Accelerate Diagnostics, Inc. (NASDAQ:AXDX) Q4 2022 Earnings Conference Call March 29, 2023 4:30 PM ET
Company Participants
Laura Pierson - IR
Jack Phillips - President and CEO
Steve Reichling - outgoing-CFO
David Patience - incoming-CFO
Conference Call Participants
Alex Nowak - Craig-Hallum
Dustin Scaringe - William Blair
Operator
Good afternoon, and welcome to the Accelerate Diagnostics Fourth Quarter 2022 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.
I would now like to turn the conference over to Laura Pierson. 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, everyone, and welcome to our fourth quarter earnings call.
Today's call will focus on our fourth quarter and full year results. I will also provide an update on three important strategic priorities; one, building financial strength. This includes restructuring our current debt obligation and reducing our cash burn while improving our operational efficiency; number two, growing market share through our Becton Dickinson partnership; and number three, delivering on innovation by advancing our next-generation susceptibility platform.
Before providing additional detail on each of these areas, I would like to hand it over to our outgoing Chief Financial Officer, Steve Reichling to review our fourth quarter financial results. Steve?
Steve Reichling
Thank you, Jack, and good afternoon, everyone.
Net sales were $3 million for the quarter and $12.8 million year-to-date. This compares to $3.3 million and $11.8 million for the same period in the prior year. This represents a decline of 9% as compared to the fourth quarter of 2021, while full year revenues grew by 8% year-over-year. This fourth quarter 2022 decline was due to fluctuations in the timing of capital revenue.