Accelerate Diagnostics Reports Fourth Quarter and Full-Year 2023 Financial Results
- Successful completion of Wave system integration and advancement in antibiotic susceptibility testing.
- Net sales of $3.0 million for Q4 and $12.1 million for the year, with a decline in instrument sales offset by consumable product revenue increase.
- Gross margin of 21% for Q4 and the year, impacted by manufacturing costs inflation.
- Reduction in SG&A and R&D costs for Q4 and the year due to lower employee-related expenses.
- Net loss of $13.0 million for Q4 and $61.6 million for the year.
- Cash used in Q4 was $7.9 million, reflecting reduced operating cash use.
- Secured 65% of U.S. Pheno customers to multi-year contracts for rapid susceptibility testing.
- GAAP net loss of $61.6 million for the year, resulting in $4.94 net loss per share.
- Cash used for the year was $46.3 million, including debt restructuring expenses.
- Use of non-GAAP financial measures to evaluate operating performance and trends.
- Net loss of $13.0 million for Q4 and $61.6 million for the year.
- Decline in gross margin to 21% for the year, impacted by inventory write-down and inflation in manufacturing costs.
- Reduction in revenue year-over-year due to a challenging capital sales environment.
- GAAP net loss of $61.6 million for the year, resulting in $4.94 net loss per share.
- Cash used for the year was $46.3 million, including debt restructuring expenses.
Insights
The report by Accelerate Diagnostics, Inc. highlights a year of strategic advancements despite a static net sales figure for the quarter and a slight decline in annual revenue. The company's focus on developing the Accelerate Wave™ system and securing customer contracts for their Pheno product shows a commitment to innovation and customer retention in the medical diagnostics field.
From a market perspective, the unchanged quarterly sales coupled with a decrease in annual revenue could raise concerns about growth potential. However, the increase in consumables revenue suggests a steady demand for the company's products, which is a positive indicator. The market will likely monitor the company's ability to convert interest in the Accelerate Wave system into tangible sales upon its launch.
The reported decrease in SG&A and R&D costs due to lower employee-related expenses may be seen as a cost optimization effort, which could improve the company's bottom line in the long run. However, investors might view the reduction in gross margin, primarily due to inflation and inventory write-downs, as a challenge that needs to be managed carefully to maintain profitability.
Accelerate Diagnostics' financials reveal a strategic reduction in operating expenses, which includes a significant cut in SG&A costs. This is likely a response to the flat sales figures and is indicative of a company actively managing its cash flow in a challenging sales environment. The decline in gross margin points to external pressures such as inflation, which is a concern shared across various sectors.
Investors should note the company's net loss figures, which remain substantial. While the net loss per share has decreased, reflecting a tighter control on expenses, the company's continued investments in R&D for the Accelerate Wave system suggest a focus on long-term growth over immediate profitability. The cash position at year-end, although impacted by debt restructuring, provides a cushion for ongoing operations and development activities.
The non-GAAP financial measures, excluding stock-based compensation, offer an alternative view of the company's financial health. While these measures are not a substitute for GAAP figures, they can provide insights into the company's core operational efficiency and should be considered alongside standard financial metrics.
The development of the Accelerate Wave system represents a significant advancement in the field of rapid Antibiotic Susceptibility Testing (AST). The company's progress towards FDA submission for the Accelerate Arc™ system and the initiation of clinical trials for Accelerate Wave in the second quarter of 2024 are key milestones that could have a substantial impact on the industry.
The medical diagnostics sector is highly competitive and the successful implementation of new technologies like Accelerate Wave can potentially disrupt current standards. The ability to deliver results in under 4.5 hours for a wide range of bug-drug combinations is noteworthy and could lead to improved patient outcomes and healthcare efficiencies.
However, the adoption of new technologies in healthcare is often met with regulatory and market-based hurdles. The company's collaboration with Bruker Corporation and the positive feedback from customer reviews are promising, but actual market adoption rates post-launch will be critical to assess the impact on the company's financial performance.
