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Akoya Reports Record Revenue in the Fourth Quarter of 2023 and Provides Full Year 2024 Financial Outlook

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

Q4 2023 revenue $26.5 million and FY 2023 revenue $96.6 million
Guiding FY 2024 revenue range $114.0-118.0 million and operating cash flow breakeven by YE 2024

MARLBOROUGH, Mass., March 04, 2024 (GLOBE NEWSWIRE) — Akoya Biosciences, Inc. (Nasdaq: AKYA) (“Akoya”), The Spatial Biology Company®, today announced its financial results for the fourth quarter and full year ending December 31, 2023.

“Akoya’s successful 2023 performance reflects the high demand for our leading spatial biology solutions and effective execution of our financial and strategic plan,” said Brian McKelligon, CEO of Akoya Biosciences. “We expanded our installed base to nearly 1,200 instruments, improved platform speeds, and simplified workflows with new offerings of reagents and analysis tools. We anticipate strong topline growth in 2024 and operating cash flow breakeven by year end.”

Fourth Quarter 2023 Financial Highlights

  • Revenue was $26.5 million in the fourth quarter of 2023, compared to $21.2 million in the prior year period; an increase of 25.0%. This increase was primarily due to higher reagents and services revenue.
  • Gross margin was 62.7% in the fourth quarter of 2023, compared to 56.8% in the prior year period. The increase in gross margin was primarily driven by product mix and improved margin on the product business.
  • Operating expense was $26.1 million for the fourth quarter of 2023, compared to $29.6 million in the prior year period; a decrease of 11.8%. The decrease was primarily driven by further realized operating leverage and efficiencies.
  • Operating loss was $9.4 million for the fourth quarter of 2023, compared to an operating loss of $17.6 million in the prior year period; a decrease of 46.6%.
  • $83.1 million of cash and cash equivalents as of December 31, 2023.

Fourth Quarter 2023 Business Highlights

Full Year 2023 Financial and Business Highlights

  • Revenue was $96.6 million for the year ended December 31, 2023, compared to $74.9 million in the prior year; an increase of 29.0%.
  • Gross margin was 58.3% for the year ended December 31, 2023, compared to 58.0% in the prior year period.
  • Operating expense was $114.0 million for the year ended December 31, 2023, compared to $109.5 million in the prior year period; an increase of 4.1%.
  • Operating loss was $57.7 million for the year ended December 31, 2023, compared to an operating loss of $66.1 million in the prior year period; a decrease of 12.7%.
  • Instrument installed base of 1,183 as of December 31, 2023 (342 PhenoCyclers, 841 PhenoImagers), compared to an installed base of 934 in the prior year period (254 PhenoCyclers, 680 PhenoImagers); an increase of 26.7%.
  • 1,160 total publications citing Akoya’s technology as of December 31, 2023, compared to 772 total publications in the prior year period: an increase of 50.3%.

2024 Financial Outlook

The Company, based on its current plans and initiatives, expects full year 2024 revenue guidance range of $114.0-118.0 million and projects operating cash flow breakeven by year end.

Webcast and Conference Call Details

Akoya will host a conference call today, March 4, 2024, at 5:00 p.m. Eastern Time to discuss its fourth quarter and full year 2023 financial results. Investors interested in listening to the conference call are required to register online. A live webcast of the conference call will be available on the “Investors” section of the Company’s website at https://investors.akoyabio.com/. The webcast will be archived on the website following the completion of the call for three months.

Forward-Looking Statements

This press release contains forward-looking statements that are based on management’s beliefs and assumptions and on information currently available to management. All statements contained in this release other than statements of historical fact are forward-looking statements, including statements regarding our expectations for full year 2024 revenue, our anticipated topline growth in 2024, our ability to achieve operating cash flow breakeven, projected timing for achieving operating cash flow breakeven, our expectations regarding our ability to market and sell our PhenoCycler and PhenoImager platforms and our other products and services, our ability to increase awareness of spatial biology technology, our research and development efforts, our expectations with respect to our current or future RUO or CDx business, and other statements regarding our business strategies, use of capital, results of operations and financial position and plans and objectives for future operations.

In some cases, you can identify forward-looking statements by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this press release represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law.

