AXDX - Earnings call transcript Q1 2024 | Accelerate Diagnostics, Inc.

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Operator

Good day, and welcome to the Accelerate Diagnostics, Inc.

First Quarter 2024 Results Conference Call. [Operator Instructions] I would now like to turn the conference over to Ms. Laura Pierson of Accelerant Diagnostics. Please go ahead, ma'am.

Laura Pierson

Securities is may share the Securities contain Section of it during information meaning Exchange begin, and XXA call XXXX this forward-looking the Act we of important of that to presented of Section XXXX. Before XXE of the Act statements within

could those and Form in other subject file These XX, statements our year statements during for in the is are XXXX, cause CEO, Forward-looking greater and are to this projections, factors President to historical differ December the with not conference discussed about our statements are Jack include are detail risks, annual ended made and uncertainties Phillips. pleasure we report facts. on introduce my that XX-K future call to and SEC. It reports results our that All other actual forward-looking now the materially. company's

Jack Phillips

to the Thank would I you, detailed like a Good on afternoon. Laura. program. provide update Today, Wave

my pass financial results I provide our quarter. Before will the summarize to it David our to for I update, Patience, CFO, on

David Patience

year. same same the the approximately was in driven Net prior million was you, for year. year. the well expenses expenses and include quarter as prior were period sales. approximately million to primarily were the due million the nonrecurring the XX% which for SG&A for the were expenses in The good period. in employee-related in administrative approximately quarter, SG&A expenses period were and approximately stock-based the mix. Research R&D product prior the legal development to by afternoon, was quarter period $XXX,XXX Selling, stock-based quarter, which third-party gross the to resulted million to prior the in compares well sales Jack, margin R&D million the by in as $XX.X current lower The decline to driven the for margin approximately advisory-related $X.X in quarter, for for expenses general for compares development for $X.X compensation. increase $XXX,XXX period expenses $X for reoccurring noncash everyone. compares approximately expenses consumable decline overall same our in expenses as expenses which in the which and and Wave overall employee-related approximately The the lower noncash in $X.X as This compares overall primarily due decline Thank year. compensation. The quarter in prior an lower Gross to expenses for million $X.X the both included net XX% same program. period in for

Our net $X.XX. loss equity million, excluding used share offering. quarter the for of a cash to million, Cash was $XX.X our in was quarter approximately per the loss related for January $X approximately raised resulting

annual includes quarter for the million in Our cash prepaid used expenses. $X over

on focused discussed in we and significant are quarters. expenses previous As cash burn on the calls, driving operating reductions in coming

to to back Now our Jack innovation with Wave. exciting discuss

Jack Phillips

Thanks, David.

$XXX month. Conference isolate interest and consolidated Wave throughput Infectious Microbiology received key high scalability, market strong same earlier shift that product both positive and specimens The last X microbiology segments, annually. discussed surpassing Further global disrupt Wave the traditional include platform represents isolated can at close of X% isolate a Divided antibiotic uniquely and billion profitable differentiators market market offers to earnings call, at blood to instrument. million about growing the emerging systems. culture process is testing $X our at European in Society and feedback about Accelerate during same estimated approximately during susceptibility the colony positioned cost Clinical into on billion. workflow this As the is susceptibility and market with positive PBC Disease and the structures. We PBC $X testing results,

chosen a to also team Our session in Accelerate breakthrough innovation on presented technical participate several microbiology. Wave. in was posters on

of our on customers. Enthusiasm holographic deployed Wave the on imaging One continues fits system. of focused scientists an technology prospective presentation current the and unique oral to presented leading grow from

trial. Moving to our preclinical

installation an result, a the final And to second preclinical at due is have contracting. site delay our We site preclinical ongoing. still incurred as study

gram-positive we parallel our trial segment. PBC confident we and menu before will line out the to work, completed, to high-volume technical No However, this without towards isolate of FDA developing are clinical on second time the the testing risks. clinical ability starting moving our end round continue In our quarter. risk, menu. to and trial PBC target team manage but IVD is and to we trial Once our the feel clinical submission in

