Accelerate Diagnostics Reports Second Quarter 2024 Financial Results

Core Insights - Accelerate Diagnostics, Inc. reported a successful pre-clinical trial for its WAVE System and Gram-Negative Positive Blood Culture assay, indicating strong analytical performance [1][2] - The company raised an additional $15 million from existing noteholders, which is expected to fund operations through 2025 and support strategic milestones for the WAVE program [1][3] Second Quarter 2024 Operating Highlights - The WAVE program achieved a successful pre-clinical trial with 1,570 WAVE results showing approximately 95% Essential and Categorical Agreements compared to Broth Microdilution [2] - Contract extensions were executed with several strategic customers, securing about 75% of the U.S. Pheno customer base for longer-term contracts ahead of the WAVE commercial launch [2] - The company added five new contracted Pheno instruments, ending the quarter with 350 clinically live revenue-generating instruments and 74 contracted instruments in implementation [2] Second Quarter 2024 Financial Highlights - Net sales for the quarter were $3.0 million, a slight increase from $2.9 million in the same quarter of the previous year [4] - Revenues from consumable products increased by 12% compared to the prior year [4] - Gross margin was approximately 23%, down from 27% in the same quarter of the previous year, attributed to a lower capital instrument product sales mix [4] - SG&A costs decreased to $5.4 million from $7.6 million year-over-year, reflecting lower employee-related expenses [4] - R&D costs were $3.9 million, down from $5.8 million in the prior year, due to reduced third-party development costs for the WAVE system [4] - The net loss for the quarter was $11.6 million, with a net loss per share of $0.50 [4] Year-to-date Financial Highlights - Year-to-date net sales reached $5.9 million, compared to $5.7 million for the same period last year, driven by higher consumable product sales [5] - Gross margin improved to approximately 24% year-to-date, compared to 23% for the same period last year [5] - Year-to-date SG&A costs were $11.1 million, down from $17.7 million, due to lower employee-related expenses [5] - R&D costs year-to-date were $9.1 million, down from $12.8 million, also due to lower employee-related expenses and third-party development costs [5] - The year-to-date net loss was $25.8 million, resulting in a net loss per share of $1.16 [5]