Accelerate Diagnostics, Inc. (NASDAQ:AXDX) Q3 2023 Earnings Conference Call November 9, 2023 4:30 PM ET

Company Participants

Laura Pierson - IR Officer

Jack Phillips - President & Chief Executive Officer

David Patience - Chief Financial Officer

Conference Call Participants

Andrew Brackmann - William Blair

Albert Hu - Craig-Hallum

Operator

Good day, and welcome to the Accelerate Diagnostics, Inc. 2023 Third Quarter Results Conference Call. All participant’s 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, 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 third quarter earnings call. In the quarter, we initiated our clinical trial for ARC, continue to hit development milestones with our Wave platform and continue to grow the market through our partnership with Becton Dickinson.

Turning first to ARC. As a reminder, the ARC system is designed for clinical laboratories as a simple load and go workflow that automates direct from positive blood culture sample preparation for downstream microbial identification using MALDI-TOF. This solution enables on-demand processing of samples without the need for an overnight culture incubation, reducing the wait time for identification results. Customers will now have an automated, cost-competitive alternative for rapid positive blood culture ID compared to molecular solutions by using their existing MALDI-TOF systems.

Clinical laboratories are under pressure to run FDA-cleared devices with increased legislation and enforcement of laboratory developed tests. Thus, there will be great value in providing labs with an FDA-cleared device. We have already initiated our clinical trial and one site has already completed fresh sample enrollment. Our intent is to submit to the FDA over the coming months, which will ensure seamless laboratory adoption with the first FDA-cleared automated sample preparation. We are making great progress with ARC and hopefully, more exciting news to come shortly.