NEW YORK – Accelerate Diagnostics said on Sunday that it's preliminary full-year 2023 revenues were trimmed 5 percent to $12.1 million from $12.8 million in 2022 as a result of "a challenging capital sales environment."
The Tucson, Arizona-based firm did not provide preliminary fourth-quarter earnings results but said it added six new contracted Pheno instruments during the three months ended Dec. 31 and ended 2023 with 340 clinically live instruments generating revenues. Another 71 contracted Pheno instruments are being implemented, Accelerate said.
During the first quarter, the company executed a collaboration and quality agreement with Bruker for the Accelerate Arc system, it added. Progress has been made toward completing the first US clinical trial, and a submission to the FDA in the current quarter is expected.
Accelerate ended 2023 with about $13.4 million in cash and cash equivalents.
In a research note, Craig-Hallum analyst Alex Nowak said it was "another challenged quarter" for Accelerate. He said the preliminary results imply that the firm's Q4 revenues were $3.1 million, below the Wall Street consensus of $3.7 million. "The company has still not seen any of the Becton Dickinson partnership progress convert into meaningful revenue," he noted.
The bank also lowered its price target on Accelerate's shares to $2 from $5.