Q3 2024 Accelerate Diagnostics Inc Earnings Call Transcript
Key Points
- The WAVE system's clinical trial is on track, with external site enrollments meeting expectations and demonstrating strong reliability.
- FDA 510(k) clearance was obtained for the Accelerate Arc system, which is designed to reduce diagnostic turnaround times in clinical settings.
- The company has made significant strides in executing its commercial strategy, focusing on strengthening leadership in the rapid positive blood culture AST market.
- Gross margin improved significantly to 29% from 3% in the same period last year, driven by product mix and an inventory write-down in the prior period.
- Selling, general, and administrative expenses decreased to $5.6 million from $7.8 million in the prior year, reflecting lower employee-related expenses.
- Net sales decreased to approximately $3 million from $3.3 million in the same period last year, driven by lower instrument sales.
- The company reported a net loss of approximately $14.6 million for the quarter, resulting in a loss per share of $0.59.
- Research and development expenses were $3.8 million, down from $7 million in the prior year, indicating reduced investment in development.
- Cash used for the quarter was approximately $5.5 million, highlighting ongoing cash burn despite reductions.
- The company anticipates needing contingent contractual payments to maintain sufficient operating cash through year-end 2025.
Good day, and welcome to the Accelerate Diagnostics, Inc., third-quarter 2024 earnings conference call. (Operator Instructions) And please note that this event is being recorded. I would now like to turn the conference over to Laura Pierson. 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 projections, 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. These 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 introduce the
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
