June 5, 2020

News to Watch: Accelerate Diagnostics (NASDAQ:AXDX)

Accelerate Diagnostics (NASDAQ:AXDX) stock declared change of 119.87% away from 52-week low price and recently located move of -58.50% off 52-week high price. It has market worth of $598.20M. AXDX stock has been recorded 3.33% away from 50 day moving average and -35.62% away from 200 day moving average. Moving closer, we can see that shares have been trading 0.87% off 20-day moving average.

On May 07, 2020, Accelerate Diagnostics (NASDAQ:AXDX) reported financial results for the quarter ending March 31, 2020 and provided a business update regarding the impact of the ongoing COVID-19 pandemic on the Company’s operations.

Our first quarter got off to a solid start, as sales, new contracts, and go-lives all progressed as anticipated through January and February. As we moved into March, hospitals began shifting their focus toward preparing for and treating COVID-19 patients, and these shifting priorities, along with meaningful restrictions on hospital access, led to lower-than-expected new contracts and go-lives for the quarter, commented Jack Phillips, Chief Executive Officer of Accelerate Diagnostics However, we are adapting our business to maximize our commercial execution in the near term, and we will continue to work diligently on our longer-term initiatives to strengthen our commercial foundation and expand our portfolio of innovative, life-saving products.

2020 First Quarter Financial and Operational Highlights

  • Added 13 net new global commercially contracted instruments, including 21 new U.S. contracted instruments.
  • Live U.S. Pheno instruments at the end of the first quarter were 197, with another 239 U.S. contracted Pheno instruments not yet live.
  • Net sales for the first quarter of $2.3 million, compared to $1.8 million in the first quarter of 2019.
  • Gross margin was 45% for the quarter, compared to 48% in the first quarter of 2019.
  • Selling, general, and administrative expenses for the quarter were $12.9 million, compared to $12.7 million in the first quarter of 2019.
  • Research and development (R&D) costs for the quarter were $5.8 million, compared to $6.9 million in the first quarter of 2019.
  • Net loss was $21.3 million in the first quarter, or $0.39 per share, which included $4.2 million in non-cash stock-based compensation expense.
  • Net cash used in the quarter was $16.4 million, and the Company ended the quarter with total cash, investments, and cash equivalents of $92.0 million.
  • Entered into a commercial collaboration agreement with BioCheck, San Francisco, U.S., including their affiliate, Sophonix Ltd., Beijing, China, to sell serology-based SARS-COV-2 antibody tests (IgG and IgM) in the U.S. and EMEA, as disclosed in a press release dated April 14th, 2020.

The Healthcare sector company, Accelerate Diagnostics noticed change of -0.60% to $9.96 along volume of 438107 shares in recent session compared to an average volume of 443.78K. The stock observed return of -8.71% in 5 days trading activity. The stock was at 25.92% over one month performance. AXDX’s shares are at -41.45% for the quarter and driving a -50.20% return over the course of the past year and is now at -41.07% since this point in 2018.

The average volatility for the week at 7.92% and for month was at 9.08%. There are 60.06M shares outstanding and 33.91M shares are floated in market. Right now the stock beta is 2.9.