TUCSON,
Ariz., March 21, 2025 /PRNewswire/
-- Accelerate Diagnostics, Inc. (Nasdaq: AXDX) today reports
financial results for the fourth quarter and year ended
December 31, 2024.
2024 Fourth Quarter Results
- Net sales for the quarter were $2.8
million, compared to $3.0
million for the same quarter of the prior year. The decline
in revenues was primarily driven by lower sales of consumable
products compared to the same period in the prior year.
- Gross margin was approximately 16% for the quarter, compared to
approximately 21% for the same quarter of the prior year. The
decline in gross margin primarily resulted from higher
manufacturing related costs due to inflation and other
factors.
- Selling, general, and administrative (SG&A) costs for the
quarter were $4.6 million, compared
to $5.8 million for the same quarter
of the prior year. The decline in SG&A costs was primarily a
result of lower employee-related expenses. SG&A costs include
non-cash stock-based compensation of $0.8
million and $1.0 million,
respectively, for the same periods.
- Research and development (R&D) costs for the quarter were
$3.8 million, compared to
$5.6 million for the same quarter of
the prior year. The decline in R&D costs was primarily a result
of lower third-party development costs for our Accelerate
WAVETM system. R&D costs include non-cash
stock-based compensation of $0.2
million and $0.3 million,
respectively, for the same periods.
- Net loss was $9.6 million for the
quarter, resulting in $0.38 net loss
per share.
- Ended the quarter with approximately $16.3 million in cash and cash equivalents,
compared to $20.9 million at the
start of the fourth quarter, a reduction in cash and cash
equivalents for the fourth quarter of 2024 of $4.6 million.
2024 Full Year Results
- Net sales were $11.7 million for
the year, compared to $12.1 million
in the prior year. While year-over-year revenues for consumable
products increased by approximately 3%, overall annual revenue was
down year-over-year due to a challenging capital sales environment
in all our sales regions.
- Gross margin was approximately 23% for the year, compared to
approximately 21% for the prior year.
- SG&A costs were $21.3 million
for the year, compared to $31.2
million for the prior year. The decline in SG&A
costs was primarily a result of lower employee-related expenses
during the year. SG&A costs include non-cash stock-based
compensation of $3.4 million and
$3.7 million, respectively, for the
same periods.
- R&D costs were $16.7 million
for the year, compared to $25.4
million for the prior year. The decline in R&D costs was
primarily a result of lower employee-related expenses as well as
lower third-party development for our Accelerate WAVE system.
R&D costs include non-cash stock-based compensation of
$0.9 million and $1.4 million, respectively, for the same
periods.
- Net loss was $50.0 million for
the year, resulting in $2.15 net loss
per share.
Full financial results for the year ended December 31, 2024 will be filed on Form 10-K
through the Securities and Exchange Commission's (SEC) website at
http://www.sec.gov.
Moving forward, Accelerate Diagnostics, Inc. does not plan to
host regular earnings conference calls. The company remains
dedicated to providing timely updates on its financial performance
through its SEC filings and investor relations materials available
on its website.
Investors are encouraged to visit ir.axdx.com for quarterly and
annual financial results, presentations, and other investor
resources.
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 cost of sales, SG&A
expenses, R&D expenses and loss from operations amounts
excluding inventory write-downs and non-cash equity-based
compensation expenses, as applicable (the "Non-GAAP Measures").
Our management and board of directors use the Non-GAAP Measures
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 the Non-GAAP Measures provide useful information for investors
in understanding and evaluating our operating results in the same
manner as our management and our board of directors. The Non-GAAP
Measures should be considered in addition to, not as superior to,
or as a substitute for, cost of sales, SG&A expenses, R&D
expenses and loss from operations reported in accordance with GAAP.
