LumiraDx Limited (NASDAQ: LMDX), a next-generation point of care
(POC) diagnostics company, today announced financial results for
its fourth quarter and full year ended December 31, 2022.
- Full year 2022 revenues of $254.5 million.
- Q4 2022 revenue of $41.1 million compared to Q3 2022 revenue of
$42.2 million; strong position in a changing COVID testing
market.
- Increased our installed base by more than 1,500 Platform
instruments, primarily in Europe, driven by new product sales in
diabetes, inflammation, heart failure and respiratory disease.
Demonstrating Platform consolidation strategy in UK and
Germany.
- Commenced commercial shipments of heart failure tests in
Europe.
- Working with the Independent Test Assessment Program (ITAP)
established by the National Institutes of Health (NIH) to achieve
accelerated FDA Emergency Use Authorization (EUA) review for COVID
& Flu combination product.
Ron Zwanziger, Chairman and CEO of LumiraDx, stated, "We are
pleased to have delivered a strong fourth quarter, driven by higher
volumes and new product sales. Our focus on commercializing new
products in Europe and other international markets, progressing our
pipeline in the United States, accelerating the development of our
high value assays, and strengthening our financial position is
paying off. We remain committed to delivering improved health
outcomes at lower cost through fast, accurate and comprehensive
diagnostic information at the point of need."
2022 Fourth Quarter and Full Year Financial
Highlights
For the twelve months ended December 31, 2022, LumiraDx
delivered revenue of $254.5 million compared to $421.4 million for
the twelve months ended December 31, 2021. For the three months
ended December 31, 2022, LumiraDx delivered revenue of $41.1
million compared to $42.2 million for the third quarter of 2022 and
$118.3 million for the fourth quarter of 2021.
Covid antigen test revenues for the quarter were $24.7 million
while our Fast Labs Covid revenues were $8.0 million in the fourth
quarter of 2022. Non-Covid specific revenues in the fourth quarter
of 2022 were $8 million or 20% of total revenues, including $3
million from our point of care Platform.
The Company recorded an accounting impairment of $96 million in
the fourth quarter of 2022 for excess manufacturing and inventory
related to the scale-up during peak Covid testing demand and the
decision to pause commercialization of the Amira Covid test. IFRS
gross margins, including the one-time impact of the impairment
charges, were ($98.8) million and ($35.3) million for the quarter
and the full year 2022, respectively. Total adjusted gross margin
for the full year 2022 was 25% compared to 36% in the full year
2021. In the fourth quarter of 2022 and for the full year 2022, our
test strip margin continued to exceed 80%.
Research and development expenses were $21.6 million in the
fourth quarter of 2022. Our non-IFRS adjusted research and
development expenses were $19.3 million in the fourth quarter
compared to $29.2 million in the prior quarter.
Sales, marketing and administrative expenses were $31.2 million
in the fourth quarter. Our non-IFRS adjusted sales, marketing and
administrative expenses were $23.1 million in the fourth quarter
compared to $27.9 million in the prior quarter. The reductions in
operating expenses reflect the full benefit of the June
restructuring and the partial benefit of the additional
restructuring steps the Company undertook in the fourth
quarter.
Net loss for the year was $449.2 million or $1.59 per fully
diluted share and includes a number of significant non-cash
charges. The adjusted net loss for the year was $212.2 million or
$0.75 per fully diluted share. At December 31, 2022, the Company’s
cash balance was $100.0 million.
Ron Zwanziger commented further, “We continue to
progress on our strategic milestones enabling us to deliver on our
mission for improved health outcomes at lower cost through fast,
accurate and comprehensive diagnostic information at the point of
need. We now have a key group of those tests most desired for
community-based testing in Europe and certain international
markets. Our broader test menu now enables customers to consolidate
three different instruments they are currently using into a single
LumiraDx platform and workflow– with the opportunity to consolidate
up to six instruments in the next 18 to 24 months. Thanks to this
expanded menu and widely recognized performance and cost advantages
over competitors, we continue to expand our customer base.
