John Patience, a director at Accelerate Diagnostics, Inc. (NASDAQ:AXDX), has made a significant acquisition of the company's common stock. The transaction comes as the stock has shown mixed performance, falling 60% year-to-date while gaining 35% over the past six months. According to a recent SEC filing, Patience purchased 200,000 shares at a price of $1.57 each, totaling $314,000. The shares were acquired in a private transaction from Jack Schuler, a member of the company's board of directors. Following this acquisition, Patience holds 653,224 shares through the John Patience Living Trust. Additionally, he maintains holdings of 3,941 shares in an IRA and 214,046 shares through Patience Enterprises LP. According to InvestingPro analysis, the stock appears undervalued despite facing significant cash burn challenges. InvestingPro subscribers have access to 6 additional key insights about AXDX's financial health and growth prospects.
In other recent news, Accelerate Diagnostics Inc (NASDAQ:AXDX). has reported a slight decline in net sales to $3 million for the third quarter of 2024, down from $3.3 million in the same quarter of the previous year. The decrease was attributed mainly to lower instrument sales. However, the company's gross margin improved significantly to 29%, up from 3% in the previous year, driven by an increase in consumable sales. Despite a net loss of $14.6 million for the quarter, the company has managed to reduce cash burn to $5 million per quarter.
In addition to financial results, the company has also received FDA 510(k) clearance for the Accelerate Arc system, marking a significant milestone in its operations. The WAVE system clinical trial is also progressing well, with FDA submission expected in the first quarter of 2025.
These recent developments highlight Accelerate Diagnostics Inc.'s strategic focus on product innovation and financial management, despite the challenges presented by the current financial period. The company's leadership remains committed to expanding its market reach beyond the U.S. and EMEA, while maintaining sufficient operational cash through year-end 2025.
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