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UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant to Section 13
or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) |
November
9, 2023 |
Accelerate
Diagnostics, Inc.
(Exact name of registrant
as specified in its charter)
Delaware
(State
or other jurisdiction of incorporation)
001-31822 |
|
84-1072256 |
(Commission File Number) |
|
(IRS Employer Identification No.) |
3950
South Country Club Road, Suite 470,
Tucson, Arizona |
|
85714 |
(Address of principal executive offices) |
|
(Zip Code) |
(520)
365-3100
(Registrant’s
telephone number, including area code)
Not Applicable
(Former
name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b)
of the Act:
Title
of each class |
Trading
Symbol |
Name
of each exchange on which
registered |
Common
Stock, $0.001 par value per share |
AXDX |
The
Nasdaq Stock Market LLC
(The Nasdaq Capital Market) |
Indicate by check mark whether the registrant is
an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02. | Results of Operations and Financial Condition. |
On November 9, 2023,
Accelerate Diagnostics, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ending
September 30, 2023. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference in its entirety.
In
accordance with General Instruction B.2 for Form 8-K, the information in this Item 2.02, including Exhibit 99.1, shall not be deemed
“filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or
otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities
Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
ACCELERATE DIAGNOSTICS, INC. |
|
(Registrant) |
Date: November
9, 2023 |
|
|
/s/ David Patience |
|
David Patience |
|
Chief Financial Officer |
Exhibit 99.1
Accelerate Diagnostics Reports Third Quarter
2023 Results
TUCSON, Ariz., November 9, 2023 -- Accelerate Diagnostics, Inc.
(Nasdaq: AXDX) today announced financial results for the third quarter ended September 30, 2023.
“During the quarter we made significant advances with our Wave
program” commented Jack Phillips, Chief Executive Officer of Accelerate Diagnostics, Inc. “We are getting results
well within current standard of care methods to provide same-shift patient results, which gives us confidence our innovative technology
will provide same-shift clinical impact.”
Third Quarter 2023 Operating Highlights:
| · | Wave Beta modules are operational in our lab delivering on our key product
requirements: goal of time-to-result of less than 4.5 hours on average, high through-put sample processing, random access for continuous
sample loading and platform scalability. |
| · | Added six contracted Pheno instruments during the quarter, ending the quarter
with 339 U.S. clinically live Pheno revenue-generating instruments and another 70 U.S. contracted Pheno instruments in the process of
being implemented. |
| · | Secured more than twenty existing U.S. Pheno customers to multi-year contract
extensions for rapid positive blood culture susceptibility testing during the quarter. |
Third Quarter 2023 Financial Highlights:
| · | Net sales for the third quarter ended September 30, 2023 were $3.3 million,
compared to $3.0 million in the third quarter of the prior year, a 10% increase. This increase was primarily driven by capital equipment
sales in the quarter. |
| · | Gross margin was approximately 3% for the quarter, compared to 21% in
the third quarter of the prior year. This decrease was driven primarily by a non-cash write-down of $1.2 million of excess inventory. |
| · | Selling, general, and administrative (SG&A) costs for the quarter were
$7.8 million, compared to $8.3 million for the same quarter of the prior year. This decrease was the result of lower
employee-related expenses. |
| · | Research and development (R&D) costs for the quarter were $7.0 million,
compared to $7.3 million from the same quarter of the prior year. This decrease was driven by a reduction
in third-party spend related to the development of our next generation AST platform. |
| · | Net income was $0.9 million in the third quarter, resulting in basic and
diluted earnings per share of $0.06. Our positive net income was driven by a fair-value adjustment of the derivative liability related
to our convertible notes. |
| · | Net cash used in the quarter excluding financing activities was $9.6 million
and the Company ended the quarter with total cash, investments and cash equivalents $21.2 million. |
Year-to-date 2023 Financial Highlights:
| · | Net sales were $9.0 million year-to-date, compared to $9.8 million from the
same period of the prior year, or an 8% decrease driven by lower capital instrument sales in 2023 compared to the prior year. |
| · | Gross margin was approximately 20% for the quarter, reflecting the
non-cash write-down of $1.2 million of excess inventory recorded during the period, compared
to 25% in the third quarter of the prior year. |
| · | Selling, general, and administrative (SG&A) costs year-to-date were $25.4
million, compared to $30.4 million for the same period of the prior year. |
| · | Research and development (R&D) costs were $19.8 million year to date,
compared to $20.9 million from the same period of the prior year. |
| · | Net cash used excluding financing activities was $38.4 million. |
Full financial results for the quarter
ending September 30, 2023 will be filed on Form 10-Q through the Securities and Exchange Commission’s (SEC) website at
http://www.sec.gov.
