- Earnings call transcript Q3 2022

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Operator

Good day and thank you for standing by. Welcome to the Akoya Biosciences Third Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] please be advised that today's conference is being recorded. hand Head over of to today, your like Shah, Priyam Investor now the to conference speaker I'd Relations.

Priyam Shah

Head call. Thank everyone you, Priyam this who you Relations Shah, I'm is joining Akoya operator us today and Biosciences. of Investor thank at on

call for Brian McKelligon, on today, A ended XX, the Joe third Officer; Chief Akoya today, copy have Officer. website. press company's XXXX. available Financial quarter the Chief Earlier we release of released the Executive and On Driscoll, financial is the results September

I'd we Reform Any management safe expressed meaning the relate are in results Before the Act of implied statements that XXXX. are statements remind predictions or will or which those make like that to Litigation Actual forward-looking the forward-looking due begin, factors. to events, include a harbor statements. expectations you provisions from or statements call of future materially this within variety to results of call laws, pursuant may that federal to of securities during the in statements this differ made performance Securities forward-looking contained of Private

For the except Nashville. will of new in financial Form disclaims or list March today, Factors refer with please Akoya's as participating of otherwise. future and any to live XXXX future projections Exchange be be law, uncertainties XXXX. to any Akoya urge estimates the update November of listeners the description and forward-looking business, XXXX. is or and a conference risks considered our This as Securities should in aware only and consider Akoya time-sensitive that by We accurate broadcast guarantee with would only you these statements, the required information XX-K these Investment to that intention or associated factors obligation, on or not upcoming call Conference the like XX, filed section and Risk statements NASH revise to We X, of of inform Stephens whether Commission performance. be and events you contains should because are information, a

MedTech see dates be Additionally, Conferences please Relations in we the page our month. in the Piper webcast Healthcare Investor York New and information. this for will Sandler and participating Canaccord

be today second can Spatial over that, on I'll and it many Lastly, we will press Annual to information Brian. our Virtual And attend. December release of to Event hope our found turn hosting Day we registration in be you XX, see now with

Brian McKelligon

Biology, in good million joining a $XX.X the the Priyam spanning you, Spatial record third demonstrate and thank very had Thank instruments in and to placed base instruments with to us over growth geography. of Biology The clinical and and approaches portfolio of which segments quarter, year and Akoya's is reported in and founded. translational the quarters. by few company XXX three quarter XXXX XX of product of continue. delivering discovery, on the XXXX. byproduct for ended setting Biology the on PhenoImagers product afternoon revenue, the balanced strong representing in standard with meaningful third revenues a track to category, And everyone, growth year a quarter based a a representing instruments to development, the from now customers. adoption accelerating publication XX% reach third we revenue portfolio affirmation XX imaging of the success the our XX Akoya's XX% XXX year will Akoya publications today. Akoya quarter platform ago dominate Akoya's key key of XXXX total quarter, our We and market near and to technology date gives strategic was value sold NCX you and in for to which of execution, Imaging a doubling period. a is that foundational total a market. in industry cycling a of placements install and of is commercial leading volume a based Spatial and product from the indicator We growth PhenoCyclers continues prior the segment robust rapidly compared by consisting an featuring platforms Spatial of now third quarter-after-quarter next drivers,

provide through workflow that We and have industry delivering optics success generation built the phenotyping available. leading second the on now single fastest solutions cell

the to rapid designed solution and clinical more panels The has biomarkers the to flexibility need interest response fields oncology, focused biomarkers trials. and prognostic panels on whole panels these customers, ongoing development cancer of meaningful PhenoCode Boston signature on purpose are our signature at biology we tissue-based previously Extensively are Immunotherapy panels and panels year-end, analysis delivering we today for in protein infectious or important. the the X,XXX pre-designed particularly At These predicted each referred landscape platforms Cancer this our slide PhenoImager platforms. medicine, in of disease, to in to and our biomarker are greatest to by With universal signature will also upcoming PhenoImager available as unveiling accelerate trials, take areas imaging nearly clinical immunology, PhenoCode immunotherapy. will neurobiology, for SITC rapidly transplant central therapy The on commercial place the outline will The in platforms. panels multiplex be use segments, were PhenoImager translational of launch Conference, advancing to tested and and that and the validation new includes of market identify SITC, robust, PhenoCode discoveries tumor distinct signature for been place more. Our and built with week announced by and acid Akoya and researchers. for the PhenoCode of clinical never and immuno-oncology rapidly taking these customize, new discovery, translational therapy antibody chemistry. to run a tissue validated created for that modules our will Society the

