Strong Growth in Instruments Delivered to Customers and
Continued Innovation on our Platform
LONDON, May 11, 2022 /PRNewswire/ -- LumiraDx Limited
(Nasdaq: LMDX), a next-generation point of care (POC) diagnostics
company, today announced financial and operational results for the
first quarter ended March 31,
2022.
- For the first three months of 2022, LumiraDx revenue was
$126.4 million compared to
$106.9 million for the first quarter
of 2021
- Customer install base grew to 25,000 Platforms compared to
21,000 at year-end 2021, lead by new instrument placements with
U.S. customers
- Q1 revenues for COVID related products were substantial in
January at the height of the Omicron wave
- Cash balance at March 31 was
$166.0 million; $50 million in financing expected to close in Q2
to fund further instrument placements
"We had a strong start to the year with increased revenues,
instrument shipments and validation of our Platform by health
systems and global health partners for an expanding menu of tests,"
said Chairman and CEO Ron Zwanziger.
"We are driving continued momentum and growth potential from our
R&D pipeline with recent and planned product launches such as
HbA1c, SARS-CoV-2 Ultra and our SARS-CoV-2 & Flu A/B combo and
additional claims and markets for CRP and D-Dimer."
"We have continued to innovate on our Platform with the Ultra
test strip design, for which we plan to submit for CE mark shortly
and which will deliver high sensitivity diagnostic test results in
5 minutes," Zwanziger added. "We believe that the time saved will
multiply testing throughput for health providers and improve care.
Ultra has the potential to move the entire respiratory market to
fast, high sensitivity testing."
2022 First Quarter Financial Highlights
For the three months ended March 31,
2022, LumiraDx delivered revenue of $126.4 million compared to $106.9 million for the first quarter of 2021.
SARS-CoV-2 Ag test strips on the LumiraDx Platform contributed
$77.5 million and Fast Lab Solutions
delivered revenue of $38.3 million.
Our manufacturing investments enabled us to fully meet testing
demand during the January surge of the COVID-19 pandemic and these
investments position LumiraDx for rapid growth in volumes for both
our existing products and our R&D pipeline of assays for more
than 30 common health conditions.
Total gross margins for the first three months of 2022 were 40%
compared to 41% for the same period last year. During the quarter
the company delivered more than 4,000 instruments, primarily to
U.S. customers, bringing the total to approximately 25,000
Platforms.
Research and development costs were $41.3
million in the first quarter of 2022.Our non-IFRS adjusted
research and development costs, excluding amortization and
share-based payment expenses, were $39.8
million in the first quarter of 2022, an increase of 53%
over same period last year. The increase reflects our investments
to open our new R&D center in Glasgow and increased spending to support the
imminent launch of several new tests.
First quarter 2022 sales, marketing and administrative expenses
were $40.2 million. Adjusted
non-IFRS sales, marketing and administrative expenses, excluding
amortization and share-based payment expenses, were $33.6 million in the first quarter of 2022,
compared to $17.2 million in the
first quarter of 2021. Adjusted operating loss for the first
quarter of 2022 was $22.9 million.
This compares to adjusted operating gain of $0.1 million for the first quarter of 2021.
Our net loss for the first quarter of 2022 was $55.7 million. Our non-IFRS adjusted net loss for
the first quarter of 2022 was $32.1
million or $0.13 per fully
diluted share compared to an adjusted net loss of $12.2 million or $0.09 per fully diluted share for the same period
last year. Adjustments for our non-IFRS net loss in the first
quarter of 2022 included a $19.2
million foreign exchange loss related mainly to the
accounting for intercompany loan balances with no consolidated cash
impact to the enterprise.
Our cash balance on March 31, 2022
was $166.0 million. In April, we
entered a new financing agreement to provide working capital to
fund additional instrument placements and announced the first
closing of $26.1 million with a
maximum of $50.0 million in aggregate
investment which we anticipate completing before the end of the
second quarter of 2022.
Conference Call
LumiraDx's senior management team will host a conference call
today at 4:30 pm ET to discuss the
company's financial results and business updates. Call in details
and a link to view the webcast may be found at
https://investors.lumiradx.com/news-and-events/investor-calendar.
A replay of the webcast will be available on the Investor's section
of the company's website
at investors.lumiradx.com shortly after the conclusion of
the call. The webcast will be archived for 12 months.
