Accelerate Diagnostics, Inc. (NASDAQ:AXDX) Q2 2023 Earnings Conference Call August 10, 2023 4:00 PM ET

Company Participants

Laura Pierson - IR Officer

Jack Phillips - CEO, President & Director

David Patience - CFO, Principal Financial Officer & Principal Accounting Officer

Conference Call Participants

Conner Chamberlain - Craig-Hallum

Dustin Scaringe - William Blair & Company

Operator

Good day, and welcome to the Accelerate Diagnostics, Inc. 2023 Q2 Results Conference Call. [Operator Instructions].

I would now like to turn the conference over to Laura Pierson, of Accelerate Diagnostics. Please go ahead.

Laura Pierson

Before we begin, it is important to share that information presented during this call may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include projections, statements about our future and those that are not historical facts. All forward-looking statements that are made during this conference call are subject to risks, uncertainties and other factors that could cause our actual results to differ materially. These are discussed in greater detail in our annual report on Form 10-K for the year ended December 31, 2022, and other reports we file with the SEC.

It is my pleasure to now introduce the company's President and CEO, Jack Phillips.

Jack Phillips

Thank you, Laura. Good afternoon, and welcome to our Second Quarter Earnings Call. Today's call will focus on our second quarter results and include several updates on our strategic priorities. My commentary will focus on our top 3 strategic priorities. First, I would like to review our innovation advancements with our next-generation susceptibility platform Wave. Our second priority is to continue to grow market share through our Becton Dickinson partnership with Pheno and our sample preparation instrument ARC.

And finally, continuing to build financial strength, which I will touch on closing out our debt restructuring transaction and reducing our cash burn.

Before I discuss these important strategic priorities further, I'd like to hand it over to our Chief Financial Officer, David Patience, to review our preliminary second quarter financial results. David?

David Patience

Thank you, Jack. And good afternoon, everyone. In the second quarter, the U.S. contracted 13 new Pheno instruments. We ended the quarter with a revenue-generating installed base of 339 Pheno instruments and a backlog of 70 instruments pending implementation. Net sales were approximately $2.9 million in the second quarter and $5.7 million year-to-date. This compares to approximately $3.9 million and $6.8 million for the same period in 2022.