Full Press Release Details
Diagnostics Reports 191 Instruments Under
Contract and 3x Revenue Growth for First Quarter 2017
TUCSON, Ariz., May 03, 2017 (GLOBE NEWSWIRE) -- Accelerate
Diagnostics, Inc. today announced preliminary financial results for the quarter ending March 31, 2017 including
signed customer evaluation contracts covering 169 instruments, 22 additional instruments converted into revenue generating placements,
and revenue growth exceeding 325% of the same period in the prior year.
Net sales for the first quarter 2017 was $530,000 compared
to $163,000 in the first quarter of 2016. The increase was driven by capital sales of the Accelerate Pheno(TM) system
in the United States and sales of the Accelerate PhenoTest(TM) BC kit across the U.S. and Europe.
"We're excited to see this early momentum as it confirms
the need for faster, more complete answers in the fight for life against serious infections," said Lawrence Mehren, President
and CEO. "While there is more work to be done, we believe the initial uptake of the system sets us apart from recent IVD launches
The company was also awarded a public tender certification to
supply its solution to Union des Groupements d'Achats Publics (UGAP), the largest public hospital purchasing group in France.
The certification allows all French public hospitals access to acquire the system without additional tenders.
President and Chief Executive Officer, Lawrence Mehren,
and Chief Financial Officer, Steve Reichling, will host a conference call to review the results at 4:15 p.m. Eastern
Time on May 3, 2017.
Preliminary first quarter 2017 results
Full financial results for the quarter ending March 31,
2017 will be filed on Form 10-Q through the Securities and Exchange Commission's (SEC) website at http://www.sec.gov.
The company anticipates filing on May 5th. Investors are cautioned not to place undue reliance on these preliminary estimates
in the event of material changes.
The conference call will begin at 4:15 p.m. Eastern Time (1:15
p.m. Pacific Time) on May 3, 2017. The live teleconference of the call can be accessed through the company's website at http://ir.axdx.com.
To participate in the conference call, dial +1.877.883.0383
and enter the conference ID: 3295266. International participants may dial +1.412.902.6506. Please dial in 10-15 minutes prior to
the start of the conference. A replay of the call will be available by telephone at +1.877.344.7529 (U.S.) or +1.412.317.0088 (international)
using access code 10105794 until May 17, 2017.
About Accelerate Diagnostics, Inc.
Accelerate Diagnostics, Inc. (Nasdaq:AXDX), is an in vitro
diagnostics company dedicated to providing solutions for the global challenge of antibiotic resistance and healthcare-associated
infections. The company's Accelerate Pheno(TM) system and Accelerate PhenoTest(TM) BC kit were recently cleared by the FDA for
antimicrobial susceptibility testing direct from positive blood culture samples. The solution leverages proprietary molecular identification
methods and morphokinetic cellular analysis (MCA) to provide minimum inhibitory concentrations for a range of applicable antibiotics.
The fully-automated system is designed to eliminate the lengthy culture and sample preparation steps required prior to antimicrobial
susceptibility testing. Recent market studies suggest the solution offers results 1-2 days faster than conventional methods, enabling
clinicians to optimize antibiotic selection, dosage, and infusion strategy specific to the individual patient and their infection.
The "ACCELERATE DIAGNOSTICS" and "ACCELERATE
PHENO" and "ACCELERATE PHENOTEST" logos and marks are trademarks or registered trademarks of Accelerate Diagnostics,
For more information about the company, its products or technology,
Forward-Looking Statements
Certain of the statements made in this press release are forward
looking, such as those, among others, about our projections as to market need, acceptant and integration of our products. Actual
results or developments may differ materially from those projected or implied in these forward-looking statements. Information
about the risks and uncertainties faced by Accelerate Diagnostics is contained in the section captioned "Risk Factors"
in the company's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February
28, 2017, and in any other reports that we file with the Securities and Exchange Commission from time to time. The company's
forward-looking statements could be affected by general industry and market conditions. Except as required by federal securities
laws, the company undertakes no obligation to update or revise these forward-looking statements to reflect new events, uncertainties
or other contingencies.
Investors May Contact:
Laura Pierson, Accelerate Diagnostics, +1 520 365-3100, investors@axdx.com
Reporters May Contact:
Andrew Chasteen, Accelerate Diagnostics, +1 520 365-3100, achasteen@axdx.com