Accelerate Diagnostics Reports Fourth Quarter and Full-Year 2024 Financial Results
TUCSON, Ariz., March 21, 2025 /PRNewswire/ -- Accelerate Diagnostics, Inc. (NASDAQ:AXDX) today reports financial results for the fourth quarter and year ended December 31, 2024.
2024 Fourth Quarter Results
Net sales for the quarter were $2.8 million, compared to $3.0 million for the same quarter of the prior year. The decline in revenues was primarily driven by lower sales of consumable products compared to the same period in the prior year.
Gross margin was approximately 16% for the quarter, compared to approximately 21% for the same quarter of the prior year. The decline in gross margin primarily resulted from higher manufacturing related costs due to inflation and other factors.
Selling, general, and administrative (SG&A) costs for the quarter were $4.6 million, compared to $5.8 million for the same quarter of the prior year. The decline in SG&A costs was primarily a result of lower employee-related expenses. SG&A costs include non-cash stock-based compensation of $0.8 million and $1.0 million, respectively, for the same periods.
Research and development (R&D) costs for the quarter were $3.8 million, compared to $5.6 million for the same quarter of the prior year. The decline in R&D costs was primarily a result of lower third-party development costs for our Accelerate WAVETM system. R&D costs include non-cash stock-based compensation of $0.2 million and $0.3 million, respectively, for the same periods.
Net loss was $9.6 million for the quarter, resulting in $0.38 net loss per share.
Ended the quarter with approximately $16.3 million in cash and cash equivalents, compared to $20.9 million at the start of the fourth quarter, a reduction in cash and cash equivalents for the fourth quarter of 2024 of $4.6 million.
2024 Full Year Results
Net sales were $11.7 million for the year, compared to $12.1 million in the prior year. While year-over-year revenues for consumable products increased by approximately 3%, overall annual revenue was down year-over-year due to a challenging capital sales environment in all our sales regions.
Gross margin was approximately 23% for the year, compared to approximately 21% for the prior year.
SG&A costs were $21.3 million for the year, compared to $31.2 million for the prior year. The decline in SG&A costs was primarily a result of lower employee-related expenses during the year. SG&A costs include non-cash stock-based compensation of $3.4 million and $3.7 million, respectively, for the same periods.
R&D costs were $16.7 million for the year, compared to $25.4 million for the prior year. The decline in R&D costs was primarily a result of lower employee-related expenses as well as lower third-party development for our Accelerate WAVE system. R&D costs include non-cash stock-based compensation of $0.9 million and $1.4 million, respectively, for the same periods.
Net loss was $50.0 million for the year, resulting in $2.15 net loss per share.
Full financial results for the year ended December 31, 2024 will be filed on Form 10-K through the Securities and Exchange Commission's (SEC) website at http://www.sec.gov.
Moving forward, Accelerate Diagnostics, Inc. does not plan to host regular earnings conference calls. The company remains dedicated to providing timely updates on its financial performance through its SEC filings and investor relations materials available on its website.
Investors are encouraged to visit ir.axdx.com for quarterly and annual financial results, presentations, and other investor resources.
Use of Non-GAAP Financial Measures
This press release contains certain financial measures that are not recognized measures under accounting principles generally accepted in the United States of America ("GAAP"), which include cost of sales, SG&A expenses, R&D expenses and loss from operations amounts excluding inventory write-downs and non-cash equity-based compensation expenses, as applicable (the "Non-GAAP Measures").
Our management and board of directors use the Non-GAAP Measures to understand and evaluate our operating performance and trends, to prepare and approve our annual budget and to develop short-term and long-term operating and financing plans. Accordingly, we believe that the Non-GAAP Measures provide useful information for investors in understanding and evaluating our operating results in the same manner as our management and our board of directors. The Non-GAAP Measures should be considered in addition to, not as superior to, or as a substitute for, cost of sales, SG&A expenses, R&D expenses and loss from operations reported in accordance with GAAP. The following tables present a reconciliation of the Non-GAAP Measures to the most comparable GAAP measures for the periods indicated:
Three Months Ended December 31,
Twelve Months Ended December 31,
(in thousands)
(in thousands)
2024
2023
2024
2023
Cost of sales
$ 2,367
$ 2,394
$ 8,994
$ 9,509
Inventory write-down
-
-
-
1,184
Non-cash equity-based compensation as a component of cost of sales
10
53
112
300
Cost of sales less inventory write-down and non-cash equity-based compensation
$ 2,357
$ 2,341
$ 8,882
$ 8,025
Three Months Ended December 31,
Twelve Months Ended December 31,
(in thousands)
(in thousands)
2024
2023
2024
2023
Sales, General and Administrative
$ 4,607
$ 5,792
$ 21,326
$ 31,225
Non-cash equity-based compensation as a component of sales, general and administrative
790
1,045
3,381
3,691
Sales, general and administrative less non-cash equity-based compensation
$ 3,817
$ 4,747
$ 17,945
$ 27,534
Three Months Ended December 31,
Twelve Months Ended December 31,
(in thousands)
(in thousands)
2024
2023
2024
2023
Research and Development
$ 3,774
$ 5,570
$ 16,688
$ 25,353
Non-cash equity-based compensation as a component of research and development
164
266
889
1,396
Research and development less non-cash equity-based compensation
$ 3,610
$ 5,304
$ 15,799
$ 23,957
Three Months Ended December 31,
Twelve Months Ended December 31,
(in thousands)
(in thousands)
2024
2023
2024
2023
Loss from operations
$ (7,933)
$ (10,729)
$ (35,310)
$ (54,028)
Non-cash equity-based compensation as a component of loss from operations
964
1,364
4,382
5,387
Loss from operations less non-cash equity-based compensation
$ (6,969)
$ (9,365)
$ (30,928)
$ (48,641)
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. Accelerate Diagnostics' current portfolio of FDA-cleared platforms includes the Accelerate Pheno system and Accelerate PhenoTest® BC kit as well as the Accelerate Arc™ system and BC kit. 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. This system fully automates sample preparation, identification and phenotypic antibiotic susceptibility testing in approximately seven hours directly 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 Arc system and BC kit provide a novel, automated positive blood culture sample preparation platform for use with Bruker's MALDI Biotyper® CA System (MBT-CA System) and MBT-CA Sepsityper® software extension. Designed for clinical laboratories, the Accelerate Arc system has a simple workflow that automates positive blood culture sample preparation ...
