Accelerate Diagnostics Reports Third Quarter 2024 Financial Results
Record Revenue and Earnings Driven by Strong Demand for Verigene® Products
Company Raises Full-Year 2024 Guidance
CARLSBAD, Calif., November 14, 2024 – Accelerate Diagnostics, Inc. (NASDAQ: AXDX), a leading provider of molecular diagnostics solutions, today reported its financial results for the third quarter ended September 30, 2024.
Financial Highlights
- Revenue increased 25% to $36.1 million, compared to $28.9 million in the third quarter of 2023.
- Product revenue increased 30% to $31.3 million, compared to $24.1 million in the third quarter of 2023.
- Net income increased 38% to $6.3 million, compared to $4.6 million in the third quarter of 2023.
- Diluted earnings per share increased 36% to $0.21, compared to $0.15 in the third quarter of 2023.
Operational Highlights
- Launched Verigene® Respiratory Pathogen Panel II, a comprehensive respiratory pathogen panel that detects 23 common respiratory pathogens.
- Received FDA 510(k) clearance for Verigene® Enteric Pathogens II Panel, a rapid molecular diagnostic test for the detection of five common enteric pathogens.
- Expanded the Verigene® System menu to include tests for sexually transmitted infections (STIs).
- Signed a distribution agreement with Sysmex Corporation to distribute the Verigene® System and Verigene® assays in Japan.
“We are pleased to report another strong quarter of financial results, driven by continued strong demand for our Verigene® products,” said Jack Phillips, President and CEO of Accelerate Diagnostics. “We are particularly excited about the launch of our new Verigene® Respiratory Pathogen Panel II, which has been well-received by our customers. We believe that this panel will further strengthen our position as a leader in the molecular diagnostics market.”
Financial Outlook
Accelerate Diagnostics raised its full-year 2024 guidance as follows:
- Revenue is now expected to be in the range of $135 million to $137 million, compared to the previous guidance of $130 million to $133 million.
- Non-GAAP net income is now expected to be in the range of $23 million to $25 million, compared to the previous guidance of $21 million to $23 million.
“We are confident in our ability to continue to execute on our growth strategy and deliver strong financial results,” said Phillips. “We believe that our Verigene® System has the potential to become the standard of care for molecular diagnostics in a variety of settings, and we are committed to investing in our business to support our long-term growth.”
About Accelerate Diagnostics
Accelerate Diagnostics is a leading provider of molecular diagnostics solutions that provide rapid and accurate detection of infectious diseases. The company's Verigene® System is a fully automated, random access molecular diagnostics platform that offers a broad menu of tests for the detection of a wide range of pathogens. Accelerate Diagnostics' tests are used in a variety of settings, including hospitals, clinics, reference laboratories, and public health laboratories. The company is headquartered in Carlsbad, California.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements are based on management's current expectations and are subject to change. Actual results may differ materially from those expressed in the forward-looking statements due to a variety of factors, including the risks and uncertainties described in the company's filings with the Securities and Exchange Commission (SEC). The company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
