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Accelerate Diagnostics Preliminary Q2 Revenues Grow on Instrument Placements

NEW YORK (GenomeWeb) – Accelerate Diagnostics reported today that its preliminary second quarter revenues increased significantly to $699,000 from $20,000 driven by sales of the Accelerate Pheno system and Accelerate PhenoTest BC kit.

Analysts on average had expected revenues of $1.6 million.

"Despite complicated budgets and verification requirements, enthusiasm for our solution remains high and customers, supported by a number of recent studies confirming the speed and accuracy of the system, continue to find ways to move to acquisition," said AD CEO and president Lawrence Mehren.  

The company reported that revenue-generating placements have doubled to 45 across the US, European, and Middle East regions. Accelerate also reported signed agreements for 265 instruments year to date. Contracts for customer evaluations have grown to 220 instruments.

AD recorded a net loss for the quarter of $16.5 million, or $.31 per share, compared to a net loss of $17.9 million, or $.35 per share in Q2 2016. Analysts had expected a net loss per share of $.30.

The company also noted completion of a multi-center pilot study for its lower respiratory kit, which provided early customer feedback. The program aims to reduce diagnostic uncertainty for healthcare-acquired and ventilator-associated pneumonia by one to three days.

AD's R&D expense for the quarter dropped 56 percent to $5.5 million from $8.4 million in Q2 2016, and its SG&A costs rose 17 percent to $11.5 million from $9.5 million.

AD shares were up 1 percent in Thursday after-hours trade on the Nasdaq at $26.50.