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Point-of-Care Test Developer LumiraDx Goes Public on Nasdaq

NEW YORK ─ Point-of-care testing company LumiraDx went public on the Nasdaq Wednesday at $9.94 per share after announcing the closing of its previously announced merger with CA Healthcare Acquisition, a special purpose acquisition company, on Tuesday.

The company's stock was down more than 10 percent in early morning trading.

The merger values London-based LumiraDx at $3.0 billion excluding $115 million in cash raised by CAHC in its initial public offering earlier this year.

LumiraDx, which trades under the ticker symbol LMDX, has a product pipeline of more than 30 assays across numerous health conditions, including infectious diseases, cardiovascular diseases, diabetes, and coagulation disorders, the firms said.

Its platform is being used by CVS Pharmacy in the US, the National Health Service and Boots in the UK, accident and emergency rooms in Italy and other parts of Europe, and hospital systems in Japan and South America. The platform is also being deployed in partnership with the Bill & Melinda Gates Foundation in African countries where access to high quality diagnostics is limited, the firms said.

LumiraDx noted it has five tests on the market, including its portfolio of COVID-19 testing solutions, and anticipates regulatory submissions or clearances for 10 tests by the end of 2022, including tests for troponin, flu/COVID, and congestive heart failure. LumiraDx’s COVID-19 antigen and antibody tests have obtained CE marking and received Emergency Use Authorization from the US Food and Drug Administration. The company’s INR, D-Dimer, and COVID-19 Pooling tests have also received the CE mark and are commercially available in Europe.

LumiraDx has shipped more than 15,000 platforms globally and is rolling out tests in more than 90 countries, the firms said.

CAHC and LumiraDx in August announced that they had revised the terms of their merger to lower the equity value of LumiraDx to $3 billion from $5 billion. The firms also lowered LumiraDx's 2021 revenue guidance to between $300 million and $500 million from a previously announced guidance of between $600 million and $1 billion, and they said they expect 2024 revenues of between $1 billion and $1.25 billion.

Evercore and Raymond James are financial advisers to LumiraDx, and BTIG is financial adviser and capital markets adviser to CA Healthcare Acquisition.