10-Q Filing

ACCELERATE DIAGNOSTICS, INC CIK: 727207 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001628280-20-007203`
Period End Date	20200331
Filing Date	20200508
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	axdx-20200331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 81 Income Statement 42 Cash Flow Statement 71 Stockholders Equity 13

Balance Sheet 81 line items

Line Item	Tag	Value	Unit	Period
Preferred Stock, par value (usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, par value (usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, shares authorized (shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred Stock, shares authorized (shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$39.49M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$61.01M	USD	Point-in-time
Preferred Stock, shares outstanding (shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred Stock, shares outstanding (shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Investments	`Investments`	$47.44M	USD	Point-in-time
Investments	`Investments`	$52.52M	USD	Point-in-time
Common Stock, par value (usd per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, par value (usd per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Trade accounts receivable	`ReceivablesNetCurrent`	$3.14M	USD	Point-in-time
Common Stock, shares authorized (shares)	`CommonStockSharesAuthorized`	85.00M	shares	Point-in-time
Trade accounts receivable	`ReceivablesNetCurrent`	$3.22M	USD	Point-in-time
Common Stock, shares authorized (shares)	`CommonStockSharesAuthorized`	85.00M	shares	Point-in-time
Common Stock, shares issued (shares)	`CommonStockSharesIssued`	54.71M	shares	Point-in-time
Inventory	`InventoryNet`	$8.06M	USD	Point-in-time
Common Stock, shares issued (shares)	`CommonStockSharesIssued`	54.99M	shares	Point-in-time
Inventory	`InventoryNet`	$8.53M	USD	Point-in-time
Common Stock, shares outstanding (shares)	`CommonStockSharesOutstanding`	54.99M	shares	Point-in-time
Common Stock, shares outstanding (shares)	`CommonStockSharesOutstanding`	54.71M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$955.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$1.77M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.17M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.29M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$106.74M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$121.85M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$7.91M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$8.64M	USD	Point-in-time
Right of use assets	`OperatingLeaseRightOfUseAsset`	$3.74M	USD	Point-in-time
Right of use assets	`OperatingLeaseRightOfUseAsset`	$3.92M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$750.00K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$868.00K	USD	Point-in-time
Total assets	`Assets`	$119.99M	USD	Point-in-time
Total assets	`Assets`	$134.42M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.40M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.35M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.43M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$3.83M	USD	Point-in-time
Accrued interest	`InterestAndDividendsPayableCurrent`	$191.00K	USD	Point-in-time
Accrued interest	`InterestAndDividendsPayableCurrent`	$1.26M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$186.00K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$271.00K	USD	Point-in-time
Current operating lease liability	`OperatingLeaseLiabilityCurrent`	$450.00K	USD	Point-in-time
Current operating lease liability	`OperatingLeaseLiabilityCurrent`	$453.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.66M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.16M	USD	Point-in-time
Non-current operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$3.58M	USD	Point-in-time
Non-current operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$3.47M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$93.00K	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$19.00K	USD	Point-in-time
Convertible notes	`ConvertibleDebtNoncurrent`	$130.04M	USD	Point-in-time
Convertible notes	`ConvertibleDebtNoncurrent`	$132.72M	USD	Point-in-time
Total liabilities	`Liabilities`	$141.80M	USD	Point-in-time
Total liabilities	`Liabilities`	$142.94M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred shares	`PreferredStockValue`	-	USD	Point-in-time
Preferred shares	`PreferredStockValue`	-	USD	Point-in-time
Common stock	`CommonStockValueOutstanding`	$55.00K	USD	Point-in-time
Common stock	`CommonStockValueOutstanding`	$55.00K	USD	Point-in-time
Contributed capital	`AdditionalPaidInCapitalCommonStock`	$452.34M	USD	Point-in-time
Contributed capital	`AdditionalPaidInCapitalCommonStock`	$457.99M	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$45.07M	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$45.07M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-414.65M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-436.07M	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-58.00K	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$150.00K	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-7.38M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-22.94M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$42.97M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$119.99M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$134.42M	USD	Point-in-time
Preferred Stock, par value (usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, par value (usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, shares authorized (shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred Stock, shares authorized (shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Common Stock, par value (usd per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, par value (usd per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.75M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.34M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.29M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$916.00K	USD	1 Quarter
Gross profit	`GrossProfit`	$834.00K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.05M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$6.93M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$5.84M	USD	1 Quarter
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$12.94M	USD	1 Quarter
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$12.72M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$18.79M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$19.66M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-18.82M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-17.73M	USD	1 Quarter
Interest expense	`InterestExpense`	$3.75M	USD	1 Quarter
Interest expense	`InterestExpense`	$3.46M	USD	1 Quarter
Foreign currency exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-128.00K	USD	1 Quarter
Foreign currency exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-59.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterestAndDividend`	$842.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterestAndDividend`	$380.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingExpense`	$2.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingExpense`	$82.00K	USD	1 Quarter
Total other expense, net	`OtherNonoperatingIncomeExpense`	$-3.58M	USD	1 Quarter
Total other expense, net	`OtherNonoperatingIncomeExpense`	$-2.68M	USD	1 Quarter
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-21.50M	USD	1 Quarter
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-21.31M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$221.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-21.31M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-21.72M	USD	1 Quarter
Basic and diluted net loss per share (usd per share)	`EarningsPerShareBasicAndDiluted`	$-0.40	USD	1 Quarter
Basic and diluted net loss per share (usd per share)	`EarningsPerShareBasicAndDiluted`	$-0.39	USD	1 Quarter
Weighted average shares outstanding (shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	54.84M	shares	1 Quarter
Weighted average shares outstanding (shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	54.34M	shares	1 Quarter
Net loss	`NetIncomeLoss`	$-21.31M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-21.72M	USD	1 Quarter
Net unrealized gain on debt securities available-for-sale	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$121.00K	USD	1 Quarter
Net unrealized gain on debt securities available-for-sale	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$223.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-76.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-15.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-21.68M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-21.10M	USD	1 Quarter