the a an our now in therapy biomarker address revenue pull-through suite to platforms. Akoya including PhenoImager to that reagents. will immunotherapy. by customers will end-to-end translational new end-to-end translational complete cancer simplify summarize, provide and interest With one, customizable per full two, validation and greatest areas of will, of signature now panels, and acid and system they ready-made PhenoImager phenotyping sample clinical these our resulting and of The clinical customers. drive are of necessary provides panels biology To workflow. panels antibody they response the increase researchers Akoya's in and PhenoCode And solution launch delivering our a distinct for and on three, Spatial utilization accelerate expanded And panels for and tumor full development in higher

additional for oncology resulting a initiatives has material clinical of companies. our translational several advanced partners, valued progressing and are expansion Lab and in downstream pipeline biopharmaceutical our become markets biopharma resource with solutions the in We at Marlborough out our CLIA a leading programs and

in large menu a Therapeutics last first its As clear milestone expanded oncology develop path addressing diagnostic discussed Acrivon the Spatial important kind targeted offering is a commercialize agreement Spatial our of and to agent and an an quarter, with indicates companion clinical clinical developing tamp. for Biology towards signature Acrivon's

solutions. adding speed at product expanded have discovery market, drive further the and we including Turning now productivity enabling upstream underway, innovations software additional several applications, new platform to to advancements

of automating on PhenoCycler Fusion co-marketing industry's PhenoCycler Fusion a to will by complete a the year-end. the is RNAscope biotech's incremental adoption with on be RNAscope growth. leading completing Bio-Techne technology and and shared of drive the we the targeted the by Bio-Techne, platforms By with our focus Spatial First, to the Fusion we In on parallel, both publications Akoya customer to year-end. base. can on upgrade are RNAscope nearly accelerate massive and with offering automation X,XXX PhenoCycler transcriptomics the applications date track

new production instruments improvements early implementing upgrades the further this initiating customers. year-end, increases includes fluids speed for will and platform's by field into and XXXX hardware, We and in capacity upgrade upgrade to and software. begin This for existing the builds

continue will integration, both and capacity delivering of synchronized. of Akoya's Spatial Fusion. and a market workflow, It efforts and samples. the processing system proof-of-concept highlighted we also at is the example, utilization in sample required increased Simultaneously, RNA be we for of application for on For ongoing RNA RNAscope on further same plex proprietary And also so PhenoCycler driving poultry. and to accelerate to of we the is This months doubling is part tissue demonstrated on to technology, develop and available showcased more carrier surveys near throughput. simplify overwhelming central RNAscope be the These of the industry's a plex the combination will June. the AGBT of We for conference, which At are tissue The following upgrade the the our demand conference speed multi-slide sample. two parallel launch transcriptomics the the support result and of Fusion our PhenoCycler we speed addition proof-of-concept applications. while suggest to AGBT increases a simultaneously the analysis first expanding XXX multi-omic hundred more are a emerging a that an applications same section. protein tissue the

and RNA initiating providing commercial pleased on third year-end. year-to-date performance day summarize launch in to we very our commercial as be early the continue details Biology and We by are timing do in and our our our access will Spatial leadership early at strong expand anticipate portfolio market. access more December. position the Spatial financial with We we To for our quarter,

year. As initiatives focused targeted balance have of the we following the are for on outlined, we the

as First, drive Fusion CX the the imaging continued the in adoption of PhenoCycler best-in-class improvements and platform.

drive portfolio expanded deliver Second, new the to continue pull-through. across speed instrument workflow further drive improvements applications and to and

the Third, and adoption leading centers our companies diagnostics. translational research expand clinical and medical with PhenoImager biopharmaceutical the advance to partnerships and of HT in drive

be of in new include on presentations Priyam will It and Akoya As from researchers a Annual top will second review introductions December Spatial product hosting the our noted, XXth. found discuss discovery, Day over markets, our financial whom clinical value of have and call to in to results. the Joe With turn Akoya's that, Joe? translational offerings. tremendous will product I all our

Joseph Driscoll

Brian. Thanks Hello, everyone.

