Lucira Health Reports Preliminary Revenue Results for Fourth Quarter and Full Year 2021 and Provides Business Update
January 10 2022 - 7:00AM
Lucira Health, Inc. ("Lucira") (Nasdaq: LHDX), a medical technology
company focused on the development and commercialization of
transformative and innovative infectious disease test kits, today
announced preliminary revenue results for the fourth quarter and
full year 2021.
Preliminary, unaudited revenue for the fourth quarter 2021 is
expected to be between $58 million and $60 million, reflecting
growth of approximately 300% over the unaudited third quarter of
2021. Preliminary unaudited revenue for full year 2021, the first
year of commercialization, is expected to be between $90 million
and $92 million.
Based on sales pipeline visibility and manufacturing capacity,
Lucira projects revenue for 2022 in excess of $450 million.
"We are delighted by our strong revenue performance in the
fourth quarter," said Erik Engelson, President and Chief Executive
Officer of Lucira. "The diligent hard work of our employees,
contractors, and partners throughout 2021 resulted in expanded
manufacturing capacity in the fourth quarter. We anticipate
continued expansion during 2022. Demand was consistently strong
throughout the fourth quarter and remains so for our easy-to-use,
accurate PCR-quality at-home molecular test that provides results
on-the-spot in 30 minutes or less. Meeting this demand from
business-to-business, direct-to-consumer, international, and the
healthcare system is our primary focus. Lucira's strong fourth
quarter revenue growth demonstrated the founding vision of putting
instrument- and reader-free lab-quality molecular tests in the palm
of the hand for use anytime and anywhere. We look forward to
achieving further growth of Lucira's COVID-19 test business in 2022
as well as bringing additional tests to market based on Lucira's
revolutionary testing and digital reporting platforms."
The data relating to fourth quarter and the full year 2021
results presented in this press release reflect our preliminary
estimated unaudited financial results for the fourth quarter and
year ended December 31, 2021, based upon information available to
us as of the date of this press release. We have provided
preliminary estimates of financial results primarily because our
financial closing procedures for the year ended December 31, 2021
are not yet complete. The data are not a comprehensive statement of
our results for this period, and our actual results may differ
materially from these preliminary estimated data. Our actual
results remain subject to the completion of management's and our
audit committee's reviews and our other financial closing processes
as well as the completion and preparation of our financial data for
the fourth quarter and year ended December 31, 2021. Our
independent registered public accounting firm has not audited,
reviewed, compiled, or performed any procedures with respect to
such preliminary data for the fourth quarter and year ended
December 31, 2021. During the course of the preparation of our
financial statements and related notes and the completion of the
audit for the fourth quarter and year ended December 31, 2021,
additional adjustments to the preliminary estimated financial
information presented here may be identified, and our final results
for these periods may vary from these preliminary estimates. This
preliminary estimated data should not be considered a substitute
for the financial statements to be prepared in accordance with
accounting principles generally accepted in the United States and
to be filed with the Securities and Exchange Commission in our
Annual Report on Form 10-K for the year ended December 31, 2021
once it becomes available. Lucira expects to provide fourth quarter
and full year 2021 financial results and 2022 guidance during its
fourth quarter 2021 earnings call in March 2022.
About Lucira Health
Lucira is a medical technology company focused on the
development and commercialization of transformative and innovative
infectious disease test kits. Lucira's testing platform produces
lab quality molecular testing in a single-use, consumer-friendly,
palm-size test kit powered by two AA batteries. Lucira designed its
test kits to provide accurate, reliable, and on-the-spot molecular
test results anywhere and at any time. The Lucira™ Check-It
COVID-19 Test Kit (OTC) and Lucira™ COVID-19 All-In-One Test Kit
(Rx) are designed to provide a clinically relevant COVID-19 result
within 30 minutes from sample collection. For more information,
visit www.lucirahealth.com.
Forward Looking Statements
Statements contained in this press release regarding matters
that are not historical facts are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Because such statements are subject to risks and
uncertainties, actual results may differ materially from those
expressed or implied by such forward-looking statements. Words such
as "can," "plans," "will," "may," "anticipates," "expects,"
"potential," and similar expressions are intended to identify
forward-looking statements. These forward-looking statements are
based upon Lucira's current expectations and involve assumptions
that may never materialize or may prove to be incorrect. Actual
results could differ materially from those anticipated in such
forward-looking statements as a result of various risks and
uncertainties, including our ability to increase production,
streamline operations and increase product availability; the
success of our test platform with COVID-19 including its variants,
the extent and duration of the COVID-19 pandemic and our
expectations regarding customer and user demand for our COVID-19
test kit; our ability to obtain and maintain regulatory approval
for our test kits, including our existing Emergency Use
Authorization for our COVID-19 test kits; the performance of, and
our reliance on, third parties in connection with the
commercialization of our test kits, including Jabil Inc. and our
single-source suppliers; our ability to successfully continue to
expand internationally; any impact on our ability to market our
products; demand for our products due to deferral of procedures
using our products or disruption in our supply chain; our ability
to achieve or sustain profitability; our ability to gain market
acceptance for our products and to accurately forecast and meet
customer demand; our ability to compete successfully; our ability
to enhance and expand our product offerings; our ability to
accurately predict continued expansion; our ability to accurately
forecast revenue; development and manufacturing problems; capacity
constraints or delays in production of our products; maintenance of
coverage and adequate reimbursement for procedures using our
products; and product defects or failures. These and other risks
and uncertainties are described more fully in the "Risk Factors"
section and elsewhere in our filings with the Securities and
Exchange Commission and available at www.sec.gov, including in our
most recent Annual Report on Form 10-K and Quarterly Report on Form
10-Q. Any forward-looking statements that we make in this
announcement speak only as of the date of this press release, and
Lucira assumes no obligation to update forward-looking statements
whether as a result of new information, future events or otherwise
after the date of this press release, except as required under
applicable law.
Investor ContactGreg
ChodaczekInvestorrelations@lucirahealth.com347-620-7010
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