Accelerate Diagnostics Reports Third Quarter 2024 Financial Results
Accelerate Diagnostics (Nasdaq: AXDX) reported its Q3 2024 financial results, showing net sales of $3.0 million, a decrease from $3.3 million in Q3 2023. The decline was attributed to lower instrument sales, partially offset by a 9% increase in consumable products. Gross margin improved to 29%, up from 3% last year, due to a favorable product mix and prior year inventory write-downs. SG&A expenses dropped to $5.6 million from $7.8 million, and R&D costs fell to $3.8 million from $7.0 million, driven by reduced employee-related and third-party development costs. The company reported a net loss of $14.6 million, or $0.59 per share, and ended the quarter with $20.9 million in cash and equivalents, up from $9.7 million, boosted by a $15 million debt issuance. Key operational highlights include the launch of the WAVE system and Gram-Negative assay clinical trial, FDA clearance for the Accelerate Arc system, and the addition of five new Pheno instruments, bringing the total to 352 revenue-generating instruments.
Accelerate Diagnostics (Nasdaq: AXDX) ha riportato i risultati finanziari per il terzo trimestre del 2024, mostrando vendite nette di 3,0 milioni di dollari, in calo rispetto ai 3,3 milioni di dollari del Q3 2023. Questa diminuzione è stata attribuita a un calo delle vendite di strumenti, parzialmente compensato da un incremento del 9% nei prodotti di consumo. Il margine lordo è migliorato al 29%, rispetto al 3% dell'anno scorso, grazie a un mix di prodotti favorevole e a svalutazioni di inventario dell'anno precedente. Le spese SG&A sono diminuite a 5,6 milioni di dollari da 7,8 milioni, e i costi di R&D sono calati a 3,8 milioni di dollari da 7,0 milioni, grazie alla riduzione dei costi legati ai dipendenti e allo sviluppo di terzi. L'azienda ha riportato una perdita netta di 14,6 milioni di dollari, ovvero 0,59 dollari per azione, e ha chiuso il trimestre con 20,9 milioni di dollari in contanti e equivalenti, in aumento rispetto ai 9,7 milioni, grazie a un'emissione di debito di 15 milioni di dollari. Le principali novità operative includono il lancio del sistema WAVE e il trial clinico dell'assay Gram-Negative, l'approvazione FDA per il sistema Accelerate Arc, e l'aggiunta di cinque nuovi strumenti Pheno, portando il totale a 352 strumenti generatori di entrate.
Accelerate Diagnostics (Nasdaq: AXDX) reportó sus resultados financieros para el tercer trimestre de 2024, mostrando ventas netas de 3.0 millones de dólares, una disminución desde los 3.3 millones de dólares en el Q3 de 2023. La disminución se atribuyó a menores ventas de instrumentos, compensadas parcialmente por un aumento del 9% en productos consumibles. El margen bruto mejoró al 29%, frente al 3% del año pasado, gracias a una mezcla de productos favorable y a las bajas de inventario del año anterior. Los gastos de SG&A cayeron a 5.6 millones de dólares desde 7.8 millones, y los costos de I+D disminuyeron a 3.8 millones de dólares desde 7.0 millones, impulsados por la reducción de gastos relacionados con empleados y desarrollo de terceros. La compañía reportó una pérdida neta de 14.6 millones de dólares, o 0.59 dólares por acción, y terminó el trimestre con 20.9 millones de dólares en efectivo y equivalentes, un aumento desde los 9.7 millones, beneficiándose de una emisión de deuda de 15 millones de dólares. Los aspectos operativos clave incluyen el lanzamiento del sistema WAVE y el ensayo clínico del análisis Gram-Negativo, la aprobación de la FDA para el sistema Accelerate Arc, y la adición de cinco nuevos instrumentos Pheno, llevando el total a 352 instrumentos generadores de ingresos.
