LumiraDx Limited (Nasdaq: LMDX), a next-generation point of care
(POC) diagnostics company, today announced operational and
financial results for the second quarter ended June 30, 2022.
- Q2 2022 revenue of $44.7 million
compared to Q1 2022 revenue of $126.4 million and Q2 2021 revenue
of $87.2 million as COVID-19 moves from pandemic to endemic
stage
- Five new CE Marks including HbA1c,
NT-ProBNP, SARS-CoV-2 Ag Ultra and Ultra Pool tests with results in
five minutes, as well as SARS-CoV-2 & RSV combo; expanded use
of CRP to pediatric populations and a new exclusion claim for
D-Dimer
- Actively working on U.S. 510K
submission for the SARS-CoV-2 Ag Ultra 5-minute test, with clinical
trials planned for broader respiratory portfolio during flu season
this year
- Molecular pipeline continues to
progress well with Strep A and TB programs validating the
performance and speed that can be achieved with proprietary qSTAR
technology
- As previously announced, completed
financings during the third quarter of 2022 for aggregate net
proceeds of approximately $100 million, including an additional
investment from the Bill & Melinda Gates Foundation, and
initiated a restructuring program to shape organization and cost
structure for successful innovation and commercialization in line
with our mission to transform community-based healthcare
“We have made significant progress on expanding our portfolio of
newly authorized products and have exciting commercialization
priorities,” said LumiraDx Chairman and CEO Ron Zwanziger. “We are
moving to commercialize our product portfolio in Europe and other
international markets while actively working on U.S. submissions
and preparing clinical trials this fall. We believe that we have a
compelling value proposition with products designed to disrupt the
point of care market and enable customers to consolidate three to
six different instruments they are currently using into a single
LumiraDx Platform. With lab comparable results in minutes for
diabetes, heart failure, and coagulation disorders, we see an
opportunity to do more testing in emergency rooms and primary care
offices. We’re also accelerating the development of our Troponin
and molecular assays on the Platform. We are confident these
actions and strategic priorities for the next 12 to 18 months will
bridge us toward key revenue milestones and support our strategy to
transform community-based care.”
2022 Second Quarter Financial HighlightsFor the
three months ended June 30, 2022, LumiraDx delivered revenue
of $44.7 million compared to $87.2 million for
the second quarter of 2021. Test strips on the LumiraDx Platform
contributed revenues of $28 million and Fast Lab Solutions’
molecular reagents delivered $10 million, substantially all from
COVID-19 products.
Revenues declined from the early months of this year at the
height of the Omicron surge as COVID-19 moves from pandemic to
endemic stage. At the same time, LumiraDx’s products continue to be
recognized by customers for their significant performance and cost
advantages over competing products. In response to lower COVID
testing activity and to ensure efficient use of cash, the company
initiated a global restructuring plan to resize the organization to
the current requirements to meet market needs and to reduce costs.
The company is targeting cost reductions to avoid impacts on
pipeline delivery on its test menu for common health conditions to
drive near-term revenue growth.
Total gross margins for the second quarter of 2022 were 11%
compared to 17% for the same period last year. The decline is
primarily due to under-absorbed manufacturing capacity costs as the
company transitions from a higher cost base and resizes operations
to deliver in a more stable post-pandemic market environment.
Research and development expenses were $47.5
million in the second quarter of 2022. Our non-IFRS R&D
expenses increased 33% from $33.9 million in second quarter of 2021
to $45.1 million this year, driven by a heightened rate of
regulatory submissions and product development activities during
the second quarter of 2022.
The company announced a restructuring program to reduce overall
operating costs and deprioritizing certain R&D activities for
earlier stage programs.
Second quarter 2022 sales, marketing and administrative expenses
were $37.8 million. Adjusted non-IFRS sales, marketing
and administrative expenses, excluding amortization and share-based
payment expenses, were $30.8 million in the second
quarter of 2022, compared to $22.4 million in the first
quarter of 2021. Non-IFRS SG&A expenses declined approximately
$3 million from the first quarter of 2022, and we anticipate
further reductions as part of our restructuring program.
