Akoya Reports Fourth Quarter and Full Year 2021 Operating Results and Provides 2022 Financial Outlook

March 14, 2022

Q4 2021 revenue $16.2 million and FY 2021 revenue $54.9 million
FY 2022 revenue guidance $69 - 71 million

MARLBOROUGH, Mass., March 14, 2022 (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, 2021.

“Our strong finish to 2021 demonstrates the continued and accelerating adoption of our leading spatial biology solutions and is a result of sound execution of our financial and strategic plans,” said Brian McKelligon, Chief Executive Officer, Akoya Biosciences.  “We set another record in quarterly revenue, grew our installed base to nearly 700 instruments worldwide, and have approximately 500 publications on Akoya platforms to date. Highlighting our strong quarter was the commercial launch of the PhenoCycler™-Fusion System and additional near-term menu offerings across protein and RNA, delivering the fastest, single-cell, multi-omic spatial biology solution in the market.”

Fourth Quarter 2021 Financial Highlights

  • Total revenue was $16.2 million in the fourth quarter of 2021, compared to $12.9 million in the prior year period; an increase of 26%.
  • Product revenue was $12.9 million in the fourth quarter of 2021, compared to $10.5 million in the prior year period; an increase of 23%.
  • Services and other revenue totaled $3.2 million in the fourth quarter of 2021, compared to $2.4 million in the prior year period; an increase of 33%.
  • Gross profit was $10.2 million in the fourth quarter of 2021, compared to $7.9 million in the prior year period; an increase of 29%; and gross profit margin was 63.3% in the fourth quarter of 2021, compared to 61.3% in the prior year period.
  • 46 instruments were sold in the fourth quarter of 2021; 21 PhenoCyclers, 25 PhenoImagers (which includes Fusion, HT, and earlier PhenoImager workflow instruments such as the Mantra and Vectra).
  • Instrument installed base of 697 as of December 31, 2021; 182 PhenoCyclers, 515 PhenoImagers.

Full Year 2021 Financial Highlights

  • Total revenue was $54.9 million for the FY 2021, compared to $42.4 million in the prior year; an increase of 29.5%.
  • Product revenue was $44.5 million for the FY 2021, compared to $33.4 million in the prior year; an increase of 33%.
  • Services and other revenue totaled $10.4 million for the FY 2021, compared to $9.0 million in the prior year; an increase of 16%.
  • Gross profit was $34.2 million for the FY 2021, compared to $25.9 million in the prior year; an increase of 32%; and gross profit margin was 62.3% for FY 2021, compared to 61.0% in the prior year.
  • 147 instruments were sold for the FY 2021; 70 PhenoCyclers, 77 PhenoImagers.

Fourth Quarter 2021 Business Highlights

  • There were 278 publications in 2021 featuring Akoya’s platforms, as compared with 109 publications in 2020.
  • Akoya’s inaugural ‘Spatial Day’ held on December 15, 2021 featured a preview of our new integrated suite of solutions, including the PhenoCycler™-Fusion System, novel spatial transcriptomics chemistry and universal protein chemistry, and additionally brought together academic, clinical, and industry leaders who highlighted how Akoya’s spatial phenotyping platforms are uniquely equipped to address key questions across discovery, translational, and clinical research.
  • Announced full commercial launch of the PhenoCycler™-Fusion System, the fastest single-cell, multi-omic, spatial biology solution.
  • Announced a groundbreaking collaboration with PathAI to combine spatial biology with AI-powered tools to facilitate discovery of novel predictive biomarkers.
  • Announced a strategic partnership with Bio-Techne to deliver an automated spatial multiomics workflow using the RNAScope® technology to enable comprehensive spatial phenotyping of RNA and protein biomarkers on the PhenoCycler™-Fusion System.
  • Announced the securing of CLIA lab certification, a milestone for applying spatial biology technologies to accelerate precision cancer therapies.
  • Appointment of Marilee Moy as Chief People Officer, who brings more than 30 years of HR leadership experience at high-performing life sciences and technology companies and will be instrumental in defining and executing Akoya’s human resource strategy as the company enters a new phase of global growth.
  • $113.1 million of cash and cash equivalents as of December 31, 2021, well capitalized to deliver on our existing strategic plan.