Audio Webcast and Conference Call
To listen to the 2023 third quarter financial results on Thursday,
November 9, 2023, at 4:30 p.m. Eastern Time, call by phone, +1.877.883.0383 and enter Elite Entry Number: 9121489. International
participants may dial +1.412.902.6506. Please dial in 10–15 minutes prior to the start of the conference. A replay of the call will
be available by telephone at +1.877.344.7529 (U.S.) or +1.412.317.0088 (International) using the replay code 6290760 until November 30,
2023.
This conference call will also be webcast and can be accessed from
the company’s website at ir.axdx.com. A replay of the audio webcast will be available until November 30, 2023.
Use of Non-GAAP Financial Measures
This press release contains certain
financial measures that are not recognized measures under accounting principles generally accepted in the United States of America
(“GAAP”), which include SG&A, R&D, and net loss from operations excluding stock-based compensation expenses.
Our management and board of directors use
expenses excluding the cost of stock-based compensation to understand and evaluate our operating performance and trends, to prepare and
approve our annual budget and to develop short-term and long-term operating and financing plans. Accordingly, we believe that expenses
excluding the cost of stock-based compensation provides useful information for investors in understanding and evaluating our operating
results in the same manner as our management and our board of directors. Expenses excluding the cost of stock-based compensation is a
non-GAAP financial measure and should be considered in addition to, not as superior to, or as a substitute for, SG&A expenses, R&D
expenses, and net income (loss) reported in accordance with GAAP. The following tables present a reconciliation of SG&A expenses,
R&D expenses and net income (loss) excluding stock-based compensation to comparable GAAP measures for the periods indicated:
| |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| |
(in thousands) | | |
(in thousands) | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Sales, General and Administrative | |
$ | 7,761 | | |
$ | 8,255 | | |
$ | 25,432 | | |
$ | 30,422 | |
Non-cash equity-based compensation as a component of sales, general and administrative | |
| 1,488 | | |
| 911 | | |
| 2,647 | | |
| 6,557 | |
Sales, general and administrative less non-cash equity-based compensation | |
$ | 6,273 | | |
$ | 7,344 | | |
$ | 22,785 | | |
$ | 23,865 | |
| |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| |
(in thousands) | | |
(in thousands) | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Research and Development | |
$ | 6,996 | | |
$ | 7,285 | | |
$ | 19,783 | | |
$ | 20,885 | |
Non-cash equity-based compensation as a component of research and development | |
| 269 | | |
| 151 | | |
| 1,130 | | |
| 1,052 | |
Research and development less non-cash equity-based compensation | |
$ | 6,727 | | |
$ | 7,134 | | |
$ | 18,653 | | |
$ | 19,833 | |
| |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| |
(in thousands) | | |
(in thousands) | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Loss from operations | |
$ | (14,650 | ) | |
$ | (14,961 | ) | |
$ | (43,298 | ) | |
$ | (48,845 | ) |
Non-cash equity-based compensation as a component of loss from operations | |
| 1,815 | | |
| 1,229 | | |
| 4,023 | | |
| 8,179 | |
Loss from operations less non-cash equity-based compensation | |
$ | (12,835 | ) | |
$ | (13,732 | ) | |
$ | (39,275 | ) | |
$ | (40,666 | ) |
About Accelerate Diagnostics, Inc.
