MARLBOROUGH, Mass., Nov. 08, 2023 (GLOBE NEWSWIRE) -- Akoya Biosciences, Inc. (Nasdaq: AKYA) (“Akoya”), The Spatial Biology Company®, today announced its financial results for the third quarter ending September 30, 2023.
"Akoya delivered strong financial performance in the third quarter with another record revenue quarter while maintaining operating expenses at a steady or reduced level, solidifying the path towards achieving positive cash flow," explained Brian McKelligon, Chief Executive Officer of Akoya Biosciences. "We are executing on our plan to improve workflow throughput, with the ongoing 2.0 instrument field upgrades across the industry's largest installed base and by expanding our menu of ready-to-use panels. Akoya is strategically positioned to scale spatial biology by setting the standard in the industry."
Third Quarter 2023 Financial Highlights
Third Quarter 2023 Business Highlights
YTD 2023 Financial and Business Highlights
2023 Financial Outlook
The Company, based on its current plans and initiatives, continues to expect full year 2023 revenue in the range of $95-98 million.
Webcast and Conference Call Details
Akoya will host a conference call today, November 8, 2023, at 5:00 p.m. Eastern Time to discuss its third quarter 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 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 ability to execute on our plans and expectations, our research and development efforts and other matters regarding our business strategies, future performance, 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
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Media Contact:
Christine Quern
617-650-8497
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| AKOYA BIOSCIENCES, INC. AND SUBSIDIARY Condensed Consolidated Balance Sheets (unaudited) (in thousands) | ||||||||
| September 30, 2023 | December 31, 2022 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 78,595 | $ | 74,229 | ||||
| Marketable securities | — | 6,989 | ||||||
| Accounts receivable, net | 16,096 | 9,729 | ||||||
| Inventories, net | 18,752 | 14,486 | ||||||
| Prepaid expenses and other current assets | 3,505 | 6,764 | ||||||
| Total current assets | 116,948 | 112,197 | ||||||
| Property and equipment, net | 10,843 | 10,174 | ||||||
| Demo inventory, net | 1,305 | 2,084 | ||||||
| Intangible assets, net | 18,123 | 20,048 | ||||||
| Goodwill | 18,262 | 18,262 | ||||||
| Operating lease right of use assets, net | 9,003 | 10,785 | ||||||
| Financing lease right of use assets, net | 1,776 | 1,490 | ||||||
| Other non-current assets | 984 | 991 | ||||||
| Total assets | $ | 177,244 | $ | 176,031 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable, accrued expenses and other current liabilities | $ | 25,084 | $ | 27,147 | ||||
| Current portion of operating lease liabilities | 2,790 | 3,009 | ||||||
| Current portion of financing lease liabilities | 799 | 620 | ||||||
| Deferred revenue | 6,850 | 6,279 | ||||||
| Total current liabilities | 35,523 | 37,055 | ||||||
| Deferred revenue, net of current portion | 2,782 | 2,114 | ||||||
| Long-term debt, net | 63,818 | 63,277 | ||||||
| Contingent consideration liability, net of current portion | 5,255 | 6,039 | ||||||
| Operating lease liabilities, net of current portion | 6,752 | 8,203 | ||||||
| Financing lease liabilities, net of current portion | 914 | 675 | ||||||
| Other long-term liabilities | 227 | 87 | ||||||
| Total liabilities | 115,271 | 117,450 | ||||||
| Total stockholders' equity | 61,973 | 58,581 | ||||||
| Total liabilities and stockholders' equity | $ | 177,244 | $ | 176,031 | ||||
| AKOYA BIOSCIENCES, INC. AND SUBSIDIARY Consolidated Statements of Operations (unaudited) (in thousands, except share and per share amounts) | ||||||||||||||||
| Three months ended | Nine months ended | |||||||||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Revenue: | ||||||||||||||||
| Product revenue | $ | 18,048 | $ | 14,438 | $ | 50,719 | $ | 41,942 | ||||||||
| Service and other revenue | 7,167 | 4,414 | 19,427 | 11,698 | ||||||||||||
| Total revenue | 25,215 | 18,852 | 70,146 | 53,640 | ||||||||||||
| Cost of goods sold: | ||||||||||||||||
| Cost of product revenue | 6,208 | 5,455 | 19,747 | 14,733 | ||||||||||||
| Cost of service and other revenue | 3,731 | 2,490 | 10,714 | 7,563 | ||||||||||||
| Total cost of goods sold | 9,939 | 7,945 | 30,461 | 22,296 | ||||||||||||
| Gross profit | 15,276 | 10,907 | 39,685 | 31,344 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling, general and administrative | 19,017 | 19,922 | 63,483 | 58,705 | ||||||||||||
| Research and development | 5,173 | 5,466 | 17,219 | 16,778 | ||||||||||||
| Change in fair value of contingent consideration | 262 | 357 | 1,019 | (599 | ) | |||||||||||
| Depreciation and amortization | 2,375 | 1,815 | 6,193 | 4,975 | ||||||||||||
| Total operating expenses | 26,827 | 27,560 | 87,914 | 79,859 | ||||||||||||
| Loss from operations | (11,551 | ) | (16,653 | ) | (48,229 | ) | (48,515 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest expense | (2,239 | ) | (1,109 | ) | (6,468 | ) | (2,707 | ) | ||||||||
| Interest income | 1,074 | 136 | 2,576 | 212 | ||||||||||||
| Other expense, net | (185 | ) | (225 | ) | (338 | ) | (607 | ) | ||||||||
| Loss before provision for income taxes | (12,901 | ) | (17,851 | ) | (52,459 | ) | (51,617 | ) | ||||||||
| Provision for income taxes | (15 | ) | (21 | ) | (62 | ) | (149 | ) | ||||||||
| Net loss | $ | (12,916 | ) | $ | (17,872 | ) | $ | (52,521 | ) | $ | (51,766 | ) | ||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.26 | ) | $ | (0.47 | ) | $ | (1.23 | ) | $ | (1.37 | ) | ||||
| Weighted-average shares outstanding, basic and diluted | 48,975,432 | 37,900,821 | 42,686,065 | 37,660,814 | ||||||||||||
| Last Trade: | US$2.11 |
| Daily Change: | -0.01 -0.47 |
| Daily Volume: | 81,975 |
| Market Cap: | US$104.440M |
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