Accelerate Diagnostics, Inc. (NASDAQ:AXDX) Q2 2024 Earnings Conference Call August 8, 2024 4:30 PM ET
Company Participants
Laura Pierson - Investor Relations Officer
Jack Phillips - President and CEO
David Patience - Chief Financial Officer
Conference Call Participants
Andrew Brackmann - William Blair
Operator
Good day. And welcome to the Accelerate Diagnostics Incorporated Second Quarter 2024 Results Conference Call. All participants will be in a listen-only mode. After today’s presentation, there will be a question-and-answer session with covering analysts. Please note this event is being recorded.
I would now like to turn the conference over to Ms. 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, 2023, 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. Today, I would like to provide exciting updates on our Wave program, including the preclinical trial results, commercial readiness progress, and meaningful incremental funding to further deliver strategic milestones. I will then pass the call to David Patience, our CFO, to summarize our financial results for the quarter before opening up the call to take questions from our analysts.
As a reminder, Accelerate is uniquely positioned to disrupt the microbiology susceptibility testing market with our second-generation antimicrobial susceptibility system, Wave. Wave addresses the entire AST market, including both positive blood culture and traditional isolated colony testing.
The combined global AST market is estimated at $2 billion. By processing all AST testing on the same instrument, with a cost structure competitive to the market leaders in traditional automated isolated colony testing, customers will have the opportunity to consolidate all testing on a single AST platform.
Further, Wave’s product differentiators include same-shift results in 4.5 hours on average, a lab-friendly workflow which does not require sample preparation instruments, a scalable platform to meet the testing needs of all lab segments, while delivering a significantly improved cost structure to return higher platform margins and incremental cash flow generation.