Accelerate Diagnostics, Inc. is an
in vitro diagnostics company dedicated to providing solutions for the global challenges of antibiotic resistance and sepsis. The
Accelerate Pheno® system and Accelerate PhenoTest® BC kit combine several technologies aimed at reducing
the time clinicians must wait to determine the most optimal antibiotic therapy for deadly infections. The FDA cleared system and kit fully
automate the sample preparation steps to report phenotypic antibiotic susceptibility results in approximately 7 hours direct from positive
blood cultures. Recent external studies indicate the solution offers results 1–2 days faster than existing methods, enabling clinicians
to optimize antibiotic selection and dosage specific to the individual patient days earlier.
The “ACCELERATE DIAGNOSTICS”
and “ACCELERATE PHENO” and “ACCELERATE PHENOTEST” and diamond shaped logos and marks are trademarks or registered
trademarks of Accelerate Diagnostics, Inc.
For more
information about the company, its products and technology, or recent publications, visit axdx.com.
Forward-Looking Statements
Certain of the statements made in this press
release and the related conference call are forward-looking or may have forward-looking implications, such as, among others: the company’s
future development plans and growth strategy, including plans and objectives relating to its future operations, products and performance;
projections as to when certain key business milestones may be achieved; expectations regarding the potential or benefits of the company’s
products and technologies; projections of future demand for the company’s products; the company’s continued investment in
new product development to both enhance its existing products and bring new ones to market; the company’s expectations relating
to current supply chain impacts and inflationary pressures; the company’s expectations regarding its commercial partnerships, such
as with Becton, Dickinson and Company, including anticipated benefits from such collaboration; the company’s expectations and plans
relating to regulatory approvals; and the company’s liquidity and capital requirements. Actual results or developments may differ materially from those projected or implied in these forward-looking statements
due to significant risks and uncertainties, including, but not limited to: volatility throughout the global economy and the related impacts
to the businesses of the company’s suppliers and customers, such as customer demand fluctuations, supply chain constraints and inflationary
pressures, as well as difficulties in resolving the company’s continuing financial condition and ability to obtain additional capital
to meet its financial obligations. Other important factors that could cause the company’s actual results to differ materially from
those in its forward-looking statements include those discussed in the company’s filings with the Securities and Exchange Commission
(the “SEC”), including in the “Risk Factors” sections of the company’s most recently filed periodic reports
on Form 10-K and Form 10-Q and subsequent filings with the SEC. Except as required by federal securities laws, the company undertakes no
obligation to update or revise these forward-looking statements to reflect new events, uncertainties or other contingencies.
###
For further information: Investor Inquiries & Media Contact:
Laura Pierson, Accelerate Diagnostics, +1 520 365-3100, investors@axdx.com
Source: Accelerate Diagnostics Inc.
ACCELERATE DIAGNOSTICS, INC.
CONDENSED CONSOLIDATED
BALANCE SHEETS
(in thousands, except share data)
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
Unaudited | | |
| |
ASSETS |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 20,162 | | |
$ | 34,905 | |
Investments | |
| 989 | | |
| 10,656 | |
Trade accounts receivable, net | |
| 2,666 | | |
| 2,416 | |
Inventory | |
| 3,553 | | |
