LumiraDx Limited (NASDAQ: LMDX), a next-generation point of care
(POC) diagnostics company, today announced financial results for
its first quarter ended March 31, 2023.
- First quarter 2023 revenues of $22.2 million.
- Cost reduction programs implemented across the global
organization resulting in declining operating losses.
- US Clinical Studies for first 510K submission completed.
- More than 100 customers in the first full launch quarter for
the world’s first quantitative finger stick NT-proBNP assay.
Ron Zwanziger, Chairman and CEO of LumiraDx, stated, "Our
transition to non-COVID is beginning to develop, especially with
the commercial launches of HbA1c and NT-proBNP on our Platform.
Customer response continues to be positive, and we are
collaborating with our key customers on use cases where our
Platform can change clinical pathways and enable better patient
outcomes. Developing new use cases with customers takes time and we
are beginning to see initial positive responses developing, partly
enabled by our menu of tests expanding. Again, bringing together
multiple assays on a single, easy to use instrument with laboratory
equivalent performance and a low cost of ownership is enabling a
transformation in community-based care."
2023 First Quarter Financial Highlights
For the three months ended March 31, 2023, LumiraDx delivered
revenue of $22.2 million, compared to $126.4 million for the three
months ended March 31, 2022, the final quarter of pandemic-related
COVID revenues from the Omicron variant.
COVID antigen test revenues for the first quarter were $10.6
million, while our Fast Labs COVID revenues were $4.3 million in
the quarter. Non-COVID specific revenues in the first quarter of
2023 were $7.3 million, or 33% of total revenues, including $2.9
million of LumiraDx technology revenues and $4.4 million of
distribution revenues.
IFRS gross profit was a loss of $1.8 million for the quarter.
Total adjusted gross profit was $0.5 million.
Research and development expenses were $19.5 million in the
first quarter of 2023. Non-IFRS adjusted research and development
expenses were $14.8 million in the quarter, compared to $16.8
million in the prior quarter.
Sales, marketing and administrative expenses were $26.0 million
in the first quarter. Non-IFRS adjusted sales, marketing and
administrative expenses were $19.0 million in the quarter, compared
to $22.3 million in the prior quarter.
The reductions in operating expenses reflect the majority of the
benefit of the company’s 2022 restructuring activities, but they do
not yet reflect the additional restructuring announced by the
company in April of this year. Additional restructuring activities
are expected to reduce our global workforce by 40% with expense
reductions of $36 million per annum with the full impact from June
2023 onward.
Net loss for the quarter was $44.1 million, or $0.14 per fully
diluted share. The Non-IFRS adjusted net loss for the quarter was
$41.1 million, or $0.13 per fully diluted share. At March 31, 2023,
the company’s cash balance was $68.1 million.
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 various stages of development, 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.
