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Accelerate Diagnostics Reports Preliminary Q4 and Full-Year 2024 Results

Accelerate Diagnostics, Inc. (Nasdaq: AXDX), an in vitro diagnostics firm focused on enhancing patient outcomes through rapid infection diagnosis, has recently revealed its preliminary unaudited results for the fourth quarter and the full year ending December 31, 2024. This announcement highlights the company's milestones, particularly in their ongoing clinical trial initiatives and financial performance.

Key Highlights from the Fourth Quarter

Jack Phillips, the President and CEO of Accelerate Diagnostics, noted that the company has made significant strides in its innovation pipeline. During the fourth quarter, the Accelerate WAVE™ system and the Gram-Negative assay clinical trial saw promising progress. Noteworthy points from their clinical trial include:

• - Consistent performance aligning with pre-clinical data released earlier.
• - The potential to offer the largest Gram-Negative bug-drug combination available for rapid Positive Blood Culture Antimicrobial Susceptibility Testing (AST).
• - An average time to results of approximately 4.5 hours.
• - Strong reliability across instruments, consumables, and software during the clinical trial.
• - Positive feedback from laboratory technicians regarding the system's simple workflow and ease of use.
• - Anticipated submission to the FDA during Q1 2025, with a commercial launch expected in late 2025.

In terms of strategic partnerships, Accelerate Diagnostics has secured a significant contract with a large U.S. reference lab for the Accelerate Arc™ system. This highlights the system's cost-effectiveness and capabilities in automating microbial identification from positive blood culture samples. In total, the company successfully maintained around 350 revenue-generating Pheno® instruments across the U.S.

Financial Overview for 2024

Preliminary figures indicate a revenue of approximately $11.7 million for the year, showcasing a slight decrease from $12.1 million in the previous year. It is noteworthy that while revenues from consumable products rose by about 3%, the decline in overall revenue was primarily due to reduced sales of Pheno instruments compared to the prior year. The year ended with approximately $16.3 million in cash and equivalents, down from $20.9 million at the beginning of Q4, indicating a cash decrease of $4.5 million for the quarter. The firm has made efforts to reduce operational cash usage over the past several quarters, reflecting on its sustainable financial strategies.

The preliminary results shared are not yet audited and hinge on management's initial assessments, pending final auditing and adjustments. Investors are wise to approach these figures with caution, acknowledging that actual outcomes may differ significantly based on comprehensive audit results and year-end closing procedures. Full-year results are expected to be published ahead of the earnings conference call scheduled for March 2025.

About Accelerate Diagnostics

Accelerate Diagnostics specializes in tackling the global challenges surrounding antibiotic resistance and sepsis with innovative diagnostic solutions. Products like the Accelerate Arc system and the Accelerate Pheno system synergize several technologies designed to minimize the waiting time for clinicians in determining the best antibiotic treatments for serious infections. The FDA-cleared Accelerate Pheno system automates multiple testing processes directly from positive blood cultures, yielding results one to two days faster than conventional methods. This enables timely, more effective treatment options tailored to individual patient needs.

With its concerted focus on improving healthcare diagnostics, Accelerate Diagnostics remains at the forefront of battling critical infection challenges, paving the way for enhanced patient care and thoughtful antibiotic stewardship in medical settings.