Accelerate Diagnostics (Nasdaq: AXDX)는 2024년 3분기 재무 결과를 발표하며 순매출이 300만 달러로, 2023년 3분기의 330만 달러에서 감소했다고 보고했습니다. 이번 감소는 기기 판매 감소에 기인했으며, 소비재의 9% 증가가 부분적으로 보완했습니다. 총 마진은 지난해 3%에서 29%로 개선되었으며, 이는 유리한 제품 믹스와 이전 해의 재고 감액 덕분입니다. SG&A 비용은 780만 달러에서 560만 달러로 줄었고, R&D 비용은 700만 달러에서 380만 달러로 감소했습니다. 이는 직원 관련 비용과 제3자 개발 비용 절감에 기인합니다. 회사는 1460만 달러의 순손실, 즉 주당 0.59 달러의 손실을 기록했으며, 분기를 2090만 달러의 현금 및 현금성 자산으로 마감했습니다. 이는 970만 달러에서 증가한 수치로, 1500만 달러의 채무 발행 덕분입니다. 주요 운영 하이라이트로는 WAVE 시스템의 출시 및 그람음성 검사 임상 시험, Accelerate Arc 시스템에 대한 FDA 승인이 있으며, 5개의 새로운 Pheno 기구가 추가되어 총 352개의 수익 창출 기구가 되었습니다.
Accelerate Diagnostics (Nasdaq: AXDX) a annoncé ses résultats financiers pour le troisième trimestre 2024, avec des ventes nettes de 3,0 millions de dollars, en baisse par rapport aux 3,3 millions de dollars du T3 2023. Cette baisse a été attribuée à une diminution des ventes d'instruments, partiellement compensée par une augmentation de 9 % des produits consommables. La marge brute s'est améliorée à 29 %, contre 3 % l'année précédente, grâce à un mélange de produits favorable et à des amortissements de stocks de l'année précédente. Les dépenses SG&A ont chuté à 5,6 millions de dollars contre 7,8 millions de dollars, et les coûts de R&D sont passés à 3,8 millions de dollars contre 7,0 millions de dollars, grâce à une réduction des coûts liés aux employés et aux développements externes. L'entreprise a enregistré une perte nette de 14,6 millions de dollars, soit 0,59 dollar par action, et a terminé le trimestre avec 20,9 millions de dollars en liquidités et équivalents, en hausse par rapport à 9,7 millions de dollars, boostée par une émission de dette de 15 millions de dollars. Les principales avancées opérationnelles incluent le lancement du système WAVE et de l'essai clinique de l'analyse Gram-Négatif, l'autorisation de la FDA pour le système Accelerate Arc, et l'ajout de cinq nouveaux instruments Pheno, portant le total à 352 instruments générateurs de revenus.
Accelerate Diagnostics (Nasdaq: AXDX) hat seine finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht, mit Nettoverkäufen von 3,0 Millionen Dollar, was einem Rückgang von 3,3 Millionen Dollar im 3. Quartal 2023 entspricht. Der Rückgang wurde auf niedrigere Geräteverkäufe zurückgeführt, die teilweise durch einen Anstieg von 9 % bei Verbrauchsmaterialien ausgeglichen wurden. Die Bruttomarge verbesserte sich auf 29 %, gegenüber 3 % im Vorjahr, dank einer günstigen Produktmischung und Abwertungen des Lagerbestands aus dem Vorjahr. Die SG&A-Ausgaben sanken auf 5,6 Millionen Dollar von 7,8 Millionen Dollar, und die F&E-Kosten fielen auf 3,8 Millionen Dollar von 7,0 Millionen Dollar, was durch reduzierte Mitarbeiter- und Drittentwicklungs-kosten bedingt war. Das Unternehmen berichtete von einem Nettoverlust von 14,6 Millionen Dollar, oder 0,59 Dollar pro Aktie, und beendete das Quartal mit 20,9 Millionen Dollar in liquiden Mitteln und Äquivalente, im Vergleich zu 9,7 Millionen Dollar, was durch eine Schuldenemission von 15 Millionen Dollar gefördert wurde. Zu den wichtigsten operativen Höhepunkten gehören die Einführung des WAVE-Systems und die klinische Prüfung des Gram-Negative-Assays, die FDA-Zulassung für das Accelerate Arc-System und die Hinzufügung von fünf neuen Pheno-Geräten, wodurch die Gesamtzahl auf 352 umsatzgenerierende Geräte anstieg.
