William Blair resumes Accelerate Diagnostics coverage with 'outperform'

Accelerate Diagnostics

02/09/2022 13:51

** William Blair resumes coverage of Accelerate Diagnostics
 AXDX.O  with an 'outperform' rating, citing management efforts
to improve sales
    ** Brokerage in May had suspended its rating on the stock
citing a financial overhang due to a slow revenue ramp up and
high cash burn
    ** Co, during its latest reported quarter, said adoption of
its microbial diagnostic products was being challenged by
laboratory staffing issues stemming from the pandemic
    ** In August, co entered an agreement with Becton Dickinson
 BDX.N  under which BDX would sell its rapid testing systems
through its global sales network
    ** William Blair says since May, co has taken "proactive
steps to address sales execution" and believes the partnership
with BDX paves the way for rapid revenue growth in 2023
    ** Up to Thursday's close, AXDX lost ~68% YTD

 (Reporting by Khushi Mandowara)
 ((Khushi.Mandowara@thomsonreuters.com;))