to our strategy. turning Wave commercial Now

alike The adjustments, our rapid of remains extend therapeutic PBC critical interest susceptibility in end, AST to continue shift in our high loyal commercialization Wave and understand our first due pharmacists base and differentiated the is to testing Microbiologists, enables features. this valued To to in which patient contracts. care present hospital leadership X-step secure clinicians reporting current economics. market. very The and Wave its step same and long-term we highly strategy improve rapid to customers

platform our our In as per base also unique with for to an burn but we to accounts our XXX existing and U.S. existing funnel. We EMEA, Wave and provides Wave addition margin over customers to continue only our reduces a both sales benefits it customer. the and its in ongoing converting customer not in present cash overall discussions quick with wins, launching on remain commercial increased focused this our contribution

Bruker's Wave. PBC This will XXX(k) and rapid enable our system, complement will which ID for another method ID submitted we Arc on Additionally, is our PBC customers option automated for instruments. give the FDA Biotyper first to the preparation MALDI to rapid sample

Along available drug the up-to-date isolate PBC structure and step in partner, deliver the of commercial a will by of our rapid commercialization rapid ID/AST is expand U.S. same and susceptibility an menu our be market producing a last the in strategy and both The will already platforms. with commercial with step strategy isolate our shift second technology to a pursue our to of goal results. Wave expand legacy to The solutions. beyond instrument be on competitive true the lab results provider compared available launching to global isolate is one menus to EMEA expansion. same geographic largest cost

will late and esoteric numerous companies which testing, global holographic innovation signing part to strategy in of We partnering with susceptibility with with be partnership more their menu an we applications as Wave. envision expanding microorganisms a outside further pharmaceutical rapid important discovery. to of our our also we the enable to commercialize AST call finally, drug is plan Also, imaging on discussed pursue. And prior of March, our

have We ability our to In midyear. Wave partnership a partners. confident lines remain to robust We summary, multiple we make in in and to secure continue on interest deliverables. time progress by continue

of the next later year. clinical FDA trials and about this We the submission are excited phase

experience Wave success covering the market from upon take to strong Our customer in analysts. this our will with time, happy I'm any and for base us launch. At early position questions

Operator

question from William [Operator will Scaringe now And Blair. Instructions] with We begin will session. first come the Dustin question-and-answer the

Dustin Scaringe

if solutions there's Wave having provide with competing the can -- wondering viewing these you other and versus more details any potential out how there? Just are on customers customers conversations you're

Jack Phillips

customers -- of Yes, prepared yes, lot with a I'll said Wave. my that dialogue to remarks, I continue us. for one as comment Dustin, on Yes. in take have we

isolate And ACMED, we customers portfolio and a funnel review up weekly at met very like just XXX the now. integrates then the One, scalable access about our quite regular in right on our rapid high-volume we and with in high that testing consistent. basis, have deal. that And Barcelona, customers feedback big a that with we are a We Wave the is PBC one and Spain. market is where system fact daily the random in to platform customers prospective throughput testing was

for X all, will the there PBC legacy strongly we the to pricing current today in getting on of as competitive then again, which really the lot because the customers contracts That well. do area to are up I as results of in will the price also speed in mean market, about finally, that be compete ability are on X about the Pheno market overnight consistent And becomes And for average throughput request versus the And systems to well. -- competitive on secure that they're can hours, X that a a and fact result But in to to we're hours able point say is today, system standard. to hours the all feedback. of very Secondly, we continued in resonates been restate the isolate be have the their platforms. the of around many and -- way available. is as us as we're market also the believe isolate high-volume seeing and to starting we've long-term gold be for positive we existing around customers contracts, approved well.

Dustin Scaringe

But to to wave That my that look you of went see the to how typical Good Great. percentage goes new XX%. our Pheno a actually customers like out customer when transition with would that actually these to from products? get question. next up

Jack Phillips

Yes.

