Accelerate Diagnostics(AXDX) - 2024 Q1 - Quarterly Results

Financial Performance - Net sales for Q1 2024 were $2.9 million, a slight increase from $2.8 million in Q1 2023, with consumable product revenues rising by 7% year-over-year[4] - Net sales for Q1 2024 were $2,921,000, an increase of 3.9% compared to $2,812,000 in Q1 2023[20] - Gross profit decreased to $723,000 in Q1 2024 from $1,011,000 in Q1 2023, representing a decline of 28.5%[20] - The net loss for the quarter was $17.0 million, resulting in a net loss per share of $0.88[5] - Net loss for Q1 2024 was $16,965,000, slightly higher than the net loss of $16,795,000 in Q1 2023[20] - Basic and diluted net loss per share improved to $0.88 in Q1 2024 from $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 $5.7 million from $10.1 million in the prior year, primarily due to lower employee-related expenses[4] - Total costs and expenses significantly reduced to $10,879,000 in Q1 2024 from $17,073,000 in Q1 2023, a decrease of 36.4%[20] - Research and development expenses decreased to $5,173,000 in Q1 2024 from $6,968,000 in Q1 2023, a decline of 25.7%[20] Cash Flow and Liquidity - Cash used in Q1 2024 was approximately $9.0 million, net of financing, including about $1 million in pre-paid annual expenses[5] - Cash and cash equivalents increased to $14,606,000 as of March 31, 2024, up from $12,138,000 at the end of 2023[22] - Net cash used in operating activities decreased to $8,452,000 in Q1 2024 from $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 $56,502,000 as of March 31, 2024, compared 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 $5,108,000 in Q1 2024 from $4,796,000 in Q4 2023[20]