"In 2023, we made significant progress with the development of our next-generation rapid Antibiotic Susceptibility Testing system, Accelerate Wave™. We continue to advance this important development program and believe that we remain on plan to begin our clinical trials in the second quarter of 2024," commented Jack Phillips, President and CEO of Accelerate Diagnostics, Inc. "In addition, we continue to expand and secure our Accelerate Pheno® customer base, with an upgrade path to Wave adoption. Based on consistent customer feedback, Accelerate Wave is anticipated to set the new standard for rapid, same-shift, susceptibility testing," Mr. Phillips continued.
2023 Fourth Quarter Results
- Notable Wave program achievements during the quarter included:
- Completed Wave system integration.
- Significantly advanced antibiotic susceptibility testing (AST) performance of gram-negative positive blood culture menu for approximately 200 bug-drug combinations and running approximately 5,000 unique strains of gram-negative organisms with average time-to-results below 4.5 hours.
- Completed extensive reviews with
U.S. and EMEA customers to validate Wave's product specifications and menu roll-out strategy. Approximately90% of customers have expressed interest in adopting Accelerate Wave for both rapid positive blood culture and isolated colony testing given unique perceived benefits compared to existing and emerging automated susceptibility platforms. - In
the United States , added six new contracted Pheno instruments during the quarter, ending the quarter with 340 clinically live Pheno revenue-generating instruments and another 71 contracted Pheno instruments in the process of being implemented. - Executed a collaboration and quality agreement with Bruker Corporation for the Accelerate Arc™ system, made significant progress towards completing
U.S. clinical trials and anticipate submission to theU.S. Food and Drug Administration (FDA) during the first quarter of 2024. - Net sales for the quarter were
$3.0 million $3.0 million 11% over the same quarter of the prior year driven by the timing and number of contracts in the funnel, while revenues from consumable products increased by9% compared to the same period in the prior year. - Gross margin was approximately
21% for the quarter, compared to approximately28% for the same quarter of the prior year. The decline in gross margins resulted from inflation in manufacturing related costs and other factors. - Selling, general, and administrative (SG&A) costs for the quarter were
$5.8 million $8.8 million $1.0 million $2.0 million - Research and development (R&D) costs for the quarter were
$5.6 million $6.0 million $0.3 million $0.4 million - Net loss was
$13.0 million $0.89 - Cash used in the fourth quarter was
$7.9 million
2023 Full Year Results
- Secured approximately 65% of current
U.S. Pheno customers to multi-year contracts for rapid susceptibility testing, reflecting customers' commitment to Accelerate rapid AST technology and interest in Wave. - Net Sales were
$12.1 million $12.8 million 5% , overall annual revenue was down year-over-year due to a challenging capital sales environment in all our sales regions. - Gross margin was approximately
21% for the year, compared to approximately26% for the prior year. The overall decline in gross margin primarily resulted from a$1.2 million 33% . - Selling, general, and administrative (SG&A) costs were
$31.2 million $39.2 million $3.7 million $8.5 million - Research and development (R&D) costs were
$25.4 million $26.9 million $1.4 million $1.4 million - GAAP net loss was
$61.6 million $4.94 - Cash used for the year was
$46.3 million $8 million - Ended the year with total cash, investments, and cash equivalents of
$13.2 million
Full financial results for the year ended December 31, 2023 will be filed on Form 10-K 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 Thursday, March 28, 2024, at 4:30 p.m. Eastern Time to review 2023 fourth quarter and full year results.
