Cue Health Reports Preliminary Fourth Quarter and Full Year 2021 Revenue
January 11 2022 - 8:30AM
Business Wire
Cue Health Inc. (Nasdaq: HLTH), a healthcare technology company,
(“Cue’) today reported preliminary unaudited revenue for fourth
quarter and full year 2021.
Preliminary Fourth Quarter and Full Year
Highlights
- Preliminary fourth quarter 2021 revenue of $188 million to $193
million, compared with $13 million in fourth quarter 2020
- Preliminary fourth quarter 2021 revenue reflects increased
customer diversification, with total private sector revenue
outpacing total public sector revenue
- Preliminary full year 2021 revenue of $613 million to $618
million, compared with $23 million in full year 2020
- Cash and cash equivalents of approximately $412 million as of
December 31, 2021
- Launched Cue+ Membership with access to 24/7 in-app primary
virtual care
“Our strong performance in the fourth quarter was driven by
continued market adoption across all four of Cue’s customer
categories. In the quarter, we continued to add major healthcare
institutions, hospital systems and providers as well as onboarded
Cardinal Health and McKesson as authorized distributors of Cue. We
launched several major enterprise partnerships such as our
partnership with Air Canada, providing customers with not only the
most accurate* home self-test but also one that is accepted for
cross-border travel thanks to Cue’s in-app Supervised Test for
Travel. We also launched our direct-to-consumer offering, available
online, including our Cue+ Memberships with access to 24/7 in-app
primary virtual care,” said Ayub Khattak, co-founder and CEO of
Cue. “We made further regulatory and commercial inroads into the
international market, with recent authorization of our COVID-19
test in Singapore and the start of Canadian sales. Additionally, in
the fourth quarter, we made significant progress on expanding Cue’s
menu of future diagnostic solutions, continuing parallel
development of additional Cue diagnostic assays and initiating
enrollment for our influenza study. Lastly, enabled by our
platform-based architecture, we recently announced that we are
developing a new Omicron-specific genotyping Cue test, in
partnership with the U.S. Department of Health and Human Services’
Biomedical Advanced Research and Development Authority, to support
healthcare providers with COVID-19 therapy selection depending on
variant type.”
*Based on clinical study results submitted to FDA for other EUA
molecular home tests.
The above information is preliminary and subject to Cue Health’s
normal quarter and year-end accounting procedures and external
audit by the company's independent registered public accounting
firm.
About Cue Health
Cue Health (Nasdaq: HLTH) is a healthcare technology company
that makes it easy for individuals to access health information and
places diagnostic information at the center of care. Cue Health
enables people to manage their health through real-time,
actionable, and connected health information, offering individuals
and their healthcare providers easy access to lab-quality
diagnostics anywhere, anytime, in a device that fits in the palm of
the hand. Cue Health's first-of-its-kind COVID-19 test was the
first FDA-authorized molecular diagnostic test for at-home and
over-the-counter use without a prescription and physician
supervision. Outside the United States, Cue Health has received the
CE mark in the European Union, Interim Order authorization from
Health Canada, regulatory approval from India's Central Drugs
Standard Control Organization, and PSAR authorization from
Singapore’s Health Sciences Authority. Cue was founded in 2010 and
is headquartered in San Diego. For more information, please visit
www.cuehealth.com.
Forward-Looking Statements
Statements in this press release about future expectations,
plans and prospects, as well as any other statements regarding
matters that are not historical facts, may constitute
"forward-looking statements". The words, without limitation,
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intend," "may," "plan," "potential," "predict," "project,"
"should," "target," "will," "would," “develop” “progress,” “expand”
and similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
these or similar identifying words. Actual results may differ
materially from those indicated by such forward-looking statements
as a result of various important factors, including those related
to the expected capabilities of the new Omicron-specific genotyping
Cue test, our ability to maintain customer growth rates, our
ability to increase private sector revenue, and the factors
discussed in the "Risk Factors" section of the Form 10-Q dated
November 10, 2021 filed by Cue with the SEC. Any forward-looking
statements contained in this press release are based on the current
expectations of Cue's management team and speak only as of the date
hereof, and Cue specifically disclaims any obligation to update any
forward-looking statement, whether as a result of new information,
future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220111005590/en/
ICR Westwicke Caroline Corner ir@cuehealth.com (415)
202-5678
Cue Health press@cuehealth.com
Cue Health (NASDAQ:HLTH)
Historical Stock Chart
From Jun 2024 to Jul 2024
Cue Health (NASDAQ:HLTH)
Historical Stock Chart
From Jul 2023 to Jul 2024