- Gross margin increased to 29%, up from 3% last year.
- SG&A expenses decreased to $5.6 million from $7.8 million.
- R&D costs decreased to $3.8 million from $7.0 million.
- Cash and equivalents increased to $20.9 million, up from $9.7 million.
- FDA clearance for the Accelerate Arc system.
- Net sales decreased to $3.0 million from $3.3 million.
- Net loss of $14.6 million, or $0.59 per share.
Insights
The Q3 2024 results reveal concerning financial metrics for Accelerate Diagnostics. Net sales declined to
The balance sheet shows
While the FDA clearance of the Arc system and WAVE clinical trial progress are positive developments, the company needs to significantly improve commercial execution and accelerate revenue growth to achieve sustainability.
The operational developments show mixed signals for AXDX's diagnostic platform strategy. The FDA clearance of the Accelerate Arc system represents a significant milestone, potentially opening new market opportunities in blood culture diagnostics. The initiation of the WAVE system clinical trial with Gram-Negative assay also demonstrates pipeline progress.
However, the installed base metrics are concerning - with only 352 clinically live instruments and 77 in implementation, growth appears sluggish. The
The
TUCSON, Ariz., Nov. 7, 2024 /PRNewswire/ -- Accelerate Diagnostics, Inc. (Nasdaq: AXDX) today announced financial results for the third quarter ended September 30, 2024.
"We are excited by the momentum we're building across our innovation pipeline, underscored by the successful launch of the clinical trial for our WAVETM system and the Gram-Negative assay. This quarter also marked a significant milestone with FDA clearance of our Accelerate ArcTM system, a testament to our commitment to breakthrough solutions in diagnostics," commented Jack Phillips, President and CEO of Accelerate Diagnostics, Inc. "Alongside these advances, we've continued to make meaningful progress in our commercial strategy, all while exercising disciplined financial management, which we believe will help drive sustainable growth for our company," Mr. Phillips continued.
Third Quarter 2024 Operating Highlights
- Began WAVE system and Gram-Negative assay clinical trial.
- Received 510(k) clearance of the Accelerate Arc system and BC kit, an innovative, automated positive blood culture sample preparation platform.
- Continued to executed contract extensions with several strategic customers with approximately
75% ofU.S. Pheno® customers secured through the anticipated WAVE commercial launch, subject to regulatory approvals. - In
the United States , added five new contracted Pheno instruments during the quarter, ending the quarter with 352 clinically live revenue-generating instruments and another 77 contracted instruments in the process of being implemented.
Third Quarter 2024 Financial Highlights
- Net sales for the quarter were
, compared to$3.0 million for the same quarter of the prior year. The overall decline was driven by lower instrument net sales but was partially offset by an increase from consumable products of$3.3 million 9% compared to the same period in the prior year. - Gross margin was approximately
29% for the quarter, compared to approximately3% for the same quarter of the prior year. The increase in gross margin reflects both product sales mix, as well as an inventory write-down in the prior year period. - Selling, general, and administrative (SG&A) costs for the quarter were
, compared to$5.6 million for the same quarter of the prior year. SG&A costs include non-cash stock-based compensation of$7.8 million and$1.0 million , respectively, for the same periods. The decline in SG&A costs is primarily a result of lower employee-related expenses.$1.5 million - Research and development (R&D) costs for the quarter were
, compared to$3.8 million for the same quarter of the prior year. R&D costs include non-cash stock-based compensation of$7.0 million and$0.2 million , respectively, for the same periods. The decline in R&D costs is primarily a result of lower third-party development costs for our WAVE system.$0.3 million - Net loss was
for the quarter, resulting in a net loss per share of$14.6 million .$0.59 - Ended the quarter with total cash, cash equivalents and investment of
, compared to$20.9 million at the start of the quarter. The increase in cash and cash equivalents reflects proceeds from our recent debt issuance of$9.7 million in aggregate principal, as well as$15 million from a refundable R&D tax offset and$1.2 million of proceeds from warrant exercises.$0.5 million
Year-to-date Financial 2024 Highlights
- Net sales were
year-to-date, compared to$8.9 million for the same period of the prior year. The decrease in revenues was driven by lower consumable products sold in the current year period.$9.0 million - Gross margin was approximately
25% year-to-date, compared to21% for the same period of the prior year. - SG&A costs year-to-date were
, compared to$16.7 million for the same period of the prior year. SG&A costs include non-cash stock-based compensation of$25.4 million for each of these periods. The decline in SG&A costs is primarily a result of lower employee-related expenses.$2.6 million - R&D costs were
year-to-date, compared to$12.9 million for the same period of the prior year. R&D costs include non-cash stock-based compensation of$19.8 million and$0.7 million , respectively, for the same periods. The decline in R&D costs is primarily a result of lower employee-related expenses, as well as lower third-party development costs for our WAVE system.$1.1 million - Net loss was
year-to-date, resulting in a net loss per share of$40.5 million .$1.78
Full financial results for the quarter ended September 30, 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 Thursday, November 7, 2024, at 4:30 p.m. Eastern Time to review third quarter 2024 results.
