Accelerate Diagnostics (AXDX) Reports In-Line Q4 EPS

Accelerate Diagnostics (NASDAQ: AXDX) reported Q4 EPS of ($0.41), in-line with the analyst estimate of ($0.41).

• Added 133 commercially contracted instruments, compared to 22 in the fourth quarter of 2017.
• Net sales of $1.8 million, compared to $2.1 million in the fourth quarter of 2017, a decrease attributable to lower capital sales mix as customers began adopting using reagent rental agreements, an option not available in the prior year period.
• Gross margin was 29%, which included an unfavorable 24 percentage point reduction due to increased costs arising from investments in service and manufacturing capacity ahead of production demand. Gross margin was 69% in the fourth quarter of 2017, which included a benefit of 16 percentage points due to the sale of pre-FDA manufactured instruments which had previously been written off to research and development.
• Selling, general, and administrative expenses were $13.4 million, compared to $11.5 million for the fourth quarter of 2017, driven by the expansion of our U.S. sales team and costs related to increased global sales and marketing activity.
• Research and development (R&D) expense was $6.9 million, compared to $6.1 million in the fourth quarter of 2017, due to continued investment in clinical outcomes studies and costs incurred in preparation for respiratory FDA registration and outcomes studies.
• Net loss was $22.2 million, or $0.41 per share, which included $2.2 million in non-cash stock-based compensation expense.
• Net cash used was $14.1 million.

For earnings history and earnings-related data on Accelerate Diagnostics (AXDX) click here.

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