Q1 2024 Accelerate Diagnostics Inc Earnings Call Transcript
Key Points
- Net sales increased slightly from $2.8 million in the previous year to $2.9 million this quarter, driven by an increase in recurring consumable net sales.
- Significant reduction in Selling, General and Administrative (SG&A) expenses from $10.1 million in the previous year to $5.7 million this quarter, primarily due to lower employee-related expenses and nonrecurring legal and advisory expenses.
- Research and Development (R&D) expenses decreased from $7 million in the previous year to $5.2 million this quarter, reflecting lower employee-related and third-party development expenses.
- Positive market response and strong interest in the WAVE system, which offers a consolidated platform for processing both PBC and isolate specimens, potentially disrupting the microbiology susceptibility testing market.
- Strategic partnerships and collaborations, such as with Bruker, to enhance product offerings and market reach, along with progress in securing a global partnership to commercialize the WAVE system.
- Gross margin declined from 36% in the previous year to 25% this quarter, primarily due to product mix.
- Net loss for the quarter increased to $14.2 million, resulting in a loss per share of $0.74.
- Cash used during the quarter was approximately $9 million, indicating ongoing cash burn issues despite efforts to reduce operating expenses.
- Installation delay at the second preclinical site for the WAVE system, causing a delay in the preclinical study and potential impact on the timeline for starting clinical trials.
- Despite the decrease in R&D and SG&A expenses, the company still faces challenges in achieving profitability and managing high operational costs.
Good day and welcome to the Accelerate Diagnostics, Inc. First Quarter 2024 Results Conference Call. All participants will be in a listen only mode. After today's presentation, there will be an opportunity to ask questions with our covering analysts. I would now like to turn the conference over to Ms. Laura Pierson of Accelerate Diagnostics. Please go ahead, ma'am.
Before we begin it is important to share that information presented during this call may contain forward-looking statements within the meaning of Section 27 A. of the Securities Act of 1933 and Section 21 E. of the Securities Exchange Act of 1934. Forward-looking statements include projections statements about our future and those that are not historical facts. All forward-looking statements are made during this conference call are subject to risks, uncertainties and other factors that could cause our actual results to differ materially. These are discussed in greater detail in our annual report on Form 10 K for the year ended December 31st, 2023, and other
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