AXDX shares up 70% as new rapid AST platform delivers encouraging pre-clinical results Following encouraging preclinical trials for its ''Wave'' antimicrobial susceptibility testing platform in early August - see PR here - Accelerate Diagnostics shares (AXDX US, nc) are up 70%. Our understanding is that the group will now move in clinical trial and preparing to submit to the FDA for regulatory approval in the fall, suggesting commercial roll out potentially in late 2025e/2026e. Wave achieves slightly shorter time-to-results vs BIM''s Vitek Reveal... The limited commercial success of AXDX Pheno systems and Arc module was time to result, in our view. However, we understand that the Wave platform effectively delivers same shift results with a time-to-results of c4.5hours on average, slightly faster than BIM''s Vitek Reveal performance (c5.5hours in average). It is unclear to us if the Wave platform could fall in the scope of the distribution agreement between AXDX and Becton Dickinson (BDX US, nc) inked in 2022 - which has not delivered. ...but we see limited threat While investors could perceive this as increased competition, we do not see BIM''s leadership in microbiology (40% market share) nor Vitek Reveal sales threatened by ADXD''s new platform. BIM benefits from a strong reputation while AXDX - despite BD commercial agreement - could face defiance from labs given previous platforms disappointed. And we note the rapid AST market has been a graveyard for smaller players e.g. QLINEA (nc). Moreover, BIM''s Vitek Reveal reduced sales target of EUR40m by 2028e is undemanding, in our view, and represents a marginal contribution to projected group''s sales (BNPP ests. 1%). BIM will report H1 2024 results Thursday 5th September.