Full Press Release Details
ACCELERATE DIAGNOSTICS, INC.
CONDENSED CONSOLIDATED
(in thousands, except share data)
| March 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 14,606 | $ | 12,138 | ||||
| Investments | 1,145 | 1,081 | ||||||
| Trade accounts receivable | 2,217 | 2,622 | ||||||
| Inventory | 3,249 | 3,310 | ||||||
| Prepaid expenses | 1,068 | 380 | ||||||
| Purchase obligation put option asset | - | 3,419 | ||||||
| Other current assets | 1,848 | 1,516 | ||||||
| Total current assets | 24,133 | 24,466 | ||||||
| Property and equipment, net | 3,197 | 2,389 | ||||||
| Finance lease assets, net | 1,225 | 1,518 | ||||||
| Operating lease right of use assets, net | 957 | 1,177 | ||||||
| Other non-current assets | 1,210 | 1,816 | ||||||
| Total assets | $ | 30,722 | $ | 31,366 | ||||
| LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 5,108 | $ | 4,796 | ||||
| Accrued liabilities | 3,351 | 3,243 | ||||||
| Accrued interest | 1,014 | 164 | ||||||
| Deferred revenue and income, current | 1,272 | 1,545 | ||||||
| Current portion of convertible notes | 726 | 726 | ||||||
| Common warrant liability | 3,035 | - | ||||||
| Finance lease, current | 685 | 583 | ||||||
| Operating lease, current | 940 | 977 | ||||||
| Total current liabilities | 16,131 | 12,034 | ||||||
| Finance lease, non-current | 81 | 262 | ||||||
| Operating lease, non-current | 328 | 570 | ||||||
| Deferred income, non-current | 1,110 | 1,122 | ||||||
| Other non-current liabilities | 1,197 | 1,164 | ||||||
| Convertible notes, non-current | 37,655 | 36,102 | ||||||
| Total liabilities | $ | 56,502 | $ | 51,254 | ||||
| Commitments and contingencies | ||||||||
| Stockholders' deficit: | ||||||||
| Preferred shares, $0.001 par value; | ||||||||
| 5,000,000 preferred shares authorized and no shares issued or outstanding as of March 31, 2024 and December 31, 2023 | - | - | ||||||
| Common stock, $0.001 par value; | ||||||||
| 450,000,000 common shares authorized with 21,811,706 shares issued and outstanding on March 31, 2024 and 14,569,500 shares issued and outstanding on December 31, 2023 | 21 | 14 | ||||||
| Contributed capital | 702,971 | 694,634 | ||||||
| Treasury stock | (45,067 | ) | (45,067 | ) | ||||
| Accumulated deficit | (683,087 | ) | (668,857 | ) | ||||
| Accumulated other comprehensive loss | (618 | ) | (612 | ) | ||||
| Total stockholders' deficit | (25,780 | ) | (19,888 | ) | ||||
| Total liabilities and stockholders' deficit | $ | 30,722 | $ | 31,366 |
ACCELERATE DIAGNOSTICS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except per share
| Three Months Ended | ||||||||
| March 31, | March 31, | |||||||
| 2024 | 2023 | |||||||
| Net sales | $ | 2,921 | $ | 2,812 | ||||
| Cost of sales | 2,198 | 1,801 | ||||||
| Gross profit | 723 | 1,011 | ||||||
| Costs and expenses: | ||||||||
| Research and development | 5,173 | 6,968 | ||||||
| Sales, general and administrative | 5,706 | 10,105 | ||||||
| Total costs and expenses | 10,879 | 17,073 | ||||||
| Loss from operations | (10,156 | ) | (16,062 | ) | ||||
| Other income (expense): | ||||||||
| Interest expense | (2,450 | ) | (418 | ) | ||||
| Interest expense related party | - | (1,013 | ) | |||||
| Loss on fair value instruments | (1,216 | ) | - | |||||
| Foreign currency exchange gain | 19 | 233 | ||||||
| Interest income | 200 | 420 | ||||||
| Other (expense) income, net | (627 | ) | 45 | |||||
| Total other expense, net | (4,074 | ) | (733 | ) | ||||
| Net loss before income taxes | (14,230 | ) | (16,795 | ) | ||||
