Accelerate Diagnostics, Inc. (NASDAQ:AXDX) Q4 2022 Earnings Call Transcript

David Patience: Yes. Thank you, Alex. As Jack mentioned in his prepared remarks, it’s about reach and effectiveness. So reach would be just bringing folks into the funnel for us. But we spent the better half of the fourth quarter, very much focused on integrating our sales process with their sales process. So that’s the roles and responsibilities by sales stage. And you’d imagine that we’re very good at certain aspects of the sale, and that would be driving clinical value through rapid susceptibility. But also BD has a very thorough relationship with the hospital, the labs and all the key stakeholders. And so it is an amalgamation of bringing our specialties together. So by no means is them feeding us opportunities. They’re a true partner in this process.

And so the BD rep and the Accelerate rep are working in tandem identify key stakeholders by stage to drive more effective closes as we move these new opportunities through the funnel into close. Does that answer your question?

Alex Nowak: Yes, it does. Yes, it does. And then I guess maybe the last question I’ll ask here to kind of multiparter again here. But the big elephant in the room here is the — is the debt overhang. We’ve reached the end of the forbearance or the original forbearance extension, meaning can you give us what the new extension date on the notes is, what’s the kind of the terms around that extension are? And then just bigger picture, I mean, ultimately, how to resolve this? What additional details can you give for, whether it be shareholders or debt holders around getting this resolved in a good way for the company and ultimately the stakeholders?

Jack Phillips: Yes, absolutely. I expected the question. So first of all, I totally recognize that for our shareholders, for also our employees and also the debt holders. I mean this is — this is the big question. And I would say this, first and foremost, we’re working day and night to come up with a good solution here. We’re active in — in active dialogue with an ad hoc group of debt holders, about 85% of the overall debt holders are represented in this ad hoc group. The reason why we’re extending the forbearance again or from what we did is — the reason why we’re extending is because we are in active dialogue and productive dialogue. You — I can share that the forbearance extension is through April 5. That is, I would also say that’s extendable beyond that to April 14 right now, but we’ve extended it to April 5.

We will come to a resolution on this in some way. And again, we are optimistic at this point that hopefully, it will be a consensual agreement that we come to. And again, we’re working literally day and night on resolving this. And I can say in the next couple of weeks, I’m confident that we’ll have an update on where we’re at in the form of an 8-K likely.

Alex Nowak: Okay. I appreciate the update. Thank you.

Jack Phillips: Thank you.

Operator: The next question is from Andrew Brackmann with William Blair. Please go ahead.

Dustin Scaringe: Hi, guys. This is Dustin on for Andrew. Maybe just a question about current access levels. Obviously, this has been mentioned many times in the past that dynamic has affected your ability to sell there. But what are access levels like now? Has the pandemic faded away and that’s why you’re not seeing any more impediments to selling in labs and reaching out to lab directors?