10-Q Filing

ACCELERATE DIAGNOSTICS, INC CIK: 727207 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001628280-21-009496`
Period End Date	20210331
Filing Date	20210507
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	axdx-20210331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 42 Cash Flow Statement 64 Stockholders Equity 13

Balance Sheet 79 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
Preferred Stock, shares outstanding (shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$35.78M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$42.73M	USD	Point-in-time
Preferred Stock, shares outstanding (shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Investments	`Investments`	$32.49M	USD	Point-in-time
Investments	`Investments`	$23.95M	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
Common Stock, shares authorized (shares)	`CommonStockSharesAuthorized`	85.00M	shares	Point-in-time
Common Stock, shares authorized (shares)	`CommonStockSharesAuthorized`	85.00M	shares	Point-in-time
Trade accounts receivable	`ReceivablesNetCurrent`	$1.55M	USD	Point-in-time
Trade accounts receivable	`ReceivablesNetCurrent`	$1.98M	USD	Point-in-time
Common Stock, shares issued (shares)	`CommonStockSharesIssued`	57.61M	shares	Point-in-time
Common Stock, shares issued (shares)	`CommonStockSharesIssued`	59.56M	shares	Point-in-time
Inventory	`InventoryNet`	$9.79M	USD	Point-in-time
Inventory	`InventoryNet`	$9.22M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$1.89M	USD	Point-in-time
Common Stock, shares outstanding (shares)	`CommonStockSharesOutstanding`	59.56M	shares	Point-in-time
Common Stock, shares outstanding (shares)	`CommonStockSharesOutstanding`	57.61M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$1.17M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.48M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.78M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$81.81M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$81.99M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$6.13M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.83M	USD	Point-in-time
Right of use assets	`OperatingLeaseRightOfUseAsset`	$3.01M	USD	Point-in-time
Right of use assets	`OperatingLeaseRightOfUseAsset`	$3.18M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$2.12M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$2.02M	USD	Point-in-time
Total assets	`Assets`	$92.67M	USD	Point-in-time
Total assets	`Assets`	$93.42M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.92M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.29M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.99M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$3.22M	USD	Point-in-time
Accrued interest	`InterestAndDividendsPayableCurrent`	$1.26M	USD	Point-in-time
Accrued interest	`InterestAndDividendsPayableCurrent`	$191.00K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$357.00K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$376.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$1.13M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$553.00K	USD	Point-in-time
Current operating lease liability	`OperatingLeaseLiabilityCurrent`	$551.00K	USD	Point-in-time
Current operating lease liability	`OperatingLeaseLiabilityCurrent`	$497.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.97M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.36M	USD	Point-in-time
Non-current operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$3.06M	USD	Point-in-time
Non-current operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$2.90M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$453.00K	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$335.00K	USD	Point-in-time
Long-term debt	`UnsecuredLongTermDebt`	$4.11M	USD	Point-in-time
Long-term debt	`UnsecuredLongTermDebt`	$4.66M	USD	Point-in-time
Convertible notes	`ConvertibleDebtNoncurrent`	$144.21M	USD	Point-in-time
Convertible notes	`ConvertibleDebtNoncurrent`	$141.21M	USD	Point-in-time
Total liabilities	`Liabilities`	$156.24M	USD	Point-in-time
Total liabilities	`Liabilities`	$159.03M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred shares, $0.001 par value	`PreferredStockValue`	-	USD	Point-in-time
Preferred shares, $0.001 par value	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value	`CommonStockValueOutstanding`	$60.00K	USD	Point-in-time
Common stock, $0.001 par value	`CommonStockValueOutstanding`	$58.00K	USD	Point-in-time
Contributed capital	`AdditionalPaidInCapitalCommonStock`	$495.86M	USD	Point-in-time
Contributed capital	`AdditionalPaidInCapitalCommonStock`	$475.07M	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`	$-517.21M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-492.97M	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-9.00K	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$91.00K	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-62.81M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-66.36M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-22.94M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$93.42M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$92.67M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.34M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.52M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.29M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.62M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.05M	USD	1 Quarter
Gross profit	`GrossProfit`	$897.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$6.89M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$5.84M	USD	1 Quarter
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$14.03M	USD	1 Quarter
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$12.94M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$20.92M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$18.79M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-20.03M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-17.73M	USD	1 Quarter
Interest expense	`InterestExpense`	$4.09M	USD	1 Quarter
Interest expense	`InterestExpense`	$3.75M	USD	1 Quarter
Foreign currency exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-159.00K	USD	1 Quarter
Foreign currency exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-128.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterestAndDividend`	$43.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterestAndDividend`	$380.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-6.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-82.00K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-4.21M	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-3.58M	USD	1 Quarter
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-24.24M	USD	1 Quarter
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-21.31M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-24.24M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-21.31M	USD	1 Quarter