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 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, 2022, which was filed
with the Securities and Exchange Commission, or SEC, on May 1,
2023, 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 depreciation,
amortization, share-based payments, IFRS 2 listing expense, change
in fair value of financial instruments, foreign exchange
(gain)/loss, restructuring and severance payments and non-cash
interest. We define non-IFRS expenses as expenses excluding
depreciation, amortization, restructuring and severance payments
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 |
|
|
|
|
|
|
|
|
|
|
|
|
MARCH 31, 2023 |
|
|
DECEMBER 31, 2022 |
|
|
|
(in thousands) |
|
| ASSETS |
|
|
|
|
|
|
|
| Non–Current
Assets |
|
|
|
|
|
|
|
| Other non-current assets |
$ |
505 |
|
|
$ |
497 |
|
| Intangibles and goodwill |
|
32,206 |
|
|
|
32,170 |
|
| Right-of-Use Assets |
|
15,557 |
|
|
|
16,580 |
|
| Property, plant and
equipment |
|
109,572 |
|
|
|
113,406 |
|
| Investment in sublease |
|
11,995 |
|
|
|
11,421 |
|
| Total Non-Current
Assets |
|
169,835 |
|
|
|
174,074 |
|
| Current
Assets |
|
|
|
|
|
|
|
| Inventories |
|
89,824 |
|
|
|
89,965 |
|
| Tax receivable |
|
24,275 |
|
|
|
20,987 |
|
| Trade and other receivables |
|
40,323 |
|
|
|
55,977 |
|
| Cash and cash equivalents |
|
68,051 |
|
|
|
100,010 |
|
| Total Current
Assets |
|
222,473 |
|
|
|
266,939 |
|
| TOTAL
ASSETS |
$ |
392,308 |
|
|
$ |
441,013 |
|
| LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
| Non-Current
Liabilities |
|
|
|
|
|
|
|
| Debt due after more than one
year |
$ |
(369,400 |
) |
|
$ |
(366,479 |
) |
| Long term grants |
|
(14,446 |
) |
|
|
(15,769 |
) |
| Other long term liabilities |
|
(51,387 |
) |
|
|
(49,158 |
) |
| Lease liabilities |
|
(22,026 |
) |
|
|
(22,303 |
) |
| Stock warrants |
|
(674 |
) |
|
|
(339 |
) |
| Deferred tax liabilities |
|
(333 |
) |
|
|
(542 |
) |
| Total Non-Current
Liabilities |
|
(458,266 |
) |
|
|
(454,590 |
) |
| Current
Liabilities |
|
|
|
|
|
|
|
| Debt due within one year |
|
(143 |
) |
|
|
(76 |
) |
| Government and other grants |
|
(15,436 |
) |
|
|
(16,296 |
) |
| Trade and other payables |
|
(63,580 |
) |
|
|
(66,277 |
) |
| Lease liabilities due within one
year |
|
(8,489 |
) |
|
|
(9,149 |
) |
| Total Current
Liabilities |
|
(87,648 |
) |
|
|
(91,798 |
) |
| Equity |
|
|
|
|
|
|
|
| Share capital and share
premium |
|
(858,255 |
) |
|
|
(858,085 |
) |
| Foreign currency translation
reserve |
|
(7,730 |
) |
|
|
(20,026 |
) |
| Other reserves |
|
(105,585 |
) |
|
|
(105,585 |
) |
| Accumulated deficit |
|
1,124,997 |
|
|
|
1,088,804 |
|
| Total equity attributable
to equity holders of the parent |
|
153,427 |
|
|
|
105,108 |
|
| Non-controlling interests |
|
179 |
|
|
|
267 |
|
| Total
Equity |
|
153,606 |
|
|
|
105,375 |
|
| TOTAL EQUITY AND
LIABILITIES |
$ |
(392,308 |
) |
|
$ |
(441,013 |
) |
|
LUMIRADX LIMITED |
|
Unaudited Consolidated Statement of Profit and Loss and
Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED MARCH 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands, except shareand per share
data) |
| Revenue |
$ |
22,173 |
|
|
$ |
126,414 |
|
| Cost of sales |
|
(23,931 |
) |
