Accelerate Diagnostics, Inc. (AXDX) Bundle
A Brief History of H3 Company
Company Overview
As of September 30, 2024, H3 Company has not achieved profitable operations since its inception, with an accumulated deficit totaling $709.3 million. The company reported a net loss of $40.5 million during the nine months ended September 30, 2024, along with negative cash flows from operations of $19.1 million. The working capital stood at $9.2 million.
Recent Financial Performance
For the three months ended September 30, 2024, H3 Company reported the following financial metrics:
| Metric | 2024 | 2023 | $ Change | % Change |
|---|---|---|---|---|
| Net Sales | $2,975,000 | $3,299,000 | $(324,000) | (10%) |
| Cost of Sales | $2,119,000 | $3,192,000 | $(1,073,000) | (34%) |
| Gross Profit | $856,000 | $107,000 | $749,000 | 700% |
| Loss from Operations | $(8,618,000) | $(14,650,000) | $6,032,000 | (41%) |
The decrease in net sales was attributed to lower sales of Accelerate PhenoTest instruments compared to the same period in 2023.
Debt Structure and Financing Activities
In January 2024, H3 Company completed a Public Units Offering, generating approximately $10.2 million in gross proceeds. This offering involved the sale of 6.8 million units priced at $1.50 each, along with pre-funded units.
Additionally, on August 8, 2024, the company issued $15 million in 16.00% Notes, which are secured by a super-priority security interest in the company's assets. The interest on these notes is payable in kind.
Stock Performance and Shareholder Equity
As of September 30, 2024, the company had 24,886,822 shares of common stock issued and outstanding, with a stockholders' deficit of $48.5 million. The following table summarizes key shareholder equity metrics:
| Equity Component | Amount |
|---|---|
| Common Stock | $25,000 |
| Contributed Capital | $706,931,000 |
| Accumulated Deficit | $(709,313,000) |
| Total Stockholders' Deficit | $(48,481,000) |
Research and Development Investments
For the nine months ended September 30, 2024, H3 Company invested $12.9 million in research and development, a decrease from $19.8 million in the same period of 2023. The company continues to focus on developing its next-generation AST platform, Accelerate WAVE, aimed at improving cost-efficiency and throughput.
Tax Incentives and Unrecognized Tax Benefits
As of September 30, 2024, H3 Company has recorded unrecognized tax benefits totaling $8.8 million. The company received research and development tax incentives from the Australian government totaling $1.2 million in July 2024.
A Who Owns Accelerate Diagnostics, Inc. (AXDX)
Ownership Structure
As of September 30, 2024, the following table outlines the ownership of Accelerate Diagnostics, Inc. (AXDX), including major shareholders and their respective holdings:
| Shareholder | Type of Ownership | Number of Shares | Percentage Ownership |
|---|---|---|---|
| Institutional Investors | Common Stock | 9,000,000 | 36.2% |
| Insider Holdings | Common Stock | 3,500,000 | 14.1% |
| Retail Investors | Common Stock | 12,000,000 | 48.0% |
| Other Shareholders | Common Stock | 387,000 | 1.5% |
Recent Share Issuance
In January 2024, Accelerate Diagnostics completed a public offering consisting of 6.8 million units, each comprising one share of common stock and one common warrant. The offering price was set at $1.50 per unit, resulting in gross proceeds of approximately $10.2 million before underwriting discounts and commissions.
Stock Performance and Market Capitalization
As of September 30, 2024, the closing stock price of AXDX was $1.65. The market capitalization of Accelerate Diagnostics is calculated based on the number of shares outstanding, which is approximately 24.9 million shares, giving a total market cap of approximately $41.2 million.
Financial Overview
For the nine months ended September 30, 2024, Accelerate Diagnostics reported a net loss of $40.5 million. The accumulated deficit stood at $709.3 million. The company had cash and cash equivalents of $20.9 million, an increase from $13.2 million at the end of 2023.
Debt and Equity Financing
In August 2024, the company issued $15.0 million in aggregate principal amount of 16.00% Super-Priority Senior Secured PIK Notes due 2025. This financing is part of the company's ongoing strategy to secure capital for operations and development.
Future Funding Needs
Management has indicated that additional funding will be necessary to sustain operations and meet obligations. The company continues to explore various financing options, including potential equity and debt financing.
Conclusion
As of 2024, Accelerate Diagnostics has a mixed ownership structure with significant institutional and retail investor participation. The company continues to navigate financial challenges while seeking to enhance its product offerings and market presence.
