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Accelerate Diagnostics Q2 Revenues Down 68 Percent

NEW YORK (GenomeWeb News) – Accelerate Diagnostics today said that its revenues in the second quarter dropped three-fold year over year.

Revenues for the three months ended June 30 were $7,373, down from $22,721 a year ago, Accelerate said in its Form 10-Q filed with the US Securities and Exchange Commission. All revenues for the recently completed quarter and the year-ago period derived from royalty payments for its OptiChem products.

The revenue decline resulted from "fluctuations in partner sales volumes on which royalties were due" to the company, Accelerate said in its SEC document.

The Tucson, Ariz.-based company recorded a net loss of $3.8 million, or $.13 per share, compared to a net loss of $1.1 million, or almost $.10 per share, a year ago. The weighted averages shares outstanding for Q2 2013 totaled more than 38 million shares, compared to about 12 million shares in the year-ago period.

Accelerate sharply increased its R&D spending to $2.5 million from $104,572 a year ago. SG&A costs were also up, about 20 percent year over year, to $1.2 million from $998,799.

The uptick in R&D spending, it said, was due primarily to an increase in employee headcount, as well as purchases of laboratory and instrument engineering supplies to support increased R&D efforts.

The company exited the quarter with $27.1 million in cash and cash equivalents.

Accelerate said in its SEC document that on July 8, it received the final installment of $750,000 from Nanosphere under a licensing agreement the two firms forged July 2010.