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Accelerate Diagnostics, Inc. (NASDAQ: AXDX) is a prominent in vitro diagnostics company that focuses on developing and commercializing innovative systems for the rapid identification and antimicrobial susceptibility testing (AST) of infectious pathogens. The company’s cutting-edge platform, the Accelerate ID/AST System, utilizes a proprietary process combining genomic and phenotypic detection technologies, significantly reducing the time to results while maintaining high sensitivity and specificity.
One of Accelerate Diagnostics' key products is the Accelerate Pheno® system and the accompanying PhenoTest® BC kit, which automate the sample preparation steps and provide phenotypic antibiotic susceptibility results directly from positive blood cultures in approximately seven hours. This is 1–2 days faster than traditional methods, allowing clinicians to optimize antibiotic selection and dosage for individual patients much sooner.
The company has also developed the Arc™ system, an automated positive blood culture sample preparation platform that collaborates with Bruker Corporation's MALDI Biotyper® sirius instruments, streamlining microbial identification without overnight culture incubation. This system is currently undergoing validation for registration in the US and EMEA markets.
In addition to its diagnostic systems, Accelerate Diagnostics owns and licenses its proprietary OptiChem™ surface coatings technology, which has diverse applications in bio-analytical systems such as microarrays.
Financially, the majority of Accelerate Diagnostics’ revenue comes from the domestic market. The company has been investing heavily in the development of its next-generation rapid AST system, Accelerate Wave™, and has planned clinical trials for this innovative system for mid-2024. Recent financial announcements indicate the company has been successful in forming strategic partnerships, expanding its customer base, and securing long-term contracts.
With an unwavering commitment to addressing global challenges like antibiotic resistance and sepsis, Accelerate Diagnostics continues to lead the market with rapid, reliable, and cost-effective diagnostic solutions, ensuring better patient outcomes and reducing healthcare costs.
Accelerate Diagnostics, Inc. (Nasdaq: AXDX) has announced a public offering of 17,500,000 shares of its common stock at $2.00 per share, aiming for gross proceeds of $35 million. The underwriting team includes William Blair & Company, Oppenheimer & Co., and Craig-Hallum Capital. A 30-day option for underwriters to purchase an additional 2,625,000 shares is also granted. The net proceeds are intended for general corporate purposes and commercialization efforts. The offering is set to close around August 23, 2022, pending customary conditions.
Accelerate Diagnostics (Nasdaq: AXDX) announced a public offering of its common stock on August 17, 2022. The company intends to grant underwriters a 30-day option to purchase an additional 15% of the shares offered at the public price, net of underwriting fees. Proceeds will be utilized for general corporate purposes and to support commercialization. The offering, subject to market conditions, is managed by William Blair & Company, Oppenheimer & Co., and Craig-Hallum Capital Group.
Accelerate Diagnostics, Inc. (AXDX) reported second-quarter 2022 net sales of $3.9 million, a 39% increase from the previous year. The company added 8 contracted instruments, bringing the total to 316 revenue-generating instruments. However, gross margin declined to 28% from 38%, attributed to rising manufacturing costs. The net loss was $17.8 million or $0.23 per share. SG&A costs decreased to $11.5 million, while R&D expenses rose to $7.6 million. A significant partnership with Becton Dickinson was also announced for global commercialization.
BD (Becton, Dickinson and Company) and Accelerate Diagnostics, Inc. have formed a global commercial collaboration to provide rapid antimicrobial identification and susceptibility diagnostics. This partnership allows BD to market the Accelerate Pheno® system and Arc™ module, which offer quicker results compared to traditional testing methods. The collaboration aims to enhance patient care by optimizing antibiotic use, potentially reducing healthcare costs, and addressing antimicrobial resistance. This initiative is expected to increase market penetration for both companies, improving healthcare outcomes globally.
Accelerate Diagnostics, Inc. (NASDAQ: AXDX) will host a conference call on August 15, 2022, at 4:30 PM ET to discuss its 2022 second quarter results. This call aims to provide insights into the company's performance and future outlook concerning its innovative diagnostic solutions that address antimicrobial resistance and sepsis. The Accelerate Pheno® and Accelerate Arc™ systems promise significantly faster results than traditional methods, optimizing patient treatment.
Accelerate Diagnostics, Inc. has announced the CE marking and commercialization of its Accelerate Arc Module and BC kit in Europe, significantly enhancing rapid microbial identification for positive blood cultures. This innovative system reduces wait times by hours and automates sample preparation, leading to substantial cost savings for healthcare facilities. The system's simple, load-and-go workflow enables effective use by lab technicians, facilitating quicker results than traditional methods. Following successful evaluations and interest from partners, this system is positioned to improve healthcare efficiency and outcomes in diagnosing infections.
Accelerate Diagnostics, Inc. (NASDAQ: AXDX) announced that CEO Jack Phillips will present at the 42nd Annual William Blair Growth Stock Conference on June 7, 2022, at 10:00 AM Central Time. The session will include a live audiocast, accessible via the company's investor relations website, with a replay available for 30 days post-event.
The company focuses on in vitro diagnostics, offering systems that expedite antibiotic therapy decisions for bacteremic patients, achieving results 1 to 2 days faster than conventional methods.
Accelerate Diagnostics (AXDX) reported a 20% increase in net sales for Q1 2022, totaling $3.0 million, driven by a 29% rise in recurring revenues. The company ended Q1 with 313 revenue-generating instruments and 76 contracted instruments in progress. However, gross margin decreased to 27% from 36% in Q1 2021 due to rising production costs. The firm's net loss was $14.2 million, translating to $0.21 per share. Despite a cash burn of $13.2 million in the quarter, they improved their balance sheet by raising $4 million from insider financing and reducing debt by $14 million.
Accelerate Diagnostics, Inc. (NASDAQ: AXDX) announced the commercialization of its Accelerate Arc Module and BC kit, aimed at automating microbial identification for positive blood cultures. This system significantly reduces wait times and labor while offering cost savings for healthcare facilities. Registered as an IVD with the FDA, the system is designed for labs using MALDI platforms and requires minimal hands-on time. It allows for faster reporting of identification and antimicrobial susceptibility results, enhancing the efficiency of clinical workflows.
Accelerate Diagnostics, Inc. (NASDAQ: AXDX) announced a conference call to discuss its 2022 first quarter results on May 16, 2022, at 4:30 p.m. ET. The call aims to provide insights into the company's performance during the first quarter. Participants can access the audio webcast via ir.axdx.com and will be available for replay until August 15, 2022. The company focuses on in vitro diagnostics, particularly addressing antimicrobial resistance and sepsis, with systems that expedite identification and susceptibility testing.
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