Furthermore, as we expand to manufacturing multiple non-COVID test
strips using common materials, we are realizing the benefits of our
single, highly automated manufacturing process across our menu of
assays.”
Conference Call
LumiraDx will host a conference call to discuss these results
today at 8:30 a.m. Eastern Time / 12:30 p.m. United Kingdom Time.
Call in details and a link to view the webcast may be found at
investors.lumiradx.com/news-and-events/investor-calendar. A replay
of the webcast will be available on the Investors section of the
company's website at investors.lumiradx.com shortly after the
conclusion of the call. The webcast will be archived for one
year.
About LumiraDx
LumiraDx Limited (Nasdaq: LMDX) is a next-generation point of
care diagnostics company that is transforming community-based
healthcare. Its actively controlled microfluidic technology
provides fast, high performance and accessible diagnostic solutions
wherever the patient is for nearly any testing scenario, creating
unique testing options at the point of need.
The company offers a broad menu of lab comparable tests on a
single portable Platform, with more than 30 assays on the market
and in the pipeline, covering infectious diseases, cardiovascular
diseases, diabetes, and coagulation disorders. The company also
supports high-complexity laboratory testing in an accessible
high-throughput format to leverage current molecular laboratory
operations.
Founded in 2014 and based in the UK, LumiraDx's diagnostic
testing solutions are being deployed globally by governments and
leading healthcare institutions across laboratories, urgent care,
physician offices, pharmacies, schools, and workplaces to help
screen, diagnose, and monitor wellness as well as disease. More
information on LumiraDx is available at www.lumiradx.com.
Investor Contact:investors@lumiradx.com
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995, including statements regarding the effectiveness of our
strategy, regulatory progress and the advancement of our pipeline
of tests, the timing and results of our clinical trials, the timing
of commercial launch of certain products, the benefits and
performance of our tests, and the expected timing and results of
our cost-saving initiatives and global restructuring activities.
These statements involve risks, uncertainties and other factors
that may cause actual results, levels of activity, performance or
achievements to be materially different from the information
expressed or implied by these forward-looking statements,
including, among others, general economic, political and business
conditions; changes in interest rates, inflation rates and global
and domestic market conditions; the effect of COVID-19 on
LumiraDx's business and financial results; obtaining or maintaining
regulatory approval, authorization or clearance for our tests; and
those factors discussed under the header "Risk Factors" in our
Annual Report on Form 20-F for the year ended December 31,
2021,which was filed with the Securities and Exchange Commission,
or SEC, on April 13, 2022, in our report on Form 6-K that was filed
with the SEC on August 16, 2022, and in other filings that we make
with the SEC. Although LumiraDx believes that it has a reasonable
basis for each forward-looking statement contained in this press
release, LumiraDx cautions you that these statements are based on a
combination of facts and factors currently known by it and its
projections of the future, about which it cannot be certain.
LumiraDx undertakes no obligation to update or revise the
information contained in this press release, whether as a result of
new information, future events or circumstances or otherwise.
Non-IFRS Financial Measures
We present non-IFRS financial measures because we believe that
they and other similar measures are widely used by certain
investors, securities analysts and other interested parties as
supplemental measures of performance and liquidity. We also use
these measures internally to establish forecasts, budgets and
operational goals to manage and monitor our business, as well as
evaluate our underlying historical performance, as we believe that
these non-IFRS financial measures depict the true performance of
the business by encompassing only relevant and controllable events,
enabling us to evaluate and plan more effectively for the future.
The non-IFRS financial measures may not be comparable to other
similarly titled measures of other companies and have limitations
as analytical tools and should not be considered in isolation or as
a substitute for analysis of our operating results as reported
under IFRS as issued by the IASB. Non-IFRS financial measures and
margins are not measurements of our performance, financial
condition or liquidity under IFRS as issued by the IASB and should
not be considered as alternatives to operating loss, gross margin
or net income (loss) or any other performance measures, derived in
accordance with IFRS as issued by the IASB or any other generally
accepted accounting principles.
