NEW YORK – LumiraDx on Thursday reported that its second quarter revenues dropped 53 percent year over year.
Total revenues for the quarter ended June 30 were $21.0 million, down from $44.7 million in the year-ago quarter and slightly missing Wall Street analysts' average estimate of $21.5 million.
The year-over-year decline was largely attributable to a drop in its COVID-19-related revenues. A year ago, the company reported $28 million in revenues from test strips for the LumiraDx platform along with $10 million in revenues from its Fast Lab Solutions molecular reagents, used almost entirely for COVID-19 products.
Non-COVID-19 revenues for the recently completed quarter were $9.2 million, or 44 percent of total revenues, the company said in a statement. The firm shipped more than 1,500 new instruments in Q2, mostly to US pharmacies to prepare for the upcoming respiratory season, it said.
During the quarter, the company also submitted its 510(k) application to the US Food and Drug Administration for its COVID Ultra test. The submission "represents a significant milestone in our ability to deliver on product expansion into the US and could pave the way for additional submissions of other high performing assays on our platform, many of which are already available in Europe and elsewhere and others which are in late stages of development," LumiraDx Chairman and CEO Ron Zwanziger said in a statement.
LumiraDx's net loss for Q2 was $49.7 million, or $.16 per share, compared to a loss of $147.5 million, or $.58 per share, in Q2 2022. Wall Street analysts' average estimate was a loss of $.14 per share.
The firm ended the quarter with cash and cash equivalents of $25.3 million.
The London-based company, which has US offices in Waltham, Massachusetts, said it is continuing to work with various advisers on a strategic review of the business and is also discussing the terms of its loan agreement with BioPharma Credit Investments. Last month, the company entered into a ninth amendment to that loan agreement that provided additional loans of up to $31 million. The firm drew down $15.0 million in July and said it expects to draw the remaining $16.0 million before the end of this month.
LumiraDx also noted that it has completed the divestiture of INRstar, its patient reporting and decision support tool, in its efforts to reduce costs and focus its resources on launching high-value tests.
The firm announced that it has appointed Giffin Daughtridge as president of its North America commercial operations and global molecular solutions, effective Aug. 1. Peter Scheu, the company's previous president of North American operations, resigned on the same date but is continuing to work with the firm as an adviser.
In Thursday morning trading on the Nasdaq, the company's share price was down 3 percent to $.39.