To listen to the audio webcast online, visit ir.axdx.com. A replay of the audio webcast will be available for 30 days.
To listen by phone, dial 1.877.883.0383 and enter the Elite Entry Number: 1269422. 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 (
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 are non-GAAP financial measures 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:
Three Months Ended | ||
2024 | 2023 | |
Sales, general and administrative | ||
Non-cash equity-based compensation as a component of sales, general and administrative | 963 | 1,488 |
Sales, general and administrative less non-cash equity-based compensation | ||
Three Months Ended | ||
2024 | 2023 | |
Research and development | ||
Non-cash equity-based compensation as a component of research and development | 182 | 269 |
Research and development less non-cash equity-based compensation | ||
Three Months Ended | ||
2024 | 2023 | |
Loss from operations | ||
Non-cash equity-based compensation as a component of loss from operations | 1,155 | 1,815 |
Inventory write-down | 0 | 1,184 |
Loss from operations less non-cash equity-based compensation and inventory write-down |
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. In addition to the Accelerate Arc system, 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 Accelerate Pheno system and Accelerate PhenoTest BC kit fully automate sample preparation, identification and phenotypic antibiotic susceptibility testing in approximately seven hours directly 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.
© Copyright 2024 Accelerate Diagnostics, Inc. All Rights Reserved. The "ACCELERATE DIAGNOSTICS," "ACCELERATE PHENO," "ACCELERATE PHENOTEST," "ACCELERATE ARC" and "ACCELERATE WAVE" diamond shaped logos and marks are trademarks or registered trademarks of Accelerate Diagnostics, Inc. All other trademarks are the property of their respective owners.
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 beliefs, plans and objectives relating to its future operations, products and performance, such as the anticipated WAVE commercial launch; projections as to when certain key business milestones may be achieved; expectations regarding the potential or benefits of the company's existing and future products and technologies, including the Accelerate Wave system, such as the expectation of the performance of the Wave system based on pre-clinical trials; projections of future demand for the company's products; 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, including anticipated benefits from such collaborations; 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.
