UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On November 8, 2023, Akoya Biosciences, Inc. (the “Company”) issued a press release announcing its financial condition and results of operations for the period ended September 30, 2023. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.
The information under Item 2.02 of this Current Report on Form 8-K, including the press release furnished as Exhibit 99.1, is being furnished, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any of the Company’s filings, whether made before or after the date hereof, regardless of any general incorporation language in any such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
| Description of Exhibits |
99.1 | ||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 8, 2023 | Akoya Biosciences, Inc. | |
By: | /s/ Brian McKelligon | |
Brian McKelligon | ||
Chief Executive Officer | ||
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Exhibit 99.1
Akoya Reports Record Revenue in the Third Quarter of 2023 and Reiterates Full Year 2023 Revenue Guidance
November 8, 2023
Q3 2023 revenue $25.2 million, 34% y/y growth
Reiterating FY 2023 revenue guidance range of $95-98 million
MARLBOROUGH, Mass.— 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
| ● | Total revenue was $25.2 million in the third quarter of 2023, compared to $18.9 million in the prior year period; an increase of 34%. |
| ● | Product revenue (which includes instruments, reagents, and software) was $18.0 million in the third quarter of 2023, compared to $14.4 million in the prior year period; an increase of 25%. |
| o | Instrument revenue was $12.0 million, compared to $9.5 million in the prior year period; an increase of 27%. |
| o | Reagent revenue was $5.7 million, compared to $4.7 million in the prior year period; an increase of 21%. |
| ● | Service and other revenue totaled $7.2 million in the third quarter of 2023, compared to $4.4 million in the prior year period; an increase of 62%. |
| ● | Gross profit was $15.3 million in the third quarter of 2023, compared to $10.9 million in the prior year period; an increase of 40%. |
| o | Gross profit margin was 60.6% in the third quarter of 2023, compared to 57.9% in the prior year period. |
| ● | $78.6 million of cash and cash equivalents as of September 30, 2023, with $11.3 million in additional debt capacity. |
Third Quarter 2023 Business Highlights
| ● | 69 instruments were sold in the third quarter of 2023: 27 PhenoCyclers, 42 PhenoImagers (which includes Fusion and HT), compared to 55 instruments sold in the prior year period (17 PhenoCyclers, 38 PhenoImagers). |
| ● | Instrument installed base of 1,132 as of September 30, 2023 (327 PhenoCyclers, 805 PhenoImagers), compared to an installed base of 863 in the prior year period (229 PhenoCyclers, 634 PhenoImagers); an increase of 31%. |
| o | Combined-unit PhenoCycler-Fusion installed base of 186 as of September 30, 2023, compared to 72 in the prior year period. |
| ● | 1,070 total publications citing Akoya’s technology as of September 30, 2023, compared to 691 total publications in the prior year period: an increase of 55%. |
| ● | The University of Queensland and Akoya Biosciences have comprehensively mapped the spatial proteome of head and neck squamous cell carcinoma (HNSCC) using ultrahigh-plex phenotyping (100+ protein biomarkers) on the PhenoCycler-Fusion, as published in an article in the inaugural issue of GEN Biotechnology. |
| ● | Ongoing Fusion 2.0 and HT 2.0 field upgrades with rolling launch of new ready-to-use PhenoCode Panels. |
| o | Showcased Akoya’s new 2.0 solutions, data, and applications at the 2023 Society for Immunotherapy of Cancer (SITC) conference held November 1-5 in San Diego, CA. |
YTD 2023 Financial and Business Highlights
| ● | Total revenue was $70.1 million YTD as of September 30, 2023, compared to $53.6 million in the prior year period; an increase of 31%. |
| ● | Product revenue was $50.7 million YTD as of September 30, 2023, compared to $41.9 million in the prior year period; an increase of 21%. |
| ● | Services and other revenue totaled $19.4 million YTD as of September 30, 2023, compared to $11.7 million in the prior year period; an increase of 66%. |
| ● | Gross profit was $39.7 million YTD as of September 30, 2023, compared to $31.3 million in the prior year period and gross profit margin was 56.6% YTD as of September 30, 2023, compared to 58.4% in the prior year period. |
| ● | 198 instruments were sold YTD as of September 30, 2023; 73 PhenoCyclers, 125 PhenoImagers, compared to 166 instruments sold in the prior year period; an increase of 19%. |
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
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)
|
| 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 |