NEW YORK – LumiraDx on Thursday reported that its second quarter revenues dropped 49 percent to $44.7 million from $87.2 million in the year-ago quarter, driven largely by lower COVID-19 testing demand. Test strips on the LumiraDx platform accounted for $28 million in revenues, while Fast Lab Solutions’ molecular reagents delivered $10 million, almost entirely from COVID-19 products, the company said. LumiraDx’s net loss for Q2 was $147.5 million, or $.58 per share, compared to a loss of $15.4 million, or $.12, in 2021. The firm ended the quarter with cash and cash equivalents of $106.5 million. The company said it has begun a global restructuring plan to resize the organization and reduce operating costs in order to avoid impacting its pipeline.
Lucira Health said on Monday that its net sales for the second quarter more than doubled to $26.1 million from $12.4 million a year ago, driven by COVID-19 test sales. The company had a Q2 net loss of $21.7 million, or $.54 per share, compared to a net loss of $16.2 million, or $.42 per share, a year ago. While its R&D costs in Q2 grew 7 percent year over year to $10.8 million from $10.1 million, its SG&A costs ballooned threefold to $18.6 million from $6.1 million. Lucira exited the quarter with $75.0 million in cash and cash equivalents and $1.9 million in restricted cash equivalents.
T2 Biosystems on Monday reported that its revenues for the second quarter fell 12 percent to $5.9 million from $6.7 million a year ago, primarily due to lower sales of its SARS-CoV-2 tests. T2's product revenues dipped 30 percent to $2.6 million, while its contribution revenue grew 11 percent to $3.4 million. The Lexington, Massachusetts-based developer of magnetic resonance-based assays for sepsis-causing pathogens and antibiotic resistance genes recorded a Q2 net loss of $18.0 million, or $.10 per share, compared to a net loss of $12.5 million, or $.08 per share, a year ago. T2 finished the quarter with $13.2 million in cash and cash equivalents and $1.1 million in restricted cash.
Interpace Biosciences said on Monday that its second quarter revenues dropped 16 percent year over year to $9.4 million from $11.2 million. The company said that Medicare Administrative Contractor Novitas notified it in Q2 that pricing for one of its flagship thyroid cancer screening tests was lowered by 70 percent retroactively to the start of 2022. Interpace's net loss for Q2 was $3.9 million, or $.93 per share, compared to a net loss of $3.4 million, or $.84 per share, a year ago. The firm had cash, cash equivalents, and restricted cash of $2.1 million at the end of the quarter.