TUCSON, Ariz., Jan. 13, 2022 /PRNewswire/ -- Accelerate
Diagnostics, Inc. (Nasdaq: AXDX) today announced preliminary
financial results for the quarter and year ending December 31,
2021. Highlights for the fourth quarter and full-year 2021 are
presented below.
2021 Fourth Quarter and Full-Year Financial
Highlights
- Contracted 16 U.S. Pheno instruments with new customers in the
fourth quarter, ending the year with 81 instruments in our U.S.
backlog pending go-live. Additionally, contracted 14 Pheno
instruments with distributors and new customers in EMEA in the
quarter.
- Added 13 U.S. clinically live Pheno instruments in the fourth
quarter, ending the year with 313 U.S. revenue-generating
instruments.
- Total revenue for the fourth quarter is expected to be
approximately $3.3 million, compared to $3.1
million in the fourth quarter of 2020. For full-year 2021,
total revenue is expected to be $11.8 million, compared
to $11.2 million for full-year 2020.
- Gross margin is expected to be roughly 35% for full-year
2021.
- Net cash used is expected to be approximately $47
million for full-year 2021, resulting in cash on hand
of $64 million. This cash balance includes $10 million in financing raised through our ATM
facility during the quarter.
- Completed Arc, MALDI workflow system, product development and
initiated customer studies.
Jack Phillips, Chief Executive
Officer of Accelerate Diagnostics, Inc, commented, "I am pleased
that we ended the year completing 100% of our product development
goals resulting in the launch of our AST test kit for use with
other bacterial identification workflows and sets the stage for an
Arc instrument launch in early 2021. The fourth wave of the
pandemic again impacted our commercial productivity in the fourth
quarter. That said, the addition of 16 new instruments for
the fourth quarter, 13 instruments brought live, and strong
additions of both from EMEA, represents our most productive quarter
of the year. We look forward to continued improvement in our
level of commercial activity on the back of strong interest in our
new products and an improved hospital environment in 2022."
Preliminary results are based on initial analyses of operations
for the fourth quarter 2021 and are subject to further review by
the company and its external auditors. Full audited financial
results for the fourth quarter and full-year 2021 will be filed in
early March on Form 10-K through the Securities and Exchange
Commission's (SEC) website at http://www.sec.gov. Investors
are cautioned not to place undue reliance on these preliminary and
unaudited estimates in the event of material changes.
Management will present at the 40th Annual J.P. Morgan
Healthcare Conference through a virtual format on Thursday,
January 13 at 9:45 a.m. Pacific Time. A live webcast of
the presentation may be accessed at the company's website
at http://ir.axdx.com.
About Accelerate Diagnostics, Inc.
Accelerate Diagnostics, Inc. is an in vitro diagnostics
company dedicated to providing solutions for the global challenges
of antibiotic resistance and sepsis. The Accelerate Pheno™ system
and Accelerate PhenoTest™ BC kit combine several technologies aimed
at reducing the time clinicians must wait to determine the most
optimal antibiotic therapy for deadly infections. The FDA cleared
system and kit fully automate the sample preparation steps to
report phenotypic antibiotic susceptibility results in
approximately 7 hours direct from positive blood cultures. Recent
external studies indicate the solution offers results 1-2 days
faster than existing methods, enabling clinicians to optimize
antibiotic selection and dosage specific to the individual patient
days earlier.
The "ACCELERATE DIAGNOSTICS" and "ACCELERATE PHENO" and
"ACCELERATE PHENOTEST" and diamond shaped logos and marks are
trademarks or registered trademarks of Accelerate Diagnostics,
Inc.
For more information about the company, its products and
technology, or recent publications, visit axdx.com.
Forward-Looking Statements
Certain of the statements made in this press release are forward
looking, such as, among others, our expectations for fourth quarter
revenue, gross margins and cash, Mr. Phillips statements about an
expected launch of the Company's new Arc instrument, and our belief
that we will experience improvement in our commercial activity on
the back of strong interest in our new products and an improved
hospital environment in 2022. Actual results or developments may
differ materially from those projected or implied in these
forward-looking statements. Information about the risks and
uncertainties faced by Accelerate Diagnostics is contained in the
section captioned "Risk Factors" in the company's most recent
Annual Report on Form 10-K, filed with the Securities and Exchange
Commission on March 2, 2021, and in any other reports that the
Company files with the Securities and Exchange Commission. The
Company's forward-looking statements could be affected by general
industry and market conditions. Except as required by federal
securities laws, the Company undertakes no obligation to update or
revise these forward-looking statements to reflect new events,
uncertainties or other contingencies.
Source: Accelerate Diagnostics Inc.
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SOURCE Accelerate Diagnostics, Inc.