Accelerate Diagnostics (AXDX) Misses Q2 EPS by 1c

Accelerate Diagnostics (NASDAQ: AXDX) reported Q2 EPS of ($0.35), $0.01 worse than the analyst estimate of ($0.34). Revenue for the quarter came in at $2.1 million versus the consensus estimate of $2.46 million.

"While the progress of new contracts and go-lives continued to be slowed by the effects of the pandemic, utilization within our existing base of live Pheno instruments continued to prove durable during the second quarter," commented Jack Phillips, President and CEO of Accelerate Diagnostics, Inc. "Despite these external disruptions, our internal R&D teams have made considerable progress, enabling today's announcement of several new products as part of our enhanced portfolio strategy. These include the immediate launch of an AST-only test kit and the imminent launch of a new workflow instrument, the PhenoPrep, the first application of which is enabling automated rapid MALDI identification results. We also entered into an exclusive supply and collaboration arrangement with Ascend Diagnostics to commercialize a complementary desktop MALDI instrument. We are excited about these new additions to our product portfolio and believe they will help position Accelerate for sustained success and more rapid adoption of our technology as the market continues to recover from the unprecedented impacts of COVID-19."

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

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