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Lucira Health Posts $4.5M in Sales in First Quarter as Publicly Traded Firm

NEW YORK – Lucira Health reported on Thursday $4.5 million in sales for the first quarter, the firm's first full quarter of commercial activity.

The Emeryville, California-based developer of molecular diagnostics for infectious diseases, which went public in February, recorded no revenues in Q1 2020. The $4.5 million reported for the three months ended March 31 beat the consensus Wall Street estimate of $4.2 million.

"Not only did we complete a successful [initial public offering], but the developments made with our COVID-19 test kit this quarter are testaments to the quality technology platform we have created," Lucira CEO Erik Engelson said in a statement. "Our platform was adapted into a COVID-19 test kit that has received OTC authorization in the US and Canada and has started aiding in testing programs that enable safe reopening. We plan to build off our quarter of strong development to gain market share and accelerate revenue growth."

Lucira was the first company to get Emergency Use Authorization from the US Food and Drug Administration for an at-home test for COVID-19 in November 2020, and it now aims to scale up manufacturing and position itself for future applications.

Subsequent to the end of the first quarter, the firm received conditional authorization from Health Canada for its Lucira Check It COVID-19 Test Kit.

The company posted a net loss of $13.3 million, or $.58 per share, in Q1 2021 compared to a net loss of $1.7 million, or $.76 per share, a year ago. It missed the consensus Wall Street estimate for a loss of $.33 per share in Q1 2021.

The weighted average number of shares used to calculate the loss per share in the recently completed quarter was about 22.9 million compared to less than 2.3 million in Q1 2020.

Lucira's R&D spending more than doubled year over year to $6.3 million from $2.7 million. Its SG&A costs increased to $6.1 million from $628,000 a year ago.

The firm exited Q1 2021 with $189.8 million in cash and $2.3 million in restricted cash equivalents.