UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Amendment No. 1)
CURRENT REPORT
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EXPLANATORY NOTE
On May 8, 2024, Accelerate Diagnostics, Inc. (the “Company”) issued a press release announcing its preliminary financial results for the quarter ending March 31, 2024, which was included as Exhibit 99.1 to a Current Report on Form 8-K (the “Original Report”) furnished with the U.S. Securities and Exchange Commission (the “SEC”) on such date. This Current Report on Form 8-K/A (this “Report”) is being filed to disclose certain updates to the Company’s financial results for the quarter ending March 31, 2024 included in the Original Report as described in Item 2.02 to this Report below.
Item 2.02. | Results of Operations and Financial Condition. |
On May 8, 2024, the Company issued a press release announcing its preliminary financial results for the quarter ending March 31, 2024. Subsequently, in connection with the finalization of its financial statements for the quarter ending March 31, 2024, the Company made certain non-cash related revisions to the accounting for its previously announced January 2024 equity financing. The revisions resulted in, among other things, a decrease in the Company’s net loss and net loss per share from $17.0 million and $0.88, respectively, as preliminarily reported in the Original Report, to $14.2 million and $0.74, respectively.
The revisions are reflected in the updated financial tables attached hereto as Exhibit 99.1, which is incorporated herein by reference in its entirety. The revisions are also reflected in the condensed consolidated financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, which will be filed with the SEC on or around the date hereof.
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. |
Exhibit | |
Number | Description |
99.1 | Updated Financial Tables Reflecting Revisions to Previously Reported Preliminary Financial Results for the Quarter Ending March 31, 2024 |
104 | Cover Page Interactive Data File (cover page XBRL tags are embedded within the Inline XBRL document) |
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: May 10, 2024 | |
/s/ David Patience | |
David Patience | |
Chief Financial Officer |
Exhibit 99.1
ACCELERATE DIAGNOSTICS, INC.
CONDENSED CONSOLIDATED
BALANCE SHEETS
Unaudited
(in thousands, except share data)
March 31, | December 31, | |||||||
2024 | 2023 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 14,606 | $ | 12,138 | ||||
Investments | 1,145 | 1,081 | ||||||
Trade accounts receivable | 2,217 | 2,622 | ||||||
Inventory | 3,249 | 3,310 | ||||||
Prepaid expenses | 1,068 | 380 | ||||||
Purchase obligation put option asset | — | 3,419 | ||||||
Other current assets | 1,848 | 1,516 | ||||||
Total current assets | 24,133 | 24,466 | ||||||
Property and equipment, net | 3,197 | 2,389 | ||||||
Finance lease assets, net | 1,225 | 1,518 | ||||||
Operating lease right of use assets, net | 957 | 1,177 | ||||||
Other non-current assets | 1,210 | 1,816 | ||||||
Total assets | $ | 30,722 | $ | 31,366 | ||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 5,108 | $ | 4,796 | ||||
Accrued liabilities | 3,351 | 3,243 | ||||||
Accrued interest | 1,014 | 164 | ||||||
Deferred revenue and income, current | 1,272 | 1,545 | ||||||
Current portion of convertible notes | 726 | 726 | ||||||
Common warrant liability | 3,035 | — | ||||||
Finance lease, current | 685 | 583 | ||||||
Operating lease, current | 940 | 977 | ||||||
Total current liabilities | 16,131 | 12,034 | ||||||
Finance lease, non-current | 81 | 262 | ||||||
Operating lease, non-current | 328 | 570 | ||||||
Deferred income, non-current | 1,110 | 1,122 | ||||||
Other non-current liabilities | 1,197 | 1,164 | ||||||
Convertible notes, non-current | 37,655 | 36,102 | ||||||
Total liabilities | $ | 56,502 | $ | 51,254 | ||||
Commitments and contingencies | ||||||||
Stockholders’ deficit: | ||||||||
Preferred shares, $0.001 par value; | ||||||||
5,000,000 preferred shares authorized and no shares issued or outstanding as of March 31, 2024 and December 31, 2023 | — | — | ||||||
Common stock, $0.001 par value; | ||||||||
450,000,000 common shares authorized with 21,811,706 shares issued and outstanding on March 31, 2024 and 14,569,500 shares issued and outstanding on December 31, 2023 | 21 | 14 | ||||||
Contributed capital | 702,971 | 694,634 | ||||||
Treasury stock | (45,067 | ) | (45,067 | ) | ||||
Accumulated deficit | (683,087 | ) | (668,857 | ) | ||||
Accumulated other comprehensive loss | (618 | ) | (612 | ) | ||||
Total stockholders’ deficit | (25,780 | ) | (19,888 | ) | ||||
Total liabilities and stockholders’ deficit | $ | 30,722 | $ | 31,366 |
ACCELERATE DIAGNOSTICS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Unaudited
(in thousands, except per share data)
Three Months Ended | ||||||||
March 31, | March 31, | |||||||
2024 | 2023 | |||||||
Net sales | $ | 2,921 | $ | 2,812 | ||||
Cost of sales | 2,198 | 1,801 | ||||||
Gross profit | 723 | 1,011 | ||||||
Costs and expenses: | ||||||||
Research and development | 5,173 | 6,968 | ||||||
