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

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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