NEW YORK — LumiraDx on Wednesday reported an 18 percent year-over-year increase in first quarter revenues on strong sales of its COVID-19 testing products.
For the three-month period ended March 31, LumiraDx's revenues climbed to $126.4 million from $106.9 million in the year-ago quarter, exceeding the Wall Street consensus estimate of $113.1 million.
Sales of Lumira-Dx's SARS-CoV-2 antigen test strips accounted for $77.5 million, while revenues from the firm's Fast Lab Solutions business, which provides nucleic acid amplification tests to laboratories, contributed $38.3 million. LumiraDx said that the installed base for its point-of-care diagnostic platform grew to 25,000 during the quarter from 21,000 at the end of 2021.
"We had a strong start to the year with increased revenues, instrument shipments, and validation of our platform by health systems and global health partners for an expanding menu of tests," LumiraDx Chairman and CEO Ron Zwanziger said in a statement. "We are driving continued momentum and growth potential from our R&D pipeline with recent and planned product launches such as HbA1c, SARS-CoV-2 Ultra, and our SARS-CoV-2 & Flu A/B combo and additional claims and markets for [C-reactive protein] and D-Dimer."
LumiraDx's net loss for the first quarter dropped to $55.7 million, or $.22 per share, from $180.8 million, or $1.37 per share, in the same period a year earlier. On an adjusted basis, the London-based company's net loss per share was $.13. Analysts were, on average, expecting a loss per share of $.06.
R&D spending in Q1 jumped 55 percent to $41.3 million from $26.7 million the year before, while SG&A costs edged up about 6 percent to $40.2 million from $38.1 million.
At the end of March, LumiraDx had cash and cash equivalents totaling $166.0 million. Last month, the firm entered into a $50.0 million financing agreement, which it expects to complete before the end of the second quarter.
During early morning trading on the Nasdaq, shares of LumiraDx were unchanged at $3.80.