Sales, general and administrative | 5,706 | 10,105 | ||||||
Total costs and expenses | 10,879 | 17,073 | ||||||
Loss from operations | (10,156 | ) | (16,062 | ) | ||||
Other income (expense): | ||||||||
Interest expense | (2,450 | ) | (418 | ) | ||||
Interest expense related party | — | (1,013 | ) | |||||
Loss on fair value instruments | (1,216 | ) | — | |||||
Foreign currency exchange gain | 19 | 233 | ||||||
Interest income | 200 | 420 | ||||||
Other (expense) income, net | (627 | ) | 45 | |||||
Total other expense, net | (4,074 | ) | (733 | ) | ||||
Net loss before income taxes | (14,230 | ) | (16,795 | ) | ||||
Provision for income taxes | — | — | ||||||
Net loss | $ | (14,230 | ) | $ | (16,795 | ) | ||
Basic and diluted net loss per share | $ | (0.74 | ) | $ | (1.71 | ) | ||
Weighted average shares outstanding | 19,216 | 9,830 | ||||||
Other comprehensive loss: | ||||||||
Net loss | $ | (14,230 | ) | $ | (16,795 | ) | ||
Net unrealized loss on debt securities available-for-sale | — | 24 | ||||||
Foreign currency translation adjustment | (6 | ) | (255 | ) | ||||
Comprehensive loss | $ | (14,236 | ) | $ | (17,026 | ) |
ACCELERATE DIAGNOSTICS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
Unaudited
(in thousands)
Three Months Ended | ||||||||
March 31, | March 31, | |||||||
2024 | 2023 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | (14,230 | ) | (16,795 | ) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 858 | 802 | ||||||
Provision for bad debts | 19 | — | ||||||
Equity-based compensation | 1,297 | 555 | ||||||
Amortization of debt discount and issuance costs | 1,596 | 182 | ||||||
Amortization of debt discount related-party | — | 572 | ||||||
Loss on disposal of property and equipment | 71 | 11 | ||||||
Unrealized gain on equity investments | (53 | ) | (50 | ) | ||||
Units offering issuance cost | 680 | — | ||||||
Loss on fair value adjustments | 1,216 | — | ||||||
(Increase) decrease in assets: | ||||||||
Contributions to deferred compensation plan | (11 | ) | — | |||||
Accounts receivable | 386 | (11 | ) | |||||
Inventory | (85 | ) | (140 | ) | ||||
Prepaid expense and other | (448 | ) | (239 | ) | ||||
Increase (decrease) in liabilities: | ||||||||
Accounts payable | 312 | (977 | ) | |||||
Accrued liabilities and other | (658 | ) | 1,945 | |||||
Accrued interest | 850 | 235 | ||||||
Accrued interest due to related-party | — | 441 | ||||||
Deferred revenue and income | (285 | ) | (79 | ) | ||||
Deferred compensation | 33 | 181 | ||||||
Net cash used in operating activities | (8,452 | ) | (13,367 | ) | ||||
Cash flows from investing activities: | ||||||||
Purchases of equipment | (513 | ) | (12 | ) | ||||
Maturities of marketable securities | — | 8,221 | ||||||
Net cash (used in) provided by investing activities | (513 | ) | 8,209 | |||||
Cash flows from financing activities: | ||||||||
Proceeds from issuance of Units to related party | 2,050 | — | ||||||
Proceeds from issuance of Units | 10,232 | — | ||||||
Units offering issuance cost | (764 | ) | — | |||||
Payments on finance leases | (79 | ) | (77 | ) | ||||
Net cash provided by financing activities | 11,439 | (77 | ) | |||||
Effect of exchange rate on cash | (6 | ) | (262 | ) | ||||
(Decrease) increase in cash and cash equivalents | 2,468 | (5,497 | ) | |||||
Cash and cash equivalents, beginning of period | 12,138 | 34,905 | ||||||
Cash and cash equivalents, end of period | $ | 14,606 | $ | 29,408 |
ACCELERATE DIAGNOSTICS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (CONTINUED)
Unaudited
(in thousands)
Three Months Ended | ||||||||
March 31, | March 31, | |||||||
2024 | 2023 | |||||||
Non-cash investing activities: | ||||||||
Net transfer of instruments from inventory to property and equipment | $ | 127 | $ | 71 | ||||
Non-cash financing activities: | ||||||||
Net transfer of instruments from inventory to property and equipment | $ | 43 | $ | 0 | ||||
Accrued units offering issuance cost | $ | 473 | $ | 0 | ||||
Supplemental cash flow information: | ||||||||
Interest paid | $ | 10 | $ | 0 |
See accompanying notes to condensed consolidated financial statements.
Cover |
May 08, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K/A |
Amendment Flag | true |
Amendment Description | On May 8, 2024, Accelerate Diagnostics, Inc. (the "Company") issued a press release announcing its preliminary financial results for the quarter ending March 31, 2024, which was included as Exhibit 99.1 to a Current Report on Form 8-K (the "Original Report") furnished with the U.S. Securities and Exchange Commission (the "SEC") on such date. This Current Report on Form 8-K/A (this "Report") is being filed to disclose certain updates to the Company's financial results for the quarter ending March 31, 2024 included in the Original Report as described in Item 2.02 to this Report below. |
Document Period End Date | May 08, 2024 |
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 | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.001 par value per share |
Trading Symbol | AXDX |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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