true On May 8, 2024, Accelerate Diagnostics, Inc. (the "Company") issued a press release announcing its preliminary financial results for the quarter ending March 31, 2024, which was included as Exhibit 99.1 to a Current Report on Form 8-K (the "Original Report") furnished with the U.S. Securities and Exchange Commission (the "SEC") on such date. This Current Report on Form 8-K/A (this "Report") is being filed to disclose certain updates to the Company's financial results for the quarter ending March 31, 2024 included in the Original Report as described in Item 2.02 to this Report below. 0000727207 0000727207 2024-05-08 2024-05-08 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K/A

(Amendment No. 1)

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported) May 8, 2024

 

Accelerate Diagnostics, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

(State or other jurisdiction of incorporation)

 

001-31822   84-1072256
(Commission File Number)   (IRS Employer Identification No.)

 

3950 South Country Club Road, Suite 470, Tucson, Arizona   85714
(Address of principal executive offices)   (Zip Code)

 

(520) 365-3100

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol Name of each exchange on which
registered
Common Stock, $0.001 par value per share AXDX

The Nasdaq Stock Market LLC

(The Nasdaq Capital Market)

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

EXPLANATORY NOTE

 

On May 8, 2024, Accelerate Diagnostics, Inc. (the “Company”) issued a press release announcing its preliminary financial results for the quarter ending March 31, 2024, which was included as Exhibit 99.1 to a Current Report on Form 8-K (the “Original Report”) furnished with the U.S. Securities and Exchange Commission (the “SEC”) on such date. This Current Report on Form 8-K/A (this “Report”) is being filed to disclose certain updates to the Company’s financial results for the quarter ending March 31, 2024 included in the Original Report as described in Item 2.02 to this Report below.

 

Item 2.02.Results of Operations and Financial Condition.

 

On May 8, 2024, the Company issued a press release announcing its preliminary financial results for the quarter ending March 31, 2024. Subsequently, in connection with the finalization of its financial statements for the quarter ending March 31, 2024, the Company made certain non-cash related revisions to the accounting for its previously announced January 2024 equity financing. The revisions resulted in, among other things, a decrease in the Company’s net loss and net loss per share from $17.0 million and $0.88, respectively, as preliminarily reported in the Original Report, to $14.2 million and $0.74, respectively.

 

The revisions are reflected in the updated financial tables attached hereto as Exhibit 99.1, which is incorporated herein by reference in its entirety. The revisions are also reflected in the condensed consolidated financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, which will be filed with the SEC on or around the date hereof.

 

In accordance with General Instruction B.2 for Form 8-K, the information in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

 

Item 9.01.Financial Statements and Exhibits.

 

(d)Exhibits.

 

Exhibit  
Number Description
99.1 Updated Financial Tables Reflecting Revisions to Previously Reported Preliminary Financial Results for the Quarter Ending March 31, 2024
104 Cover Page Interactive Data File (cover page XBRL tags are embedded within the Inline XBRL document)

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

  ACCELERATE DIAGNOSTICS, INC.
  (Registrant)
 Date: May 10, 2024  
  /s/ David Patience
  David Patience
  Chief Financial Officer

 

 

Exhibit 99.1

 

ACCELERATE DIAGNOSTICS, INC.

CONDENSED CONSOLIDATED

BALANCE SHEETS

Unaudited

(in thousands, except share data)

 

   March 31,   December 31, 
   2024   2023 
ASSETS
Current assets:          
Cash and cash equivalents  $14,606   $12,138 
Investments   1,145    1,081 
Trade accounts receivable   2,217    2,622 
Inventory   3,249    3,310 
Prepaid expenses   1,068    380 
Purchase obligation put option asset   —    3,419 
Other current assets   1,848    1,516 
Total current assets   24,133    24,466 
Property and equipment, net   3,197    2,389 
Finance lease assets, net   1,225    1,518 
Operating lease right of use assets, net   957    1,177 
Other non-current assets   1,210    1,816 
Total assets  $30,722   $31,366 
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:          
Accounts payable  $5,108   $4,796 
Accrued liabilities   3,351    3,243 
Accrued interest   1,014    164 
Deferred revenue and income, current   1,272    1,545 
Current portion of convertible notes   726    726 
Common warrant liability   3,035    — 
Finance lease, current   685    583 
Operating lease, current   940    977 
Total current liabilities   16,131    12,034 
Finance lease, non-current   81    262 
Operating lease, non-current   328    570 
Deferred income, non-current   1,110    1,122 
Other non-current liabilities   1,197    1,164 
Convertible notes, non-current   37,655    36,102 
Total liabilities  $56,502   $51,254 
           
Commitments and contingencies          
           
Stockholders’ deficit:          
Preferred shares, $0.001 par value;          
5,000,000 preferred shares authorized and no shares issued or outstanding as of March 31, 2024 and December 31, 2023   —    — 
Common stock, $0.001 par value;          
450,000,000 common shares authorized with 21,811,706 shares issued and outstanding on March 31, 2024 and 14,569,500 shares issued and outstanding on December 31, 2023   21    14 
Contributed capital   702,971    694,634 
Treasury stock   (45,067)   (45,067)
Accumulated deficit   (683,087)   (668,857)
Accumulated other comprehensive loss   (618)   (612)
Total stockholders’ deficit   (25,780)   (19,888)
Total liabilities and stockholders’ deficit  $30,722   $31,366 

 

 

 

 

ACCELERATE DIAGNOSTICS, INC.