|
|
(76,386 |
) |
| Gross
(Loss)/Profit |
|
(1,758 |
) |
|
|
50,028 |
|
|
Gross Margin |
|
-8 |
% |
|
|
40 |
% |
| Research and development
expenses |
|
(19,481 |
) |
|
|
(41,319 |
) |
| Selling, marketing and
administrative expenses |
|
(25,976 |
) |
|
|
(40,156 |
) |
| Operating
Loss |
|
(47,215 |
) |
|
|
(31,447 |
) |
| Finance income |
|
18,682 |
|
|
|
5,417 |
|
| Finance expense |
|
(15,110 |
) |
|
|
(27,423 |
) |
| Net finance income /
(expense) |
|
3,572 |
|
|
|
(22,006 |
) |
| Loss before
Tax |
|
(43,643 |
) |
|
|
(53,453 |
) |
| Tax provision for the period |
|
(480 |
) |
|
|
(2,217 |
) |
| Loss for the
period |
$ |
(44,123 |
) |
|
$ |
(55,670 |
) |
| Gain attributable to
non-controlling interest |
|
88 |
|
|
|
78 |
|
| Net loss attributable to
equity holders of parent—basic and diluted |
$ |
(44,211 |
) |
|
$ |
(55,748 |
) |
| Net loss per share attributable
to equity holders of parent—basic and diluted |
$ |
(0.14 |
) |
|
$ |
(0.22 |
) |
| Weighted-average number of
Ordinary Shares and Common used in loss per share—basic and
diluted |
|
318,682,867 |
|
|
|
253,074,575 |
|
|
LUMIRADX LIMITED |
|
|
Unaudited Reconciliation of IFRS Financial Measures to
Non-IFRS Financial Measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED MARCH 31, |
|
|
|
|
|
|
|
|
|
|
|
Cost of Goods Sold |
|
|
Research and Development |
|
|
Selling, Marketing and Administrative |
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
| |
(in thousands) |
|
|
|
|
|
|
|
|
|
| IFRS Financial
Measure |
$ |
(23,931 |
) |
|
$ |
(76,386 |
) |
|
$ |
(19,481 |
) |
|
$ |
(41,319 |
) |
|
$ |
(25,976 |
) |
|
$ |
(40,156 |
) |
|
|
|
|
|
|
|
|
| Depreciation1 |
|
1,806 |
|
|
|
2,278 |
|
|
|
2,697 |
|
|
|
2,426 |
|
|
|
719 |
|
|
|
706 |
|
|
|
|
|
|
|
|
|
| Amortization |
|
- |
|
|
|
- |
|
|
|
40 |
|
|
|
42 |
|
|
|
459 |
|
|
|
483 |
|
|
|
|
|
|
|
|
|
| Restructuring &
Severance |
|
139 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
43 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
| Share-based payments |
|
320 |
|
|
|
403 |
|
|
|
1,899 |
|
|
|
1,514 |
|
|
|
5,799 |
|
|
|
6,059 |
|
|
|
|
|
|
|
|
|
| Non-IFRS Adjusted
Financial Measure |
$ |
(21,666 |
) |
|
$ |
(73,705 |
) |
|
$ |
(14,845 |
) |
|
$ |
(37,337 |
) |
|
$ |
(18,956 |
) |
|
$ |
(32,908 |
) |
|
|
|
|
|
|
|
|
| 1 - Net of grants for capital
equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED MARCH 31, |
|
|
|
Gross Margin |
|
|
Operating Loss |
|
|
Net Loss |
|
|
Diluted EPS |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| |
(in thousands, except per share data) |
|
| IFRS Financial
Measure |
$ |
(1,758 |
) |
|
$ |
50,028 |
|
|
$ |
(47,215 |
) |
|
$ |
(31,447 |
) |
|
$ |
(44,123 |
) |
|
$ |
(55,670 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.22 |
) |
| Depreciation1 |
|
1,806 |
|
|
|
2,278 |
|
|
|
5,222 |
|
|
|
5,410 |
|
|
|
5,222 |
|
|
|
5,410 |
|
|
|
0.02 |
|
|
|
0.02 |
|
| Amortization |
|
- |
|
|
|
- |
|
|
|
499 |
|
|
|
525 |
|
|
|
499 |
|
|
|
525 |
|
|
|
- |
|
|
|
- |
|
| Share-based payments |
|
320 |
|
|
|
403 |
|
|
|
8,018 |
|
|
|
7,976 |
|
|
|
8,018 |
|
|
|
7,976 |
|
|
|
0.03 |
|
|
|
0.03 |
|
| Change in fair value of
financial instruments |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4,401 |