| 5,194 | |
Prepaid expenses | |
| 1,435 | | |
| 818 | |
Other current assets | |
| 3,638 | | |
| 2,025 | |
Total current assets | |
| 32,443 | | |
| 56,014 | |
Property and equipment, net | |
| 2,609 | | |
| 3,478 | |
Finance lease assets, net | |
| 1,807 | | |
| 2,422 | |
Operating lease right of use assets, net | |
| 1,352 | | |
| 1,859 | |
Other non-current assets | |
| 1,113 | | |
| 1,242 | |
Total assets | |
$ | 39,324 | | |
$ | 65,015 | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 4,812 | | |
$ | 4,501 | |
Accrued liabilities | |
| 3,437 | | |
| 2,682 | |
Accrued interest | |
| 1,186 | | |
| 472 | |
Deferred revenue | |
| 596 | | |
| 547 | |
Current portion of convertible notes | |
| 726 | | |
| 56,413 | |
Finance lease, current | |
| 468 | | |
| 1,113 | |
Operating lease, current | |
| 963 | | |
| 829 | |
Derivative liability | |
| 25,598 | | |
| — | |
Total current liabilities | |
| 37,786 | | |
| 66,557 | |
Finance lease, non-current | |
| 270 | | |
| 782 | |
Operating lease, non-current | |
| 816 | | |
| 1,545 | |
Deferred income, non-current | |
| 1,090 | | |
| — | |
Other non-current liabilities | |
| 1,068 | | |
| 874 | |
Accrued interest related-party | |
| — | | |
| 663 | |
Long-term debt related-party | |
| — | | |
| 16,858 | |
Convertible notes, non-current | |
| 33,327 | | |
| — | |
Total liabilities | |
$ | 74,357 | | |
$ | 87,279 | |
| |
| | | |
| | |
Stockholders’ deficit: | |
| | | |
| | |
Preferred shares, $0.001 par value; | |
| | | |
| | |
5,000,000 preferred shares authorized with no shares issued and outstanding on September 30, 2023 and 5,000,000 preferred shares authorized with 3,954,546 shares issued and outstanding on December 31, 2022 | |
| — | | |
| 4 | |
Common stock, $0.001 par value; | |
| | | |
| | |
450,000,000 common shares authorized with 14,504,695 shares issued and outstanding on September 30, 2023 and 200,000,000 common shares authorized with 9,747,755 shares issued and outstanding on December 31, 2022 | |
| 14 | | |
| 10 | |
Contributed capital | |
| 666,239 | | |
| 630,428 | |
Treasury stock | |
| (45,067 | ) | |
| (45,067 | ) |
Accumulated deficit | |
| (655,859 | ) | |
| (607,239 | ) |
Accumulated other comprehensive loss | |
| (360 | ) | |
| (400 | ) |
Total stockholders’ deficit | |
| (35,033 | ) | |
| (22,264 | ) |
Total liabilities and stockholders’ deficit | |
$ | 39,324 | | |
$ | 65,015 | |
See accompanying notes to condensed consolidated
financial statements.
ACCELERATE DIAGNOSTICS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
Unaudited
(in thousands, except per share data)
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
September 30, | | |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net sales | |
$ | 3,299 | | |
$ | 2,960 | | |
$ | 9,032 | | |
$ | 9,780 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of sales: | |
| | | |
| | | |
| | | |
| | |
Cost of sales | |
| 2,008 | | |
| 2,381 | | |
| 5,931 | | |
| 7,318 | |
Inventory write-down | |
| 1,184 | | |
| — | | |
| 1,184 | | |
| — | |
Total cost of sales | |
| 3,192 | | |
| 2,381 | | |
| 7,115 | | |
| 7,318 | |
| |
| | | |
| | | |
| | | |
| | |
Gross profit | |
| 107 | | |
| 579 | | |
| 1,917 | | |
| 2,462 | |
| |
| | | |
| | | |
| | | |
| | |
Costs and expenses: | |
| | | |
| | | |
| | | |
| | |
Research and development | |
| 6,996 | | |
| 7,285 | | |
| 19,783 | | |
| 20,885 | |
Sales, general and administrative | |
| 7,761 | | |
| 8,255 | | |
| 25,432 | | |
| 30,422 | |
Total costs and expenses | |
| 14,757 | | |
| 15,540 | | |
| 45,215 | | |
| 51,307 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (14,650 | ) | |
| (14,961 | ) | |
| (43,298 | ) | |
| (48,845 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (2,205 | ) | |
| (203 | ) | |
| (3,798 | ) | |
| (1,833 | ) |
Interest expense related-party | |
| — | | |
| (495 | ) | |
| (1,817 | ) | |
| (495 | ) |
Gain (loss) on extinguishment of debt | |