Operating loss for the second quarter of 2022 was $81
million. The non-IFRS operating loss for second quarter of 2022 was
$71 million representing a $29 million higher loss compared with
the $42 million loss in the same period last year.
Our cash balance at the end of the second quarter was $106
million compared to $132 million at the end of 2021. After the
quarter close, LumiraDx completed an underwritten public offering
and a concurrent private placement with the Bill & Melinda
Gates Foundation that raised aggregate net proceeds, after
underwriting costs, of approximately $100 million. The pro forma
cash balance after the recent public offering and concurrent
private placement would have been $206 million.
Conference CallLumiraDx’s senior management
team will host a conference call today at 8:00 AM 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
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 one
year.
About LumiraDxLumiraDx Limited (Nasdaq: LMDX)
is 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 or
in 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 screen,
diagnose, and monitor wellness as well as disease. More information
on LumiraDx is available at www.lumiradx.com.
Contact: Colleen McMillen
Colleen.McMillen@lumiradx.com +1.917.344.9360
Cautionary Note Regarding Forward-Looking
StatementsThis 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 benefits and performance of our
tests, our ability to reach key revenue milestones and the expected
timing and outcome of our 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; 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 MeasuresWe 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 |
|
|
|
|
|
|
|
|
|
|
JUNE 30, 2022 |
|
|
DECEMBER 31, 2021 |
|
|
(in thousands, except share data) |
|
ASSETS |
|
|
|
|
|
|
|
Non–Current
Assets |
|
|
|
|
|
|
|
Other non-current assets |
$ |
510 |
|
|
$ |
569 |
|
Intangibles and goodwill |
|
33,088 |
|
|
|
37,048 |
|
Right-of-Use Assets |
|
24,103 |
|
|
|
27,746 |
|
Property, plant and
equipment |
|
160,974 |
|
|
|
173,397 |
|
Total Non-Current
Assets |
|
218,675 |
|
|
|
238,760 |
|
Current
Assets |
|
|
|
|
|
|
|
Inventories |
|
169,557 |
|
|
|
149,055 |
|
Tax receivable |
|
15,540 |
|
|
|
15,022 |
|
Trade and other
receivables |
|
64,117 |
|
|
|
109,798 |
|
Cash and cash equivalents |
|
106,450 |
|
|
|
132,145 |
|
Total Current
Assets |
|
355,664 |
|
|
|
406,020 |
|
TOTAL
ASSETS |
$ |
574,339 |
|
|
$ |
644,780 |
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Non-Current
Liabilities |
|
|
|
|
|
|
|
Debt due after more than one
year |
$ |
(358,747 |
) |
|
$ |
(301,129 |
) |
Other Long Term
Liabilities |
|
(43,112 |
) |
|
|
- |
|
Lease liabilities |
|
(22,230 |
) |
|
|
(25,514 |
) |
Stock Warrants |
|
(5,462 |
) |
|
|
(10,407 |
) |
Deferred tax liabilities |
|
(537 |
) |
|
|
(779 |
) |
Total Non-Current
Liabilities |
|
(430,088 |
) |
|
|
(337,829 |
) |
Current
Liabilities |
|
|
|
|
|
