Accelerate Diagnostics(AXDX)2024-11-07 21:10Revenue and Sales Performance - Net sales for Q3 2024 were $3.0 million, a decrease from $3.3 million in the same quarter of the prior year, driven by lower instrument sales but partially offset by a 9% increase in consumable products[5] - Year-to-date net sales for 2024 were $8.9 million, slightly down from $9.0 million in the same period of the prior year, with a gross margin improvement to 25% from 21%[10] - Net sales for the nine months ended September 30, 2024, were $8.9 million, a slight decrease from $9.0 million in the same period in 2023[29] Gross Margin and Profitability - Gross margin for Q3 2024 improved to 29%, up from 3% in the same quarter of the prior year, reflecting a better product sales mix and an inventory write-down in the prior year[6] - Gross profit for the nine months ended September 30, 2024, was $2.3 million, up from $1.9 million in the same period in 2023, a growth of 17.6%[29] Operating Expenses - SG&A costs for Q3 2024 decreased to $5.6 million from $7.8 million in the same quarter of the prior year, primarily due to lower employee-related expenses[7] - Year-to-date SG&A costs for 2024 were $16.7 million, down from $25.4 million in the same period of the prior year, primarily due to lower employee-related expenses[11] - R&D costs for Q3 2024 were $3.8 million, down from $7.0 million in the same quarter of the prior year, mainly due to lower third-party development costs for the WAVE system[8] - Year-to-date R&D costs for 2024 were $12.9 million, down from $19.8 million in the same period of the prior year, due to lower employee-related and third-party development costs[12] - Research and development expenses decreased to $12.9 million for the nine months ended September 30, 2024, from $19.8 million in the same period in 2023, a reduction of 34.7%[29] Net Loss and Financial Performance - Net loss for Q3 2024 was $14.6 million, resulting in a net loss per share of $0.59[8] - Net loss for the nine months ended September 30, 2024, was $40.5 million, compared to $48.6 million in the same period in 2023, an improvement of 16.7%[29] Cash and Investments - Total cash, cash equivalents, and investments at the end of Q3 2024 were $20.9 million, up from $9.7 million at the start of the quarter, driven by a $15 million debt issuance and other proceeds[9] - Cash and cash equivalents increased to $19.7 million in September 2024 from $12.1 million in December 2023, a growth of 62.3%[26] - Cash and cash equivalents at the end of the period were $19,691 thousand in 2024 and $20,162 thousand in 2023[32] Assets and Liabilities - Total current assets rose to $27.4 million in September 2024, up from $24.5 million in December 2023, an increase of 12.1%[26] - Total liabilities increased to $80.8 million in September 2024 from $51.3 million in December 2023, a significant rise of 57.5%[26] - Total stockholders' deficit increased to $48.5 million in September 2024 from $19.9 million in December 2023, a rise of 143.8%[27] Financing Activities - Net cash provided by financing activities increased to $27,639 thousand in 2024 from $8,912 thousand in 2023[32] - Proceeds from issuance of 16.00% Notes amounted to $15,000 thousand in 2024[32] - Proceeds from issuance of Units totaled $10,232 thousand in 2024[32] - Units offering issuance costs were $1,234 thousand in 2024[32] - Proceeds from issuance of common stock to related party were $4,000 thousand in 2023[32] - Payments on finance leases decreased to $683 thousand in 2024 from $1,357 thousand in 2023[32] - Transaction costs related to debt and equity issuances were $202 thousand in 2024 compared to $3,731 thousand in 2023[32] - Proceeds from issuance of 5.00% Notes were $10,000 thousand in 2023[32] Cash Flow - Net cash used in operating activities for the nine months ended September 30, 2024, was $19.1 million, compared to $32.4 million in the same period in 2023, a reduction of 41.0%[31] - Cash and cash equivalents decreased by $7,553 thousand in 2024 compared to a decrease of $14,743 thousand in 2023[32] Instrument Deployment and Contracts - The company added five new contracted Pheno instruments in the U.S. during Q3 2024, ending the quarter with 352 clinically live revenue-generating instruments and 77 contracted instruments in implementation[4] Share Issuance - Common shares outstanding increased to 24.9 million in September 2024 from 14.6 million in December 2023, a growth of 70.8%[27]