Akoya Biosciences(US:AKYA)2021-08-10 16:00Revenue 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]