Accelerate Diagnostics Announces Certain Preliminary Q4 And FY23 Results; FY23 Preliminary Revenue Was ~$12.1M Vs $12.8M YoY; Ended The Year With ~$13.4M In Cash And Cash Equivalents
Portfolio Pulse from Benzinga Newsdesk
Accelerate Diagnostics, Inc. (AXDX) released preliminary Q4 and FY23 results, showing a slight decrease in annual revenue from $12.8M to $12.1M YoY. The company ended the year with $13.4M in cash and cash equivalents. Significant progress was made on the development of the Accelerate WaveTM system, with clinical trials expected to start in Q2 2024. The company secured 65% of U.S. Pheno customers to multi-year contracts and added six new Pheno instruments in Q4. The full-year audited results will be announced in March 2024.
January 08, 2024 | 1:18 am
News sentiment analysis
Sort by:
Descending
NEUTRAL IMPACT
Accelerate Diagnostics reported a slight decrease in annual revenue and ended FY23 with $13.4M in cash. The company made progress on its WaveTM system and secured multi-year contracts with 65% of U.S. Pheno customers.
The slight decrease in revenue may concern investors, but the progress in product development and securing multi-year contracts could offset negative sentiment. The cash position is stable, which may reassure investors about the company's short-term financial health. However, the full impact will depend on the final audited results and investor perceptions of the company's growth prospects with the new WaveTM system.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100