Akoya has record revenue quarter, posts $19M loss
Photo | Courtesy | Akoya Biosciences
An Akoya Biosciences instrument for studying biomarkers in human tissue
Marlborough-based Akoya Biosciences posted a 26.6% increase in quarterly revenue in the first quarter compared to the same period last year, at $21.4 million.
This set the company’s record for highest quarterly revenue, according to a Monday press release from Akoya, which was founded in 2015.
Product revenue reached $15.5 million, up from $13.3 million in the first quarter of 2022, as the company sold its 1,000th tissue analysis instrument.
Despite the record revenue, Akoya still lost money in the quarter, with a net loss of $18.8 million, up from the $16.4 million it lost in the first quarter 2022.
“We continue to see robust growth and rising interest in our platforms across the discovery, translational, and clinical markets, as well as strong traction with our new product offerings. Our targeted investments in product development, commercial expansion, and business infrastructure have positioned us well to continue to drive long-term growth, while moving towards business profitability,” said Brian McKelligon, CEO of Akoya Biosciences, in the press release.
Akoya remains on track for its 2023 financial guidance, expecting annual revenue between $95 to $98 million, according to the press release.
The company added a new CFO and its first general counsel earlier this year.
Akoya’s stock price was $6.97 per share on Monday morning and was at $6.64 at market open on Tuesday on the NASDAQ. The market as a whole was down 0.45% on the S&P 500 on Tuesday. Akoya’s shares have fallen 29.4% since the start of the year.
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