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
Contact:
Colleen
McMillen
Colleen.McMillen@lumiradx.com
+1.917.344.9360
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, the timing of expected product
launches, regulatory approvals, the advancement of our pipeline of
tests, the benefits and performance of our tests, and the timing
and availability of additional investments under our financing
agreement. 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; 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 and 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.
The securities offered in connection with the financing
agreement described above have not been registered under the
Securities Act of 1933, as amended (the "Securities Act"), or the
securities laws of any state or other jurisdiction in the U.S, and
may not be offered, pledged, sold, delivered or otherwise
transferred, directly or indirectly, in the U.S. except pursuant to
registration under the Securities Act or an applicable exemption
from the registration requirements of the Securities Act and, in
each case, in compliance with applicable other securities laws.
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 income (loss)
as operating loss and net income (loss), respectively, excluding
amortization, share-based payments, IFRS 2 listing expense, change
in fair value of financial instruments, foreign exchange
(gain)/loss, dividends on preferred shares and non-cash interest.
We define non-IFRS expenses as expenses, excluding amortization 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,
2022
|
|
|
DECEMBER 31,
2021
|
|
|
(in
thousands)
|
|
ASSETS
|
|
|
|
|
|
|
|
Non–Current Assets
|
|
|
|
|
|
|
|
Other non-current
assets
|
$
|
592
|
|
|
$
|
569
|
|
Intangibles and
goodwill
|
|
35,723
|
|
|
|
37,048
|
|
Right-of-use
assets
|
|
25,823
|
|
|
|
27,746
|
|
Property, plant and
equipment
|
|
172,691
|
|
|
|
173,397
|
|
Total Non-Current
Assets
|
|
234,829
|
|
|
|
238,760
|
|
Current
Assets
|
|
|
|
|
|
|
|
Inventories
|
|
164,729
|
|
|
|
149,055
|
|
Tax
receivable
|
|
16,061
|
|
|
|
15,022
|
|
Trade and other
receivables
|
|
77,562
|
|
|
|
109,798
|
|
Cash and cash
equivalents
|
|
166,046
|
|
|
|
132,145
|
|
Total Current
Assets
|
|
424,398
|
|
|
|
406,020
|
|
TOTAL
ASSETS
|
$
|
659,227
|
|
|
$
|
644,780
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
Non-Current
Liabilities
|
|
|
|
|
|
|
|
Debt due after more
than one year
|
$
|
(356,560)
|
|
|
$
|
(301,129)
|
|
Lease
liabilities
|
|
(24,132)
|
|
|
|
(25,514)
|
|
Stock
warrants
|
|
(5,002)
|
|
|
|
(10,407)
|
|
Deferred tax
liabilities
|
|
(676)
|
|
|
|
(779)
|
|
Total Non-Current
Liabilities
|
|
(386,370)
|
|
|
|
(337,829)
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
Debt due within one
year
|
|
(155)
|
|
|
|
(191)
|
|
Government and other
grants
|
|
(35,663)
|
|
|
|
(38,941)
|
|
Trade and other
payables
|
|
(105,932)
|
|
|
|
(99,641)
|
|
Lease liabilities due
within one year
|
|
(5,747)
|
|
|
|
(5,582)
|
|
Total Current
Liabilities
|
|
(147,497)
|
|
|
|
(144,355)
|
|
Equity
|
|
|
|
|
|
|
|
Share capital and share
premium
|
|
(755,083)
|
|
|
|
(754,023)
|
|
Foreign currency
translation reserve