To listen to the 2023 fourth quarter and full year results, call by phone, +1.877.883.0383 and enter Elite Entry Number: 7172610. 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 (
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
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 Cost of sales, 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:
Three Months Ended December 31, | Twelve Months Ended December 31, | |||
(in thousands) | (in thousands) | |||
2023 | 2022 | 2023 | 2022 | |
Cost of sales | $ 2,394 | $ 2,381 | $ 9,509 | $ 9,449 |
Inventory impairment charges included in cost of sales | - | - | 1,184 | - |
Non-cash equity-based compensation as a component of cost of sales | 53 | 95 | 300 | 665 |
Cost of sales less impairment charges and non- cash equity-based compensation | $ 2,341 | $ 2,286 | $ 8,025 | $ 8,784 |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||
(in thousands) | (in thousands) | |||
2023 | 2022 | 2023 | 2022 | |
Sales, General and Administrative | $ 5,792 | $ 8,772 | $ 31,225 | $ 39,193 |
Non-cash equity-based compensation as a component of sales, general and administrative | 1,045 | 1,984 | 3,691 | 8,541 |
Sales, general and administrative less non-cash equity-based compensation | $ 4,747 | $ 6,788 | $ 27,534 | $ 30,652 |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||
(in thousands) | (in thousands) | |||
2023 | 2022 | 2023 | 2024 | |
Research and Development | $ 5,570 | $ 6,030 | $ 25,353 | $ 26,915 |
Non-cash equity-based compensation as a component of research and development | 266 | 367 | 1,396 | 1,419 |
Research and development less non-cash equity-based compensation | $ 5,304 | $ 5,663 | $ 23,957 | $ 25,496 |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||
(in thousands) | (in thousands) | |||
2023 | 2022 | 2023 | 2022 | |
Loss from operations | $ (10,729) | $ (13,961) | $ (54,028) | $ (62,805) |
Non-cash equity-based compensation as a component of loss from operations | 1,364 | 2,446 | 5,387 | 10,625 |
Loss from operations less non-cash equity- based compensation | $ (9,365) | $ (11,515) | $ (48,641) | $ (52,180) |
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 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, including the company's belief that it remains on plan to begin its clinical trials for the Accelerate Wave system in the second quarter of 2024; expectations regarding the potential or benefits of the company's products and technologies, including the company's anticipation that the Accelerate Wave system will set the new standard for rapid, same-shift, susceptibility testing; 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, including the company's anticipated submission to the FDA during the first quarter of 2024 for the Accelerate Arc system; the company's liquidity and capital requirements; and the company's belief that cost cutting measures implemented throughout 2023 will continue to drive cash burn reductions into 2024. 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.
ACCELERATE DIAGNOSTICS, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share data) | ||
December 31, | ||
2023 | 2022 | |
ASSETS | ||
Current assets: | ||
Cash and cash equivalents | $ 12,138 | $ 34,905 |
Investments | 1,081 | 10,656 |
Trade accounts receivable, net | 2,622 | 2,416 |
Inventory | 3,310 | 5,194 |
Prepaid expenses | 380 | 818 |
Purchase obligation put option asset | 3,419 | — |
Other current assets | 1,516 | 2,025 |
Total current assets | 24,466 | 56,014 |
Property and equipment, net | 2,389 | 3,478 |
Finance lease assets, net | 1,518 | 2,422 |
Operating lease right of use assets, net | 1,177 | 1,859 |
Other non-current assets | 1,816 | 1,242 |
Total assets | $ 31,366 | $ 65,015 |
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||
Current liabilities: | ||
Accounts payable | $ 4,796 | $ 4,501 |
Accrued liabilities | 3,243 | 2,682 |
Accrued interest | 164 | 472 |
Deferred revenue and income, current | 1,545 | 547 |