We define non-IFRS operating loss and non-IFRS net loss as
operating loss and net loss, respectively, excluding amortization,
share-based payments, IFRS 2 listing expense, change in fair value
of financial instruments, foreign exchange (gain)/loss, government
assessment amounts, restructuring and severance payments, certain
fixed asset and inventory impairments, dividends on preferred
shares and non-cash interest. We define non-IFRS expenses as
expenses excluding amortization, restructuring and severance
payments, certain fixed asset and inventory impairments and
share-based payments. We recommend that you review the
reconciliation of the non-IFRS measure to the most directly
comparable IFRS financial measure provided in the financial
statement tables included below, and that you not rely on any
single financial measure to evaluate our business.
|
|
LUMIRADX LIMITED |
|
Unaudited Consolidated Statement of Financial
Position |
|
|
|
|
|
|
|
|
|
|
DECEMBER 31, 2022 |
|
|
DECEMBER 31, 2021 |
|
|
(in thousands) |
|
ASSETS |
|
|
|
|
|
|
|
Non–Current
Assets |
|
|
|
|
|
|
|
Other non-current assets |
$ |
11,918 |
|
|
$ |
569 |
|
Intangibles and goodwill |
|
32,170 |
|
|
|
37,048 |
|
Right-of-Use Assets |
|
16,580 |
|
|
|
27,746 |
|
Property, plant and
equipment |
|
113,406 |
|
|
|
173,397 |
|
Total Non-Current
Assets |
|
174,074 |
|
|
|
238,760 |
|
Current
Assets |
|
|
|
|
|
|
|
Inventories |
|
89,965 |
|
|
|
149,055 |
|
Tax receivable |
|
20,987 |
|
|
|
15,022 |
|
Trade and other receivables |
|
55,977 |
|
|
|
109,798 |
|
Cash and cash equivalents |
|
100,010 |
|
|
|
132,145 |
|
Total Current
Assets |
|
266,939 |
|
|
|
406,020 |
|
TOTAL
ASSETS |
$ |
441,013 |
|
|
$ |
644,780 |
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Non-Current
Liabilities |
|
|
|
|
|
|
|
Debt due after more than one
year |
$ |
(369,722 |
) |
|
$ |
(301,129 |
) |
Long term grants |
|
(24,077 |
) |
|
|
(25,144 |
) |
Other long term liabilities |
|
(49,158 |
) |
|
|
- |
|
Lease liabilities |
|
(22,303 |
) |
|
|
(25,514 |
) |
Stock warrants |
|
(339 |
) |
|
|
(10,407 |
) |
Deferred tax liabilities |
|
(397 |
) |
|
|
(779 |
) |
Total Non-Current
Liabilities |
|
(465,996 |
) |
|
|
(362,973 |
) |
Current
Liabilities |
|
|
|
|
|
|
|
Debt due within one year |
|
(76 |
) |
|
|
(191 |
) |
Government and other grants |
|
(7,988 |
) |
|
|
(13,797 |
) |
Trade and other payables |
|
(69,906 |
) |
|
|
(99,641 |
) |
Lease liabilities due within one
year |
|
(9,149 |
) |
|
|
(5,582 |
) |
Total Current
Liabilities |
|
(87,119 |
) |
|
|
(119,211 |
) |
Equity |
|
|
|
|
|
|
|
Share capital and share
premium |
|
(858,085 |
) |
|
|
(754,023 |
) |
Foreign currency translation
reserve |
|
(20,041 |
) |
|
|
19,706 |
|
Other reserves |
|
(100,433 |
) |
|
|
(104,957 |
) |
Accumulated deficit |
|
1,090,394 |
|
|
|
676,223 |