we was million which $X.X market sold, environment for increasing XX% year quarter compared insulated instruments XXXX relatively We portfolio. prior XX period, compared of from million are that revenue performance which PhenoCyclers, and the extremely XX% million an $XX.X to year broader XXXX, with over quarter Within includes revenue, from quarter XX to the software, of to year-to-date, $XX.X product increase gives period. total given continues and of strong We prior in macro growth highlighted, XX% slowdown. the growth Brian the representing year-to-date high of XX% the had was prior in period. revenue us of another million confidence million representing be million As a $X.X that were This year economic $XX.X third million instruments, prior third as XX.X third record was to in this represents the growth. revenue the for PhenoImager a period, growth the year in $XX.X Product instrument growth, XX reagents compared as see XX revenue, challenging strong instruments XX%. sold is to were quarter and the compared the in

of We base is and PhenoImagers. XXX installed have sold XXX XXX PhenoCyclers includes XXX, instruments total now which the year-to-date, and instruments

PhenoCycler or now upgraded important instrument. in the is PhenoCycler As drive next few the total system total and years. of sold of have a launch for base a this combined projected from the over either standalone installed combination since The to number at we year, is because a combined units an Fusion reagent of increases previous XXth, Fusion significant pull-through of instruments a the directly metric start system the combined of as September been XX XX commercial shipped have

Fusion long-term. We by XX% track XX% million very directly rate year XX% Reagent was quarter of ahead to a over period, which continue is combined million the our sold of significantly $X.X two revenue the systems, years in in of Today, attach of range both for to PhenoCycler the the the the expectations increase impressive on prior PhenoCycler $X.X the versus to an the much instrument to to project instrument following the mid-$XX,XXX per XX% with several PhenoImager for on next annualized an HT. as pull-through and over we three portfolio factors. times based across as increase pull-through

expanding Fusion. fully expand of our base as researchers rapidly First, of the become trained PhenoCycler and use installed

running. Second, and RNAscope the Fusion upgrades new and up multi-slide on are PhenoCycler

multi-omic the content utilized are on as rolled and out the plex our system, HT Third, PhenoCode new are panels higher signature finally, menus commercially.

representing million reagent project XX% year several growth. revenue We in continue as XX% and to growth revenue prior period, the per the to totaled of $X.X year years. approximately annual compared next $X.X Services million other for

$X.X Our gross clinical for in $XX.X and with to Growth directed first profit to period. in quarter compared of to advanced the gain biopharma solutions third of CLIA partnerships. Lab margin meaningful this quarter significant year profit million the pharma was continues the This in traction consistent other year. prior large the resulted half XX% million

Lab We clinical secure continue CLIA the a to Therapeutics, which to as partnerships Acrivon on diagnostic make support such margins. clinical Service enrollment investments and in impact trial near-term has

the increase year. an our Operating further the totaled in PhenoCode fiscal instruments of continue cash of breaking as more instruments XXXX, third million. quarter XX CLIA with in summarize, increase the installed for capabilities. experienced Common project invest million outstanding than quarter $XX.X runway what the record are the our consistent XXXX first and focus demonstrates cash in and of Through have base $XX.X nine compared Fusion instruments. focus experiencing. cost we a shares with fiscal sold signature had impact million of pricing equivalents. of the rollout of will expenses and shares, another OpEx also have We We to other compared year. improve to pressures some the make to company from on the panels speed, consistently promotional quarter content since QX assay maintaining companies commercial of XXXX, in revenue, in and cash the sale provides The a quarter approximately with $XX in the of first six to will total end To portfolio for continues inflationary million on the million us R&D in product margin awards, the near-term continue We $XX.X robust of menus remainder million months targeted in $XX.X XX.X stock and XXX Instrument now the XX% and the the service restricted analysis ample most million of the on multi-omic the this demand XXth XXXX. start a investments diluted pricing fully unvested with offering. are year-to-date, XXX the QX, as moderate to We instrument and to the $XX in September as including months which ended impact be of that to Fusions XX enhance of million and over outstanding in totaled business. across options launch XX.X a new quarter, to we

and in confident market. year tailwinds as ability our in growth to $XX to to million $XX very remain will our continue full We the deliver continued year business increasing for our revenue to we are preliminary see XXXX range this Biology Spatial guidance

it turn remarks. Brian over I'll Now back closing to for

Brian McKelligon

quarter that solutions We're customers At work well our ahead pleased of new Thank deliver Akoyans and will you, we for up support to strong the and excited hard to developments new as the shareholders. Joe. we discovery our of and from we're report fellow well questions. portfolio. Session this announce we as across summary, a positioned for for growth, the dedicated opportunities as very Akoya about the In the clinical exciting are Spatial point, lie Operator? call markets. for the remains Question-and-Answer open thankful

