Akoya Biosciences(US:AKYA)2021-08-11 02:01Financial 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]