|
Total equity attributable
to equity holders of the parent |
|
111,835 |
|
|
|
(163,051 |
) |
Non-controlling interests |
|
267 |
|
|
|
455 |
|
Total
Equity |
|
112,102 |
|
|
|
(162,596 |
) |
TOTAL EQUITY AND
LIABILITIES |
$ |
(441,013 |
) |
|
$ |
(644,780 |
) |
LUMIRADX LIMITED |
|
Unaudited Consolidated Statement of Profit and Loss and
Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED DECEMBER 31, |
|
|
YEAR ENDED DECEMBER 31, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
(in thousands, except shareand per share
data) |
|
Revenue |
$ |
41,120 |
|
|
$ |
118,253 |
|
|
$ |
254,476 |
|
|
$ |
421,428 |
|
Impairment of fixed assets and inventories |
|
(96,324 |
) |
|
|
- |
|
|
|
(96,324 |
) |
|
$ |
- |
|
Other costs of sales |
|
(43,594 |
) |
|
|
(63,733 |
) |
|
|
(193,454 |
) |
|
$ |
(269,888 |
) |
Total cost of sales |
|
(139,918 |
) |
|
|
(63,733 |
) |
|
|
(289,778 |
) |
|
|
(269,888 |
) |
Gross
Profit |
|
(98,798 |
) |
|
|
54,520 |
|
|
|
(35,302 |
) |
|
|
151,540 |
|
Research and development
expenses |
|
(21,606 |
) |
|
|
(33,822 |
) |
|
|
(141,630 |
) |
|
|
(130,221 |
) |
Selling, marketing and
administrative expenses |
|
(31,202 |
) |
|
|
(37,411 |
) |
|
|
(144,515 |
) |
|
|
(130,520 |
) |
Listing expenses |
|
- |
|
|
|
(5,393 |
) |
|
|
- |
|
|
|
(36,202 |
) |
Operating
Loss |
|
(151,606 |
) |
|
|
(22,106 |
) |
|
|
(321,447 |
) |
|
|
(145,403 |
) |
Finance income |
|
69,322 |
|
|
|
38 |
|
|
|
14,619 |
|
|
|
165,426 |
|
Finance expense |
|
(15,736 |
) |
|
|
(14,843 |
) |
|
|
(134,563 |
) |
|
|
(117,934 |
) |
Net finance income /
(expense) |
|
53,586 |
|
|
|
(14,805 |
) |
|
|
(119,944 |
) |
|
|
47,492 |
|
Loss before
Tax |
|
(98,020 |
) |
|
|
(36,911 |
) |
|
|
(441,391 |
) |
|
|
(97,911 |
) |
Tax provision for the period |
|
(4,176 |
) |
|
|
(293 |
) |
|
|
(7,804 |
) |
|
|
(2,844 |
) |
Loss for the
period |
$ |
(102,196 |
) |
|
$ |
(37,204 |
) |
|
$ |
(449,195 |
) |
|
$ |
(100,755 |
) |
Loss/(gain) attributable to
non-controlling interest |
|
(2 |
) |
|
|
(148 |
) |
|
|
188 |
|
|
|
174 |
|
Net loss attributable to
equity holders of parent—basic and diluted |
$ |
(102,194 |
) |
|
$ |
(37,056 |
) |
|
$ |
(449,383 |
) |
|
$ |
(100,929 |
) |
Net loss per share attributable
to equity holders of parent—basic |
$ |
(0.32 |
) |
|
$ |
(0.15 |
) |
|
$ |
(1.59 |
) |
|
$ |
(0.62 |
) |
Net gain/(loss) per share
attributable to equity holders of parent—diluted |
$ |
(0.32 |
) |
|
$ |
(0.15 |
) |
|
$ |
(1.59 |
) |
|
$ |
(0.62 |
) |
Weighted-average number of
Ordinary Shares and Common used in loss per share—basic |
|
318,840,952 |
|
|
|
253,061,147 |
|
|
|
282,242,144 |
|
|
|
163,255,784 |
|
Weighted-average number of
Ordinary Shares and Common used in loss per share—diluted |
|
318,840,952 |
|
|
|
253,061,147 |
|
|
|
282,242,144 |
|
|
|
163,255,784 |
|
LUMIRADX LIMITED |