Operator

Stephens. [Operator Instructions] Carrico with from Our comes question first Mason

Your line open. is now

Mason Carrico

the Hey, question. doing? guys. everyone taking for How's Thanks

Brian McKelligon

are how Mason, you? Good.

Mason Carrico

has and out, Have any start to in Maybe or have most relatively seen sequentially? has good. off calling in are steady demand so across trended or trends doing fourth I'm demand how strengthening geographies weakening here, across geographies quarter you QX how worth the they been far?

Brian McKelligon

really the reflective geographies don't relative I of performance. solid is what think sort QX really Yeah. numbers. America, we're comment but think on in APAC yet, I I North and is, seeing I strong, we'll over think mean, EMEA, delivered

we you demand. that's I think there's a as noted others, on from as cycle some indicated capital on think purchases versus increased and I scrutiny had commentary more prior, sale

direction, seeing concern. certainly that cause we're that terms nothing headwinds either meaningful of us So, there's in would in

in why think to numbers we guidance took Joe point where slightly. that's I raising talked the our our about

Mason Carrico

with starting three a be Are the about follow next expectations and more thinking question. next to ramp qualitatively? increase more maybe and there throughput Fusion multi-omics, as your more even then linear, you two-part it. next X.X instrument RNA over to give helpful. and should what One, for just that here, up up universal year launch are chemistry years we much XXXX as expect two you And Got step That's to maybe or and XXXX year can the in moderate rollout? material per

Brian McKelligon

Yeah. Yeah.

an that's to a additive the with dollars driving see be think it's all all utility sample, sitting XXX things get Fusions, driving those utilization. plus we're of out of to things these install to per there, process in is, XXX samples you'll of I on a application base that driving what drive ranges given of pre time to out in HTs going PhenoCyclers for conversion and to and sort

XX about cell. kind think I'm you maybe whole talking expect single And markers big And tissue grow big just X.X, that, the we've I you all. But slide and time. pretty I a kind Fusion before. for is we you the about pretty slide tissue samples size. think about whole on a with a -- over the making number about Fairly There's X.X you to of think this pull-through as that throughput where range consistently mean, Fusion difficult can your range gets of it a week. of XX there's in a So talked straightforward. to with at

Mason Carrico

guys. Thanks it. Got

Brian McKelligon

you. Thank

Operator

Please stand question. our by next for

comes next Capital with One. Chang Tim from [ph] Our question

is line Your now open.

Unidentified Analyst

guys you are just I Hey, the ask Fusion well PhenoCycler wanted doing launch. obviously thanks. with you, Brian, to

bit only product ramp, you in U.S. seems bit it mean, States, but outside with you like or granularity the of the pretty expect a the I but curious the just provide was to on little well U.S. can you could how provide doing not up outside that how U.S., a ramp little in visibility you're talk So, I that much

Brian McKelligon

I'll lots really expect think we in. mentioned, existing to install I but into just Tim, base. room contribution units Still large break on it the numbers Yeah. the customers, of Joe upsell I don't driving I our We mean, ramp down chime but ex-U.S., kind customers. let equal also to of new given

in think sort I we terms So, difference how scaling any there's regional meaningful the of of don't think material product. about

Just North revenue America of was and rest scale, you EMEA the anything in and Tim, split I our kind want in Joe, about frankly, add know to that. of APAC. XX% differences if equally between don't beyond

Joseph Driscoll

No.

I think on that's right the money.

would we think of to expect this rest the our to rollout business. be comparable I

As North said, XX% XX% APAC. EMEA, Brian just XX% America,

now. looking So that -- way right that's the at it we're

Unidentified Analyst

that Okay. And Great. I mean, to -- this a actually up. quick you think number noticed increase north ASPs, just what, head XXXX? into your $XXX,XXX? expect they we did follow to they I I one were grow as continue is

Brian McKelligon

Yeah. take Joe, want you to that?

