Q2 2024 Accelerate Diagnostics Inc Earnings Call Transcript
Key Points
- Accelerate Diagnostics Inc (AXDX) successfully completed a preclinical trial for its WAVE platform, achieving approximately 95% central and categorical agreement across 20 antibiotics.
- The WAVE platform offers same shift results in 4.5 hours on average, which is unmatched by current emerging AST platforms.
- The company has secured additional funding to support operations through 2025, allowing focus on achieving critical WAVE operational and development milestones.
- Approximately 75% of the US customer base is signed to longer-term contracts ahead of the WAVE commercial launch.
- Significant reductions in operating expenses and cash burn have been achieved, with a target to further reduce operating cash burn to about $5 million.
- Net sales for the quarter were approximately $3 million, showing only a slight increase from $2.9 million in the same period the prior year.
- Gross margin declined to approximately 23% from 27% in the prior year, driven by product mix.
- The company reported a net loss of approximately $11.6 million for the quarter.
- Cash used for the quarter was approximately $8.7 million, including notable one-time and nonrecurring payments.
- There is a reliance on achieving further critical WAVE milestones and securing FDA clearance to ensure future success and partnerships.
Good day and welcome to the Accelerate Diagnostics Incorporated second quarter 2024 results conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Ms. Laura Pierson of Accelerate Diagnostics. Please go ahead.
Before we begin, it is important to share that information presented during this call may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include projection statements about our future and those that are not historical facts.
All forward-looking statements that are made during this conference call are subject to risks, uncertainties and other factors that could cause our actual results to differ materially are discussed in greater detail in our annual report on Form 10-K for the year ended December 31, 2023, and other reports we file with the SEC.
It is my pleasure to now
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