NEW YORK – Lucira Health reported on Thursday after the close of the market that it had $12.4 million in revenues for the second quarter, the firm's second full quarter of commercial activity.
The Emeryville, California-based developer of molecular diagnostics for infectious diseases went public in February. For the quarter ended June 30, Lucira recorded sequential growth of 175 percent, from $4.5 million in Q1, and beat the consensus Wall Street estimate of $8 million. It did not have any revenues in the year-ago quarter.
"We are continuing to generate strong growth across all areas of the business," Lucira CEO Erik Engelson said in a statement.
Lucira manufactures an over-the-counter COVID-19 PCR test kit called Check It, which has Emergency Use Authorization from the US Food and Drug Administration, as well as an EUA prescription-use test kit called All-In-One. To meet negative test verification requirements, Check It provides an SMS-verified digital test result called Luci Pass back to a user's phone.
The company noted that it partnered with Meenta to customize a workflow for the Lucira All-In-One test kit that was utilized by athletes and individuals traveling to Japan this summer. The firm also partnered with Azova, which negotiated to authorize pairing the Lucira Check It test kit with Azova's video observation services to meet requirements for travel to Hawaii.
"We have also invested in establishing an infrastructure to support the accelerating demand for our test kits," Engelson noted. "We look forward to continuing to establish ourselves as market leaders in the at-home testing space in the second half of 2021 and beyond."
The company posted a Q2 net loss of $16.2 million, or $.42 per share, compared to a net loss of $6.6 million, or $2.90 per share, a year ago. It missed the consensus Wall Street estimate for a net loss of $.32 per share.
The weighted average number of shares used to calculate the loss per share in Q2 was about 38.5 million compared to fewer than 2.3 million in Q1 2020.
Lucira's Q2 R&D spending more than doubled year over year to $10.1 million from $4.6 million. SG&A costs increased more than sixfold to $6.1 million from $931,000 a year ago.
The firm exited Q2 with $161.7 million in cash.
Shares in Lucira were up approximately 8 percent to $9.31 in Friday morning trading on the Nasdaq.