Cash Flow Statement 71 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-21.31M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-21.72M	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$626.00K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$755.00K	USD	1 Quarter
Amortization of investment discount	`InvestmentIncomeNetAmortizationOfDiscountAndPremium`	$180.00K	USD	1 Quarter
Amortization of investment discount	`InvestmentIncomeNetAmortizationOfDiscountAndPremium`	$4.00K	USD	1 Quarter
Equity-based compensation	`ShareBasedCompensation`	$3.40M	USD	1 Quarter
Equity-based compensation	`ShareBasedCompensation`	$4.20M	USD	1 Quarter
Provision for bad debt expense	`ProvisionForDoubtfulAccounts`	$8.00K	USD	1 Quarter
Provision for bad debt expense	`ProvisionForDoubtfulAccounts`	-	USD	1 Quarter
Amortization of debt discount and issuance costs	`AccretionExpense`	$2.67M	USD	1 Quarter
Amortization of debt discount and issuance costs	`AccretionExpense`	$2.39M	USD	1 Quarter
Unrealized loss on equity investments	`UnrealizedGainLossOnInvestments`	$-8.00K	USD	1 Quarter
Unrealized loss on equity investments	`UnrealizedGainLossOnInvestments`	-	USD	1 Quarter
Realized loss (gain) on sale of investments	`GainLossOnSaleOfInvestments`	$-3.00K	USD	1 Quarter
Realized loss (gain) on sale of investments	`GainLossOnSaleOfInvestments`	$2.00K	USD	1 Quarter
Loss on disposal of property and equipment	`GainLossOnDispositionOfAssets1`	$-432.00K	USD	1 Quarter
Loss on disposal of property and equipment	`GainLossOnDispositionOfAssets1`	$-329.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$90.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$9.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$1.74M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$1.57M	USD	1 Quarter
Prepaid expense and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.03M	USD	1 Quarter
Prepaid expense and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.04M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$968.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.15M	USD	1 Quarter
Accrued liabilities, and other	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$-1.79M	USD	1 Quarter
Accrued liabilities, and other	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$-1.48M	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$-1.07M	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$-1.07M	USD	1 Quarter
Deferred revenue and income	`IncreaseDecreaseInContractWithCustomerLiability`	$-85.00K	USD	1 Quarter
Deferred revenue and income	`IncreaseDecreaseInContractWithCustomerLiability`	$74.00K	USD	1 Quarter
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$74.00K	USD	1 Quarter
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$-7.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-17.60M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-19.50M	USD	1 Quarter
Purchases of equipment	`PaymentsToAcquireProductiveAssets`	$37.00K	USD	1 Quarter
Purchases of equipment	`PaymentsToAcquireProductiveAssets`	$438.00K	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$12.83M	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$21.58M	USD	1 Quarter
Proceeds from sales of marketable securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	-	USD	1 Quarter
Proceeds from sales of marketable securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$9.00M	USD	1 Quarter
Maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$28.66M	USD	1 Quarter
Maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$16.66M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.36M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$24.80M	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$1.00M	USD	Point-in-time
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$111.00K	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$139.00K	USD	1 Quarter
Proceeds from exercise of options	`ProceedsfromStockOptionsandWarrantsExercised`	$1.32M	USD	1 Quarter
Proceeds from exercise of options	`ProceedsfromStockOptionsandWarrantsExercised`	$3.68M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.43M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.82M	USD	1 Quarter
Effect of exchange rate on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-61.00K	USD	1 Quarter
Effect of exchange rate on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-3.00K	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$9.05M	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-21.53M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$39.49M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$75.31M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$66.26M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$61.01M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$39.49M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$75.31M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$66.26M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$61.01M	USD	Point-in-time
Transfer of instruments from inventory to property and equipment	`InventoryTransferredtoFixedAssets`	$1.28M	USD	1 Quarter
Transfer of instruments from inventory to property and equipment	`InventoryTransferredtoFixedAssets`	$769.00K	USD	1 Quarter
Interest paid	`InterestPaidNet`	$2.14M	USD	1 Quarter
Interest paid	`InterestPaidNet`	$2.14M	USD	1 Quarter
Income taxes paid, net of refunds	`IncomeTaxesPaidNet`	$2.00K	USD	1 Quarter
Income taxes paid, net of refunds	`IncomeTaxesPaidNet`	$26.00K	USD	1 Quarter

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Exercise of options (shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	266,725.00	shares	1 Quarter
Beginning Balance, amount	`StockholdersEquity`	$-7.38M	USD	Point-in-time
Beginning Balance, amount	`StockholdersEquity`	$-22.94M	USD	Point-in-time
Beginning Balance, amount	`StockholdersEquity`	$42.97M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-21.31M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-21.72M	USD	1 Quarter
Unrealized loss on available-for-sale securities	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$121.00K	USD	1 Quarter
Unrealized loss on available-for-sale securities	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$223.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-76.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-15.00K	USD	1 Quarter
Ending Balance, amount	`StockholdersEquity`	$-7.38M	USD	Point-in-time
Ending Balance, amount	`StockholdersEquity`	$-22.94M	USD	Point-in-time
Ending Balance, amount	`StockholdersEquity`	$42.97M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.