Joseph Driscoll

had this a lot get launch share try Yeah. on the pricing and year Sure. months to excitement It's -- Fusion market we the to of take the get of first promotional marketplace. on six -- really in

go So, yes, ASPs the did in QX. up

see in QX again up I tick probably that. then stabilize think after you'll them and

in where sweet think terms we're spot pricing. I finding our is of

Unidentified Analyst

much. Okay. Super. so Thanks

Operator

by question. stand our Please for next

comes with BTIG. Our Mark from Massaro next question

Your line now is open.

Mark Massaro

great outlook QX, like is to Thanks XX% a doing this you Maybe recognizing guys year, of but just the put do the QX. looks it's Joe, and here third for congrats up about year. the I XX% question ask a about range QX. guys. this to executing beat questions It Hey, you job you for want for XX% are that in on for growth straight first raise and your

degree us rates you're So, of high to coming Because forties. is to the growth there off thirties for any of some caution? low in to use kind mid of reason

should how the we So, in QX? about think slight desell

Joseph Driscoll

Yeah.

the tougher was think been, quarter. bit makes This there's And by extremely factors comp. year, QX that's of I have couple there. balanced one revenues And a guess, more I a of last is year's little a strong.

so, And in prior QX QX spike not seeing seen you're and years. between the we've massive that

year we're year there last and this where big -- year of think as more gotten to last discrepancy business pretty So, we've regular opposed streams I throughout QX year. a was just between the QX

maintain posture just concerned So, anything that. we're in We're or conservative to like our trying a guidance. not

Mark Massaro

out to Okay. here. Great. signature PhenoCode rolling the And nice see panels

to the sense that plan your recognizing increase So, And pricing how the mix? XXXX? us about Can should now then, to region you're a HT. you PhenoImager how we thinking in contribution is growth per here pull-through give for think in about box incremental

Brian McKelligon

the the from building our directionally, maybe just a to system, is fluorescent So, panel just question, HT source that us an on would let's to themselves. as look that -- PhenoCode, and largely detection customers prior at of you and say one pricing regions they get antibodies

quite of again, dramatically, it's So, spend, of in of revenue. kind assume can are XX%, but terms their total that prices antibody somewhere portion XX% vary between

that of where but panels. help kind some give we of pricing primarily, going it's new you people as done. But yet, a as the drive we've we're would So, look price give Mark, of sense a because that validation going a additional value you price to the developing of work dollar PhenoCode, that I'm work. panels be at knowing to should not lot you to directional the of will accelerate this existing going that into kind those, conversion

faster. to walk the as kind and year a getting of think -- see conversions, going we and customers be running it's So, a but Mason's I step little similar questions, HT those bit new to also up through function

Mark Massaro

one look next on And Can any and any maybe last catalyst Great. diagnostics and just Okay. me, for other companion to speak going for your you, with Brian. just for to events you SITC, be is should developments the anything I have Thanks. with we to there in some question at but the particular out looking Acrivon you And then, for? partnership? final is, links know of business

Brian McKelligon

Yeah.

it we're to to program, lead specifically, to of as clinical their their of of tied follow reveal they terms advancements that. in going hip on obviously So, because sort we're Acrivon really

commentary going from more qualitative terms us. to of I milestones, it's be kind of think In

we comments year, announcement. will of of capabilities the since Acrivon noted with it last the but we the participate in drives a about, also system Mark, probability additional portfolio time earlier same the revenue, it's just that have at revenue, we so codified higher trials CDX most placements. clinical while highlighted additional the It's deal, just driving another higher, that of service and ABS importantly, expanding that As launch really in

So that's there's their kind of qualitatively. at and how detail number of poster lot SITC their PhenoCode work. validation presentations, to SITC, release. There's that press large so and a going around I think doing. that would But I address link again, And would to in There's to be a be our what just invite I'd probably earnings a then these panels at there the of event core you event. look the we're

Mark Massaro

you. Okay. Thank

Brian McKelligon

Thanks Mark.

