Akoya Reports Record Revenue in the Fourth Quarter of 2023 and Provides Full Year 2024 Financial Outlook
04 Mar 2024
Financial StatementLicense out/in
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
Announced a license and distribution agreement with Thermo Fisher Scientific to deliver spatial multiomic workflow by combining Akoya’s market leading spatial biology solutions with ViewRNA technology to enable rapid, whole-slide imaging of RNA and protein biomarkers.
Announced the formation of a new Scientific Advisory Board with initial members consisting of global experts in immunobiology: James Allison, Ph.D., former Akoya director Garry Nolan, Ph.D., and Padmanee Sharma, M.D., Ph.D.
Announced deployment of the MaxFuse algorithm co-developed by Dr. Garry Nolan and his laboratory at Stanford University for multiomic integration of spatial and single-cell data on the Enable Medicine platform.
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 . 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 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 .
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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