|
|
10,308
|
|
|
|
19,706
|
|
Other
reserves
|
|
(104,957)
|
|
|
|
(104,957)
|
|
Accumulated
deficit
|
|
723,995
|
|
|
|
676,223
|
|
Total equity
attributable to equity holders of the parent
|
|
(125,737)
|
|
|
|
(163,051)
|
|
Non-controlling
interests
|
|
377
|
|
|
|
455
|
|
Total
Equity
|
|
(125,360)
|
|
|
|
(162,596)
|
|
TOTAL EQUITY AND
LIABILITIES
|
$
|
(659,227)
|
|
|
$
|
(644,780)
|
|
LUMIRADX
LIMITED
|
|
Unaudited
Consolidated Statement of Profit and Loss and Comprehensive
Income
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED
MARCH 31,
|
|
|
2022
|
|
|
2021
|
|
|
(in thousands,
except share and per share data)
|
|
Revenue
|
|
|
|
|
|
|
|
Products
|
$
|
125,628
|
|
|
$
|
105,786
|
|
Services
|
|
786
|
|
|
|
1,086
|
|
Total Revenue
|
|
126,414
|
|
|
|
106,872
|
|
Cost of
sales
|
|
|
|
|
|
|
|
Products
|
|
(76,363)
|
|
|
|
(63,072)
|
|
Services
|
|
(23)
|
|
|
|
(483)
|
|
Total Cost of Sales
|
|
(76,386)
|
|
|
|
(63,555)
|
|
Gross
Profit
|
|
50,028
|
|
|
|
43,317
|
|
Gross Profit Margin
|
|
40
|
%
|
|
|
41
|
%
|
Research and
development expenses
|
|
(41,319)
|
|
|
|
(26,741)
|
|
Selling, marketing and
administrative expenses
|
|
(40,156)
|
|
|
|
(38,051)
|
|
Operating
Loss
|
|
(31,447)
|
|
|
|
(21,475)
|
|
Finance
income
|
|
5,417
|
|
|
|
6,583
|
|
Finance
expense
|
|
(27,423)
|
|
|
|
(165,984)
|
|
Net finance
expense
|
|
(22,006)
|
|
|
|
(159,401)
|
|
Loss before
Tax
|
|
(53,453)
|
|
|
|
(180,876)
|
|
Tax (expense)/credit
for the period
|
|
(2,217)
|
|
|
|
87
|
|
Loss for the
period
|
$
|
(55,670)
|
|
|
$
|
(180,789)
|
|
Loss attributable to non-controlling interest
|
|
78
|
|
|
|
44
|
|
Net loss
attributable to equity holders of parent—basic and
diluted
|
$
|
(55,748)
|
|
|
$
|
(180,833)
|
|
Net loss per share
attributable to equity holders of parent—basic and
diluted
|
$
|
(0.22)
|
|
|
$
|
(1.37)
|
|
Weighted-average number
of Ordinary Shares used in loss per share—basic and
diluted
|
|
253,074,575
|
|
|
|
132,204,201
|
|
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
|
|
|
|
|
|
|
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
IFRS Financial
Measure
|
$
|
(76,386)
|
|
|
$
|
(63,555)
|
|
|
$
|
(41,319)
|
|
|
$
|
(26,741)
|
|
|
$
|
(40,156)
|
|
|
$
|
(38,051)
|
|
|
|
|
|
|
|
|
|
Amortization
|
|
-
|
|
|
|
-
|
|
|
|
42
|
|
|
|
44
|
|
|
|
483
|
|
|
|
538
|
|
|
|
|
|
|
|
|
|
Share-based
payments
|
|
403
|
|
|
|
-
|
|
|
|
1,514
|
|
|
|
724
|
|
|
|
6,059
|
|
|
|
20,278
|
|
|
|
|
|
|
|
|
|
Non-IFRS Adjusted
Financial Measure
|
$
|
(75,983)
|
|
|
$
|
(63,555)
|
|
|
$
|
(39,763)
|
|
|
$
|
(25,973)
|
|
|
$
|
(33,614)
|
|
|
$
|
(17,234)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED
MARCH 31,
|
|
|
Gross
Margin
|
|
|
Operating
Loss
|
|
|
Net
Loss
|
|
|
Diluted
EPS
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
(in
thousands)
|
|
IFRS Financial
Measure
|
$
|
50,028
|
|
|
$
|
43,317
|
|
|
$
|
(31,447)
|
|
|
$
|
(21,475)
|
|
|
$
|
(55,670)
|
|
|
$
|
(180,789)
|
|
|
$
|
(0.22)
|
|
|
$
|
(1.37)
|
|
Amortization
|
|
-
|
|
|
|
-
|
|
|
|
525
|
|
|
|
582
|
|
|
|
525
|
|
|
|
582
|
|
|
|
-
|
|
|
|
-
|
|
Share-based
payments
|
|
403
|
|
|
|
-
|
|
|
|
7,976
|
|
|
|
21,002
|
|
|
|
7,976
|
|
|
|
21,002
|
|
|
|
0.03
|
|
