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Akoya Reports Record Revenue in the Fourth Quarter of 2022 and Provides Full Year 2023 Revenue Guidance

Q4 2022 revenue $21.2 million and FY 2022 revenue $74.9 million
FY 2023 revenue guidance range $95-98 million

MARLBOROUGH, Mass., March 06, 2023 (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, 2022.

“Akoya’s strong performance in 2022 is a reflection of the robust demand for our leading spatial biology solutions, our thoughtful consideration of market requirements, and sound execution of our financial and strategic plan,” said Brian McKelligon, Chief Executive Officer, Akoya Biosciences. “The accelerating adoption of our solutions enabled record setting revenues quarter over quarter throughout the year. We grew our installed base to 934 instruments by year end 2022 and expanded our reagent and analysis tool offerings, to deliver the fastest, simplest, and most flexible spatial biology platform in the market. Furthermore, we made significant progress towards the clinic, where we have a first-mover advantage, by securing biopharma CDx and IVD workflow partnerships, strengthening Akoya’s position within the largest spatial biology market segment.”

Fourth Quarter 2022 Financial Highlights

  • Total revenue was $21.2 million in the fourth quarter of 2022, compared to $16.2 million in the prior year period; an increase of 31%.
  • Product revenue was $15.7 million in the fourth quarter of 2022, compared to $12.9 million in the prior year period; an increase of 22%.
  • Services and other revenue totaled $5.5 million in the fourth quarter of 2022, compared to $3.2 million in the prior year period; an increase of 70%.
  • Gross profit was $12.0 million and gross profit margin was 57% in the fourth quarter of 2022.
  • 71 instruments were sold in the fourth quarter of 2022; 25 PhenoCyclers, 46 PhenoImagers (which includes Fusion and HT); compared to 46 instruments sold in the prior year period (21 PhenoCyclers, 25 PhenoImagers); an increase of 54%.
  • Instrument installed base of 934 as of December 31, 2022; 254 PhenoCyclers, 680 PhenoImagers.
  • Combined-unit PhenoCycler-Fusion installed base of 105 as of December 31, 2022.
  • $81.2 million of cash, cash equivalents, and marketable securities as of December 31, 2022.

Full Year 2022 Financial Highlights

  • Total revenue was $74.9 million for the FY 2022 compared to $54.9 million in the prior year; an increase of 36%.
  • Product revenue was $57.7 million for the FY 2022, compared to $44.5 million in the prior year; an increase of 30%.
  • Services and other revenue totaled $17.2 million for the FY 2022, compared to $10.4 million in the prior year; an increase of 65%.
  • Gross profit was $43.4 million and gross profit margin was 58% for the FY 2022.
  • 237 instruments were sold throughout the FY 2022; 72 PhenoCyclers, 165 PhenoImagers (which includes Fusion, HT, and Mantra), compared to 147 instruments sold in the prior year; an increase of 61%.

Fourth Quarter 2022 Business Highlights

  • As of December 31, 2022, there have been 772 total publications featuring Akoya’s platform; 57% growth from 493 total publications as of December 31, 2021.
  • At the 2022 Society of Immunotherapy of Cancer (SITC) conference November 8-12, 2022, Akoya unveiled the PhenoCode Signature Panels on the PhenoImager instruments and will begin commercial launch of the first five signature IO panels during the first quarter of 2023.
  • As highlighted during the 2nd Annual Spatial Day, held virtually on December 15, 2022, Akoya will be launching a suite of solutions throughout 2023 including: PhenoCode Signature Panels for low to mid-plex translational and clinical research studies, PhenoCode Discovery Panels for high-plex protein and RNA discovery studies, ACD’s RNAscope for RNA biomarker validation, a multi-slide carrier upgrade on the PhenoCycler-Fusion to double throughput, and cutting-edge partnered software analysis tools.
  • At the 2023 Advances in Genome Biology and Technology (AGBT) conference February 6-9, 2023, Akoya presented results from a novel same-section study which showcased the benefits of high-speed imaging via the PhenoCycler-Fusion to simultaneously detect protein and RNA markers across 23 different tissue samples, demonstrating a first-of-its-kind robust and scalable multiomics dataset.
  • Announced a strategic partnership with Agilent to accelerate multi-plex tissue analysis adoption in the clinic with a combined end-to-end commercial workflow of reagents, staining, imaging, analysis and services for the benefit of biopharma and CROs to meet spatial diagnostic needs.

