In This Story
Accelerate Diagnostics Inc. (AXDX-0.70%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, highlighting a decrease in net sales to $11.7 million from $12.1 million in the previous year. This decline is attributed to lower sales of Accelerate Pheno instruments.
Cost of sales for the year was $9.0 million, compared to $9.5 million in the prior year. The decrease was primarily due to reduced demand and a previous inventory write-down.
The company reported a gross profit of $2.7 million, compared to $2.6 million in the previous year. The increase is primarily due to the absence of an inventory write-down in the current year.
Research and development expenses decreased to $16.7 million from $25.4 million, reflecting lower employee-related expenses and reduced third-party development costs.
Sales, general, and administrative expenses were reduced to $21.3 million from $31.2 million, primarily due to lower legal and professional services fees.
The company reported a net loss of $50.0 million, down from $61.6 million in the previous year. This reduction is attributed to lower operating expenses.
Cash and cash equivalents increased to $15.1 million from $12.1 million, primarily due to proceeds from the issuance of 16.00% Notes and the sale of Units and Pre-Funded Units.
Accelerate Diagnostics raised $15.0 million through the issuance of 16.00% Notes and completed a public offering of Units and Pre-Funded Units for net proceeds of $11.0 million.
The company continues to face substantial doubt about its ability to continue as a going concern due to recurring losses and negative cash flows from operations.
Accelerate Diagnostics is actively exploring strategic alternatives to maximize value, including potential equity and/or debt financing arrangements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Accelerate Diagnostics Inc. annual 10-K report dated March 21, 2025. To report an error, please email earnings@qz.com.