The revenue increase was driven primarily by an increase in the sale of consumable test kits, and the firm added 75 commercially contracted instruments during Q1.
Industry executives said that clinical needs associated with antimicrobial resistance and sepsis are generating more interest in AST technologies.
VALUE-Dx involves six IVD companies and is being heralded by participants as an opportunity for competitors to work together to improve test adoption.
Many diagnostic firms saw gains in their stock prices last month as Invitae and NantHealth also saw healthy increases.
The company has adopted a reagent rental approach which it believes supported the placement of 133 instruments in the quarter.
The 360Dx Index was up 12 percent last month as shares of Accelerate Diagnostics, Veracyte, and Exact Sciences each improved more than 40 percent month over month.
The firm's CEO told investors at the JP Morgan Healthcare Conference that in addition to driving growth of its sepsis test in the US, Accelerate is eyeing expansion into China.
The company expects to miss the consensus Wall Street revenue estimates for Q4 and full-year 2018.
The improvement in the 360Dx Index was modest compared to 2017, but it still outpaced the broader markets, which fell dramatically in the last month of the year.
Veracyte was the only company in the 360Dx Index whose stock price rose last month while NantHealth, NeoGenomics, and Accelerate Diagnostics saw sharp declines.