Accelerate Diagnostics, Inc. (NASDAQ:AXDX) Q1 2022 Earnings Conference Call May 16, 2022 4:30 PM ET

Company Participants

Laura Pierson – Investor Relations

Jack Phillips – Chief Executive Officer

Steve Reichling – Chief Financial Officer

Conference Call Participants

Operator

Good day, and welcome to the Accelerate Diagnostics, Inc. 2022 First Quarter Results Conference Call. All participants will be in listen-only mode. After today's presentation, there will be a question-and-answer session. Please note, this event is being recorded.

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, 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 first quarter 2022 earnings call. We were pleased to see improved access to current and prospective customers in the latter part of the first quarter. This positive trend contributed to the achievement of commercial results consistent with our expectations.

We also achieved all product development milestones for the quarter. As promised, we launched as an RUO our new rapid MALDI sample preparation solution, ARC prior to the quarter end, and today announced its launch as an IVD ahead of schedule.

ARC, in its early days of commercialization has already generated numerous evaluations and inbound interest from potential commercial partners. In addition to ARC, we completed enhancements to Pheno and lock the design of our Pheno 2 platform. Before providing additional details on our progress during the quarter, I'd like to hand it over to Steve to review our first quarter financial results. Steve?

Steve Reichling

Thank you, Jack, and good afternoon, everyone. Net sales were $3 million in the first quarter compared to $2.5 million for the same period in 2021. This year-over-year sales increase was driven by 29% growth in recurring revenues, while instrument revenues decreased over the same period.