ACCELERATE DIAGNOSTICS, INC. | ||
September 30, | December 31, | |
2024 | 2023 | |
Unaudited | ||
ASSETS | ||
Current assets: | ||
Cash and cash equivalents | $ 19,691 | $ 12,138 |
Investments | 1,221 | 1,081 |
Trade accounts receivable, net | 2,027 | 2,622 |
Inventory | 2,978 | 3,310 |
Prepaid expenses | 529 | 380 |
Purchase obligation put option asset | — | 3,419 |
Other current assets | 990 | 1,516 |
Total current assets | 27,436 | 24,466 |
Property and equipment, net | 2,878 | 2,389 |
Finance lease assets, net | 626 | 1,518 |
Operating lease right of use assets, net | 612 | 1,177 |
Other non-current assets | 763 | 1,816 |
Total assets | $ 32,315 | $ 31,366 |
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||
Current liabilities: | ||
Accounts payable | $ 4,714 | $ 4,796 |
Accrued liabilities | 2,940 | 3,243 |
Accrued interest | 1,010 | 164 |
Deferred revenue and income, current | 671 | 1,545 |
Current portion of convertible notes | — | 726 |
Common warrant liability | 8,001 | — |
Finance lease, current | 115 | 583 |
Operating lease, current | 807 | 977 |
Total current liabilities | 18,258 | 12,034 |
Finance lease, non-current | 47 | 262 |
Operating lease, non-current | — | 570 |
Deferred income, non-current | 2,469 | 1,122 |
Other non-current liabilities | 2,017 | 1,164 |
Notes payable, non-current | 14,995 | — |
Convertible notes, non-current | 43,010 | 36,102 |
Total liabilities | 80,796 | 51,254 |
Commitments (see Note 15) | ||
See accompanying notes to condensed consolidated financial statements. |
ACCELERATE DIAGNOSTICS, INC. | ||
September 30, | December 31, | |
2024 | 2023 | |
Unaudited | ||
Stockholders' deficit: | ||
Preferred shares, | ||
5,000,000 preferred shares authorized with no shares issued and outstanding on September 30, | — | — |
Common stock, | ||
450,000,000 common shares authorized with 24,886,822 shares issued and outstanding on | 25 | 14 |
Contributed capital | 706,931 | 694,634 |
Treasury stock | (45,067) | (45,067) |
Accumulated deficit | (709,313) | (668,857) |
Accumulated other comprehensive loss | (1,057) | (612) |
Total stockholders' deficit | (48,481) | (19,888) |
Total liabilities and stockholders' deficit | $ 32,315 | $ 31,366 |
See accompanying notes to condensed consolidated financial statements. |
ACCELERATE DIAGNOSTICS, INC. | |||||
Three Months Ended | Nine Months Ended | ||||
September 30, | September 30, | ||||
2024 | 2023 | 2024 | 2023 | ||
Net sales | $ 2,975 | $ 3,299 | $ 8,882 | $ 9,032 | |
Cost of sales | 2,119 | 2,008 | 6,627 | 5,931 | |
Inventory write-down | — | 1,184 | — | 1,184 | |
Total cost of sales | 2,119 | 3,192 | 6,627 | 7,115 | |
Gross profit | 856 | 107 | 2,255 | 1,917 | |
Costs and expenses: | |||||
Research and development | 3,838 | 6,996 | 12,914 | 19,783 | |
Sales, general and administrative | 5,636 | 7,761 | 16,719 | 25,432 | |
Total costs and expenses | 9,474 | 14,757 | 29,633 | 45,215 | |
Loss from operations | (8,618) | (14,650) | (27,378) | (43,298) | |
Other income (expense): | |||||
Interest expense | (3,593) | (2,205) | (8,632) | (3,798) | |
Interest expense related-party | — | — | — | (1,817) | |
Gain (loss) on extinguishment of debt | — | 51 | — | (6,499) | |
(Loss) on extinguishment of debt related-party | — | — | — | (6,755) | |
Gain on extinguishment of accounts payable | — | — | 743 | — | |
Gain (loss) on fair value adjustments | (3,194) | 18,056 | (5,413) | 13,026 | |
Foreign currency exchange gain (loss) | 523 | (428) | 279 | (170) | |
Interest income | 179 | 246 | 495 | 921 | |
Other income (expense), net | 64 | (29) | (550) | 56 | |
Total other income (expense), net | (6,021) | 15,691 | (13,078) | (5,036) | |
Net income (loss) before income taxes | (14,639) | 1,041 | (40,456) | (48,334) | |
Provision for income taxes | — | (131) | — | (286) | |
Net income (loss) | $ (14,639) | $ 910 | $ (40,456) | $ (48,620) | |
Basic net income (loss) per share | $ (0.59) | $ 0.06 | $ (1.78) | $ (4.13) | |
