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In vitro diagnostics company Accelerate Diagnostics (AXDX) fell ~15% after reporting a miss in Q3 revenue and lowering FY22 guidance.
Q3 GAAP EPS was -$0.18 beats by $0.02, while revenue stood at $2.96M (-5.1% Y/Y) misses by $790.00K.
Net sales stood at $3M, compared to $3.1M in the year-ago period. The decrease was driven by the timing of capital equipment sales.
Recurring revenues continued to grow sequentially Q/Q and over comparable periods from the prior year.
Gross margin decreased Q/Q to 26% from 32% on account of inflation to manufacturing costs and other factors.
The company ended the quarter with cash and investments of $55.4M.
"Hospitals are slowly regaining their footing and seeing their patient mix improve. This has contributed to a full return to pre-pandemic levels of bloodstream infection testing and more predictable customer consumable purchases. What has been slower to recover is hospital staffing levels," Jack Phillips said during the company's Q3 earnings call.
"Record turnover persist, resulting in high vacancy rates throughout the hospital, including a lack of adequate lab technicians. This continues to negatively impact hospital's ability to take on new projects. And as a result, our ability to close new business," Phillips said.
"We had several U.S. customers in the contracting phase, which we plan to close in the fourth quarter and which are now on hold. Due to these delayed capital revenue opportunities, we now expect to come in just below the low end of our revenue guidance of $13M to $14M for the year," Phillips said.
Consensus revenue estimate stands at $14.40M.