LONDON, Jan. 11, 2022 /PRNewswire/ -- LumiraDx (Nasdaq:
LMDX), a next-generation point of care diagnostics company, today
announced preliminary results for the fourth quarter of 2021 as
well as expected full-year revenue.
The company anticipates 2021 full-year revenues of $422 million compared to 2020 revenues of
$139 million and 2021 fourth quarter
revenues of $119 million compared to
2020 fourth quarter revenues of $101
million. This expected full-year revenue is well above the
earlier average consensus analyst estimate of $367 million.
The LumiraDx Point of Care COVID-19 Microfluidic Antigen test is
expected to account for $77 million
of revenue in the fourth quarter of 2021 driven by higher testing
rates associated with the Omicron variant. LumiraDx's Fast Lab
Solutions expected revenues are $24
million for the fourth quarter. Fast Lab Solutions enables
molecular test results in less than 20 minutes on existing
laboratory equipment and continues to grow with significant new
accounts added in the fourth quarter and revenues increasing 140%
from the third quarter. This growth is supported by recently
updated instructions for use (IFU) claims for larger instruments,
asymptomatic patients, pooling and home collection for the RNA Star
Complete COVID-19 Test. Finally, other revenues of $18 million are anticipated in the fourth quarter
2021 and include $10 million of
COVID-19 related testing supplies from other manufacturers sold
through LumiraDx distribution channels.
Ron Zwanziger, LumiraDx Chairman and CEO explained, "The spread
of the Omicron variant across the globe not only drove increased
demand in the fourth quarter from our existing customers but also
enabled installations of LumiraDx's unique testing solutions with
new customers, specifically health systems in the US utilizing the
LumiraDx Point of Care Platform and larger laboratories for our
Fast Lab Solutions. Despite this surge, we were able to meet
demand and fully supply both our new and existing customers with no
backorders." He continued, "As we look ahead, our portfolio of
primary health care assays, including our CRP Test which just
received CE Marking, and our growing menu of respiratory assays
will enable us to drive additional placements and focus on primary
care customers while continuing to support our customers through
the pandemic."
Just last month the company also announced CE Marking for its
COVID-19 & Flu A/B Rapid Antigen Test and initial shipments to
European customers have commenced. The company is currently
awaiting Emergency Use Authorization by the FDA for the test in the
U.S. after announcing submission earlier this fall.
The preliminary financial results included in this press release
are based on management's current expectations and may be adjusted
as a result of, among other things, the completion of customary
annual audit procedures. LumiraDx expects to report its
fourth quarter and full year 2021 financial results in
February.
About LumiraDx
LumiraDx (Nasdaq: LMDX) is a next-generation point of care
diagnostics company that is transforming community-based
healthcare. Founded in 2014, LumiraDx manufactures and
commercializes an innovative diagnostic Platform that supports a
broad menu of tests with lab comparable performance at the point of
care. LumiraDx diagnostic testing solutions are being deployed by
governments and leading healthcare institutions across
laboratories, urgent care, physician offices, pharmacies, schools,
and workplaces to screen, diagnose, and monitor wellness as well as
disease. LumiraDx has, on the market and in development, 30+ tests
covering infectious diseases, cardiovascular diseases, diabetes,
and coagulation disorders, all on the LumiraDx Platform. In
addition, LumiraDx has a comprehensive portfolio of fast, accurate,
and cost-efficient COVID-19 testing solutions from the lab to point
of need.
LumiraDx is based in the UK with more than 1600 employees
worldwide. Further information on LumiraDx and the LumiraDx
Platform 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 the company's preliminary
results for the fourth quarter and full year 2021 and performance
and benefits of the LumiraDx Platform and its portfolio of tests.
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, the completion of the audit of LumiraDx's
2021 financial statements; general economic, political and business
conditions; the effect of COVID-19 on LumiraDx's business and
financial results; maintaining regulatory approval or clearance of
tests; and those factors discussed under the header "Risk Factors"
in the Proxy Statement and Prospectus filed pursuant to Rule
424B(3) with the Securities and
Exchange Commission ("SEC") on September 10,
2021 and other filings 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.
Media Contact:
Colleen
McMillen
Colleen.McMillen@lumiradx.com
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SOURCE LumiraDx