Basic and diluted net loss per share (usd per share)	`EarningsPerShareBasicAndDiluted`	$-0.39	USD	1 Quarter
Basic and diluted net loss per share (usd per share)	`EarningsPerShareBasicAndDiluted`	$-0.41	USD	1 Quarter
Weighted average shares outstanding (shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	58.52M	shares	1 Quarter
Weighted average shares outstanding (shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	54.84M	shares	1 Quarter
Net loss	`NetIncomeLoss`	$-24.24M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-21.31M	USD	1 Quarter
Net unrealized (loss) gain on debt securities available-for-sale	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$-19.00K	USD	1 Quarter
Net unrealized (loss) gain on debt securities available-for-sale	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$223.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-15.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-81.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-21.10M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-24.34M	USD	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-24.24M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-21.31M	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$755.00K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$659.00K	USD	1 Quarter
Amortization of investment discount	`InvestmentIncomeNetAmortizationOfDiscountAndPremium`	$-49.00K	USD	1 Quarter
Amortization of investment discount	`InvestmentIncomeNetAmortizationOfDiscountAndPremium`	$4.00K	USD	1 Quarter
Equity-based compensation	`ShareBasedCompensation`	$8.84M	USD	1 Quarter
Equity-based compensation	`ShareBasedCompensation`	$4.20M	USD	1 Quarter
Amortization of debt discount and issuance costs	`AccretionExpense`	$3.00M	USD	1 Quarter
Amortization of debt discount and issuance costs	`AccretionExpense`	$2.67M	USD	1 Quarter
Loss on disposal of property and equipment	`GainLossOnDispositionOfAssets1`	$-432.00K	USD	1 Quarter
Loss on disposal of property and equipment	`GainLossOnDispositionOfAssets1`	-	USD	1 Quarter
Contributions to deferred compensation plan	`DeferredCompensationArrangementWithIndividualContributionsByEmployer`	$112.00K	USD	1 Quarter
Contributions to deferred compensation plan	`DeferredCompensationArrangementWithIndividualContributionsByEmployer`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$9.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$401.00K	USD	1 Quarter
Inventory and instruments in property and equipment	`IncreaseDecreaseInInventories`	$683.00K	USD	1 Quarter
Inventory and instruments in property and equipment	`IncreaseDecreaseInInventories`	$1.74M	USD	1 Quarter
Prepaid expense and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$292.00K	USD	1 Quarter
Prepaid expense and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.01M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$968.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$575.00K	USD	1 Quarter
Accrued liabilities, and other	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$-1.48M	USD	1 Quarter
Accrued liabilities, and other	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$183.00K	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$-1.05M	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$-1.07M	USD	1 Quarter
Deferred revenue and income	`IncreaseDecreaseInContractWithCustomerLiability`	$-19.00K	USD	1 Quarter
Deferred revenue and income	`IncreaseDecreaseInContractWithCustomerLiability`	$-85.00K	USD	1 Quarter
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$118.00K	USD	1 Quarter
Deferred compensation	`IncreaseDecreaseInDeferredCompensation`	$74.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-13.38M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-17.60M	USD	1 Quarter
Purchases of equipment	`PaymentsToAcquireProductiveAssets`	$438.00K	USD	1 Quarter
Purchases of equipment	`PaymentsToAcquireProductiveAssets`	-	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$21.58M	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$7.31M	USD	1 Quarter
Maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$15.83M	USD	1 Quarter
Maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$16.66M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$8.52M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.36M	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$111.00K	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$10.75M	USD	1 Quarter
Proceeds from exercise of options	`ProceedsfromStockOptionsandWarrantsExercised`	$1.32M	USD	1 Quarter
Proceeds from exercise of options	`ProceedsfromStockOptionsandWarrantsExercised`	$1.11M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$11.86M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.43M	USD	1 Quarter
Effect of exchange rate on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-3.00K	USD	1 Quarter
Effect of exchange rate on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-57.00K	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-21.53M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$6.95M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$61.01M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$35.78M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$42.73M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$39.49M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$61.01M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$35.78M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$42.73M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$39.49M	USD	Point-in-time
Net transfer of instruments from inventory to property and equipment	`InventoryTransferredtoFixedAssets`	$306.00K	USD	1 Quarter
Net transfer of instruments from inventory to property and equipment	`InventoryTransferredtoFixedAssets`	$1.28M	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`	-	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`	317,328.00	shares	1 Quarter
Beginning Balance, amount	`StockholdersEquity`	$-62.81M	USD	Point-in-time
Beginning Balance, amount	`StockholdersEquity`	$-66.36M	USD	Point-in-time
Beginning Balance, amount	`StockholdersEquity`	$-22.94M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-24.24M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-21.31M	USD	1 Quarter
Net unrealized (loss) gain on debt securities available-for-sale	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$-19.00K	USD	1 Quarter
Net unrealized (loss) gain on debt securities available-for-sale	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$223.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-15.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-81.00K	USD	1 Quarter
Ending Balance, amount	`StockholdersEquity`	$-62.81M	USD	Point-in-time
Ending Balance, amount	`StockholdersEquity`	$-66.36M	USD	Point-in-time
Ending Balance, amount	`StockholdersEquity`	$-22.94M	USD	Point-in-time

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