| 51 | | |
| — | | |
| (6,499 | ) | |
| 3,565 | |
(Loss) on extinguishment of debt related party | |
| — | | |
| — | | |
| (6,755 | ) | |
| — | |
Gain on fair value adjustment | |
| 18,056 | | |
| — | | |
| 13,026 | | |
| — | |
Foreign currency exchange gain | |
| (428 | ) | |
| (261 | ) | |
| (170 | ) | |
| (221 | ) |
Interest income | |
| 246 | | |
| 73 | | |
| 921 | | |
| 151 | |
Other (expense) income, net | |
| (29 | ) | |
| (49 | ) | |
| 56 | | |
| (206 | ) |
Total other income (expense), net | |
| 15,691 | | |
| (935 | ) | |
| (5,036 | ) | |
| 961 | |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) before income taxes | |
| 1,041 | | |
| (15,896 | ) | |
| (48,334 | ) | |
| (47,884 | ) |
Provision for income taxes | |
| (131 | ) | |
| — | | |
| (286 | ) | |
| — | |
Net income (loss) | |
$ | 910 | | |
$ | (15,896 | ) | |
$ | (48,620 | ) | |
$ | (47,884 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic net income (loss) per share | |
$ | 0.06 | | |
$ | (1.83 | ) | |
$ | (4.13 | ) | |
$ | (6.21 | ) |
Basic weighted average shares outstanding | |
| 14,433 | | |
| 8,701 | | |
| 11,777 | | |
| 7,705 | |
| |
| | | |
| | | |
| | | |
| | |
Dilutive net income (loss) per share | |
$ | 0.06 | | |
$ | (1.83 | ) | |
$ | (4.13 | ) | |
$ | (6.21 | ) |
Dilutive weighted average shares outstanding | |
| 14,553 | | |
| 8,701 | | |
| 11,777 | | |
| 7,705 | |
| |
| | | |
| | | |
| | | |
| | |
Other comprehensive loss: | |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
$ | 910 | | |
$ | (15,896 | ) | |
$ | (48,620 | ) | |
$ | (47,884 | ) |
Net unrealized gain (loss) on debt securities available-for-sale | |
| — | | |
| 48 | | |
| 28 | | |
| (84 | ) |
Foreign currency translation adjustment | |
| 293 | | |
| 139 | | |
| 12 | | |
| (101 | ) |
Comprehensive income (loss) | |
$ | 1,203 | | |
$ | (15,709 | ) | |
$ | (48,580 | ) | |
$ | (48,069 | ) |
See accompanying notes to condensed consolidated
financial statements.
ACCELERATE DIAGNOSTICS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
Unaudited
(in thousands)
| |
Nine Months Ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | |
Cash flows from operating activities: | |
| | | |
| | |
Net loss | |
$ | (48,620 | ) | |
$ | (47,884 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 2,434 | | |
| 2,207 | |
Amortization of investment discount | |
| — | | |
| 94 | |
Equity-based compensation | |
| 4,023 | | |
| 8,179 | |
Amortization of debt discount and issuance costs | |
| 2,060 | | |
| 386 | |
Amortization of debt discount related-party | |
| 1,033 | | |
| 275 | |
Loss on disposal of property and equipment | |
| 134 | | |
| 74 | |
Unrealized (gain) loss on equity investments | |
| (61 | ) | |
| 206 | |
Loss (gain) on extinguishment of debt | |
| 6,499 | | |
| (3,565 | ) |
Loss on extinguishment of debt with related party | |
| 6,755 | | |
| — | |
Gain on fair value adjustments | |
| (13,026 | ) | |
| — | |
Inventory write-down | |
| 1,184 | | |
| — | |
(Increase) decrease in assets: | |
| | | |
| | |
Contributions to deferred compensation plan | |
| — | | |
| (174 | ) |
Accounts receivable | |
| (250 | ) | |
| (73 | ) |
Inventory | |
| 298 | | |
| (245 | ) |
Prepaid expense and other | |
| 956 | | |
| (491 | ) |
Increase (decrease) in liabilities: | |
| | | |
| | |
Accounts payable | |
| 218 | | |
| 1,221 | |
Accrued liabilities and other | |
| 67 | | |
| 1,153 | |
Accrued interest | |
| 1,738 | | |
| (785 | ) |
Accrued interest to related-party | |
| 784 | | |
| 220 | |
Deferred revenue and income | |
| 1,139 | | |
| 73 | |
Deferred compensation | |
| 194 | | |
| (49 | ) |
Net cash used in operating activities | |
| (32,441 | ) | |
| (39,178 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Purchases of equipment | |
| (925 | ) | |
| (446 | ) |
Purchase of marketable securities | |
| — | | |
| (27,506 | ) |
Maturities of marketable securities | |
| 9,695 | | |