|
Unaudited Reconciliation of IFRS Financial Measures to
Non-IFRS Financial Measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED DECEMBER 31, |
|
|
|
|
|
|
|
|
|
|
Cost of Goods Sold |
|
|
Research and Development |
|
|
Selling, Marketing and Administrative |
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
IFRS Financial
Measure |
$ |
(139,918 |
) |
|
$ |
(63,733 |
) |
|
$ |
(21,606 |
) |
|
$ |
(33,822 |
) |
|
$ |
(31,202 |
) |
|
$ |
(37,411 |
) |
|
|
|
|
|
|
|
|
Amortization |
|
- |
|
|
|
- |
|
|
|
39 |
|
|
|
43 |
|
|
|
455 |
|
|
|
900 |
|
|
|
|
|
|
|
|
|
Restructuring &
Severance |
|
200 |
|
|
|
- |
|
|
|
981 |
|
|
|
- |
|
|
|
571 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Impairment - Fixed Assets |
|
49,437 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Impairment - Inventory |
|
46,887 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Share-based payments |
|
(187 |
) |
|
|
132 |
|
|
|
1,307 |
|
|
|
805 |
|
|
|
7,096 |
|
|
|
3,595 |
|
|
|
|
|
|
|
|
|
Non-IFRS Adjusted
Financial Measure |
$ |
(43,581 |
) |
|
$ |
(63,601 |
) |
|
$ |
(19,279 |
) |
|
$ |
(32,974 |
) |
|
$ |
(23,080 |
) |
|
$ |
(32,916 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED DECEMBER 31, |
|
|
Gross Margin |
|
|
Operating Loss |
|
|
Net Loss |
|
|
Diluted EPS |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
(in thousands, except per share data) |
|
IFRS Financial
Measure |
$ |
(98,798 |
) |
|
$ |
54,520 |
|
|
$ |
(151,606 |
) |
|
$ |
(22,106 |
) |
|
$ |
(102,196 |
) |
|
$ |
(37,204 |
) |
|
$ |
(0.32 |
) |
|
$ |
(0.15 |
) |
Amortization |
|
- |
|
|
|
- |
|
|
|
494 |
|
|
|
943 |
|
|
|
494 |
|
|
|
943 |
|
|
|
- |
|
|
|
- |
|
Share-based payments |
|
(187 |
) |
|
|
132 |
|
|
|
8,216 |
|
|
|
4,532 |
|
|
|
8,216 |
|
|
|
4,532 |
|
|
|
0.03 |
|
|
|
0.02 |
|
Listing charge |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,393 |
|
|
|
- |
|
|
|
5,393 |
|
|
|
- |
|
|
|
0.02 |
|
Change in fair value of
financial instruments |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(293 |
) |
|
|
3,717 |
|
|
|
- |
|
|
|
0.01 |
|
Foreign exchange
loss/(gain) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(64,621 |
) |
|
|
1,327 |
|
|
|
(0.20 |
) |
|
|
0.01 |
|
Government assessment1 |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,177 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Restructuring &
Severance |
|
200 |
|
|
|
- |
|
|
|
1,752 |
|
|
|
- |
|
|
|
1,752 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Impairment - Fixed Assets |
|
49,437 |
|
|
|
- |
|
|
|
49,437 |
|
|
|
- |
|
|
|
49,437 |
|
|
|
- |
|
|
|
0.16 |
|
|
|
- |
|
Impairment - Inventory |
|
46,887 |
|
|
|
- |
|
|
|
46,887 |
|
|
|
- |
|
|
|
46,887 |
|
|
|
- |
|
|
|
0.15 |
|
|
|
- |
|
Non-cash interest |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
19,721 |
|
|
|
