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Accelerate Diagnostics, Inc. develops rapid in vitro diagnostics for microbiology, with products aimed at sepsis, antibiotic resistance, microbial identification and antimicrobial susceptibility testing. Company updates center on FDA-cleared systems such as the Accelerate Arc system and BC kit, the Accelerate Pheno system and Accelerate PhenoTest BC kit, and regulatory submissions for the Accelerate WAVE system and related positive blood culture test menus.
Recurring disclosures also cover operating results, consumable product sales, Pheno instrument activity, customer contract activity, research and development spending for WAVE, cash resources, financing arrangements and capital-structure matters. Corporate-status updates include the company’s Chapter 11 proceedings and trading-status changes for its common stock.
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Accelerate Diagnostics, Inc. (Nasdaq: AXDX) reported its fourth quarter and full year 2022 financial results, revealing a 9% decline in net sales at $3.0 million compared to Q4 2021. This decrease was attributed to capital equipment sales timing, despite an 8% increase in recurring revenues. The company’s gross margin fell to 28%, down from an adjusted 35% in Q4 2021, influenced by rising manufacturing costs. Total net loss for Q4 was $14.6 million, or $0.15 per share. Year-to-date, net sales rose by 8% to $12.8 million. R&D investments rose to $26.9 million amid efforts on a new AST platform. The firm ended 2022 with $45.6 million in cash and equivalents.
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Accelerate Diagnostics (NASDAQ:AXDX) announced the resignation of CFO Steve Reichling, effective March 31, 2023, after over a decade with the company. Reichling played a critical role in the company's public offering and financial strategy. David Patience, previously Senior Director of Business Development and Strategic Finance, will assume the CFO position on April 1, 2023. Patience has a strong background in financial analysis and operational strategy, which is expected to aid the company's continued growth. Reichling will remain with the company in a consulting capacity through the end of 2023.
Accelerate Diagnostics, Inc. (NASDAQ: AXDX) has appointed Hany Massarany as chairman of its board of directors, effective February 22, 2023. Massarany succeeds John Patience, who served for 10 years and will remain on the board. Massarany, previously CEO of GenMark Diagnostics, brings extensive experience in diagnostics and infectious disease testing. CEO Jack Phillips expressed confidence in Massarany's leadership to enhance market share and innovation in rapid identification and antimicrobial susceptibility testing. The company also announced the retirement of board members Mark Miller and Frank ten Brick.