So exactly good question.

we're to now. optionality beauties basically relative the solution. give one to on There's working we're is that Wave of right going So of ID that the customers rapid

have opportunity segment. a ID many an equipped that into provide they've labs So today, MALDI takes growing overnight Arc off with and MALDI PBC to for for microbiology ID. use they ID the platform coupled by get produce customers already a process. already molecular platform a ID example, about an are in rapid a into are the will Other integrating MALDI That's with excited it opportunity Wave Those it's rapid rapid the does rapid that and hour or their versus the -- platforms now the is have X customers workflow. customers platforms many, to fashion because future, made some MALDI customers to prefer today Arc basically decision. stability. those for very of in multi

really they've dialogues positive transitioning to with customers there solution plus complete be -- that's plus covering system. again, been, a very And susceptibility And again, so MALDI we're date. these to the the bases those or will and so Wave and biotype having all Arc

Dustin Scaringe

That's and Bruker an Around accelerate entire how this we how the is great of been products wondering can to on the awareness has if hear. to going collaboration bringing get Arc, just including greater update Wave. portfolio

Jack Phillips

Yes.

sure. So

successfully they Arc extremely positive, collaboration have. that that and partnership FDA back we've our mentioned the is those. with submitted, is done submitted their the them and I received already as to in have We've biotyper prepared partnership with remarks, to -- So we've We've my a the responded that, developed FDA. and from we to platforms basically to comments with Bruker we

U.S. the is the determine when further Arc line we weeks the market Arc from getting expect review And and successful back the And in we'll able is under believe FDA bottom on to in the hear coming in so we to be is, [indiscernible]. then be

Dustin Scaringe

just The And us. last with BD. Understood. one one you then for have collaboration

wondering talk to about you Just funnel and any can speed is future enhance placements Pheno velocity doing products? progression, if this what for with

Jack Phillips

let Patience Yes, absolutely. going for us. take to that one I'm David

David Patience

appreciate question. I Thanks, Justin. the

in XX and So quarter, the we new instruments brought another live. instruments X contracted Pheno

further BD getting for progress with positive testing So for our customer fortifying we emerging also further launch market of then key in we for and as blood partnership culture, competitive with an we're existing we're selling -- comfortable U.S. earlier. base, see while Wave. the important Both us loyal are discussed rapid our susceptibility to moat penetrate able competitors. is rapid We the which susceptibility

As further our economics Wave. Jack to mentioned, per we customer improve with are looking

strategically a securing while Wave And with for to base customers us. important our also existing both BD new so transition are preparing customer

Operator

would This for Please the any turn Mr. our over closing I ahead. Phillips to go to Jack session. remarks. back conference concludes question-and-answer like

Jack Phillips

our Sure. we've accomplished. and progress Thank made summary, the good team several quarter. in areas we've you. really very I'm what of proud in In

several our some Accelerate's quarter of We we for for highlighting mentioned, the rapid already extensions contracts added in as which review. XX% to successfully I currently through prior, base a received Wave. As submitted and contract is in submission those, Arc, strategic conjunction customers as customer FDA confirmation mentioned our longer-term under of secure and systems executed partner, approximately XXX(k) We will with XX -- we U.S. the new with we David AST BD.

And we progress. And began trial great continue positive, gram-positive we've still make underway. also PBC We're trials gram Wave to to preclinical begin the X. program, menu. of remains targeting then the development quarter clinical in The late

runway. continue there And and wave to good improve of highlighted, happening then our our lot the a we finally, initiatives cash on David So front. as to implement burn extend things

day. very going We I to that's So for want you great QX very as well. I and wish earnings much tuning appreciate thank interest well into a in our your Accelerate, you call. say

Operator

has attending today's you conference concluded. now for The presentation. Thank

disconnect. now may You

Accelerate Diagnostics (AXDX) 8 May 242024 Q1 Earnings call transcript