Accelerate Diagnostics(AXDX) Prnewswire·2024-11-07 21:05Financial Performance - Net sales for Q3 2024 were 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 product sales [5] - Gross margin improved significantly to 29% in Q3 2024, compared to 3% in the same quarter of the prior year, due to a better product sales mix and an inventory write-down in the prior year [6] - Net loss for Q3 2024 was 0.59 [8] - Year-to-date net sales for 2024 were 9.0 million in the same period of the prior year, primarily due to lower consumable product sales [9] - Year-to-date net loss for 2024 was 1.78 [11] Operational Highlights - The company began clinical trials for its WAVE system and Gram-Negative assay, marking a significant step in its innovation pipeline [3] - Received FDA 510(k) clearance for the Accelerate Arc system and BC kit, an automated positive blood culture sample preparation platform [3] - Secured contract extensions with approximately 75% of U.S. Pheno customers, positioning the company for the anticipated WAVE commercial launch [3] - Added five new contracted Pheno instruments in the U.S., ending the quarter with 352 clinically live revenue-generating instruments and 77 contracted instruments in the process of being implemented [4] Cash and Liquidity - Ended Q3 2024 with total cash, cash equivalents, and investments of 9.7 million at the start of the quarter, driven by a 27.6 million, primarily from the issuance of Units and Notes [27] Product and Technology - The Accelerate Arc system, along with the Accelerate Pheno system and Accelerate PhenoTest BC kit, aims to reduce the time clinicians wait to determine optimal antibiotic therapy for deadly infections, offering results 1–2 days faster than existing methods [18] - The company continues to focus on addressing global challenges such as antibiotic resistance and sepsis through its innovative diagnostic solutions [18]