NEW YORK (GenomeWeb) – Accelerate Diagnostics' first quarter revenues dropped 13 percent year over year, the company said in a regulatory document on Friday.
In a Form 10-Q filed with the US Securities and Exchange Commission, the Tucson, Ariz.-based firm reported revenues of $14,000 for the three months ended March 31, compared to $16,000 in the year-ago quarter. Revenues for both quarters derived from licensing and royalty revenues.
The drop resulted from fluctuations in partner sales volumes, which affected Accelerate, it said in its SEC document.
Its net loss for the first quarter rose to $5.2 million, or $.12 per share, from a net loss of $2.5 million, or $.09 per share, a year ago. The company increased its R&D spending year over year to $3.6 million from $1.9 million as its number of employees and the purchases of laboratory and instrument engineering supplies rose, Accelerate said. SG&A costs increased to $2.0 million from $629,000, driven by salaries and other expenses as the company ramped up its operations, it added.
Accelerate exited the first quarter with $26.1 million in cash and cash equivalents. Last week, it said that it raised $45.0 million in a rights offering.
The firm is developing instruments for the rapid identification and antibiotic-susceptibility testing of infectious pathogens. Its ID/AST instrument uses a proprietary culture-free process for genomic and phenotypic detection technologies that reduces time to result while maintaining high sensitivity and specificity, it said.