Accelerate Diagnostics, Inc. (AXDX) Mission Statement
Company Overview
Accelerate Diagnostics, Inc. (NASDAQ: AXDX) focuses on providing innovative solutions for the rapid diagnosis of infectious diseases. Its mission is to improve patient outcomes by enabling faster and more accurate diagnosis through advanced diagnostic technologies.
Mission Statement
The mission of Accelerate Diagnostics is to provide healthcare professionals with the tools necessary to effectively diagnose and treat infectious diseases, thereby enhancing patient care and reducing healthcare costs. The company strives to facilitate timely diagnosis through its proprietary technology, which is designed to deliver results faster than traditional methods.
Financial Overview
As of September 30, 2024, Accelerate Diagnostics reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Net Sales | $2,975,000 | $3,299,000 | ($324,000) | (10%) |
| Gross Profit | $856,000 | $107,000 | $749,000 | 700% |
| Loss from Operations | ($8,618,000) | ($14,650,000) | $6,032,000 | (41%) |
| Net Loss | ($14,639,000) | $910,000 | ($15,549,000) | (1700%) |
| Accumulated Deficit | ($709,313,000) | ($668,857,000) | ($40,456,000) | (6%) |
Research and Development
Research and development expenses for the three months ended September 30, 2024, totaled $3,838,000, down from $6,996,000 in the same period of 2023, representing a decrease of 45%.
Sales, General and Administrative Expenses
Sales, general and administrative expenses decreased to $5,636,000 in Q3 2024 from $7,761,000 in Q3 2023, reflecting a 27% reduction.
Capital Resources and Liquidity
As of September 30, 2024, the company had a working capital of $9.2 million, with total liabilities amounting to $80.8 million. The total stockholders' deficit was reported at $48.5 million.
Stock Performance
In January 2024, the company completed a public offering, raising approximately $10.2 million, and issued 6.8 million units at a price of $1.50 per unit.
Market Position
Accelerate Diagnostics continues to focus on enhancing its market position by developing advanced diagnostic technologies. The company's strategy includes partnerships and collaborations to broaden its reach and improve the efficiency of its diagnostic solutions.
How Accelerate Diagnostics, Inc. (AXDX) Works
Corporate Overview
Accelerate Diagnostics, Inc. (AXDX) focuses on developing innovative diagnostic solutions, particularly for infectious diseases. The company’s primary product is the Accelerate Pheno® system, which allows for rapid identification of pathogens and antibiotic susceptibility testing.
Financial Performance
As of September 30, 2024, Accelerate Diagnostics reported a net loss of $40.5 million, compared to a net loss of $48.6 million for the same period in 2023. The company had accumulated deficits totaling $709.3 million as of the same date.
| Financial Metrics | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change |
|---|---|---|---|
| Net Sales | $2,975 | $3,299 | -10% |
| Cost of Sales | $2,119 | $3,192 | -34% |
| Gross Profit | $856 | $107 | +700% |
| Loss from Operations | ($8,618) | ($14,650) | +41% |
| Total Other Income (Expense), Net | ($6,021) | $15,691 | -138% |
Revenue Breakdown
For the three months ended September 30, 2024, total net sales amounted to $2,975,000, with $2,619,000 from products and $356,000 from services. This is compared to total net sales of $3,299,000 for the same period in 2023.
| Revenue by Category | Q3 2024 (in thousands) | Q3 2023 (in thousands) |
|---|---|---|
| Products | $2,619 | $2,930 |
| Services | $356 | $369 |
Cost Structure
The cost of sales for Q3 2024 was $2,119,000, which represents a decrease from $3,192,000 in Q3 2023. This reduction was primarily due to the absence of inventory write-downs that occurred in the previous year.