The following tables present a reconciliation of the Non-GAAP
Measures to the most comparable GAAP measures for the periods
indicated:
|
Three Months Ended
December 31,
|
Twelve Months Ended
December 31,
|
|
(in
thousands)
|
(in
thousands)
|
|
2024
|
2023
|
2024
|
2023
|
|
Cost of
sales
|
$
2,367
|
$
2,394
|
$
8,994
|
$
9,509
|
|
Inventory
write-down
|
-
|
-
|
-
|
1,184
|
|
Non-cash equity-based
compensation as a component of cost of sales
|
10
|
53
|
112
|
300
|
|
Cost of sales less
inventory write-down and non-cash equity-based
compensation
|
$
2,357
|
$
2,341
|
$
8,882
|
$
8,025
|
|
|
|
|
Three Months Ended
December 31,
|
Twelve Months Ended
December 31,
|
|
(in
thousands)
|
(in
thousands)
|
|
2024
|
2023
|
2024
|
2023
|
|
Sales, General and
Administrative
|
$
4,607
|
$
5,792
|
$
21,326
|
$
31,225
|
|
Non-cash equity-based
compensation as a component of sales, general and
administrative
|
790
|
1,045
|
3,381
|
3,691
|
|
Sales, general and
administrative less non-cash equity-based compensation
|
$
3,817
|
$
4,747
|
$
17,945
|
$
27,534
|
|
|
|
|
Three Months Ended
December 31,
|
Twelve Months Ended
December 31,
|
|
(in
thousands)
|
(in
thousands)
|
|
2024
|
2023
|
2024
|
2023
|
|
Research and
Development
|
$
3,774
|
$
5,570
|
$
16,688
|
$
25,353
|
|
Non-cash equity-based
compensation as a component of research and development
|
164
|
266
|
889
|
1,396
|
|
Research and
development less non-cash equity-based compensation
|
$
3,610
|
$
5,304
|
$
15,799
|
$
23,957
|
|
|
|
|
Three Months Ended
December 31,
|
Twelve Months Ended
December 31,
|
|
(in
thousands)
|
(in
thousands)
|
|
2024
|
2023
|
2024
|
2023
|
|
Loss from
operations
|
$
(7,933)
|
$
(10,729)
|
$
(35,310)
|
$
(54,028)
|
|
Non-cash equity-based
compensation as a component of loss from operations
|
964
|
1,364
|
4,382
|
5,387
|
|
Loss from operations
less non-cash equity-based compensation
|
$
(6,969)
|
$
(9,365)
|
$
(30,928)
|
$
(48,641)
|
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. Accelerate Diagnostics' current
portfolio of FDA-cleared platforms includes the Accelerate Pheno
system and Accelerate PhenoTest® BC kit as well as the Accelerate
Arc™ system and BC kit. 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. This system fully automates 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. The Accelerate Arc
system and BC kit provide a novel, automated positive blood culture
sample preparation platform for use with Bruker's MALDI Biotyper®
CA System (MBT-CA System) and MBT-CA Sepsityper® software
extension. Designed for clinical laboratories, the Accelerate Arc
system has a simple workflow that automates positive blood culture
sample preparation for direct downstream microbial identification
using Bruker's MBT-CA System. This innovation eliminates the need
for overnight culture methods, reducing the wait time for microbial
identification results, which is critical in the fight against
sepsis.
© Copyright 2025 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 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. Actual
results or developments may differ materially from those implied in
these forward-looking statements due to significant risks and
uncertainties. 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. 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.
Source: Accelerate Diagnostics Inc.
|
ACCELERATE
DIAGNOSTICS, INC.
|
|
CONSOLIDATED
|
|
BALANCE
SHEETS
|
|
(in thousands, except
share data)
|
|
|
December
31,
|
|
2024
|
2023
|
|
ASSETS
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
15,098
|
$
12,138
|
|
Investments
|
1,199
|
1,081
|
|
Trade accounts
receivable, net
|
2,037
|
2,622
|
|
Inventory
|
2,852
|
3,310
|
|
Prepaid
expenses
|
208
|
380
|
|
Purchase obligation -
put option asset
|
—
|
3,419
|
|
Other current
assets
|
844
|
1,516
|
|
Total current
assets
|
22,238
|
24,466
|
|
Property and
equipment, net
|
2,575
|
2,389
|
|
Finance lease assets,
net
|
336
|
1,518
|
|
Operating lease
right-of-use assets, net
|
2,907
|
1,177
|
|
Other non-current
assets
|
500
|
1,816
|
|
Total assets
|
$
28,556
|
$
31,366
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' DEFICIT
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
4,844
|
$
4,796
|
|
Accrued
liabilities
|
2,873
|
3,243
|
|
Accrued
interest
|
148
|
164
|
|
Deferred revenue and
income, current
|
1,638
|
1,545
|
|
Current portion of
convertible notes
|
—
|
726
|
|
Notes payable,
current
|
16,512
|
—
|
|
Warrant
liability
|
4,559
|
—
|
|
Finance lease,
current
|
92
|
583
|
|
Operating lease,
current
|
535
|
977
|
|
Total current
liabilities
|
31,201
|
12,034
|
|
Finance lease,
non-current
|
30
|
262
|
|
Operating lease,
non-current
|
2,568
|
570
|
|
Deferred revenue and
income, non-current
|
2,277
|
1,122
|
|
Other non-current
liabilities
|
1,681
|
1,164
|
|
Convertible notes,
non-current
|
46,839
|
36,102
|
|
Total
liabilities
|
84,596
|
51,254
|
|
|
|
|
Commitments and
contingencies (see Note 16)
|
|
|
|
ACCELERATE
DIAGNOSTICS, INC.