1,455 |
|
|
|
0.06 |
|
|
|
0.01 |
|
Non-IFRS Adjusted
Financial Measure |
$ |
(2,461 |
) |
|
$ |
54,652 |
|
|
$ |
(44,820 |
) |
|
$ |
(11,238 |
) |
|
$ |
(39,426 |
) |
|
$ |
(19,837 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.08 |
) |
Adjusted Gross Profit
Margin |
|
-6 |
% |
|
|
46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 - Retroactive
assessment by a foreign government to all entities selling certain
medical related products to the
government. |
|
|
YEAR ENDED DECEMBER 31, |
|
|
|
|
|
|
|
|
|
|
Cost of Goods Sold |
|
|
Research and Development |
|
|
Selling, Marketing and Administrative |
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
IFRS Financial Measure |
$ |
(289,778 |
) |
|
$ |
(269,888 |
) |
|
$ |
(141,630 |
) |
|
$ |
(130,221 |
) |
|
$ |
(144,515 |
) |
|
$ |
(130,520 |
) |
|
|
|
|
|
|
|
|
Amortization |
|
- |
|
|
|
- |
|
|
|
156 |
|
|
|
174 |
|
|
|
1,829 |
|
|
|
2,653 |
|
|
|
|
|
|
|
|
|
Restructuring &
Severance |
|
787 |
|
|
|
- |
|
|
|
1,599 |
|
|
|
- |
|
|
|
1,033 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Impairment - Fixed Assets |
|
49,437 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Impairment - Inventory |
|
46,887 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Share-based payments |
|
1,390 |
|
|
|
132 |
|
|
|
7,115 |
|
|
|
2,274 |
|
|
|
26,707 |
|
|
|
31,503 |
|
|
|
|
|
|
|
|
|
Non-IFRS Adjusted
Financial Measure |
$ |
(191,277 |
) |
|
$ |
(269,756 |
) |
|
$ |
(132,760 |
) |
|
$ |
(127,773 |
) |
|
$ |
(114,946 |
) |
|
$ |
(96,364 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR ENDED DECEMBER 31, |
|
|
Gross Margin |
|
|
Operating Loss |
|
|
Net Loss |
|
|
Diluted EPS |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
(in thousands, except per share data) |
|
IFRS Financial
Measure |
$ |
(35,302 |
) |
|
$ |
151,540 |
|
|
$ |
(321,447 |
) |
|
$ |
(145,403 |
) |
|
$ |
(449,195 |
) |
|
$ |
(100,755 |
) |
|
|
(1.59 |
) |
|
|
(0.62 |
) |
Amortization |
|
- |
|
|
|
- |
|
|
|
1,985 |
|
|
|
2,827 |
|
|
|
1,985 |
|
|
|
2,827 |
|
|
|
0.01 |
|
|
|
0.02 |
|
Share-based payments |
|
1,390 |
|
|
|
132 |
|
|
|
35,212 |
|
|
|
33,909 |
|
|
|
35,212 |
|
|
|
33,909 |
|
|
|
0.12 |
|
|
|
0.21 |
|
Listing charge1 |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
36,202 |
|
|
|
- |
|
|
|
36,202 |
|
|
|
- |
|
|
|
0.22 |
|
Change in fair value of
financial instruments |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(10,068 |
) |
|
|
(162,491 |
) |
|
|
(0.04 |
) |
|
|
(1.00 |
) |
Foreign exchange loss |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
81,384 |
|
|
|
14,594 |
|
|
|
0.29 |
|
|
|
0.09 |
|
Government assessment2 |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,177 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Restructuring &
Severance |
|
787 |
|
|
|
- |
|
|
|
3,419 |
|
|
|