|
|
Debt due within one year |
|
(118 |
) |
|
|
(191 |
) |
Government and other
grants |
|
(32,216 |
) |
|
|
(38,941 |
) |
Trade and other payables |
|
(89,927 |
) |
|
|
(99,641 |
) |
Lease liabilities due within
one year |
|
(6,495 |
) |
|
|
(5,582 |
) |
Total Current
Liabilities |
|
(128,756 |
) |
|
|
(144,355 |
) |
Equity |
|
|
|
|
|
|
|
Share capital and share
premium |
|
(758,114 |
) |
|
|
(754,023 |
) |
Foreign currency translation
reserve |
|
(15,253 |
) |
|
|
19,706 |
|
Other reserves |
|
(104,957 |
) |
|
|
(104,957 |
) |
Accumulated deficit |
|
862,513 |
|
|
|
676,223 |
|
Total equity
attributable to equity holders of the parent |
|
(15,811 |
) |
|
|
(163,051 |
) |
Non-controlling interests |
|
316 |
|
|
|
455 |
|
Total
Equity |
|
(15,495 |
) |
|
|
(162,596 |
) |
TOTAL EQUITY AND
LIABILITIES |
$ |
(574,339 |
) |
|
$ |
(644,780 |
) |
LUMIRADX LIMITED |
|
Unaudited Consolidated Statement of Profit and Loss and
Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDEDJUNE 30, |
|
|
SIX MONTHS ENDEDJUNE 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands, except shareand per share
data) |
|
Revenue |
|
$ |
44,726 |
|
|
$ |
87,222 |
|
|
$ |
171,138 |
|
|
$ |
194,094 |
|
Cost of sales |
|
|
(39,889 |
) |
|
|
(72,359 |
) |
|
|
(116,275 |
) |
|
|
(135,914 |
) |
Gross
Profit |
|
|
4,837 |
|
|
|
14,863 |
|
|
|
54,863 |
|
|
|
58,180 |
|
Research and development
expenses |
|
|
(47,450 |
) |
|
|
(34,262 |
) |
|
|
(88,769 |
) |
|
|
(61,003 |
) |
Selling, marketing and
administrative expenses |
|
|
(37,845 |
) |
|
|
(26,947 |
) |
|
|
(78,001 |
) |
|
|
(64,998 |
) |
Operating
Loss |
|
|
(80,458 |
) |
|
|
(46,346 |
) |
|
|
(111,907 |
) |
|
|
(67,821 |
) |
Finance income |
|
|
188 |
|
|
|
71,024 |
|
|
|
5,139 |
|
|
|
5,041 |
|
Finance expense |
|
|
(67,858 |
) |
|
|
(38,205 |
) |
|
|
(95,315 |
) |
|
|
(131,623 |
) |
Net finance
expense |
|
|
(67,670 |
) |
|
|
32,819 |
|
|
|
(90,176 |
) |
|
|
(126,582 |
) |
Gain/(Loss) before
Tax |
|
|
(148,128 |
) |
|
|
(13,527 |
) |
|
|
(202,083 |
) |
|
|
(194,403 |
) |
Tax (provision)/credit for the
period |
|
|
732 |
|
|
|
(1,644 |
) |
|
|
(1,485 |
) |
|
|
(1,557 |
) |
Gain/(Loss) for the
period |
|
$ |
(147,396 |
) |
|
$ |
(15,171 |
) |
|
$ |
(203,568 |
) |
|
$ |
(195,960 |
) |
Loss attributable to non-controlling interest |
|
|
61 |
|
|
|
278 |
|
|
|
139 |
|
|
|
322 |
|
Net gain/(loss)
attributable to equity holders of parent—basic and
diluted |
|
$ |
(147,457 |
) |
|
$ |
(15,449 |
) |
|
$ |
(203,707 |
) |
|
$ |
(196,282 |
) |
Net gain/(loss) per share
attributable to equity holders of parent—basic |
|
$ |
(0.58 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.80 |
) |
|
$ |
(1.48 |
) |
Net gain/(loss) per share
attributable to equity holders of parent—diluted |
|
$ |
(0.58 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.80 |
) |
|
$ |
(1.48 |
) |
Weighted-average number of
Ordinary Shares used in loss per share—basic |
|
|
254,686,967 |
|
|
|
132,204,201 |
|
