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In Brief This Week: Labcorp, QuantuMDx, LumiraDx, Danaher, Thermo Fisher Scientific, and More

NEW YORK – Laboratory Corporation of America said this week that it has completed its acquisition of cancer genomics firm Personal Genome Diagnostics for $450 million in cash, with the possibility of $125 million in additional payments based on future performance milestones. Labcorp said the deal will expand its next-generation sequencing oncology portfolio and accelerate development of its liquid biopsy capabilities. The company first announced the purchase in December 2021.

QuantuMDx said this week that its rapid PCR SARS-CoV-2 test has been approved for continued sale in the UK under the Health Security Agency's Medical Devices regulations, which require antigen-based and molecular COVID-19 tests to undergo a desktop review in order to be sold in the region. The multiplex, PCR-based, point-of-care test provides results in 30 minutes.

LumiraDx said this week that its rapid COVID-19 molecular test, LumiraDx SARS-CoV-2 RNA Star Complete, has been validated by the UK's Coronavirus Test Device Approvals (CTDA) and approved by the UK Medicines and Healthcare products Regulatory Agency (MHRA). The test uses a single-step method for nucleic acid extraction and amplification on RT-PCR instruments and can produce results within 20 minutes. Earlier this month, LumiraDx already received UK CTDA and MHRA approval for its SARS-CoV-2 Antigen Test.

Danaher said this week that its board of directors has approved a regular quarterly cash dividend of $.25 per share of its common stock, payable on April 29 to shareholders of record as of March 25. The board also approved a quarterly cash dividend of $11.875 per share of its 4.75 percent Series A Mandatory Convertible Preferred Stock, payable on April 15 to shareholders of record as of March 31. In addition, the board has approved a quarterly cash dividend of $12.50 per share of its 5.00 percent Series B Mandatory Convertible Preferred Stock, payable on April 15 to shareholders of record as of March 31.

Swedish molecular diagnostics firm Devyser Diagnostics said this week that its net sales for the fourth quarter of 2021 rose about 38 percent year over year to SEK 24.5 million ($2.6 million). The company recorded an operating loss of SEK 13.9 million, or SEK .87 per share, for Q4. For full-year 2021, Devyser had net sales of SEK 93.5 million, up 42 percent year over year. Its operating loss was SEK 21.2 million, or SEK 1.85 per share, for the year.

Amoy Diagnostics, Riken Genesis, and Precision Medicine Asia this week submitted an application for approval of the AmoyDx Pan Lung Cancer PCR Panel in Japan as a companion diagnostic to select non-small cell lung cancer patients with ROS1 fusion genes for treatment with Genentech's Rozlytrek (entrectinib), which is marketed in Japan by Chugai Pharmaceutical. The AmoyDx lung cancer panel has already received approval in Japan to screen NSCLC patients for ROS1 gene fusions for treatment with Pfizer's Xalkori (crizotinib).

Diagnostic device developer rHealth said this week that its One blood analyzer instrument was successfully launched into space aboard NASA Commercial Resupply Mission NG-17. The instrument was delivered to the International Space Station via the NG-17 Cygnus spacecraft, launched by a Northrop Grumman Antares Rocket, rHealth said. The One system is a universal biomedical analyzer that can perform cell counts as well as analyses of chemistry, small molecules, biomarkers, and nucleic acids using a drop of blood, urine, or other biological fluid, or a swab. The system will be operated by NASA astronauts as part of a technology demonstration in the coming months.

Cell analysis company Cytek Biosciences this week reported a 27 percent increase in fourth quarter 2021 revenues. For the quarter ended Dec. 31, the Fremont, California-based company recorded $38.9 million in revenues. It posted a net income of $300,000 in Q4, down from a net income of $5.6 million in Q4 2020. During the quarter, it expanded its installed instrument base by 140 to a total of 1,110 instruments.

For full-year 2021, Cytek had $128 million in revenues, up 38 percent from $92.8 million in 2020. Net income in 2021 was $4.4 million, or $0 per share, compared to $19.4 million, or $.10 per share, in 2020. Adjusted EPS was $.09. Research and development costs were $24.4 million in 2021, up 78 percent from $13.7 million the previous year. SG&A costs totaled $45.5 million, up 86 percent from $24.4 million in 2020.

Cytek ended the year with $364.6 million in cash and cash equivalents. For 2022, the company expects revenues in the range of $160 million to $168 million.

German molecular genetic testing company CeGaT said this week that it has received DIN EN ISO 17025 accreditation from DAkkS, a national accreditation authority, after meeting all requirements of the standard for testing, calibration, reporting, and proficiency testing.

Thermo Fisher Scientific said this week that its board of directors has authorized a quarterly cash dividend of $.30 per common share, payable on April 14 to shareholders of record as of March 16. This reflects a 15 percent increase over the previous dividend payment of $.26 per share.

In Brief This Week is a selection of news items that may be of interest to our readers but had not previously appeared on 360Dx.