Jack Schuler, a director and significant shareholder of Accelerate Diagnostics, Inc. (NASDAQ:AXDX), recently sold 200,000 shares of the company's common stock in a private transaction. According to InvestingPro data, this sale comes as the company faces significant financial challenges, with a market capitalization of just $39.4 million and a concerning cash burn rate. The shares were sold to John Patience, a fellow board member, for tax planning purposes, at a price of $1.57 per share, totaling $314,000. Following this transaction, Schuler holds 8,310,388 shares indirectly through the Jack W. Schuler Living Trust. The stock, which has fallen 63% over the past year, currently trades below its InvestingPro Fair Value, though investors should note the company's weak financial health score of 1.65 out of 5. For deeper insights into AXDX's valuation and financial metrics, access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Accelerate Diagnostics Inc (NASDAQ:AXDX). disclosed its Q3 2024 financial results, revealing a decrease in net sales to $3 million from $3.3 million year-over-year. On a positive note, the company reported an improved gross margin of 29%, up from the previous year's 3%, and an uptick in consumable sales. Despite a net loss of $14.6 million, the company's financial management strategy has led to a reduction in cash burn to $5 million per quarter.
In addition to financial details, the company announced the FDA 510(k) clearance and launch of the Accelerate Arc system. Progress was also noted in the clinical trial of the WAVE system, which is expected to be submitted to the FDA in Q1 2025.
These recent developments highlight the company's ongoing efforts to innovate and expand, even in the face of financial challenges. The company's leadership remains committed to maintaining operational cash through the end of 2025 and expanding its market reach beyond the U.S. and EMEA.
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