," he said.

McKelligon also highlighted development work on the company's platforms, noting that it was using funds from its recent initial public offering for "expanded multiplexing and throughput, new applications for single-cell whole slide analysis, and the continued advancement of our data analysis and visualization solutions."

McKelligon also said that the company anticipates receiving CLIA certification for its Marlborough facility during Q3 and said that this would "open up additional business with existing and new partners," including the use of Akoya's platforms for clinical trial enrollment.

During the call, Akoya CFO Joe Driscoll noted that the company had seen reagent spending per instrument rise to more than $30,000 per year. He said that this was in line with the company's expectations and represents a significant jump for the Codex platform, which has historically seen per-instrument reagent spending in the low-$20,000 per year range.

Akoya's net loss in the second quarter was $5.6 million, or $.20 per share, compared to $4.6 million, or $2.65 per share, in Q2 2020. The firm used approximately 30 million shares to calculate per-share loss in the recently completed quarter compared to about 2.3 million shares in the year-ago period.

The company's R&D expenses were $2.9 million, up 21 percent from $2.4 million in Q2 2020. SG&A costs nearly doubled to $10.1 million from $5.1 million in the year-ago period.

It ended the quarter with $135.5 million in cash and cash equivalents.

Akoya upped its 2021 revenue guidance from at least $52 million to a range of $52.5 to $53.0 million and projected Q3 2021 revenue growth of 28 percent to 30 percent compared to Q3 2020.

In Wednesday morning trading on Nasdaq, Akoya's stock was up 1 percent to $18.24.