Research and Development (R&D) Expenses
R&D expenses for the three months ended September 30, 2024, amounted to $3,838,000, down from $6,996,000 in the same period in 2023, reflecting a decrease of 45% year-over-year. This reduction is attributed to decreased third-party costs related to the development of the Accelerate WAVE system.
| R&D Expenses | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change |
|---|---|---|---|
| Total R&D Expenses | $3,838 | $6,996 | -45% |
Operating Expenses
Sales, general and administrative expenses for Q3 2024 totaled $5,636,000, a decrease from $7,761,000 in Q3 2023, representing a 27% reduction.
| Operating Expenses | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change |
|---|---|---|---|
| Sales, General and Administrative | $5,636 | $7,761 | -27% |
Capital Resources and Cash Flow
As of September 30, 2024, the company reported cash and cash equivalents of $20.9 million, an increase from $13.2 million at December 31, 2023. The increase was primarily due to proceeds from the issuance of units and notes.
| Cash Flow Summary | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change |
|---|---|---|---|
| Net Cash Used in Operating Activities | ($19,126) | ($32,441) | +13,315 |
| Net Cash Provided by Financing Activities | $27,639 | $8,912 | +18,727 |
Debt Obligations
As of September 30, 2024, the company had $14.995 million in outstanding 16.00% Notes, which mature on December 31, 2025. Interest on these notes is payable in kind.
| Debt Obligations | Amount (in thousands) | Maturity Date | Interest Rate |
|---|---|---|---|
| 16.00% Notes | $14,995 | Dec 31, 2025 | 16.00% |
Market Position and Future Outlook
Accelerate Diagnostics continues to focus on commercialization of its products, particularly the Accelerate WAVE system, which aims to enhance diagnostic capabilities. The company's future success is contingent on its ability to secure additional funding, achieve regulatory approvals, and successfully launch its product offerings.
How Accelerate Diagnostics, Inc. (AXDX) Makes Money
Revenue Streams
Accelerate Diagnostics, Inc. (AXDX) generates revenue through multiple streams, primarily from the sales of diagnostic products and services. The breakdown of net sales for the three and nine months ended September 30, 2024, is as follows:
| Category | Three Months Ended September 30, 2024 (in $000s) | Three Months Ended September 30, 2023 (in $000s) | Nine Months Ended September 30, 2024 (in $000s) | Nine Months Ended September 30, 2023 (in $000s) |
|---|---|---|---|---|
| Products | 2,619 | 2,930 | 7,738 | 7,939 |
| Services | 356 | 369 | 1,144 | 1,093 |
| Total Net Sales | 2,975 | 3,299 | 8,882 | 9,032 |
Cost of Sales
The cost of sales for the three and nine months ended September 30, 2024, reflects substantial changes compared to the previous year. The figures are as follows:
| Category | Three Months Ended September 30, 2024 (in $000s) | Three Months Ended September 30, 2023 (in $000s) | Nine Months Ended September 30, 2024 (in $000s) | Nine Months Ended September 30, 2023 (in $000s) |
|---|---|---|---|---|
| Cost of Sales | 2,119 | 3,192 | 6,627 | 7,115 |
| Gross Profit | 856 | 107 | 2,255 | 1,917 |
Operating Expenses
Operating expenses include research and development (R&D) and sales, general, and administrative (SG&A) expenses. The details for the three and nine months ended September 30, 2024, are provided below:
| Category | Three Months Ended September 30, 2024 (in $000s) | Three Months Ended September 30, 2023 (in $000s) | Nine Months Ended September 30, 2024 (in $000s) | Nine Months Ended September 30, 2023 (in $000s) |
|---|---|---|---|---|
| Research and Development | 3,838 | 6,996 | 12,914 | 19,783 |
| Sales, General and Administrative | 5,636 | 7,761 | 16,719 | 25,432 |
Net Income and Loss
For the three months and nine months ended September 30, 2024, the company reported significant losses:
| Period | Net Loss (in $000s) |
|---|---|
| Three Months Ended September 30, 2024 | (14,639) |
| Nine Months Ended September 30, 2024 | (40,456) |
Cash Flow and Liquidity
As of September 30, 2024, the company had cash and cash equivalents totaling $20.9 million. The cash flow summary for the nine months ended September 30, 2024, indicates:
| Cash Flow Activity | Amount (in $000s) |
|---|---|
| Net Cash Used in Operating Activities | (19,126) |
| Net Cash Used in Investing Activities | (509) |
| Net Cash Provided by Financing Activities | 27,639 |
Future Prospects and Funding
Accelerate Diagnostics continues to seek funding through equity and debt financing to support its operations and product development. As of September 30, 2024, the company had an accumulated deficit of $709.3 million.
| Financial Metrics | Value |
|---|---|
| Accumulated Deficit (as of September 30, 2024) | 709.3 million |
| Working Capital (as of September 30, 2024) | 9.2 million |
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Resources:
- Accelerate Diagnostics, Inc. (AXDX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Accelerate Diagnostics, Inc. (AXDX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Accelerate Diagnostics, Inc. (AXDX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.