Operator

Please stand question. next by for

next comes Savant question from Morgan with Our Stanley. Tejas

Your line is open. now

Neil Vibhakar

Tejas. Neil this on Hi, is

of approach begun order strong your launch continue incumbent to you translated to books? peers launch market? own So, in some for this forward, your is gives after demand resonate, your And strongly color interest new as even just begun images will of an that platforms growing they going how imaging considering tissues confidence terms their in have the on what the to CX band using of these Any see, own. on as

Brian McKelligon

to imager the underlying -- microscopy arguably technology, even commentary on your we imaging is quality arguably, a imaging in And methodology? regarding, way and the I approach the say single system for question of bit speed, gives think kind again, would system our us methodology, is platform but the advantage. launched we I'm with quality. biased, HT imaging resolution best The our and fluorescent based is power market is own, from the significant is approach. it's And the not terms competitive assays, that of think the imaging an imaging, Just to little on tied getting I speed Yeah. the on that clarity, do Fusion. and imaging the that's last to that's Maybe the our longstanding what its a the what every and

the segment. in that what's of universally out With the So doing terms that's Spatial sort translational are accepted it generation Nanostring, of friends HT clinical own the in competing our next markets. genomic it's systems stands coming those respect system competitors, really via in is now different from and at to Biology are is and sort that imaging. XXX The largely on within new and of the market discovery decidedly

Neil Vibhakar

recent timelines, can it. in the any the of updates you. these Got couple thinking the us And product that let in given your to you underpins on months pieces what confidence decision? macro. Thank some the speak to and revision And that moving over last

Brian McKelligon

So, are you to Neil? changes I'm sorry. Which referring

Neil Vibhakar

on the reprioritization product roadmap? The

Brian McKelligon

Yeah.

some -- roadmap I has has solid. product on apologize really the have that's the but think there's priorities if confusion remained the me, roadmap --

tied Fusion what think RNAscope, I production we being that to into the that's of So, I announced today hitting with X.X and think a refinement our timeline.

of Your as your So, I consistent then what? was question comment, And second part see Neil, hopefully prior. the that -- you that with rather.

Neil Vibhakar

in idea be the in thinking kind how these or in on, just China. pieces headwinds over in some it months of the budgetary concerns macro, of has light Europe guess, that moving I the of some evolved reagent couple of that last an whether

Brian McKelligon

already dollar a in looking even Obviously, It's of just the you terms has Nothing just of really changed every the in and face budgeting our become that in just quarter-over-quarter and year. our on this out is around commentary think decision you of gave see or I It sequentially -- that is of as making OpEx rigor. terms capital reflected during of are how we as question. kind spend Yeah. more that we prioritize. that. return current on a forcing process, and in recession, OpEx in the focused strategic Joe And a reflected more good planning lot rather comes all quarter-after-quarter

Neil Vibhakar

Got from me. Thank last you. one it. And then,

offerings really a likely XXXX begin you that as dynamic this the with that building you start introduce do would the is as thinking or? awareness segment, And given So, into see that about the make set another market drivers key to ASP around familiar genomics there what customer to push less Akoya?

Brian McKelligon

Yeah.

with question. you -- right cut I So your money out

segment market asking I think you're about. you transcriptomics the said is Spatial

Neil Vibhakar

Correct.

Brian McKelligon

Yeah.

So, current really I technology we RNA, value the something our excuse look capabilities some that and alluded own making, deliver in the can and think discovery of existing with which how differentiated platform of that voice is how is about opening capabilities our respectively. we do growing expertise -- both the can with part the has capabilities the with proteomics to, decision to me our coming validation us, we a core of protein? in for -- delivering setting feedback out How of comments way AGBT in and the best we I that and our product and leverages at is think our build the that customers setting RNAscope roadmap and of

So, really exploring that, we've the so Not on and really solutions terms your scientist. the on really -- some been and plex in catalytic much RNA a so work the of become exploring both value they sort lot but where on focused focusing protein bring of they more, to content that panel arbitrary development. science the you doing content multi-omic contemplate with your of and

Neil Vibhakar

and Got it. the time on appreciate I congrats the quarter. strong

Brian McKelligon

Thanks Neil.