| Provision for income taxes | - | - | ||||||
| Net loss | $ | (14,230 | ) | $ | (16,795 | ) | ||
| Basic and diluted net loss per share | $ | (0.74 | ) | $ | (1.71 | ) | ||
| Weighted average shares outstanding | 19,216 | 9,830 | ||||||
| Other comprehensive loss: | ||||||||
| Net loss | $ | (14,230 | ) | $ | (16,795 | ) | ||
| Net unrealized loss on debt securities available-for-sale | - | 24 | ||||||
| Foreign currency translation adjustment | (6 | ) | (255 | ) | ||||
| Comprehensive loss | $ | (14,236 | ) | $ | (17,026 | ) |
ACCELERATE DIAGNOSTICS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
| Three Months Ended | ||||||||
| March 31, | March 31, | |||||||
| 2024 | 2023 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | (14,230 | ) | (16,795 | ) | ||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 858 | 802 | ||||||
| Provision for bad debts | 19 | - | ||||||
| Equity-based compensation | 1,297 | 555 | ||||||
| Amortization of debt discount and issuance costs | 1,596 | 182 | ||||||
| Amortization of debt discount related-party | - | 572 | ||||||
| Loss on disposal of property and equipment | 71 | 11 | ||||||
| Unrealized gain on equity investments | (53 | ) | (50 | ) | ||||
| Units offering issuance cost | 680 | - | ||||||
| Loss on fair value adjustments | 1,216 | - | ||||||
| (Increase) decrease in assets: | ||||||||
| Contributions to deferred compensation plan | (11 | ) | - | |||||
| Accounts receivable | 386 | (11 | ) | |||||
| Inventory | (85 | ) | (140 | ) | ||||
| Prepaid expense and other | (448 | ) | (239 | ) | ||||
| Increase (decrease) in liabilities: | ||||||||
| Accounts payable | 312 | (977 | ) | |||||
| Accrued liabilities and other | (658 | ) | 1,945 | |||||
| Accrued interest | 850 | 235 | ||||||
| Accrued interest due to related-party | - | 441 | ||||||
| Deferred revenue and income | (285 | ) | (79 | ) | ||||
| Deferred compensation | 33 | 181 | ||||||
| Net cash used in operating activities | (8,452 | ) | (13,367 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchases of equipment | (513 | ) | (12 | ) | ||||
| Maturities of marketable securities | - | 8,221 | ||||||
| Net cash (used in) provided by investing activities | (513 | ) | 8,209 | |||||
| Cash flows from financing activities: | ||||||||
| Proceeds from issuance of Units to related party | 2,050 | - | ||||||
| Proceeds from issuance of Units | 10,232 | - | ||||||
| Units offering issuance cost | (764 | ) | - | |||||
| Payments on finance leases | (79 | ) | (77 | ) | ||||
| Net cash provided by financing activities | 11,439 | (77 | ) | |||||
| Effect of exchange rate on cash | (6 | ) | (262 | ) | ||||
| (Decrease) increase in cash and cash equivalents | 2,468 | (5,497 | ) | |||||
| Cash and cash equivalents, beginning of period | 12,138 | 34,905 | ||||||
| Cash and cash equivalents, end of period | $ | 14,606 | $ | 29,408 |
ACCELERATE DIAGNOSTICS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (CONTINUED)
| Three Months Ended | ||||||||
| March 31, | March 31, | |||||||
| 2024 | 2023 | |||||||
| Non-cash investing activities: | ||||||||
| Net transfer of instruments from inventory to property and equipment | $ | 127 | $ | 71 | ||||
| Non-cash financing activities: | ||||||||
| Net transfer of instruments from inventory to property and equipment | $ | 43 | $ | 0 | ||||
| Accrued units offering issuance cost | $ | 473 | $ | 0 | ||||
| Supplemental cash flow information: | ||||||||
| Interest paid | $ | 10 | $ | 0 |
See accompanying notes to condensed consolidated
financial statements.