Accelerate Diagnostics(AXDX)2024-05-08 20:31Financial Performance - Net sales for Q1 2024 were 2.8 million in Q1 2023, with consumable product revenues rising by 7% year-over-year[4] - Net sales for Q1 2024 were 2,812,000 in Q1 2023[20] - Gross profit decreased to 1,011,000 in Q1 2023, representing a decline of 28.5%[20] - The net loss for the quarter was 0.88[5] - Net loss for Q1 2024 was 16,795,000 in Q1 2023[20] - Basic and diluted net loss per share improved to 1.71 in Q1 2023[20] Cost Management - Gross margin for the quarter was approximately 25%, down from 36% in the same quarter last year, attributed to a lower mix of capital instrument product sales[4] - SG&A costs decreased to 10.1 million in the prior year, primarily due to lower employee-related expenses[4] - Total costs and expenses significantly reduced to 17,073,000 in Q1 2023, a decrease of 36.4%[20] - Research and development expenses decreased to 6,968,000 in Q1 2023, a decline of 25.7%[20] Cash Flow and Liquidity - Cash used in Q1 2024 was approximately 1 million in pre-paid annual expenses[5] - Cash and cash equivalents increased to 12,138,000 at the end of 2023[22] - Net cash used in operating activities decreased to 13,367,000 in Q1 2023, a reduction of 36.5%[22] Strategic Developments - The company installed its first pre-clinical trial site for the Accelerate Wave system, targeting a clinical trial start by the end of Q2 2024[2] - Contract extensions with strategic customers secured approximately 70% of the U.S. Pheno® customer base for longer-term contracts ahead of the Wave commercial launch[3] - The company added 12 new contracted Pheno instruments in the U.S., totaling 348 clinically live revenue-generating instruments by the end of the quarter[3] - The company continues to develop its Gram Positive PBC menu alongside the ongoing clinical trial work for the Accelerate Wave system[2] Liabilities and Accounts Payable - Total liabilities rose to 51,254,000 at the end of 2023, an increase of 10.3%[20] - The company reported a significant increase in accounts payable, which rose to 4,796,000 in Q4 2023[20]