Accelerate Diagnostics Inc

NASDAQ:AXDXUnited States

NASDAQ FSI:D. Deficient (Issuer failed to meet continued listing requirements)

Mar 28, 2024

Show headlines and story abstract

• Press Release: Accelerate Diagnostics Reports Fourth Quarter and Full-Year 2023 Financial Results, from 4:06PM ET on Thursday Mar 28, 2024 by Dow Jones

  4:06PM ET on Thursday Mar 28, 2024 by Dow Jones
  Companies Mentioned: AXDX

• Accelerate Diagnostics Reports Fourth Quarter and Full-Year 2023 Financial Results, from 4:05PM ET on Thursday Mar 28, 2024 by PR Newswire

  4:05PM ET on Thursday Mar 28, 2024 by PR Newswire
  Companies Mentioned: AXDX

  Accelerate Diagnostics, Inc. (Nasdaq: AXDX) today announced financial results for the fourth quarter and year ended December 31, 2023.

  https://mma.prnewswire.com/media/727214/Accelerate_Diagnostics_Logo.jpg

• Accelerate Diagnostics Reports Fourth Quarter and Full-Year 2023 Financial Results, from 4:05PM ET on Thursday Mar 28, 2024 by Dow Jones

  4:05PM ET on Thursday Mar 28, 2024 by Dow Jones
  Companies Mentioned: AXDX
  payable 295 2,920 273 Accrued liabilities and other (411) (861) (469) Accrued interest 716 (437) (283) Accrued interest from related-party 784 663 -- Deferred revenue and income 2,120 96 75 Deferred compensation 290 66 473 ---------------------- ---------------------- ---------------------- Net cash used in operating activities (40,196) (48,728) (47,323) Cash flows from investing activities: Purchases of equipment (1,035) (554) (603) Purchase of marketable securities -- (27,506) (30,081) Proceeds from sales of marketable securities -- -- 250 Maturities of marketable securities 9,695 40,477 38,738 ---------------------- ---------------------- ---------------------- Net cash provided by investing activities 8,660 12,417 8,304 Cash flows from financing activities: Proceeds from issuance of common stock to related party 4,000 -- -- Proceeds from issuance of common and preferred stock, net -- 32,872 42,880 Proceeds from exercise of options -- 7 1,620 Proceeds from issuance of common stocks under employee purchase plan -- 224 326 Proceeds from issuance of 5.00% Notes 10,000 -- -- Payment of debt -- (80) (360) Payments on finance leases (1,250) (1,201) -- Transaction costs related to debt and equity issuances (3,731) (192) (1,240) ---------------------- ---------------------- ---------------------- Net cash provided by financing activities 9,019 31,630 43,226 ACCELERATE DIAGNOSTICS, INC. CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) (in thousands) Years Ended December 31, ---------------------------------------------------------------------------------- 2023 2022 2021 Effect of exchange rate on cash (250) (312) (90) (Decrease) increase in cash and cash equivalents (22,767) (4,993) 4,117 Cash and cash equivalents, beginning of period 34,905 39,898 35,781 -------------------------- -------------------------- -------------------------- Cash and cash equivalents, end of period $ 12,138 $ 34,905 $ 39,898 ========================== ========================== ========================== Non-cash investing activities: Net transfer of instruments from inventory to property and equipment, net $ 401 $ 168 $ 688 Non-cash financing activities: Exchange of 2.50% Notes and accrued interest for 5.00% Notes $ 56,893 $ -- $ -- Debt premium on issuance of 5.00% Notes $ 6,023 $ -- $ -- Derivative liability $ 38,160 $ -- $ -- Reclassification of bifurcated conversion option to contributed capital $ 26,908 $ -- $ -- Extinguishment of derivative liability in connection with extinguishment of 5.00% Notes $ 380 $ -- $ -- Issuance of common stock in connection with extinguishment of 5.00% Notes $ 819 $ -- $ -- Capital contribution from the exchange of secured note and accrued interest through the issuance of common stock with related party $ 25,366 $ 29,847 $ -- Extinguishment of 2.50% Notes through issuance of common stock $ -- $ 10,180 $ 38,902 2.50% Notes extinguished in connection with exchange transaction $ -- $ 49,624 $ -- Fair value of new note issued in connection with the exchange transaction $ -- $ 16,024 $ -- Fair value of common stock warrant issued in connection with the exchange transaction $ -- $ 3,753 $ -- Right-of-use assets obtained in exchange for finance lease obligations $ 200 $ 3,096 $ -- Supplemental cash flow information: Interest paid $ 122 $ 2,214 $ 4,288 Income taxes $ 363 $ -- $ -- paid, net of refunds See accompanying notes to consolidated financial statements.