NEW YORK – Accelerate Diagnostics reported after the market closed on Thursday that its first quarter revenues rose 27 percent year over year.
For the three months ended March 31, the company's revenues were $2.3 million, compared to $1.8 million in Q1 2019, and in line with analysts' average estimate. The results were also consistent with preliminary earnings posted last month.
In the quarter, the company reported that it added 13 net new commercially contracted instruments globally, including 21 new contracts in the US. The firm also had 197 Pheno systems in the US that were live, with another 239 contracted Pheno instruments not yet up and running.
"As we moved into March, hospitals began shifting their focus toward preparing for and treating COVID-19 patients, and these shifting priorities, along with meaningful restrictions on hospital access, led to lower-than-expected new contracts and go-lives for the quarter," said Jack Phillips, Accelerate Diagnostics' CEO.
In the quarter, Accelerate also entered into a collaboration agreement with San Francisco-based BioCheck and its affiliate, Beijing, China-based Sophonix, to distribute SARS-COV-2 IgG and IgM antibody tests and the BioCheck MS-FAST fully automated chemiluminescence immunoassay analyzer in the US, Europe, the Middle East, and Africa.
Accelerate's R&D expenses decreased approximately 16 percent year over year to $5.8 million from $6.9 million in Q1 2019. The firm's SG&A costs meanwhile rose 2 percent to $12.9 million from $12.7 million in the first quarter of 2019.
Accelerate recorded a net loss in the recently completed quarter of $21.3 million or $.39 per share, compared to a net loss of $21.7 million, or $.40 per share, the year before. The consensus Wall Street estimate was for a loss of $0.38 per share.
Accelerate ended the quarter with $39.5 million in cash and cash equivalents.