Akoya Biosciences grows workforce 12% as revenues spike
Akoya Biosciences, a Marlborough firm analyzing tissues for therapy research, announced increases in revenue and profits in the first quarter, along with plans to continue hiring new employees.
The company reported total revenue for the first quarter of $12.2 million. This was at the high end of the previously provided range of $12.0 million to $12.2 million and a year-over-year increase compared to $11 million in the first quarter of 2020, according to a release. Gross profits were up 10.4% year-over-year at $7.4 million in the first quarter of 2021, compared to $6.7 million in the first quarter of 2020.
The firm also reported ongoing aggressive hiring plans, with 21 new employees hired in the first quarter. This brings the total number of employees to 190, according to the release, with more personnel being added with commercial and research and development being the short-term priorities.
Akoya expects full year 2021 revenue to be at least $52.0 million, according to the release, with the second quarter of 2021 expected to have revenue growth of approximately 45% over the prior year quarter.
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