|
|
CONSOLIDATED
|
|
BALANCE SHEETS
(CONTINUED)
|
|
(in thousands, except
share data)
|
|
|
December
31,
|
|
2024
|
2023
|
|
Stockholders'
deficit:
|
|
|
|
Preferred shares,
$0.001 par value;
|
|
|
|
5,000,000 preferred
shares authorized with no shares issued and outstanding at
December 31, 2024 and no shares issued and outstanding at
December 31, 2023
|
—
|
—
|
|
Common stock, $0.001
par value;
|
|
|
|
450,000,000 common
shares authorized with 25,186,582 shares issued and outstanding
at
December 31, 2024 and 450,000,000 common shares authorized
with 14,569,500 shares
issued and outstanding at December 31, 2023
|
25
|
14
|
|
Contributed
capital
|
707,907
|
694,634
|
|
Treasury
stock
|
(45,067)
|
(45,067)
|
|
Accumulated
deficit
|
(718,899)
|
(668,857)
|
|
Accumulated other
comprehensive loss
|
(6)
|
(612)
|
|
Total stockholders'
deficit
|
(56,040)
|
(19,888)
|
|
Total liabilities and
stockholders' deficit
|
$
28,556
|
$
31,366
|
See accompanying notes to consolidated financial
statements.
|
ACCELERATE
DIAGNOSTICS, INC. CONSOLIDATED
|
|
STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS
|
|
|
Years Ended December
31,
|
|
2024
|
2023
|
|
Net
sales
|
$
11,698
|
$
12,059
|
|
|
|
|
Cost of
sales:
|
|
|
|
Cost of sales of
products and services
|
8,994
|
8,325
|
|
Inventory
write-down
|
—
|
1,184
|
|
Total cost of
sales
|
8,994
|
9,509
|
|
|
|
|
Gross profit
|
2,704
|
2,550
|
|
|
|
|
Costs and
expenses:
|
|
|
|
Research and
development
|
16,688
|
25,353
|
|
Sales, general and
administrative
|
21,326
|
31,225
|
|
Total costs and
expenses
|
38,014
|
56,578
|
|
|
|
|
Loss from
operations
|
(35,310)
|
(54,028)
|
|
|
|
|
Other (expense)
income:
|
|
|
|
Interest
expense
|
(13,117)
|
(5,926)
|
|
Interest expense
related-party
|
—
|
(1,817)
|
|
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) gain on fair
value adjustment
|
(1,971)
|
12,955
|
|
Foreign currency
exchange (loss) gain
|
(564)
|
71
|
|
Interest
income
|
703
|
1,123
|
|
Other (expense)
income, net
|
(595)
|
108
|
|
Total other expense,
net
|
(14,801)
|
(6,740)
|
|
|
|
|
Net loss before income
taxes
|
(50,111)
|
(60,768)
|
|
(Provision) benefit for
income taxes
|
66
|
(850)
|
|
Net loss
|
$
(50,045)
|
$
(61,618)
|
|
|
|
|
Basic and diluted net
loss per share
|
$
(2.15)
|
$
(4.94)
|
|
Weighted average shares
outstanding
|
23,302
|
12,477
|
|
|
|
|
Other comprehensive
loss:
|
|
|
|
Net loss
|
$
(50,045)
|
$
(61,618)
|
|
Net unrealized gain on
available-for-sale investments
|
—
|
29
|
|
Foreign currency
translation adjustment
|
606
|
(241)
|
|
Comprehensive
loss
|
$
(49,439)
|
$
(61,830)
|
|
ACCELERATE
DIAGNOSTICS, INC. CONSOLIDATED
|
|
STATEMENT OF CASH
FLOWS
|
|
(in
thousands)
|
|
|
Years Ended December
31,
|
|
2024
|
2023
|
|
Cash flows from
operating activities:
|
|
|
|
Net loss
|
$
(50,045)
|
$
(61,618)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
3,421
|
3,254
|
|
Provision for bad
debts
|
354
|
301
|
|
Equity-based
compensation expense
|
4,382
|
5,387
|
|
Amortization of debt
discount and issuance costs
|
8,680
|
3,278
|
|
Amortization of debt
discount related party
|
—
|
1,033
|
|
Unrealized (gain) loss
on equity investments
|
(65)
|
(114)
|
|
Units offering
