Accelerate Diagnostics, Inc. (NASDAQ:AXDX) Q2 2022 Earnings Conference Call August 15, 2022 4:30 PM ET
Company Participants
Laura Pierson - Investor Relations
Jack Phillips - President and Chief Executive Officer
Steve Reichling - Chief Financial Officer
Conference Call Participants
Brian Weinstein - William Blair
Operator
Good day, and welcome to the Accelerate Diagnostics Second Quarter 2022 Earnings Call. All participants will be in listen-only mode. [Operator Instructions] Please note that this event is being recorded.
I would like to turn the call over to Ms. 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, 2021, 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 second quarter 2022 earnings call. On today's call, we will discuss our exciting new partnership with Becton Dickinson, our second quarter financial results and other consequential developments from the quarter of which there are many.
This morning we announced an exclusive global commercial partnership with Becton Dickinson. The combination of BD's leadership position in my microbiology and our innovative products will deliver immediate commercial synergy and strategic value to both companies. I will detail the terms of this arrangement, our rationale for entering into it, and it's many benefits later in my prepared remarks.
The second quarter's financial and product development results were consistent with our expectations. In addition to strong revenue growth, we made meaningful progress in product development and took another consequential step to improve our balance sheet. Before providing additional detail on our progress during, I would like to hand it over to our Chief Financial Officer, Steve Reichling, to review our second quarter financial results.
Over to your steve.
Steve Reichling
Thank you Jack, and good afternoon every one. Our net sales were $3.9 million for the quarter and $6.8 million year-to-date. This compares to $2.8 and $5.3 million from the same period of the prior year. This represents growth of 39% and 28% over these periods respectively. The strong and accelerating growth resulted from steady increases in recurring revenues and positive contribution from capital revenue deals struck in the second quarter.