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Accelerate Diagnostics Q2 Revenues Rise 33 Percent, Miss Analyst Estimates

NEW YORK – Accelerate Diagnostics reported after the close of the market Thursday that its second quarter revenues rose 33 percent year over year.

The Tucson, Arizona-based developer of test systems for antibiotic resistance and bloodstream infections reported revenues of $2.8 million compared to $2.1 million in the prior-year quarter, short of Wall Street analysts' average estimate of $3.1 million.

"Second quarter and year-to-date financial results were consistent with our expectations," Jack Phillips, president and CEO of Accelerate Diagnostics, said in a statement. "We also launched our AST [Antimicrobial Susceptibility Testing] focused test kit, concluded our multi-hospital registry study with compelling new data, and advanced other key commercial and product development priorities during the quarter."

In the recently completed quarter, "hospital access improved and the number of prospective customer meetings increased," Phillips said on a conference call to discuss the firm's financial results. "However, there remain lingering pandemic-related impacts, leading to inconsistent access to key hospital stakeholders in regions where fluctuating COVID cases and hospitalizations remain the focus."

In Q2, Accelerate released data from a four-hospital study involving 800 patients to evaluate the clinical impact of rapid susceptibility testing using its Pheno ID/AST system and test. "The data clearly demonstrated that the use of Pheno resulted in material improvements in the time to optimal therapy and reductions in sepsis, mortality, acute kidney injury, and the length of stay," Phillips said.

He further noted that a new IVD configuration of its Accelerate PhenoTest BC kit is now available to customers in the US.

Earlier this week, Accelerate announced it had obtained the CE mark for the new kit, which also enables its use in the European Union and other regions that accept the designation.

"This new test kit answers the need for an important segment of customers who have rapid identification already in place but lack rapid susceptibility results," Phillips said.

Accelerate said it added 15 contracted instruments and brought 24 instruments live in the US in the recently completed quarter. It ended Q2 2021 with 298 live and revenue-generating instruments in the US, and has an additional 102 instruments under contract with US customers that are being implemented but are not yet generating revenue.

Accelerate reported a second quarter net loss of $21.7 million, or $.36 per share, compared to a net loss of $19.2 million, or $.35 per share, in Q2 2020, and missed analysts' average estimate for a loss of $.33 per share.

The company's Q2 R&D expenses rose 8 percent year over year to $5.7 million from $5.3 million, while its SG&A expenses rose 14 percent year over year to $12.9 million from $11.3 million.

Accelerate finished the quarter with $44.6 million in cash and cash equivalents.

In Friday morning trading on the Nasdaq, Accelerate's shares were down about 1 percent at $7.26.