NEW YORK — Point-of-care diagnostics firm LumiraDx on Thursday reported a 5 percent increase in its fourth quarter revenues driven by SARS-CoV-2 test sales.
For the three-month period ended Dec. 31, 2021, the London-based firm's Q4 revenues rose to $118.3 million from $112.3 million in Q4 2020, and beat analysts' average estimate of $69.6 million.
The firm said SARS-CoV-2 antigen test strips accounted for $75.0 million in revenues during the recently completed quarter, and it continued to see strong demand for test strips in early 2022 driven by the impact of the Omicron variant and higher testing rates in all markets.
Its Fast Lab Solutions business, which provides nucleic acid amplification tests to laboratories, delivered revenues of $23.7 million in the fourth quarter, as it doubled its number of lab customers from the third quarter of 2021.
At the end of the year, the firm had shipped more than 21,000 instruments to customers.
"The pace of platform shipments, regulatory clearances and launches, near-term pipeline of assays, and R&D efforts to expand our test menu for [30-plus] diagnostic tests for common health conditions gives us confidence in our opportunities for significant non-COVID revenue growth for many years," LumiraDx Chairman and CEO Ron Zwanziger said in a statement.
LumiraDx posted a Q4 net loss of $37.2 million, or $.15 per share, compared to a year-ago net loss of $71.7 million, or $.51 per share. On an adjusted basis, the firm had a net loss per share of $.08, beating the analysts' average estimate for a net loss of $.09 per share.
Its R&D spending in the quarter was up 22 percent to $33.8 million from $27.7 million in the same period last year, while its SG&A costs jumped 137 percent year over year to $37.4 million from $15.8 million.
Reported R&D and sales, marketing, and administrative expenses included $5.3 million of amortization and share-based payment expenses in the fourth quarter of 2021 and $36.6 million in full-year 2021.
In addition, the company incurred expenses of $5.4 million in the fourth quarter and $36.2 million for the full-year 2021 related to its merger with special purpose acquisition company CA Healthcare Acquisition and listing on the Nasdaq.
At the end of the quarter, LumiraDx had cash and cash equivalents totaling $132.1 million.
For full-year 2021, LumiraDx posted revenues of $421.4 million, up 203 percent from $139.2 million in 2020 and beating analysts' average estimate of $389.3 million.
The firm posted a full-year 2021 net loss of $100.8 million, or $.62 per share, compared to a year-ago net loss of $241.0 million, or $1.82 per share. Adjusted net loss per share was $.68, short of analysts' average estimate for a 2021 net loss of $.47 per share.
Its R&D spending in 2021 was up 21 percent to $130.2 million from $107.5 million last year. During the year, the company continued to increase test capabilities and opened a new R&D center in Glasgow, Scotland.
Its 2021 SG&A costs jumped 183 percent to $130.5 million from $46.1 million in 2020.
Looking ahead, in the first quarter of 2022, LumiraDx expects to ship about 4,000 instruments and book revenues similar to its revenues for the recently completed quarter, it said.
In morning trading on the Nasdaq, shares of LumiraDx were up more than 4 percent at $6.42.