Joseph Driscoll

you. Thank

Operator

the for question. next by stand Please

Morgan. Our from Julia comes next question Qin JP with

is Your open. line now

Unidentified Analyst

questions. my for on [indiscernible] for Julia. taking Thank is This Hi. you

on first, quarter. impressive. So, congrats the Very

last placement did like drop. for the a the math it's It's like XX compared So, It seems quarter. quick to quarter. slightly -- Fusion a I about it's this two a

with on standalone the Fusion just orders? cycler I'm it's think forward? we more or the relying moving should on placements Is the more driver how or it So, curious, about attachment the I, should like, for relying

Brian McKelligon

take Fusion it don't separately, we let kind report there. Joe the I'll from but out really So, of

at to is being Fusion I third-party it to where from instrument upgrading both some that instrument And year. what what mix a see, overall, number a of slight we to I to Joe, be the want overall they're a shift, going always go the QX the think install number. know to alluded have I to each as to, don't scope anything. our you paired fairly placements you consistent add QX PhenoCyclers, but from look -- this also with base as But selling extent are existing Joe QX. a from total quarters driven if to we There's you quarter think Fusion.

Joseph Driscoll

Yeah.

the Fusion get a try year, first six months to share, promotional buy to convert really Fusion. of out really on users really we PhenoCycler So, market to pricing with the existing try really this to went

selling versus was I -- XX% sell the is QX six a really months PhenoCycler, above of Fusion reiterate, which the we is of looking same the more And time a terms to to placements. driver for a year at are the that that again, the of once I'd way Fusion of units a rate QX, just So right first exceeding kind the normal is attach in our quarter, expectations. say at the you're with now, when guess,

seeing a market selling of really try impact we more lot you're PhenoCycler really in to drive expected. we're bundled of So, first the share. year, the Fusions the months six promotional what to had than But pricing that

Unidentified Analyst

helpful. next Okay. the Thank you. very My panel DAR universal That's ramp the about the next chemistry year. for questions and

hydro compared standalone those I'm to should curious, Cycler about Fusion Fusion we or on customers how like customers? So, just think the adoption their

Brian McKelligon

more question Yeah. appreciate some that Actually -- to that's help I provide really clarity.

a of the little on just So, science. bit

So, the chemistry high the underlying PhenoCode really for high on hybrid PhenoCode some and of the that I'm codex the a sorry, plex the that is essentially capabilities, really chemistry. the opal high assay -- the the throughput PhenoCycler runs is between the And not capabilities, chemistry not historical, assay, plex.

it HT the on is really will -- adopted chemistry most PhenoCode probably system. widely that So,

running existing think as and the so, chemistry. and with chemistry customers historical with And over they new get adoption of can about the new customers happening to happening PhenoCode PhenoCode, from again, qualitatively opal they new up fastest the you migrate the as -- panels

really is a Fusion really some to -- extent. the the system and for So, HT it about solution is it

Unidentified Analyst

just the customizable haven't patients, the like have many the the specifics or chance neuro other share just I can one diseases infectious like in me biomarkers to Are it customizable? are are question. is fixed, guys had future panels or or Like posters. many tumors Maybe you to stages with CT look diseases, or level at such I a PhenoCode. give high overview. many how to about a last there, on how the are Okay. to any clinical me high how scalable

Brian McKelligon

cancers. series of a have customize about that an those what XX And you high and And that you high across we where we yeah, so. five I I open antibodies tell -- XX are you across histogram hundred to is dominate are what allows are questions. several specific level a multiple panels they're A level or deployed this landscape. of will see is to And which Yeah. cancer looked many to you publications the generally tell plex, position answer designed particular the

to immune designed For at look exhaust. example, cell is one

Another look polarization. macro face one to is at

infiltrating look Another tumor to one at is lymphocytes.

of thematically really So, they're designed, validated. highly sort but

those yourself then So, customize. across kind an and one for so you of can or of themes in antibody plug pick to

and accelerate to So, time that a it's hybrid fixed get really up and between are sort new hybrid running. designed -- those the panels customizable panels and of panels to

Unidentified Analyst

very That's you. helpful. Thank Okay.

Brian McKelligon

Okay.

Operator

stand Please next our by for question.

from comes question Kyle next Canaccord. Our Mikson with

open. Your line is now

Unidentified Analyst

Kyle Alex This is [indiscernible] Mikson. Hi. on for

announced of concurrent So, the the million. $XXX shelf release, earnings offering with also you

burn cash just obtain roughly to So, based do of -- you I expect any million other curious, your per to was Thanks. near-term? $XX operating on cast million the current financing quarter, in $XX

Brian McKelligon

Yeah. appreciate the out seeing today. I appreciate that question and all you of kind come I