issuance cost
|
680
|
—
|
|
Loss on disposal of
property and equipment
|
201
|
150
|
|
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 (gain) on fair
value adjustments
|
1,971
|
(12,955)
|
|
Paid-in-kind
interest
|
4,380
|
1,718
|
|
Inventory
write-down
|
—
|
1,184
|
|
(Increase) decrease in
assets:
|
|
|
|
Accounts
receivable
|
440
|
(234)
|
|
Inventory
|
(50)
|
446
|
|
Prepaid expense and
other assets
|
1,104
|
926
|
|
Increase (decrease) in
liabilities:
|
|
|
|
Accounts
payable
|
794
|
295
|
|
Accrued liabilities
and other
|
(930)
|
(121)
|
|
Accrued
interest
|
(16)
|
716
|
|
Accrued interest from
related party
|
—
|
784
|
|
Deferred revenue and
income
|
1,248
|
2,120
|
|
Net cash used in
operating activities
|
(24,194)
|
(40,196)
|
|
Cash flows from
investing activities:
|
|
|
|
Purchases of
equipment
|
(509)
|
(1,035)
|
|
Maturities of
marketable securities
|
—
|
9,695
|
|
Net cash (used in)
provided by investing activities
|
(509)
|
8,660
|
|
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 16.00% Notes
|
15,000
|
—
|
|
Transaction costs
related to debt and equity issuance
|
(768)
|
(3,731)
|
|
Proceeds from issuance
of 5.00% Notes
|
—
|
10,000
|
|
Proceeds from issuance
of common stock to related party
|
—
|
4,000
|
|
Payment of
debt
|
(726)
|
—
|
|
Payments on finance
leases
|
(723)
|
(1,250)
|
|
Proceeds from exercise
of warrants
|
522
|
—
|
|
Net cash provided by
financing activities
|
27,053
|
9,019
|
|
ACCELERATE
DIAGNOSTICS, INC. CONSOLIDATED
|
|
STATEMENT OF CASH
FLOWS (CONTINUED)
|
|
(in
thousands)
|
|
|
Years Ended December
31,
|
|
2024
|
2023
|
|
Effect of exchange rate
on cash
|
610
|
(250)
|
|
|
|
|
Increase (decrease) in
cash and cash equivalents
|
2,960
|
(22,767)
|
|
Cash and cash
equivalents, beginning of year
|
12,138
|
34,905
|
|
Cash and cash
equivalents, end of year
|
$
15,098
|
$
12,138
|
|
|
|
|
Non-cash investing
activities:
|
|
|
|
Net transfer of
instruments from inventory to property and equipment,
net
|
$
452
|
$
401
|
|
|
|
|
Non-cash financing
activities:
|
|
|
|
Exchange of 2.50%
Notes and accrued interest for 5.00% Notes
|
$
—
|
$
56,893
|
|
Debt premium on
issuance of 5.00% Notes
|
$
—
|
$
6,023
|
|
Derivative liability
associated with the bifurcated conversion option
|
$
—
|
$
38,160
|
|
Reclassification of
bifurcated conversion option to contributed capital
|
$
—
|
$
26,908
|
|
Capital contribution
from the exchange of secured note and accrued interest through
the
issuance of common stock with related party
|
$
—
|
$
25,366
|
|
Extinguishment of
derivative liability in connection with extinguishment of 5.00%
Notes
|
$
—
|
$
380
|
|
Issuance of common
stock in connection with extinguishment of 5.00% Notes
|
$
43
|
$
819
|
|
Right-of-use assets
obtained in exchange for finance lease obligations
|
$
—
|
$
200
|
|
|
|
|
Supplemental cash
flow information:
|
|
|
|
Interest
paid
|
$
33
|
$
122
|
|
Income taxes paid, net
of refunds
|
$
—
|
$
363
|
See accompanying notes to consolidated financial
statements.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/accelerate-diagnostics-reports-fourth-quarter-and-full-year-2024-financial-results-302407788.html
SOURCE Accelerate Diagnostics, Inc.
