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Accelerate Diagnostics Posts Q3 Revenue Gain

NEW YORK (GenomeWeb News) – Accelerate Diagnostics today reported that revenues for its third quarter jumped 151 percent year over year.

Revenues for the three months ended Sept. 30 rose to $12,797 from $5,115 in the year-ago period "due to fluctuations in partner sales volumes on which royalties were due the company," Accelerate said in its quarterly earnings document filed with the US Securities and Exchange Commission.

Its net loss for the quarter was $3.8 million, or $.10 per share, compared to a net loss of $3.8 million, or $.15 per share, a year ago. Accelerate used about 39.8 million shares to calculate its net loss per share figure in the recently completed quarter, compared to 25.0 million shares in the third quarter of 2012.

Its R&D costs rose to $2.7 million from $200,094 a year ago. The company said the hike resulted from an increase in employee headcount, and the purchase of laboratory and instrument engineering supplies to accelerate R&D efforts.

The firm 's SG&A spending was cut 31 percent to $1.1 million from $1.6 million. In the year-ago period, Accelerate made severance payments to a former executive, it said.

The Tucson, Ariz.-based company ended the quarter with $33.5 million in cash and cash equivalents. In August it raised $20 million in a rights offering.

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