2023 Financial Outlook

The Company, based on its current plans and initiatives, expects a full year 2023 revenue guidance range of $95-98 million.

Webcast and Conference Call Details

Akoya will host a conference call today, March 6, 2023, at 5:00 p.m. Eastern Time to discuss its fourth quarter and full year 2022 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 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: 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

Media Contact:

Christine Quern

Condensed Consolidated Balance Sheets (unaudited)
(in thousands)

 December 31, 2022 December 31, 2021
Current assets       
Cash and cash equivalents$74,229  $113,079 
Marketable securities 6,989    
Accounts receivable, net 9,729   9,444 
Inventories, net 14,486   9,014 
Prepaid expenses and other current assets 6,764   9,277 
Total current assets 112,197   140,814 
Property and equipment, net 10,174   7,487 
Demo inventory, net 2,084   2,548 
Intangible assets, net 20,048   21,150 
Goodwill 18,262   18,262 
Operating lease right of use assets, net 10,785    
Financing lease right of use assets, net 1,490    
Other non-current assets 991   646 
Total assets$176,031  $190,907 
Liabilities and Stockholders’ Equity       
Current liabilities       
Accounts payable, accrued expenses and other current liabilities$27,147  $23,198 
Current portion of operating lease liabilities 3,009    
Current portion of financing lease liabilities 620    
Deferred revenue 6,279   4,484 
Total current liabilities 37,055   27,682 
Deferred revenue, net of current portion 2,114   1,330 
Long-term debt, net 63,277   32,471 
Contingent consideration liability, net of current portion 6,039   7,850 
Operating lease liabilities, net of current portion 8,203    
Financing lease liabilities, net of current portion 675    
Other long-term liabilities 87   223 
Total liabilities 117,450   69,556 
Total stockholders' equity 58,581   121,351 
Total liabilities and stockholders' equity$176,031  $190,907 

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,
  2022   2021   2022   2021 
Product revenue$15,708  $12,921  $57,650  $44,477 
Service and other revenue 5,511   3,237   17,209   10,440 
Total revenue 21,219   16,158   74,859   54,917 
Cost of goods sold:           
Cost of product revenue 6,214   4,090   20,947   14,471 
Cost of service and other revenue 2,959   1,842   10,522   6,228 
Total cost of goods sold 9,173   5,932   31,469   20,699 
Gross profit 12,046   10,226   43,390   34,218 
Operating expenses:           
Selling, general and administrative 20,948   19,046   79,653   51,016 
Research and development 6,433   5,563   23,211   15,701 
Change in fair value of contingent consideration 497   1,023   (102)  2,073 
Depreciation and amortization 1,759   1,374   6,734   4,726 
Total operating expenses 29,637   27,006   109,496   73,516 
Loss from operations (17,591)  (16,780)  (66,106)  (39,298)
Other income (expense):           
Interest expense (1,847)  (844)  (4,554)  (3,115)
Change in fair value of warrant liability          (2,728)
Gain on extinguishment of debt          2,476 
Interest income 564   26   777   91 
Other expense, net (27)  (192)  (635)  (501)
Loss before benefit (provision) for income taxes (18,901)  (17,790)  (70,518)  (43,075)
Benefit (provision) for income taxes 26   117   (123)  140 
Net loss$(18,875) $(17,673) $(70,641) $(42,935)
Dividends accrued on redeemable convertible preferred stock          (1,435)
Adjusted net loss attributable to common stockholders (18,875)  (17,673)  (70,641)  (44,370)
Net loss per share attributable to common stockholders, basic and diluted$(0.50) $(0.47) $(1.87) $(1.65)
Weighted-average shares outstanding, basic and diluted 38,002,409   37,252,039   37,746,915   26,896,976 

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