AXDX - Accelerate Diagnostics surges ~25% as FY22 revenue climbs loss narrows

2023-03-30 12:04:46 ET

• Accelerate Diagnostics' ( NASDAQ: AXDX ) stock rose ~27% on Thursday after the company's FY22 results.
• Net loss narrowed to -$62.49M, compared to -$77.70M in 2021.
• Net sales grew +8.2% Y/Y to $12.75M.
• "In 2022, we achieved another year of revenue growth thanks to our base book of satisfied customers," said Accelerate CEO Jack Phillips. "Though we fell short of our guidance target, we're emboldened by our new partnership with Becton Dickinson and the significant product development milestones we've achieved.
• Q4 net sales declined -9% Y/Y to $3M, due to timing of capital equipment sales, according to the company. Recurring revenues increased 8% Y/Y.
• AXDX noted that it ended Q4 with 328 U.S. clinically live and revenue-generating instruments, with another 69 U.S. contracted instruments in the process of being implemented and not yet revenue-generating.
• Ended 2022, with total cash, investments, and cash equivalents of $45.6M.

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