|
|
|
(5,416 |
) |
|
|
0.01 |
|
|
|
(0.02 |
) |
| Foreign exchange
loss/(gain) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(18,063 |
) |
|
|
19,209 |
|
|
|
(0.06 |
) |
|
|
0.08 |
|
| Restructuring &
Severance |
|
139 |
|
|
|
- |
|
|
|
182 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Non-cash interest |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,921 |
|
|
|
1,276 |
|
|
|
0.01 |
|
|
|
- |
|
| Non-IFRS Adjusted
Financial Measure |
$ |
507 |
|
|
$ |
52,709 |
|
|
$ |
(33,294 |
) |
|
$ |
(17,536 |
) |
|
$ |
(41,125 |
) |
|
$ |
(26,690 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.11 |
) |
| Adjusted Gross Profit
Margin |
|
2 |
% |
|
|
42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1 - Net of grants
for capital equipment |
|
|
|
|
|
|
|
|
|
|
LUMIRADX LIMITED |
|
|
Unaudited Consolidated Statement of Cash
Flows |
|
|
|
THREE MONTHS ENDED |
|
|
|
MARCH 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands) |
|
|
Cash Flows from Operating Activities |
|
|
|
|
|
|
|
| Loss for the period |
$ |
(44,123 |
) |
|
$ |
(55,670 |
) |
| Adjustments to reconcile loss
for the period to net cash used in operating activities: |
|
|
|
|
|
|
|
| Depreciation |
|
7,201 |
|
|
|
7,880 |
|
| Amortization |
|
495 |
|
|
|
525 |
|
| Net finance
(income)/expenses |
|
(3,014 |
) |
|
|
22,023 |
|
| Equity based share based
payment transactions |
|
8,018 |
|
|
|
7,976 |
|
| Increase in tax
receivable |
|
(2,841 |
) |
|
|
(1,470 |
) |
| Changes to working
capital: |
|
|
|
|
|
|
|
|
Inventories |
|
409 |
|
|
|
(18,608 |
) |
|
Trade and other receivables |
|
14,866 |
|
|
|
31,840 |
|
|
Trade payables and other liabilities |
|
(6,026 |
) |
|
|
3,601 |
|
| Net Cash used in
Operating Activities |
|
(25,015 |
) |
|
|
(1,903 |
) |
| Cash Flows from Investing
Activities |
|
|
|
|
|
|
|
|
Purchases of property, plant, equipment |
|
(1,734 |
) |
|
|
(10,259 |
) |
| Net Cash used in
Investing Activities |
|
(1,734 |
) |
|
|
(10,259 |
) |
| Cash Flows from
Financing Activities |
|
|
|
|
|
|
|
| Proceeds from issuance of
convertible notes, net of issuance costs |
|
- |
|
|
|
54,500 |
|
| Shares issued on the exercise
of share options |
|
- |
|
|
|
1,060 |
|
| Shares issued on employee
stock purchase plan |
|
170 |
|
|
|
- |
|
| Receipt of principal portion
of lease receivable |
|
615 |
|
|
|
- |
|
| Cash interest paid, net of
interest received |
|
(6,634 |
) |
|
|
(6,100 |
) |
| Repayment of principal portion
of lease liabilities |
|
(2,268 |
) |
|
|
(1,539 |
) |
| Repayments of debt |
|
- |
|
|
|
(36 |
) |
| Net Cash (used
in)/generated from Financing Activities |
|
(8,117 |
) |
|
|
47,885 |
|
| Net
(Decrease)/Increase in Cash and Cash Equivalents |
$ |
(34,866 |
) |
|
$ |
35,723 |
|
| Movement in Cash and
Cash Equivalents |
|
|
|
|
|
|
|
| Cash and cash equivalents at
the beginning of the period |
|
100,010 |
|
|
|
132,145 |
|
| Exchange gain/(loss) on cash
and cash equivalents |
|
2,907 |
|
|
|
(1,822 |
) |
| Net (decrease)/increase in
cash and cash equivalents |
|
(34,866 |
) |
|
|
35,723 |
|
| Cash and Cash
Equivalents at the end of the period |
$ |
68,051 |
|
|
$ |
166,046 |
|
Contact: investors@lumiradx.com
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