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Akoya Biosciences Raises 2022 Revenue Guidance, Reports 37 Percent Growth in Q2

NEW YORK – Reporting strong Q2 growth after the close of the market on Monday, Akoya Biosciences is once again raising its revenue guidance for full-year 2022 after an increase following its Q1 results.

For the three months ended June 30, the Marlborough, Massachusetts-based firm posted revenues of $17.9 million, a 37 percent increase from $13.1 million in the year-ago period and above the consensus Wall Street estimate of $16.9 million.

"Akoya delivered another quarter of strong financial performance with record revenue and system placements in the second quarter," CEO Brian McKelligon said in a statement.

Product revenue was $14.2 million, up 33 percent from $10.7 million in Q2 2021. Within product revenue, instrument revenue was $9.5 million, up 51 percent from $6.3 million in the year-ago period, while reagent revenue was $4.5 million, a 5 percent increase from $4.3 million in Q2 2021.

The company sold 16 of its PhenoCycler instruments and 44 PhenoImager instruments during the quarter. As of June 30, its installed instrument base stood at 808. Of those, 596 are PhenoImagers and 212 PhenoCyclers.

Service and other revenue was $3.7 million, up 54 percent from $2.4 million in Q2 2021.

Akoya's net loss in the second quarter was $17.5 million, or $.47 per share, compared to $5.6 million, or $.20 per share, in Q2 2021, and larger than the consensus Wall Street estimate of a net loss of $.37 per share.

The company used approximately 37.6 million weighted-average shares to calculate net loss per share for Q2 of 2022, compared to 30.0 million shares in Q2 of 2021.

Akoya's R&D expenses were $5.6 million in Q2, up 93 percent from $2.9 million a year ago. SG&A costs more than doubled to $20.6 million from $10.1 million in Q2 2021.

The firm ended the quarter with $46.9 million in cash and cash equivalents, and $40.7 million in marketable securities.

Akoya said it is raising its 2022 revenue guidance to between $71 million and $74 million, up from its previous guidance of $70 million to $73 million. It had already raised its revenue expectations from $69 million to $71 million at the beginning of the year.