|
|
253,945,274 |
|
|
|
132,204,201 |
|
Weighted-average number of
Ordinary Shares used in loss per share—diluted |
|
|
254,686,967 |
|
|
|
132,204,201 |
|
|
|
253,945,274 |
|
|
|
132,204,201 |
|
LUMIRADX LIMITED |
|
Unaudited Reconciliation of IFRS Financial Measures to
Non-IFRS Financial Measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED JUNE 30, |
|
|
|
|
|
|
|
|
|
|
|
Cost of Goods Sold |
|
|
Research andDevelopment |
|
|
Selling, Marketingand Administrative |
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
IFRS Financial
Measure |
|
$ |
(39,889 |
) |
|
$ |
(72,359 |
) |
|
$ |
(47,450 |
) |
|
$ |
(34,262 |
) |
|
$ |
(37,845 |
) |
|
$ |
(26,947 |
) |
|
|
|
|
|
|
|
|
Amortization |
|
|
- |
|
|
|
- |
|
|
|
39 |
|
|
|
44 |
|
|
|
459 |
|
|
|
542 |
|
|
|
|
|
|
|
|
|
Share-based payments |
|
|
621 |
|
|
|
- |
|
|
|
2,266 |
|
|
|
323 |
|
|
|
6,554 |
|
|
|
3,956 |
|
|
|
|
|
|
|
|
|
Non-IFRS Adjusted
Financial Measure |
|
$ |
(39,268 |
) |
|
$ |
(72,359 |
) |
|
$ |
(45,145 |
) |
|
$ |
(33,895 |
) |
|
$ |
(30,832 |
) |
|
$ |
(22,449 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED JUNE 30, |
|
|
|
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 |
|
$ |
4,837 |
|
|
$ |
14,863 |
|
|
$ |
(80,458 |
) |
|
$ |
(46,346 |
) |
|
$ |
(147,396 |
) |
|
$ |
(15,171 |
) |
|
$ |
(0.58 |
) |
|
$ |
(0.12 |
) |
Amortization |
|
|
- |
|
|
|
- |
|
|
|
498 |
|
|
|
586 |
|
|
|
498 |
|
|
|
586 |
|
|
|
- |
|
|
|
0.01 |
|
Share-based payments |
|
|
621 |
|
|
|
- |
|
|
|
9,441 |
|
|
|
4,279 |
|
|
|
9,441 |
|
|
|
4,279 |
|
|
|
0.04 |
|
|
|
0.03 |
|
Change in fair value of
financial instruments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
471 |
|
|
|
(70,850 |
) |
|
|
- |
|
|
|
(0.54 |
) |
Foreign exchange
loss/(gain) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
55,512 |
|
|
|
1,716 |
|
|
|
0.22 |
|
|
|
0.02 |
|
Accretion of royalty
financing |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,612 |
|
|
|
- |
|
|
|
0.01 |
|
|
|
- |
|
Dividends on preferred
shares |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,384 |
|
|
|
- |
|
|
|
0.04 |
|
Non-cash interest |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,890 |
|
|
|
21,385 |
|
|
|
- |
|
|
|
0.16 |
|
Non-IFRS Adjusted
Financial Measure |
|
$ |
5,458 |
|
|
$ |
14,863 |
|
|
$ |
(70,519 |
) |
|
$ |
(41,481 |
) |
|
$ |
(77,972 |
) |
|
$ |
(52,671 |
) |
|
$ |
(0.31 |
) |
|
$ |
(0.40 |
) |
Adjusted Gross Profit
Margin |
|
|
12 |
% |
|
|
17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SIX MONTHS ENDED JUNE 30, |
|
|
|
|
|
|
|
|
|
|
|
Cost of Goods Sold |
|
|
Research andDevelopment |
|
|
Selling, Marketingand Administrative |
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
IFRS Financial
Measure |
|
$ |
(116,275 |
) |
|
$ |
(135,914 |
) |
|
$ |
(88,769 |
) |
|
$ |
(61,003 |
) |
|
$ |
(78,001 |
) |
|
$ |
(64,998 |
) |
|
|
|
|
|
|
|
|
Amortization |
|
|
- |
|
|
|
- |
|
|
|
81 |
|
|
|
88 |
|
|
|
942 |
|
|
|
1,080 |
|
|
|
|
|
|