2022 Outlook

The company, based on its current plans and initiatives, expects a full year 2022 revenue guidance range of $69-71 million.

Webcast and Conference Call Details

Akoya will host a conference call today, March 14, 2022, at 5:00 p.m. Eastern Time to discuss its fourth quarter and full year 2021 financial results. The dial-in numbers are (833) 562-0146 for domestic callers or (661) 567-1226 for international callers, followed by Conference ID: 5291099. 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 increase awareness of spatial biology technology, our research and development efforts and other matters 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 via its key platforms: PhenoCycler™, PhenoImager™ Fusion and PhenoImager HT. To learn more about Akoya, visit www.akoyabio.com.

Investor Contact:

Priyam Shah
Akoya Biosciences, Inc.

Media Contact:

Michelle Linn
Bioscribe, Inc.

Condensed Consolidated Balance Sheets (unaudited)
(in thousands)

     December 31, 2021    December 31, 2020
Current assets      
Cash and cash equivalents $ 113,079 $ 17,006 
Accounts receivable, net   9,444   6,470 
Inventories, net   9,014   4,263 
Prepaid expenses and other current assets   9,277   957 
Total current assets   140,814   28,696 
Property and equipment, net   7,487   5,528 
Demo inventory, net   2,548   1,494 
Intangible assets, net   21,150   22,714 
Goodwill   18,262   18,262 
Other non-current assets   646   966 
Total Assets $ 190,907 $ 77,660 
Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Equity (Deficit)      
Current liabilities      
Accounts payable, accrued expenses and other current assets $ 23,198 $ 12,286 
Deferred revenue   4,484   3,844 
Current portion of long-term debt     1,032 
Total current liabilities   27,682   17,162 
Deferred revenue, net of current portion   1,330   1,008 
Long-term debt, net   32,471   33,488 
Warrant liability     490 
Contingent consideration liability, net of current portion   7,850   6,984 
Other long-term liabilities   223   447 
Total liabilities   69,556   59,579 
Total redeemable convertible preferred stock     69,107 
Total stockholders' equity (deficit)   121,351   (51,026)
Total liabilities, redeemable convertible preferred stock, and stockholders' equity (deficit) $ 190,907 $ 77,660 

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, 
     2021    2020    2021    2020
Product revenue $ 12,921  $ 10,471  $ 44,477  $ 33,438 
Service and other revenue   3,237    2,437    10,440    9,005 
Total revenue   16,158    12,908    54,917    42,443 
Cost of goods sold:                
Cost of product revenue $ 4,090  $ 3,828  $ 14,471  $ 12,584 
Cost of service and other revenue   1,842    1,172    6,228    3,951 
Total cost of goods sold $ 5,932  $ 5,000  $ 20,699  $ 16,535 
Gross profit $ 10,226  $ 7,908  $ 34,218  $ 25,908 
Operating expenses:                
Selling, general and administrative   19,046    6,816    51,016    23,982 
Research and development   5,563    2,532    15,701    9,603 
Change in fair value of contingent consideration   1,023    686    2,073    519 
Depreciation and amortization   1,374    1,023    4,726    3,815 
Total operating expenses   27,006    11,057    73,516    37,919 
Loss from operations   (16,780)   (3,149)   (39,298)   (12,011)
Other income (expense):                
Interest expense, net   (844)   (745)   (3,115)   (2,723)
Change in fair value of warrant liability      (298)   (2,728)   (298)
Gain (loss) on extinguishment of debt      (1,671)   2,476    (1,671)
Other income (expense), net   (166)   143    (410)   39 
Loss before benefit (provision) for income taxes   (17,790)   (5,720)   (43,075)   (16,664)
Benefit (provision) for income taxes   117    26    140    (42)
Net loss $ (17,673) $ (5,694) $ (42,935) $ (16,706)
Dividends accrued on redeemable convertible preferred stock      (4,760)   (1,435)   (4,760)
Accretion of redeemable convertible preferred stock      (296)      (296)
Adjusted net loss attributable to common stockholders   (17,673)   (10,750)   (44,370)   (21,762)
Net loss per share attributable to common stockholders, basic and diluted $ (0.47) $ (4.24) $ (1.65) $ (9.18)
Weighted-average shares outstanding, basic and diluted   37,252,039    2,536,113    26,896,976    2,370,574 

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