- |
|
|
|
3,419 |
|
|
|
- |
|
|
|
0.01 |
|
|
|
- |
|
Impairment - Fixed Assets |
|
49,437 |
|
|
|
- |
|
|
|
49,437 |
|
|
|
- |
|
|
|
49,437 |
|
|
|
- |
|
|
|
0.18 |
|
|
|
- |
|
Impairment - Inventory |
|
46,887 |
|
|
|
- |
|
|
|
46,887 |
|
|
|
- |
|
|
|
46,887 |
|
|
|
- |
|
|
|
0.17 |
|
|
|
- |
|
Dividends on preferred
shares |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
16,156 |
|
|
|
- |
|
|
|
0.10 |
|
Non-cash interest |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
27,546 |
|
|
|
48,109 |
|
|
|
0.10 |
|
|
|
0.30 |
|
Non-IFRS Adjusted
Financial Measure |
$ |
63,199 |
|
|
$ |
151,672 |
|
|
$ |
(184,507 |
) |
|
$ |
(72,465 |
) |
|
$ |
(212,216 |
) |
|
$ |
(111,449 |
) |
|
$ |
(0.75 |
) |
|
$ |
(0.68 |
) |
Adjusted Gross Profit
Margin |
|
25 |
% |
|
|
36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 - Includes an IFRS
2 charge of $22.2 million for the difference in the fair value of
the shares deemed to have been issued by LumiraDx in the merger
transaction to CA Healthcare shareholders and the net assets of CA
Healthcare and $8.6 million of LumiraDx transaction costs.2 -
Retroactive assessment by a foreign government to all entities
selling certain medical related products to the government. |
|
LUMIRADX LIMITED |
|
Unaudited Consolidated Statement of Cash
Flows |
|
|
THREE MONTHS ENDED |
|
|
YEAR ENDED |
|
|
DECEMBER 31, |
|
|
DECEMBER 31, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
(in thousands, except shareand per share
data) |
|
Cash Flows from Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period |
$ |
(102,196 |
) |
|
$ |
(37,204 |
) |
|
$ |
(449,195 |
) |
|
$ |
(100,755 |
) |
Adjustments to reconcile loss
for the period to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
8,419 |
|
|
|
8,195 |
|
|
|
31,302 |
|
|
|
22,868 |
|
Amortization |
|
494 |
|
|
|
943 |
|
|
|
1,985 |
|
|
|
2,827 |
|
Impairment of fixed
assets |
|
49,437 |
|
|
|
- |
|
|
|
49,437 |
|
|
|
- |
|
Impairment of inventories |
|
46,887 |
|
|
|
- |
|
|
|
46,887 |
|
|
|
- |
|
Net finance
(income)/expenses |
|
(52,705 |
) |
|
|
14,759 |
|
|
|
119,954 |
|
|
|
(63,625 |
) |
Equity based share based
payment transactions |
|
8,216 |
|
|
|
4,532 |
|
|
|
35,212 |
|
|
|
33,909 |
|
Increase in tax
receivable |
|
(4,774 |
) |
|
|
(1,824 |
) |
|
|
(7,551 |
) |
|
|
(4,663 |
) |
Accrued preferred shares
dividends |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
16,156 |
|
Listing charge |
|
- |
|
|
|
5,393 |
|
|
|
- |
|
|
|
27,607 |
|
Changes to working
capital: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventories |
|
32,292 |
|
|
|
26,121 |
|
|
|
(2,267 |
) |
|
|
(66,874 |
) |
Trade and other receivables |
|
2,792 |
|
|
|
(20,015 |
) |
|
|
51,657 |
|
|
|
7,511 |
|
Trade payables and other liabilities |
|
(18,547 |
) |
|
|
(53,232 |
) |
|
|
(39,528 |
) |
|