| 34,527 | |
Net cash provided by investing activities | |
| 8,770 | | |
| 6,575 | |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from issuance of common stock to related party | |
| 4,000 | | |
| — | |
Proceeds from issuance of common stock | |
| — | | |
| 32,872 | |
Payments on finance leases | |
| (1,357 | ) | |
| (1,109 | ) |
Proceeds from exercise of options | |
| — | | |
| 7 | |
Proceeds from issuance of common stock under employee purchase plan | |
| — | | |
| 184 | |
Proceeds from issuance of 5.00% Notes | |
| 10,000 | | |
| — | |
Transaction costs related to debt and equity issuances | |
| (3,731 | ) | |
| (192 | ) |
Payment of debt | |
| — | | |
| (6 | ) |
Net cash provided by financing activities | |
| 8,912 | | |
| 31,756 | |
ACCELERATE DIAGNOSTICS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (CONTINUED)
Unaudited
(in thousands)
| |
Nine Months Ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | |
Effect of exchange rate on cash | |
| 16 | | |
| (64 | ) |
| |
| | | |
| | |
Decrease in cash and cash equivalents | |
| (14,743 | ) | |
| (911 | ) |
Cash and cash equivalents, beginning of period | |
| 34,905 | | |
| 39,898 | |
Cash and cash equivalents, end of period | |
$ | 20,162 | | |
$ | 38,987 | |
| |
| | | |
| | |
Non-cash investing activities: | |
| | | |
| | |
Net transfer of instruments from inventory to property and equipment | |
$ | 343 | | |
$ | (78 | ) |
| |
| | | |
| | |
Non-cash financing activities: | |
| | | |
| | |
Extinguishment of 2.50% Notes through issuance of common stock | |
$ | — | | |
$ | 10,180 | |
Capital contribution from the exchange of secured note and accrued interest through the issuance of common stock with related party | |
$ | 25,363 | | |
$ | 29,847 | |
Exchange of 2.50% Notes and accrued interest for 5.00% Notes | |
$ | 56,893 | | |
$ | — | |
Debt premium on issuance of 5.00% Notes | |
$ | 6,023 | | |
$ | — | |
Derivative liability | |
$ | 38,160 | | |
$ | — | |
2.50% Notes extinguished in connection with exchange transaction | |
$ | — | | |
$ | 49,624 | |
Fair value of new note issued in connection with the exchange transaction | |
$ | — | | |
$ | 16,024 | |
Fair value of common stock warrant issued in connection with the exchange transaction | |
$ | — | | |
$ | 3,753 | |
Extinguishment of 5.00% Notes through issuance of common stock | |
$ | 330 | | |
$ | — | |
Extinguishment of derivative liability in connection with extinguishment of 5.00% Notes | |
$ | 380 | | |
$ | — | |
Issuance of common stock in connection with extinguishment of 5.00% Notes | |
$ | 658 | | |
$ | — | |
| |
| | | |
| | |
Supplemental cash flow information: | |
| | | |
| | |
Interest paid | |
$ | — | | |
$ | 2,214 | |
See accompanying notes to condensed consolidated
financial statements.
v3.23.3
Cover
|
Nov. 09, 2023 |
Cover [Abstract] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Nov. 09, 2023
|
Entity File Number |
001-31822
|
Entity Registrant Name |
Accelerate
Diagnostics, Inc.
|
Entity Central Index Key |
0000727207
|
Entity Tax Identification Number |
84-1072256
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
3950
South Country Club Road
|
Entity Address, Address Line Two |
Suite 470
|
Entity Address, City or Town |
Tucson
|
Entity Address, State or Province |
AZ
|
Entity Address, Postal Zip Code |
85714
|
City Area Code |
520
|
Local Phone Number |
365-3100
|
Written Communications |
false
|
Soliciting Material |
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|
Pre-commencement Tender Offer |
false
|
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|
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Common
Stock, $0.001 par value per share
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AXDX
|
Security Exchange Name |
NASDAQ
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Entity Emerging Growth Company |
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