Accelerate Diagnostics, Inc. (Nasdaq: AXDX) today announced financial preliminary results for the first quarter ended March 31, 2024.
TUCSON, Ariz., May 8, 2024 /PRNewswire/ -- Accelerate Diagnostics, Inc. (Nasdaq: AXDX) today announced financial preliminary results for the first quarter ended March 31, 2024. “During the quarter we installed our first pre-clinical trial site demonstrating our ability to successfully ship, install, train and run the Accelerate Wave™ system with Gram-Negative Positive Blood Culture samples in a clinical microbiology lab,” commented Jack Phillips, President and CEO of Accelerate Diagnostics, Inc. “We continue to target starting our clinical trial towards the end of the second quarter. In parallel to the clinical trial work, we are developing our Gram Positive PBC menu. We continue to present the Accelerate Wave to our current base of loyal customers and secure long-term rapid susceptibility testing contracts. The interest in Wave remains very high due to its differentiated and highly valued features,” Mr. Phillips continued. First Quarter 2024 Operating Highlights
First Quarter 2024 Preliminary Financial Highlights
The preliminary results set forth above are not finalized, are based on management’s initial review of Accelerate’s results as of and for the quarter ended March 31, 2024, and are subject to revisions based upon closing procedures and the completion of external auditor review of Accelerate’s financial statements. Actual results may differ materially from these preliminary results as a result of the completion of such closing procedures, final adjustments and other developments arising between now and the time that Accelerate’s financial results are finalized, including as a result of Accelerate finalizing its analysis of the accounting for its previously announced January 2024 equity financing. Accordingly, investors are cautioned not to place undue reliance on these preliminary results. Full financial results for the quarter ended March 31, 2024 will be filed on Form 10-Q through the Securities and Exchange Commission’s (SEC) website at http://www.sec.gov. Audio Webcast and Conference Call Management will host a conference call on Wednesday, May 8, 2024, at 4:30 p.m. Eastern Time to review first quarter 2024 results. To listen to the first quarter 2024 results call by phone, +1.877.883.0383 and enter Elite Entry Number: 2853328. International participants may dial +1.412.902.6506. Please dial in 10–15 minutes prior to the start of the conference. A replay of the call will be available by telephone at +1.877.344.7529 (U.S.) or +1.412.317.0088 (International) using the replay code 1893704 until May 29, 2024. This conference call will also be webcast and can be accessed from the company’s website at ir.axdx.com. A replay of the audio webcast will be available for 30 days. Use of Non-GAAP Financial Measures This press release contains certain financial measures that are not recognized measures under accounting principles generally accepted in the United States of America (“GAAP”), which include SG&A, R&D, and operating income (loss) amounts excluding stock-based compensation expenses. Our management and board of directors use expenses excluding the cost of stock-based compensation and certain impairment transactions to understand and evaluate our operating performance and trends, to prepare and approve our annual budget and to develop short-term and long-term operating and financing plans. Accordingly, we believe that expenses excluding the cost of stock-based compensation and certain impairment transactions provides useful information for investors in understanding and evaluating our operating results in the same manner as our management and our board of directors. Expenses excluding the cost of stock-based compensation and certain impairment transactions is a non-GAAP financial measure and should be considered in addition to, not as superior to, or as a substitute for, SG&A expenses, R&D expenses, and operating income (loss) reported in accordance with GAAP. The following tables present a reconciliation of SG&A expenses, R&D expenses and operating income (loss) excluding stock-based compensation and certain impairment transactions to comparable GAAP measures for the periods indicated:
About Accelerate Diagnostics, Inc. Accelerate Diagnostics, Inc. is an in vitro diagnostics company dedicated to providing solutions for the global challenges of antibiotic resistance and sepsis. The Accelerate Pheno® system and Accelerate PhenoTest® BC kit combine several technologies aimed at reducing the time clinicians must wait to determine the most optimal antibiotic therapy for deadly infections. The FDA cleared system and kit fully automate the sample preparation steps to report phenotypic antibiotic susceptibility results in approximately 7 hours direct from positive blood cultures. Recent external studies indicate the solution offers results 1–2 days faster than existing methods, enabling clinicians to optimize antibiotic selection and dosage specific to the individual patient days earlier. The “ACCELERATE DIAGNOSTICS” and “ACCELERATE PHENO” and “ACCELERATE PHENOTEST” and “ACCELERATE ARC” and “ACCELERATE WAVE” diamond shaped logos and marks are trademarks or registered trademarks of Accelerate Diagnostics, Inc. For more information about the company, its products and technology, or recent publications, visit axdx.com. Forward-Looking Statements Certain of the statements made in this press release and the related conference call are forward-looking or may have forward-looking implications within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the company intends that such forward-looking statements be subject to the safe harbors created thereby. These forward-looking statements, which can be identified by the use of words such as “may,” “will,” “expect,” “believe,” “anticipate,” “estimate,” or “continue,” or variations thereon or comparable terminology, include but are not limited to, statements about: the company’s anticipated results for the quarter ended March 31, 2024, the company’s future development plans and growth strategy, including plans and objectives relating to its future operations, products and performance; projections as to when certain key business milestones may be achieved, expectations regarding the potential or benefits of the company’s products and technologies, projections of future demand for the company’s products, including the Accelerate Wave system; the company’s continued investment in new product development to both enhance its existing products and bring new ones to market; the company’s expectations relating to current supply chain impacts and inflationary pressures; the company’s expectations regarding its commercial partnerships, such as with Bruker Corporation, including anticipated benefits from such collaboration; the company’s intentions and plans relating to regulatory approvals, and the company’s liquidity and capital requirements. Actual results or developments may differ materially from those projected or implied in these forward-looking statements due to significant risks and uncertainties, including, but not limited to: volatility throughout the global economy and the related impacts to the businesses of the company’s suppliers and customers, whether due to customer demand fluctuations, supply chain constraints and inflationary pressures or otherwise; difficulties in resolving the company’s continuing financial condition and ability to obtain additional capital to meet its financial obligations; the company’s ability to obtain any regulatory approvals; and less than expected operating and financial benefits resulting from cost cutting measures. Other important factors that could cause the company’s actual results to differ materially from those in its forward-looking statements include those discussed in the company’s filings with the Securities and Exchange Commission (the “SEC”), including in the “Risk Factors” sections of the company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings with the SEC. These forward-looking statements are also based on certain additional assumptions, including, but not limited to, that the company will retain key management personnel; the company will be successful in the commercialization of its products; the company will obtain sufficient capital to commercialize its products and continue development of complementary products; the company will be successful in obtaining marketing authorization for its products from the FDA and other regulatory agencies and governing bodies; the company will be able to protect its intellectual property; the company’s ability to respond effectively to technological change; the company’s ability to accurately anticipate market demand for its products; and that there will be no material adverse change in the company’s operations or business and general market and industry conditions. Except as required by federal securities laws, the company undertakes no obligation to update or revise these forward-looking statements to reflect new events, uncertainties or other contingencies. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing the company’s plans and expectations as of any subsequent date.
See accompanying notes to condensed consolidated financial statements.
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Company Codes: NASDAQ-SMALL:AXDX |