Financial Data and Key Metrics Changes - Total revenue for Q2 2021 was $13.1 million, representing a 53% increase compared to $8.6 million in Q2 2020, exceeding previous expectations of at least 45% growth [6][20] - Product revenue was $10.7 million, up from $6.2 million in the prior year, while services and other revenue remained stable at $2.4 million [20] - Gross profit increased to $8.1 million with a gross profit margin of 62.2%, up from 61.6% in the prior year [22] - Net loss for Q2 2021 was $5.6 million, compared to a net loss of $4.6 million in Q2 2020, attributed to increased operating expenses [23] Business Line Data and Key Metrics Changes - Instrument revenue was $6.3 million in Q2 2021, compared to $4.5 million in the prior year, while reagent revenue surged to $4.3 million from $1.5 million [20] - The annualized pull-through per instrument exceeded $30,000, with CODEX pull-through significantly higher than historical performance [21] Market Data and Key Metrics Changes - The total installed base reached 618 instruments as of June 30, 2021, with 31 instruments sold in Q2, including 18 Phenoptics installations [21][22] - The company noted ongoing challenges in customer access in regions like Asia Pacific and the U.K. due to COVID-19 [29] Company Strategy and Development Direction - The company aims to maintain its leadership in the spatial biology market through investments in commercial expansion and R&D [11][19] - New partnerships with microscopy companies are expected to enhance technical integration and drive adoption of the CODEX platform [12][13] - The Advanced Biopharma Solutions service lab was launched to support clinical trial partnerships with biopharmaceutical companies [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth despite ongoing COVID-related challenges, with expectations for Q3 revenue growth of approximately 28% to 30% [24][29] - The company is refining its full-year guidance to between $52.5 million and $53 million, up from at least $52 million [24] Other Important Information - The company reported a significant increase in peer-reviewed publications, with 138 publications in the first half of 2021, indicating strong scientific discoveries through its platform [18] - The workforce increased to approximately 225 employees as of June 30, 2021, up from about 170 at the end of 2020 [19] Q&A Session Summary Question: Clarification on instrument placements and COVID impact - Management confirmed that the quarter-over-quarter decline in instrument placements was influenced by COVID-related disruptions in Japan [25][26] Question: Observations on regional weaknesses due to COVID resurgence - Management noted ongoing challenges in Asia Pacific and the U.K. but remained confident in future opportunities [29] Question: Updates on the iSQUARE network and co-marketing agreements - Management stated that co-marketing activities are just beginning and that all partnerships are structurally similar [31] Question: Timing for CLIA certification and its impact on partnerships - Management expects CLIA certification within the current quarter, which should accelerate new partnerships [36] Question: Proportion of publications related to translational clinical studies - The majority of the 135 new publications were related to the Phenoptics portfolio, primarily in translational studies [37] Question: Guidance for Q4 and instrument placements - Management indicated that Q3 is expected to be a normal quarter with a slight increase in instrument placements compared to Q2 [47] Question: Competitive landscape and impact of new entrants - Management believes the market is still growing and that new spatial transcriptomics solutions complement their offerings [50] Question: Updates on the AstraZeneca partnership - Management did not disclose specific details but emphasized the importance of multi-project partnerships in the clinical trial space [54]

