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LumiraDx Q4 Revenues Fall 65 Percent

NEW YORK — Point-of-care diagnostics firm LumiraDx on Tuesday reported a 65 percent decrease in its fourth quarter revenues.

For the three-month period ended Dec. 31, the London-based firm's revenues fell to $41.1 million from $118.3 million in Q4 2021 and slightly missed analysts' average estimate of $41.8 million.

The firm said SARS-CoV-2 antigen test strips accounted for $24.7 million in revenues during the recently completed quarter, down 67 percent compared to $75.0 million in Q4 2021.

Its Fast Lab Solutions business, which provides nucleic acid amplification tests to laboratories, delivered revenues of $8.0 million in the fourth quarter, decreasing 66 percent from $23.7 million in the fourth quarter of 2021.

Non-COVID-19 specific revenues were $8.0 million, or 20 percent of total revenues, with $3 million coming from the company's point-of-care platform.

The firm increased its installed base by more than 1,500 instruments, with growth primarily occurring in Europe, it said in a statement. The increase was driven by new product sales in diabetes, inflammation, heart failure, and respiratory disease.

LumiraDx CEO Ron Zwanziger said in a statement that the firm's "focus on commercializing new products in Europe and other international markets, progressing our pipeline in the United States, accelerating the development of our high value assays, and strengthening our financial position is paying off."

He added that the company's "broader test menu now enables customers to consolidate three different instruments they are currently using into a single LumiraDx platform and workflow — with the opportunity to consolidate up to six instruments in the next 18 to 24 months."

"Thanks to this expanded menu and widely recognized performance and cost advantages over competitors, we continue to expand our customer base. Furthermore, as we expand to manufacturing multiple non-COVID test strips using common materials, we are realizing the benefits of our single, highly automated manufacturing process across our menu of assays."

LumiraDx posted a Q4 net loss of $102.2 million, or $.32 per share, compared to a year-ago net loss of $37.2 million, or $.15 per share. On an adjusted basis, the firm had a net loss per share of $.12. Wall Street analysts' average estimate was a loss of $.20.

The firm said it recorded an accounting impairment of $96.3 million during the recently completed quarter for excess manufacturing and inventory due to the scale-up during peak COVID-19 testing demand and the decision to pause the commercialization of the Amira COVID-19 test.

At the end of the quarter, LumiraDx had cash and cash equivalents totaling $100.0 million.

For full-year 2022, LumiraDx posted revenues of $254.5 million, down 40 percent from $421.4 million in 2021 and slightly missing analysts' average estimate of $257.9 million.

The firm posted a full-year 2022 net loss of $449.2 million, or $1.59 per share, compared to a year-ago net loss of $100.8 million, or $.62 per share. Adjusted net loss per share was $.75, beating analysts' average estimate for a 2022 net loss of $1.32 per share.

In morning trading on the Nasdaq, shares of LumiraDx were up 1 percent at $.87 per share.