|
(9,544 |
) |
Net Cash used in
Operating Activities |
|
(29,685 |
) |
|
|
(52,332 |
) |
|
|
(162,107 |
) |
|
|
(134,583 |
) |
Cash Flows from Investing
Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant, equipment |
|
(2,377 |
) |
|
|
(24,927 |
) |
|
|
(24,983 |
) |
|
|
(106,346 |
) |
Cash paid for business
acquisitions, net of cash received |
|
- |
|
|
|
(36,276 |
) |
|
|
- |
|
|
|
- |
|
Net Cash used in
Investing Activities |
|
(2,377 |
) |
|
|
(61,203 |
) |
|
|
(24,983 |
) |
|
|
(106,346 |
) |
Cash Flows from Financing
Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of
share capital |
|
- |
|
|
|
38,568 |
|
|
|
97,998 |
|
|
|
38,568 |
|
Proceeds from issuance of
convertible notes, net of issuance costs |
|
- |
|
|
|
- |
|
|
|
54,010 |
|
|
|
- |
|
Proceeds from instrument
financing agreement |
|
- |
|
|
|
- |
|
|
|
41,500 |
|
|
|
- |
|
Proceeds from debt issuance,
net of issuance costs |
|
- |
|
|
|
101 |
|
|
|
- |
|
|
|
361,830 |
|
Shares issued on the exercise
of share options |
|
393 |
|
|
|
104 |
|
|
|
4,269 |
|
|
|
104 |
|
Shares issued on employee
stock purchase plan |
|
1,795 |
|
|
|
- |
|
|
|
1,795 |
|
|
|
- |
|
Receipt of principal portion
of lease receivable |
|
615 |
|
|
|
- |
|
|
|
615 |
|
|
|
- |
|
Cash interest paid, net of
interest received |
|
(6,805 |
) |
|
|
(6,232 |
) |
|
|
(27,229 |
) |
|
|
(29,894 |
) |
Early extinguishment of
debt |
|
- |
|
|
|
(1,250 |
) |
|
|
- |
|
|
|
(3,637 |
) |
Cash issued for
non-controlling interest |
|
- |
|
|
|
(1,968 |
) |
|
|
- |
|
|
|
(1,968 |
) |
Repayment of principal portion
of lease liabilities |
|
(2,530 |
) |
|
|
(599 |
) |
|
|
(6,863 |
) |
|
|
(5,429 |
) |
Repayments of instrument
financing agreement |
|
(632 |
) |
|
|
- |
|
|
|
(632 |
) |
|
|
- |
|
Repayments of debt |
|
(83 |
) |
|
|
(266 |
) |
|
|
(174 |
) |
|
|
(140,552 |
) |
Repurchase of Shares |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net Cash (used
in)/generated from Financing Activities |
|
(7,247 |
) |
|
|
28,458 |
|
|
|
165,289 |
|
|
|
219,022 |
|
Net Decrease in Cash
and Cash Equivalents |
$ |
(39,309 |
) |
|
$ |
(85,077 |
) |
|
$ |
(21,801 |
) |
|
$ |
(21,907 |
) |
Movement in Cash and
Cash Equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at
the beginning of the period |
|
135,265 |
|
|
|
217,727 |
|
|
|
132,145 |
|
|
|
161,172 |
|
Exchange gain/(loss) on cash
and cash equivalents |
|
4,054 |
|
|
|
(505 |
) |
|
|
(10,334 |
) |
|
|
(7,120 |
) |
Net decrease in cash and cash
equivalents |
|
(39,309 |
) |
|
|
(85,077 |
) |
|
|
(21,801 |
) |
|
|
(21,907 |
) |
Cash and Cash
Equivalents at the end of the period |
$ |
100,010 |
|
|
$ |
132,145 |
|
|
$ |
100,010 |
|
|
$ |
132,145 |
|
LumiraDx (NASDAQ:LMDX)
Historical Stock Chart
From Mar 2024 to Apr 2024
LumiraDx (NASDAQ:LMDX)
Historical Stock Chart
From Apr 2023 to Apr 2024