On January 13, 2020 Accelerate Diagnostics, Inc. (NASDAQ: AXDX), reported preliminary financial results for the quarter and year ending December 31, 2019 (Press release, ACCELERATED MEDICAL DIAGNOSTICS, JAN 13, 2020, View Source [SID1234553136]). Highlights for the fourth quarter and full-year 2019 are presented below.
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2019 Fourth Quarter and Full-Year Financial Highlights
Commercially contracted instruments were 137 in the fourth quarter and 304 for full-year 2019
Total revenue for the fourth quarter is expected to be approximately $3.5 million, compared to $1.8 million in the fourth quarter of 2018. For full-year 2019, total revenue is expected to be $9.3 million, compared to $5.7 million for full-year 2018.
Gross margin is expected to be roughly 50% for full-year 2019
Net cash used is expected to be approximately $58 million for full-year 2019, resulting in cash on hand of $109 million
Jack Phillips, incoming Chief Executive Officer of Accelerate Diagnostics, Inc, commented, "We are pleased with our overall placement trajectory after doubling our contracted Phenos in 2019 and we remain confident in our outlook for continued strong adoption in 2020. However, our revenue in the fourth quarter fell short of our expectations due to continued delays of multi-site contracted customers going clinically live and beginning to generate consumable revenue. A top near-term priority is successfully implementing our now-reengineered go-live process and ensuring that our customers are able to bring this life-saving technology to their patients as quickly as possible upon adoption of the Pheno."
Preliminary results are based on initial analysis of operations for the fourth quarter 2019 and are subject to further review by the company and its external auditors. Full audited financial results for the fourth quarter and full-year 2019 will be filed in late February on Form 10-K through the Securities and Exchange Commission’s (SEC) website at View Source Investors are cautioned not to place undue reliance on these preliminary and unaudited estimates in the event of material changes.
Management will present at the 38th Annual J.P. Morgan Healthcare Conference to be held at The Westin St. Francis hotel in San Francisco, CA on Wednesday, January 15 at 11:30 a.m. Pacific Time. A live webcast of the presentation may be accessed at the company’s website at View Source