About Akoya Biosciences

As The Spatial Biology Company®, Akoya Biosciences’ mission is to bring context to the world of biology and human health through the power of spatial phenotyping. The Company offers comprehensive single-cell imaging solutions that allow researchers to phenotype cells with spatial context and visualize how they organize and interact to influence disease progression and response to therapy. Akoya offers a full continuum of spatial phenotyping solutions to serve the diverse needs of researchers across discovery, translational and clinical research: PhenoCode™ Panels and PhenoCycler®, PhenoImager® Fusion and PhenoImager HT Instruments. To learn more about Akoya, visit www.akoyabio.com.

Investor Contact:

Priyam Shah
Sr. Director, Investor Relations
Akoya Biosciences
investors@akoyabio.com

Media Contact:

Christine Quern
617-650-8497
media@akoyabio.com

AKOYA BIOSCIENCES, INC. AND SUBSIDIARY
Condensed Consolidated Balance Sheets (unaudited)
(in thousands)
 
       
  December 31, 2023 December 31, 2022
Assets      
Current assets      
Cash and cash equivalents $83,125 $74,229
Marketable securities  —  6,989
Accounts receivable, net  16,994  9,729
Inventories, net  17,877  14,486
Prepaid expenses and other current assets  3,794  6,764
Total current assets  121,790  112,197
Property and equipment, net  10,729  10,174
Demo inventory, net  893  2,084
Intangible assets, net  17,412  20,048
Goodwill  18,262  18,262
Operating lease right of use assets, net  8,365  10,785
Financing lease right of use assets, net  1,562  1,490
Other non-current assets  1,356  991
Total assets $180,369 $176,031
Liabilities and Stockholders’ Equity      
Current liabilities      
Accounts payable, accrued expenses and other current liabilities $25,209 $27,147
Current portion of operating lease liabilities  2,681  3,009
Current portion of financing lease liabilities  767  620
Deferred revenue  6,688  6,279
Total current liabilities  35,345  37,055
Deferred revenue, net of current portion  3,193  2,114
Long-term debt, net  75,254  63,277
Contingent consideration liability, net of current portion  5,765  6,039
Operating lease liabilities, net of current portion  6,238  8,203
Financing lease liabilities, net of current portion  766  675
Other long-term liabilities  38  87
Total liabilities  126,599  117,450
Total stockholders’ equity  53,770  58,581
Total liabilities and stockholders’ equity $180,369 $176,031
 

AKOYA BIOSCIENCES, INC. AND SUBSIDIARY
Consolidated Statements of Operations (unaudited)
(in thousands, except share and per share amounts)
 
             
  Three months ended Year ended
  December 31, December 31, December 31, December 31,
  2023  2022  2023  2022 
Revenue:            
Product revenue $16,691  $15,708  $67,410  $57,650 
Service and other revenue  9,796   5,511   29,223   17,209 
Total revenue  26,487   21,219   96,633   74,859 
Cost of goods sold:            
Cost of product revenue  6,031   6,214   25,778   20,947 
Cost of service and other revenue  3,836   2,959   14,550   10,522 
Total cost of goods sold  9,867   9,173   40,328   31,469 
Gross profit  16,620   12,046   56,305   43,390 
Operating expenses:            
Selling, general and administrative  18,898   20,948   82,381   79,653 
Research and development  4,670   6,433   21,889   23,211 
Change in fair value of contingent consideration  617   497   1,636   (102)
Depreciation and amortization  1,874   1,759   8,067   6,734 
Total operating expenses  26,059   29,637   113,973   109,496 
Loss from operations  (9,439)  (17,591)  (57,668)  (66,106)
Other income (expense):            
Interest expense  (2,293)  (1,847)  (8,761)  (4,554)
Interest income  913   564   3,489   777 
Other expense, net  (5)  (27)  (343)  (635)
Loss before (provision) benefit for income taxes  (10,824)  (18,901)  (63,283)  (70,518)
(Provision) benefit for income taxes  22   26   (40)  (123)
Net loss $(10,802) $(18,875) $(63,323) $(70,641)
Net loss per share attributable to common stockholders, basic and diluted $(0.22) $(0.50) $(1.43) $(1.87)
Weighted-average shares outstanding, basic and diluted  49,089,712   38,002,409   44,434,570   37,746,915 

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