Accelerate Diagnostics Reports Fourth Quarter and Full-Year 2024 Financial Results
PR Newswire
TUCSON, Ariz., March 21, 2025
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 $(SEC.UK)$ 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$(R)$ BC kit as well as the Accelerate Arc$(TM)$ 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(R) CA System (MBT-CA System) and MBT-CA Sepsityper(R) 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.
(c) 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 $(564.SI)$ 71 Interest income 703 1,123 Other (expense) income, net $(595.SI)$ 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.
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SOURCE Accelerate Diagnostics, Inc.
/CONTACT: Laura Pierson, Accelerate Diagnostics, +1 520 365-3100, investors@axdx.com
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