Accelerate Diagnostics Reports Fourth Quarter and Full-Year 2024 Financial Results

Core Insights - Accelerate Diagnostics, Inc. reported a net loss of $9.6 million for Q4 2024, with a net loss per share of $0.38, compared to a net loss of $10.7 million in Q4 2023 [7] - For the full year 2024, the company recorded a net loss of $50.0 million, resulting in a net loss per share of $2.15, an improvement from a net loss of $61.6 million in 2023 [19] - The company experienced a decline in net sales for both the fourth quarter and the full year, with Q4 sales at $2.8 million, down from $3.0 million in Q4 2023, and annual sales at $11.7 million, down from $12.1 million in 2023 [7][19] Financial Performance - Q4 2024 net sales were $2.8 million, a decrease of approximately 7% year-over-year, primarily due to lower sales of consumable products [7] - Gross margin for Q4 2024 was approximately 16%, down from 21% in Q4 2023, attributed to increased manufacturing costs due to inflation [7] - SG&A costs for Q4 2024 were $4.6 million, a reduction from $5.8 million in Q4 2023, mainly due to lower employee-related expenses [7] - R&D costs for Q4 2024 were $3.8 million, down from $5.6 million in Q4 2023, reflecting reduced third-party development costs [7] Annual Overview - For the full year 2024, net sales totaled $11.7 million, a decrease of approximately 3% from $12.1 million in 2023, despite a 3% increase in consumable product revenues [19] - The gross margin for the year improved to approximately 23%, compared to 21% in 2023 [19] - SG&A costs for the year were $21.3 million, significantly lower than $31.2 million in 2023, driven by reduced employee-related expenses [19] - R&D costs for the year were $16.7 million, down from $25.4 million in 2023, also due to lower employee-related expenses and third-party development costs [19] Cash Position - At the end of Q4 2024, the company had approximately $16.3 million in cash and cash equivalents, down from $20.9 million at the beginning of the quarter, reflecting a cash reduction of $4.6 million during the quarter [7] - The total current assets decreased to $22.2 million as of December 31, 2024, from $24.5 million in 2023 [14] Company Overview - Accelerate Diagnostics, Inc. focuses on in vitro diagnostics, addressing global challenges such as antibiotic resistance and sepsis [9] - The company's product portfolio includes the Accelerate Pheno system and Accelerate PhenoTest® BC kit, which aim to expedite antibiotic therapy decisions for severe infections [10]