NEW YORK – Akoya Biosciences reported after the close of the market on Monday that its Q3 revenues rose 40 percent year over year, a record for the company.
For the three months ended Sept. 30, the Marlborough, Massachusetts-based spatial biology firm posted revenues of $18.9 million, up from $13.5 million in the year-ago period, beating the average Wall Street estimate of $17.7 million.
Product revenue was $14.4 million, up 32 percent from $10.9 million in Q3 2021. Of this, instrument revenue was $9.5 million, a 34 percent year-over-year increase compared to $7.1 million last year. Reagent revenue was $4.7 million, up 38 percent from Q3 2021’s $3.4 million.
Service and other revenue was $4.4 million, a 69 percent jump from $2.6 million a year ago.
The company sold 55 instruments, including 17 PhenoCyclers and 38 PhenoImagers, during the quarter. As of the end of Q3, Akoya’s instrument installed base grew to 863, including 229 PhenoCyclers and 634 PhenoImagers.
Akoya's net loss in the third quarter was $17.9 million, or $.47 per share, compared to $11.6 million, or $.31 per share, in Q3 2021. On average, analysts had estimated the per-share loss to be $.44.
The company's R&D expenses in Q3 were $5.5 million, up 38 percent from $4.0 million in Q3 2021. SG&A costs jumped 45 percent to $19.9 million from $13.7 million in the year-ago period.
The company ended the quarter with $51.8 million in cash and cash equivalents, and $29.9 million in marketable securities.
For full-year 2022, Akoya raised its revenue guidance for the third time to a range of $73 million to $75 million. The company previously raised its 2022 revenue guidance to between $71 million and $74 million, after upping its revenue expectations from $69 million to $71 million at the beginning of the year.
In Tuesday morning trading on the Nasdaq, Akoya shares were down 17 percent at $10.77.