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Accelerate Diagnostics Q1 Revenues Jump 70 Percent

NEW YORK (GenomeWeb News) – Accelerate Diagnostics today said that revenues for its first quarter rose 70 percent year over year.

The Tucson, Ariz.-based firm company, formerly called Accelr8 Technology, recorded $15,678 in revenues, compared to $9,197 a year ago. All revenues for the current and year-ago quarter came from its OptiChem business, the company said in its Form 10-Q filed with the US Securities and Exchange Commission, and the increase resulted from "fluctuations in partner sales volumes on which royalties were due the company."

Net loss for the period rose to $2.5 million, or $.09 per share, from a net loss of $299,502, or $.03 per share, during the first quarter of 2012.

R&D spending spiked more than 1,800 percent to $1.9 million from $98,183 a year ago. The increase was due to the hiring of additional employees in instruments and bio assays, as well as the purchase of laboratory and instrument engineering supplies to support accelerated R&D work, Accelerate said in its SEC document.

SG&A costs increased about 285 percent to $629,018 in the quarter from $163,404 a year ago, driven by increases in wages and related expenses, non-cash stock option expenses, and expenses for professional services, the firm said.

Accelerate ended the quarter with $29.3 million in cash and cash equivalents.

The firm underwent major changes in 2012, which included changes in its management and board, a $35 million investment into the company, and a relocation of its headquarters from Denver.

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