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Accelerate Dx 2013 Revenues Down 8 Percent

NEW YORK (GenomeWeb News) – Accelerate Diagnostics said in a document filed with the US Securities and Exchange Commission on Friday that revenues for 2013 were down 8 percent year over year.

The Tucson, Ariz.-based company did not break out revenues for the fourth quarter but based on previously disclosed financial figures for the first three quarters of the year, revenues for Q4 2013 were down 18 percent year over year.

Effective Dec. 31, 2012, the company changed its fiscal year to end on Dec. 31 from July 31 and disclosed some, but not all, financial results for the 12 months ended Dec. 31, 2012 in its Form 10-K filed with the SEC.

For full-year 2013, Accelerate reported revenues of $48,285, down from $52,215 in 2012. The firm said that the drop-off resulted from fluctuations in partner sales volumes that led to lower royalties to the company.

For the year ended Dec. 31, 2013, the company's net loss was $15.3 million, or $.41 per share. Accelerate recorded a net loss of $8.1 million for the year-ago period, but did not disclose its loss on a per-share basis.

Its R&D spending in 2013 shot up more than five-fold to $10.7 million from $2.0 million in 2012 as a result of increased headcount and purchases of laboratory equipment and instrument engineering supplies, Accelerate said.

Its SG&A costs rose 16 percent year over year to $4.3 million from $3.7 million, driven by salaries "and related expenses as we ramp up our operations." The company said that it had 47 full-time employees at the end of 2013, compared to 15 at the end of 2012.

It ended 2013 with $30.0 million in cash and cash equivalents.

Accelerate's fourth quarter revenues fell to $12,437 from $15,182 in Q4 2012, GenomeWeb Daily News calculated. Based on its financial results reported during the first three quarters of 2013, Accelerate's 2013 fourth quarter net loss was about $5.2 million, compared to a net loss of $2.9 million in Q4 2012.