CONDENSED CONSOLIDATED

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

Unaudited

(in thousands, except per share data)

   Three Months Ended 
   March 31,   March 31, 
   2024   2023 
Net sales  $2,921   $2,812 
           
Cost of sales   2,198    1,801 
Gross profit   723    1,011 
           
Costs and expenses:          
Research and development   5,173    6,968 
Sales, general and administrative   5,706    10,105 
Total costs and expenses   10,879    17,073 
           
Loss from operations   (10,156)   (16,062)
           
Other income (expense):          
Interest expense   (2,450)   (418)
Interest expense related party   —    (1,013)
Loss on fair value instruments   (1,216)   — 
Foreign currency exchange gain   19    233 
Interest income   200    420 
Other (expense) income, net   (627)   45 
Total other expense, net   (4,074)   (733)
           
Net loss before income taxes   (14,230)   (16,795)
Provision for income taxes   —    — 
Net loss  $(14,230)  $(16,795)
           
Basic and diluted net loss per share  $(0.74)  $(1.71)
Weighted average shares outstanding   19,216    9,830 
           
Other comprehensive loss:          
Net loss  $(14,230)  $(16,795)
Net unrealized loss on debt securities available-for-sale   —    24 
Foreign currency translation adjustment   (6)   (255)
Comprehensive loss  $(14,236)  $(17,026)

 

 

 

 

ACCELERATE DIAGNOSTICS, INC.

CONDENSED CONSOLIDATED

STATEMENTS OF CASH FLOWS

Unaudited

(in thousands)

 

   Three Months Ended 
   March 31,   March 31, 
   2024   2023 
Cash flows from operating activities:          
Net loss   (14,230)   (16,795)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization   858    802 
Provision for bad debts   19    — 
Equity-based compensation   1,297    555 
Amortization of debt discount and issuance costs   1,596    182 
Amortization of debt discount related-party   —    572 
Loss on disposal of property and equipment   71    11 
Unrealized gain on equity investments   (53)   (50)
Units offering issuance cost   680    — 
Loss on fair value adjustments   1,216    — 
(Increase) decrease in assets:          
Contributions to deferred compensation plan   (11)   — 
Accounts receivable   386    (11)
Inventory   (85)   (140)
Prepaid expense and other   (448)   (239)
Increase (decrease) in liabilities:          
Accounts payable   312    (977)
Accrued liabilities and other   (658)   1,945 
Accrued interest   850    235 
Accrued interest due to related-party   —    441 
Deferred revenue and income   (285)   (79)
Deferred compensation   33    181 
Net cash used in operating activities   (8,452)   (13,367)
           
Cash flows from investing activities:          
Purchases of equipment   (513)   (12)
Maturities of marketable securities   —    8,221 
Net cash (used in) provided by investing activities   (513)   8,209 
           
Cash flows from financing activities:          
Proceeds from issuance of Units to related party   2,050    — 
Proceeds from issuance of Units   10,232    — 
Units offering issuance cost   (764)   — 
Payments on finance leases   (79)   (77)
Net cash provided by financing activities   11,439    (77)
           
Effect of exchange rate on cash   (6)   (262)
           
(Decrease) increase in cash and cash equivalents   2,468    (5,497)
Cash and cash equivalents, beginning of period   12,138    34,905 
Cash and cash equivalents, end of period  $14,606   $29,408 

 

 

 

 

ACCELERATE DIAGNOSTICS, INC.

CONDENSED CONSOLIDATED

STATEMENTS OF CASH FLOWS (CONTINUED)

Unaudited

(in thousands)

 

   Three Months Ended 
   March 31,   March 31, 
   2024   2023 
Non-cash investing activities:          
Net transfer of instruments from inventory to property and equipment  $127   $71 
Non-cash financing activities:          

Net transfer of instruments from inventory to property and equipment

  $43   $0 
Accrued units offering issuance cost  $473   $0 
Supplemental cash flow information:          
Interest paid  $10   $0 

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

 

 

v3.24.1.1.u2
Cover
May 08, 2024
Cover [Abstract]  
Document Type 8-K/A
Amendment Flag true
Amendment Description On May 8, 2024, Accelerate Diagnostics, Inc. (the "Company") issued a press release announcing its preliminary financial results for the quarter ending March 31, 2024, which was included as Exhibit 99.1 to a Current Report on Form 8-K (the "Original Report") furnished with the U.S. Securities and Exchange Commission (the "SEC") on such date. This Current Report on Form 8-K/A (this "Report") is being filed to disclose certain updates to the Company's financial results for the quarter ending March 31, 2024 included in the Original Report as described in Item 2.02 to this Report below.
Document Period End Date May 08, 2024
Entity File Number 001-31822
Entity Registrant Name Accelerate Diagnostics, Inc.
Entity Central Index Key 0000727207
Entity Tax Identification Number 84-1072256
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 3950 South Country Club Road
Entity Address, Address Line Two Suite 470
Entity Address, City or Town Tucson
Entity Address, State or Province AZ
Entity Address, Postal Zip Code 85714
City Area Code 520
Local Phone Number 365-3100
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.001 par value per share
Trading Symbol AXDX
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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