|
|
0.16
|
|
Change in fair value of
financial instruments
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(5,416)
|
|
|
|
131,102
|
|
|
|
(0.02)
|
|
|
|
1.00
|
|
Foreign exchange
loss/(gain)
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
19,209
|
|
|
|
(6,544)
|
|
|
|
0.08
|
|
|
|
(0.05)
|
|
Dividends on preferred
shares
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
5,326
|
|
|
|
-
|
|
|
|
0.04
|
|
Non-cash
interest
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,276
|
|
|
|
17,161
|
|
|
|
-
|
|
|
|
0.13
|
|
Non-IFRS Adjusted
Financial Measure
|
$
|
50,431
|
|
|
$
|
43,317
|
|
|
$
|
(22,946)
|
|
|
$
|
109
|
|
|
$
|
(32,100)
|
|
|
$
|
(12,160)
|
|
|
$
|
(0.13)
|
|
|
$
|
(0.09)
|
|
Adjusted Gross
Profit Margin
|
|
40
|
%
|
|
|
41
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LUMIRADX
LIMITED
|
|
Unaudited
Consolidated Statement of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED
MARCH 31,
|
|
|
2022
|
|
|
2021
|
|
|
(in
thousands)
|
|
Cash Flows from
Operating Activities
|
|
|
|
|
|
|
|
Loss for the
period
|
$
|
(55,670)
|
|
|
$
|
(180,789)
|
|
Adjustments to
reconcile loss for the period to net cash used in operating
activities:
|
|
|
|
|
|
|
|
Depreciation
|
|
7,880
|
|
|
|
3,490
|
|
Amortization
|
|
525
|
|
|
|
582
|
|
Net finance
expenses
|
|
22,023
|
|
|
|
153,862
|
|
Equity based share
based payment transactions
|
|
7,976
|
|
|
|
21,002
|
|
Increase in tax
receivable
|
|
(1,470)
|
|
|
|
(688)
|
|
Accrued preferred
shares dividends
|
|
-
|
|
|
|
5,327
|
|
Changes to working
capital:
|
|
|
|
|
|
|
|
Inventories
|
|
(18,608)
|
|
|
|
(57,659)
|
|
Trade and other receivables
|
|
31,840
|
|
|
|
48,491
|
|
Trade payables and other liabilities
|
|
3,601
|
|
|
|
(2,889)
|
|
Net Cash used in
Operating Activities
|
|
(1,903)
|
|
|
|
(9,271)
|
|
Cash Flows from
Investing Activities
|
|
|
|
|
|
|
|
Purchases of property,
plant, equipment
|
|
(10,259)
|
|
|
|
(35,427)
|
|
Net Cash generated
used in Investing Activities
|
|
(10,259)
|
|
|
|
(35,427)
|
|
Cash Flows from
Financing Activities
|
|
|
|
|
|
|
|
Proceeds from debt
issuance, net of issuance costs
|
|
-
|
|
|
|
364,310
|
|
Proceeds from issuance
of convertible notes, net of issuance costs
|
|
54,500
|
|
|
|
-
|
|
Shares issued on the
exercise of share options
|
|
1,060
|
|
|
|
-
|
|
Repayment of principal
portion of lease liabilities
|
|
(1,539)
|
|
|
|
(1,172)
|
|
Cash interest paid, net
of interest received
|
|
(6,100)
|
|
|
|
(5,522)
|
|
Early extinguishment of
debt
|
|
-
|
|
|
|
(2,350)
|
|
Repayments of
debt
|
|
(36)
|
|
|
|
(140,103)
|
|
Net Cash generated
from Financing Activities
|
|
47,885
|
|
|
|
215,163
|
|
Net Increase in Cash
and Cash Equivalents
|
$
|
35,723
|
|
|
$
|
170,465
|
|
Movement in Cash and
Cash Equivalents
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the beginning of the period
|
$
|
132,145
|
|
|
$
|
161,172
|
|
Exchange (loss) / gain
on cash and cash equivalents
|
|
(1,822)
|
|
|
|
2,881
|
|
Net Increase in cash
and cash equivalents
|
|
35,723
|
|
|
|
170,465
|
|
Cash and Cash
Equivalents at the end of the period
|
$
|
166,046
|
|
|
$
|
334,518
|
|
|
|
|
|
|
|
|
|
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