Revenue Performance - Total revenue for the three months ended June 30, 2021, was $13,071,000, representing a 52% increase from $8,560,000 in the same period of 2020[9] - Product revenue increased to $10,719,000 for the three months ended June 30, 2021, up 73% from $6,186,000 year-over-year[9] - Total revenue for the six months ended June 30, 2021, was $25,283 million, a 29% increase from $19,581 million in the same period of 2020[28] - North America contributed $6,401 million to total revenue for the three months ended June 30, 2021, up from $3,433 million in the same period of 2020, reflecting a growth rate of 86.5%[88] - APAC revenue increased to $3,009 million for the three months ended June 30, 2021, compared to $2,036 million in the same period of 2020, marking a growth of 47.8%[88] - EMEA revenue rose to $3,661 million for the three months ended June 30, 2021, from $3,091 million in the same period of 2020, indicating a growth of 18.4%[88] Profitability and Loss - The net loss for the three months ended June 30, 2021, was $5,563,000, compared to a net loss of $4,585,000 for the same period in 2020[9] - The company reported a loss from operations of $6,378,000 for the three months ended June 30, 2021, compared to a loss of $3,832,000 in the same period of 2020[9] - Adjusted net loss attributable to common stockholders for the three months ended June 30, 2021, was $6,104,000, compared to $6,071,000 in the prior year[9] - The company reported a net loss of $13,645,000 for the six months ended June 30, 2021, compared to a net loss of $6,728,000 for the same period in 2020, representing a 102% increase in losses year-over-year[16] Operating Expenses - Operating expenses for the three months ended June 30, 2021, totaled $14,512,000, up from $9,102,000 in the prior year, indicating a 59% increase[9] - The company incurred $1,290,000 in cash paid for interest during the six months ended June 30, 2021, compared to $911,000 for the same period in 2020[16] - Total stock-based compensation for the six months ended June 30, 2021, was $1,470, up from $363 in the same period of 2020, indicating a significant increase of 304%[71] Equity and Shares - The weighted-average shares outstanding for the three months ended June 30, 2021, were 29,974,811, significantly higher than 2,292,510 in the same period of 2020[9] - The company had 37,136,853 common shares outstanding as of June 30, 2021, reflecting an increase from previous periods due to stock options exercised and the initial public offering[13] - The 2021 Equity Incentive Award Plan was approved, reserving 1,727,953 shares for issuance, with automatic annual increases based on outstanding shares[66] Financial Position - As of June 30, 2021, Akoya Biosciences reported total stockholders' equity (deficit) of $(66,817) thousand, reflecting a significant increase in accumulated deficit from $(40,154) thousand as of June 30, 2020[13] - Akoya's total stockholder equity decreased from $(30,159) thousand at December 31, 2019, to $(66,817) thousand by June 30, 2021, indicating a decline in financial health[12] - The company has an accumulated deficit of $66,817,000 as of June 30, 2021, reflecting ongoing financial challenges since inception[22] Cash Flow and Liquidity - Cash and cash equivalents at the end of the reporting period (June 30, 2021) were $135,765,000, a substantial increase from $6,917,000 at the end of the previous year[16] - Net cash used in operating activities was $16,819,000 for the six months ended June 30, 2021, significantly higher than $2,956,000 for the same period in 2020, indicating increased cash outflow[16] - The company has utilized cash from operations primarily through preferred stock issuances, debt financing, and the IPO to fund its activities[22] Future Outlook and Strategy - The company anticipates continued growth in product revenue driven by new product launches and market expansion efforts[7] - Future operational strategies include increased investment in research and development to enhance product offerings and improve market competitiveness[7] - The company aims to commercialize its spatial biology solutions and expand its product offerings to enhance market presence in North America, APAC, and EMEA regions[19] Revenue Breakdown - Instruments revenue reached $6,259 million for the three months ended June 30, 2021, compared to $4,453 million in the same period of 2020, reflecting a 40% growth[28] - Consumables revenue increased to $4,309 million for the three months ended June 30, 2021, up from $1,512 million in the same period of 2020, marking a 185% rise[28] - Service and other revenue for the three months ended June 30, 2021, was $2,352 million, slightly down from $2,374 million in the same period of 2020[28] Tax and Other Benefits - The company recorded a tax benefit of $6 for the three months ended June 30, 2021, compared to a tax provision of $39 for the same period in 2020, showing a turnaround in tax position[75] - The company recorded a net benefit of $2,825 related to the employee retention credit for the three and six months ended June 30, 2021, as a reduction to payroll expense[75]