Accelerate Diagnostics ( (AXDX) ) has released its Q4 earnings. Here is a breakdown of the information Accelerate Diagnostics presented to its investors.
Accelerate Diagnostics, Inc. is an in vitro diagnostics company focused on addressing global challenges such as antibiotic resistance and sepsis through its innovative diagnostic platforms. The company recently released its financial results for the fourth quarter and full year of 2024, highlighting a slight decline in net sales compared to the previous year. Despite facing a challenging sales environment, the company managed to reduce its operating expenses significantly.
In the fourth quarter of 2024, Accelerate Diagnostics reported net sales of $2.8 million, a decrease from $3.0 million in the same quarter of the previous year. The company’s gross margin also declined to 16% due to increased manufacturing costs. However, the company successfully reduced its selling, general, and administrative expenses and research and development costs, which contributed to a narrower net loss compared to the previous year.
For the full year 2024, the company achieved net sales of $11.7 million, slightly down from $12.1 million in 2023. Despite a 3% increase in consumable product sales, overall revenue was impacted by a difficult capital sales environment. The company improved its gross margin to 23% for the year and significantly reduced its SG&A and R&D expenses, leading to a reduced net loss of $50.0 million compared to the previous year’s $61.6 million.
Looking ahead, Accelerate Diagnostics remains committed to providing timely updates on its financial performance through SEC filings and investor relations materials. The company continues to focus on its mission to offer rapid diagnostic solutions that can significantly impact patient care by optimizing antibiotic therapy and combating sepsis.