Accelerate Diagnostics has doubled its revenues in the last quarter of 2017 compared to the last year’s same period. The company reported revenue for Q4 of $2.1 million.
Accelerate also said that it has signed agreements for 337 instruments. Contracts for customer evaluations covered 259 instruments while revenue placements totaled 78 across the U.S., European, and Middle East regions.
The company’s big increase in net sales to $4.2 million for the year from $246,000 in 2016, was driven by sales of the sepsis intervention solution, as well as antimicrobial stewardship, the Accelerate Pheno system and Accelerate PhenoTest BC kit. The U.S. Food and Drug Administration (FDA) reviewed and permitted marketing of the system and kit in late February 2017, Accelerate noted.
There reasons for optimism into its launch year were justified, as it was a successful one, said Lawrence Mehren, President and CEO.
“Now, with the recent data showing significant reductions in sepsis mortality from our first clinical customer, we’ve reached an important point where other hospitals, and the government, have started to notice. This is good news and we believe points to an exciting year ahead. A huge thanks to the entire team and especially our customers.”
More revnue in 2018
Accelerate Diagnostics says it will in 2018 focus on revenue and its respiratory test, the Accelerate PhenoTest svBP kit, targeting severe pneumonia. Testing the new kit should happen in second and third quarters of 2018, followed by a submission for review by the FDA.
Full year 2018 revenue is expected to be between $21 to $30 million, with heavy weighting on the second half of the year. Pricing for the BC kit is expected to hold as it did in 2017, above $200 per kit with potential to increase slightly with demand. Capital mix is targeted above 50%, the company said.
The company’s stocks moved between $22.95 and $25.05, to lastly seen at $24.90.