Current portion of convertible notes | 726 | 56,413 |
Finance lease, current | 583 | 1,113 |
Operating lease, current | 977 | 829 |
Total current liabilities | 12,034 | 66,557 |
Finance lease, non-current | 262 | 782 |
Operating lease, non-current | 570 | 1,545 |
Deferred income, non-current | 1,122 | — |
Other non-current liabilities | 1,164 | 874 |
Accrued interest, related-party | — | 663 |
Long-term debt, related-party | — | 16,858 |
Convertible notes, non-current | 36,102 | — |
Total liabilities | 51,254 | 87,279 |
Commitments and contingencies (see Note 15) | ||
ACCELERATE DIAGNOSTICS, INC. CONSOLIDATED BALANCE SHEETS (CONTINUED) (in thousands, except share data) | ||
December 31, | ||
2023 | 2022 | |
Stockholders' deficit: | ||
Preferred shares, | ||
5,000,000 preferred shares authorized with no shares issued and outstanding as of December 31, 2023 and 3,954,546 issued and outstanding on December 31, 2022 | — | 4 |
Common stock, | ||
450,000,000 common shares authorized with 14,569,500 shares issued and outstanding on December 31, 2023 and 200,000,000 common shares authorized with 9,747,755 shares issued and outstanding on December 31, 2022 | 14 | 10 |
Contributed capital | 694,634 | 630,428 |
Treasury stock | (45,067) | (45,067) |
Accumulated deficit | (668,857) | (607,239) |
Accumulated other comprehensive loss | (612) | (400) |
Total stockholders' deficit | (19,888) | (22,264) |
Total liabilities and stockholders' deficit | $ 31,366 | $ 65,015 |
See accompanying notes to consolidated financial statements. | ||
ACCELERATE DIAGNOSTICS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | |||
(in thousands, except per share data) | Years Ended December 31, | ||
2023 | 2022 | 2021 | |
Net sales | $ 12,059 | $ 12,752 | $ 11,782 |
Cost of sales: | |||
Cost of sales of products and services | 8,325 | 9,449 | 7,663 |
Inventory write-down | 1,184 | — | 4,500 |
Total cost of sales | 9,509 | 9,449 | 12,163 |
Gross profit (loss) | 2,550 | 3,303 | (381) |
Costs and expenses: | |||
Research and development | 25,353 | 26,915 | 21,943 |
Sales, general and administrative | 31,225 | 39,193 | 49,236 |
Total costs and expenses | 56,578 | 66,108 | 71,179 |
Loss from operations | (54,028) | (62,805) | (71,560) |
Other (expense) income: | |||
Interest expense | (5,926) | (2,274) | (15,545) |
Interest expense related-party | (1,817) | (1,497) | — |
(Loss) gain on extinguishment of debt | (6,499) | 3,565 | 9,793 |
(Loss) on extinguishment of debt related party | (6,755) | — | — |
Gain on fair value adjustment | 12,955 | — | — |
Foreign currency exchange gain (loss) | 71 | 117 | (413) |
Interest income | 1,123 | 551 | 88 |
Other expense, net | 108 | (227) | (20) |
Total other (expense) income, net | (6,740) | 235 | (6,097) |
Net loss before income taxes | (60,768) | (62,570) | (77,657) |
(Provision) benefit for income taxes | (850) | 77 | (45) |
Net loss | $ (61,618) | $ (62,493) | $ (77,702) |
Basic and diluted net loss per share | $ (4.94) | $ (7.61) | $ (12.59) |
Weighted average shares outstanding | 12,477 | 8,216 | 6,173 |
Other comprehensive loss: | |||
Net loss | $ (61,618) | $ (62,493) | $ (77,702) |
Net unrealized gain (loss) on available-for-sale investments | 29 | (14) | (34) |
Foreign currency translation adjustment | (241) | (326) | (117) |
Comprehensive loss | $ (61,830) | $ (62,833) | $ (77,853) |
ACCELERATE DIAGNOSTICS, INC. CONSOLIDATED STATEMENT OF CASH FLOWS (in thousands) | |||
Years Ended December 31, | |||
2023 | 2022 | 2021 | |
Cash flows from operating activities: | |||
Net loss | $ (61,618) | $ (62,493) | $ (77,702) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 3,254 | 3,000 | 2,518 |
Provision for bad debts | 301 | 204 | 123 |
Amortization of investment discount | — | 98 | 226 |
Equity-based compensation expense | 5,387 | 10,625 | 22,047 |
Amortization of debt discount and issuance costs | 3,278 | 474 | 11,542 |
Amortization of debt discount related party | 1,033 | 834 | — |