Basic weighted average shares outstanding | 24,915 | 14,433 | 22,667 | 11,777 | |
Other comprehensive loss: | |||||
Net income (loss) | $ (14,639) | $ 910 | $ (40,456) | $ (48,620) | |
Net unrealized gain on debt securities available for sale | — | — | — | 28 | |
Foreign currency translation adjustment | (609) | 293 | (445) | 12 | |
Comprehensive income (loss) | $ (15,248) | $ 1,203 | $ (40,901) | $ (48,580) | |
See accompanying notes to condensed consolidated financial statements. |
ACCELERATE DIAGNOSTICS, INC. | ||
Nine Months Ended | ||
September 30, | ||
2024 | 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (40,456) | $ (48,620) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,613 | 2,434 |
Equity-based compensation | 3,418 | 4,023 |
Amortization of debt discount and issuance costs | 6,025 | 2,060 |
Paid-in-Kind (PIK) Interest | 2,036 | — |
Amortization of debt discount related-party | — | 1,033 |
Provision for bad debts | 95 | 252 |
Loss on disposal of property and equipment | 106 | 134 |
Unrealized gain on equity investments | (129) | (61) |
Units offering issuance cost | 680 | — |
Loss on extinguishment of debt | — | 6,499 |
Loss on extinguishment of debt with related party | — | 6,755 |
Gain on extinguishment of accounts payable | (743) | — |
Loss on fair value adjustments | 5,413 | (13,026) |
Inventory write-down | — | 1,184 |
(Increase) decrease in assets: | ||
Accounts receivable | 510 | (283) |
Inventory | (37) | 298 |
Prepaid expense and other | 597 | 737 |
Increase (decrease) in liabilities: | ||
Accounts payable | 661 | 218 |
Accrued liabilities and other | (1,234) | 261 |
Accrued interest | 846 | 1,738 |
Accrued interest due to related party | — | 784 |
Deferred revenue and income | 473 | 1,139 |
Net cash used in operating activities | (19,126) | (32,441) |
Cash flows from investing activities: | ||
Purchases of equipment | (509) | (925) |
Maturities of marketable securities | — | 9,695 |
Net cash (used in) provided by investing activities | (509) | 8,770 |
See accompanying notes to condensed consolidated financial statements. |
ACCELERATE DIAGNOSTICS, INC. | ||
Nine Months Ended | ||
September 30, | ||
2024 | 2023 | |
Cash flows from financing activities: | ||
Proceeds from issuance of Units to related party | 4,750 | — |
Proceeds from issuance of Units | 10,232 | — |
Units offering issuance cost | (1,234) | — |
Proceeds from issuance of common stock to related party | — | 4,000 |
Proceeds from exercise of warrants | 502 | — |
Payments on finance leases | (683) | (1,357) |
Proceeds from issuance of | 15,000 | — |
Transaction costs related to debt and equity issuances | (202) | (3,731) |
Proceeds from issuance of | — | 10,000 |
Payment of debt | (726) | — |
Net cash provided by financing activities | 27,639 | 8,912 |
Effect of exchange rate on cash | (451) | 16 |
Decrease in cash and cash equivalents | 7,553 | (14,743) |
Cash and cash equivalents, beginning of period | 12,138 | 34,905 |
Cash and cash equivalents, end of period | $ 19,691 | $ 20,162 |
Non-cash investing activities: | ||
Net transfer of instruments from inventory to property and equipment | $ 321 | $ 88 |
Non-cash financing activities: | ||
Accrued debt issuance costs | $ 566 | $ — |
Extinguishment of | $ 43 | $ 330 |
Capital contribution from the exchange of secured note and accrued interest through the issuance | $ — | $ 25,363 |
Exchange of | $ — | $ 56,893 |
Debt premium on issuance of | $ — | $ 6,023 |
Bifurcated derivative liability | $ — | $ 38,160 |
Extinguishment of derivative liability in connection with extinguishment of | $ — | $ 380 |
Issuance of common stock in connection with extinguishment of | $ — | $ 658 |
Supplemental cash flow information: | ||
Interest paid | $ 33 | $ — |
See accompanying notes to condensed consolidated financial statements. |
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SOURCE Accelerate Diagnostics, Inc.
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