So, maybe in just quarter. cash got to the as Joe million end the we've noted, of at $XX reiterate,

strong position. really, So, really cash

the pressing we non-dilutive you'll interest any all not not been a funds, any longer really do sort filing, that provides those capital. we've that have provides additional of that in our additional partner of be we as longstanding recently, and facility we need filing So, period. And them I one facility capital. calls, note But really mid-cap in only really is worked only that at for with And opportunistic. mechanisms indicating noted cash. but effective to intended need, prior a we announced been restructured debt of cost expanded a to Akoya as access They've with we think

mid-cap in our solidifies cast until didn't today So shelf a that But shelf a that we in position. of place. restructuring registration have sort place, further

and And for simply sort as at just ATM commonplace, to there's look is There for close interest give it mid-cap today an path really pressing and reiterate, There's I nothing period need being again, advantage a housekeeping. have us don't we only prepared capital, I of really, immediate. with of But just watch cash. so, non-dilutive we com that filing the sort of corporate good with another as taking our opportunity. to partnership that and is staying the if restructuring markets noted,

Unidentified Analyst

one. Thank you last very color. one much just that And for

about one should was to seeing So, inflated do just of this range that you above much trying expect we think previously this longer curious, out? PhenoCycler it see XX%-plus you. higher the we're Fusion. that the in model drivers that should think for which previously, XX% this you key was that attach rate rate discussed of Thank that to is pricing how higher we I how for attach quoted of promotional range, XX%, terms

Brian McKelligon

to you Joe, Yeah. want take that?

Joseph Driscoll

Yeah. been several attach it's -- the has Sure. rate It that been seems relevant now like last quarters. for

time. unit. So, XX% we're in now. over XX% we believe our to the Fusion People it end as increasing of something still maybe up to rate closely, attach attach the and the I XX%, to are more kind one buying That's we're really to watching rate value to XX% like going more combined but seeing XX% PhenoCycler see even what long-term

higher estimates long-term attach going And so, have to what probably been. be think our I rate is that than

Unidentified Analyst

Got it. Thank you very much.

Operator

Please Instructions] next by question. for our [Operator stand

comes John Piper. question with next from Our Peterson

now Your open. line is

Unidentified Analyst

question. guys. them? Dave. have us between who tell the Fusions on utilizing those just differences Thank aren't is currently about you. John any pull-through you Could Thanks Hi, This for for customers versus taking who in the

Brian McKelligon

question, the for Thanks John. Yeah.

what customers think, say takes active few PhenoCycler their to would quantitative the get we're it last PhenoCycler running a now versus around we seeing on is on on many that I some But differences. directionally of of the within Fusion. projects from the the the as a be quarters sufficient I quarter, data said shift larger larger to pretty pull-through our

just don't increased we You we've the those as expect, plex think the differences. platform the on because quarter, the quarter, number PhenoCycler alone, than quantitative of tracking of more next capabilities, really to But the Fusion be a speed, et end I midstream. as change But lot we cetera. being higher into -- to start do around perhaps increasingly noted, next get want can at PhenoCycler pull-through we the for

Unidentified Analyst

you talk Great. the just appetite about Thank generally? spending you. could pharam And

Brian McKelligon

appetite The I'm for what? sorry.

Unidentified Analyst

spending? pharma For

Brian McKelligon

Yeah.

We're -- multiple might emerging HTs be kind segments, kind biomarker not So, heavily queue the in reliant it's of around a I large, this lot penetrated with our biotech -- Whether biopharma and of of around really not large some heavily pharma where That's overwhelmingly projects small largely the than projects noted, not penetration, pharma have largely funded an the It's our -- this, the we're reliant multiple area of a or spend. are challenges. I commentary but lot as we're some increasingly increased and well market more seeing penetration seeing in actually nor into it's historically. that behind where we're the of there's going biopharma. more actually question, emerging funding pharma. spending some diligence other assume capital

Unidentified Analyst

question. the taking Great. All Thanks right. for

Operator

At conference Brian closing the time, Q&A McKelligon of turn like End I back this remarks. am now I showing to no further for to questions. would

Brian McKelligon

questions. little insightful for your wanted you their already for We the bit to kind thank closing. I on thank the just Yeah. attention, of support. And and everybody and a Michelle, their spoke help time, reiterate

you talk so all So, much. soon. Thank we'll to you

Operator

Thank you. you Thank you. for Thank participating.

may You now disconnect.

Akoya Biosciences (AKYA) 8 Nov 222022 Q3 Earnings call transcript