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Accelerate Dx Posts Increase in Q2 Revenues, Net Loss

NEW YORK (GenomeWeb) - Accelerate Diagnostics today said that revenues for its second quarter rose 46 percent.

According to a document filed with the US Securities and Exchange Commission, for the three months ended June 30, the Tucson, Arizona-based molecular diagnostics company said that revenues increased to $19,000 from $13,000 a year ago, composed entirely of revenues associated with licensing agreements.

The firm's net loss in the quarter was $12.3 million, or $.27 per share, compared to a net loss of $8.2 million, or $.19 per share, in the prior-year period.

Accelerate Diagnostics' R&D spending rose to $7.1 million, up 56 percent from $4.6 million during the second quarter of 2014, driven by new hires and increased purchases of laboratory and instrument engineering supplies to support R&D. Its SG&A costs rose 38 percent to $4.8 million from $3.4 million, driven by increases in salaries and related expenses as the firm ramped up operations.

Accelerate Diagnostics ended the quarter with $35.2 million in cash and cash equivalents.

In mid-day trade Monday on the Nasdaq, shares of Accelerate Dx were down 8 percent at $25.65.

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