Unrealized (gain) loss on equity investments | (114) | 211 | — |
Loss (gain) on disposal of property and equipment | 150 | 133 | (75) |
Loss (gain) on extinguishment of debt | 6,499 | (3,565) | (9,793) |
Loss on extinguishment of debt with related party | 6,755 | — | — |
Gain on fair value adjustments | (12,955) | — | — |
Paid-in-kind interest | 1,718 | — | — |
Inventory write-down | 1,184 | — | 4,500 |
(Increase) decrease in assets: | |||
Deferred compensation plan | (39) | (298) | (484) |
Accounts receivable | (234) | (100) | (893) |
Inventory | 446 | (236) | (415) |
Prepaid expense and other assets | 965 | (62) | 1,014 |
Increase (decrease) in liabilities: | |||
Accounts payable | 295 | 2,920 | 273 |
Accrued liabilities and other | (411) | (861) | (469) |
Accrued interest | 716 | (437) | (283) |
Accrued interest from related-party | 784 | 663 | — |
Deferred revenue and income | 2,120 | 96 | 75 |
Deferred compensation | 290 | 66 | 473 |
Net cash used in operating activities | (40,196) | (48,728) | (47,323) |
Cash flows from investing activities: | |||
Purchases of equipment | (1,035) | (554) | (603) |
Purchase of marketable securities | — | (27,506) | (30,081) |
Proceeds from sales of marketable securities | — | — | 250 |
Maturities of marketable securities | 9,695 | 40,477 | 38,738 |
Net cash provided by investing activities | 8,660 | 12,417 | 8,304 |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock to related party | 4,000 | — | — |
Proceeds from issuance of common and preferred stock, net | — | 32,872 | 42,880 |
Proceeds from exercise of options | — | 7 | 1,620 |
Proceeds from issuance of common stocks under employee purchase plan | — | 224 | 326 |
Proceeds from issuance of | 10,000 | — | — |
Payment of debt | — | (80) | (360) |
Payments on finance leases | (1,250) | (1,201) | — |
Transaction costs related to debt and equity issuances | (3,731) | (192) | (1,240) |
Net cash provided by financing activities | 9,019 | 31,630 | 43,226 |
ACCELERATE DIAGNOSTICS, INC. CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) (in thousands) | |||
Years Ended December 31, | |||
2023 | 2022 | 2021 | |
Effect of exchange rate on cash | (250) | (312) | (90) |
(Decrease) increase in cash and cash equivalents | (22,767) | (4,993) | 4,117 |
Cash and cash equivalents, beginning of period | 34,905 | 39,898 | 35,781 |
Cash and cash equivalents, end of period | $ 12,138 | $ 34,905 | $ 39,898 |
Non-cash investing activities: | |||
Net transfer of instruments from inventory to property and equipment, net | $ 401 | $ 168 | $ 688 |
Non-cash financing activities: | |||
Exchange of | $ 56,893 | $ — | $ — |
Debt premium on issuance of | $ 6,023 | $ — | $ — |
Derivative liability | $ 38,160 | $ — | $ — |
Reclassification of bifurcated conversion option to contributed capital | $ 26,908 | $ — | $ — |
Extinguishment of derivative liability in connection with extinguishment of | $ 380 | $ — | $ — |
Issuance of common stock in connection with extinguishment of | $ 819 | $ — | $ — |
Capital contribution from the exchange of secured note and accrued interest through the issuance of common stock with related party | $ 25,366 | $ 29,847 | $ — |
Extinguishment of common stock | $ — | $ 10,180 | $ 38,902 |
$ — | $ 49,624 | $ — | |
Fair value of new note issued in connection with the exchange transaction | $ — | $ 16,024 | $ — |
Fair value of common stock warrant issued in connection with the exchange transaction | $ — | $ 3,753 | $ — |
Right-of-use assets obtained in exchange for finance lease obligations |
$ 200 | $ 3,096 | $ — |
Supplemental cash flow information: | |||
Interest paid | $ 122 | $ 2,214 | $ 4,288 |
Income taxes paid, net of refunds | $ 363 | $ — | $ — |
See accompanying notes to consolidated financial statements. | |||
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SOURCE Accelerate Diagnostics, Inc.
FAQ
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