|
|
|
Share-based payments |
|
|
1,024 |
|
|
|
- |
|
|
|
3,780 |
|
|
|
1,047 |
|
|
|
12,613 |
|
|
|
24,234 |
|
|
|
|
|
|
|
|
|
Non-IFRS Adjusted
Financial Measure |
|
$ |
(115,251 |
) |
|
$ |
(135,914 |
) |
|
$ |
(84,908 |
) |
|
$ |
(59,868 |
) |
|
$ |
(64,446 |
) |
|
$ |
(39,684 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SIX MONTHS ENDED JUNE 30, |
|
|
|
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 |
|
$ |
54,863 |
|
|
$ |
58,180 |
|
|
$ |
(111,907 |
) |
|
$ |
(67,821 |
) |
|
$ |
(203,568 |
) |
|
$ |
(195,960 |
) |
|
$ |
(0.80 |
) |
|
$ |
(1.48 |
) |
Amortization |
|
|
- |
|
|
|
- |
|
|
|
1,023 |
|
|
|
1,168 |
|
|
|
1,023 |
|
|
|
1,168 |
|
|
|
- |
|
|
|
0.01 |
|
Share-based payments |
|
|
|
|
|
|
- |
|
|
|
17,417 |
|
|
|
25,281 |
|
|
|
17,417 |
|
|
|
25,281 |
|
|
|
0.07 |
|
|
|
0.19 |
|
Change in fair value of
financial instruments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(4,945 |
) |
|
|
60,252 |
|
|
|
(0.02 |
) |
|
|
0.46 |
|
Foreign exchange
loss/(gain) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
74,721 |
|
|
|
(4,828 |
) |
|
|
0.30 |
|
|
|
(0.04 |
) |
Accretion of royalty
financing |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,612 |
|
|
|
- |
|
|
|
0.01 |
|
|
|
- |
|
Dividends on preferred
shares |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
10,711 |
|
|
|
- |
|
|
|
0.08 |
|
Non-cash interest |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,669 |
|
|
|
42,652 |
|
|
|
0.01 |
|
|
|
0.32 |
|
Non-IFRS Adjusted
Financial Measure |
|
$ |
54,863 |
|
|
$ |
58,180 |
|
|
$ |
(93,467 |
) |
|
$ |
(41,372 |
) |
|
$ |
(110,071 |
) |
|
$ |
(60,724 |
) |
|
$ |
(0.43 |
) |
|
$ |
(0.46 |
) |
Adjusted Gross Profit
Margin |
|
|
32 |
% |
|
|
30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LUMIRADX LIMITED |
|
Unaudited Consolidated Statement of Cash
Flows |
|
|
|
|
|
THREE MONTHS ENDED |
|
|
SIX MONTHS ENDED |
|
|
|
JUNE 30, |
|
|
JUNE 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands, except shareand per share
data) |
|
Cash Flows from Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(Loss) for the
period |
|
$ |
(147,396 |
) |
|
$ |
(15,171 |
) |
|
$ |
(203,568 |
) |
|
$ |
(195,960 |
) |
Adjustments to reconcile loss
for the period to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
7,501 |
|
|
|
4,049 |
|
|
|
15,381 |
|
|
|
7,539 |
|
Amortization |
|
|
498 |
|
|
|
586 |
|
|
|
1,023 |
|
|
|
1,168 |
|
Net finance
(income)/expenses |
|
|
67,102 |
|
|
|
(37,803 |
) |
|
|
89,637 |
|
|
|
116,059 |
|
Equity based share based
payment transactions |
|
|
9,441 |
|
|
|
4,279 |
|
|
|
17,417 |
|
|
|
25,281 |
|
Increase in tax
receivable |
|
|
(565 |
) |
|
|
(685 |
) |
|
|
(2,035 |
) |
|
|
(1,373 |
) |
Accrued preferred shares
dividends |
|
|
- |
|
|
|
5,384 |
|
|
|
- |
|
|
|
10,711 |
|
Changes to working
capital: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventories |
|
|
(13,684 |
) |
|
|
(31,148 |
) |
|
|
(32,292 |
) |
|
|
(88,807 |
) |
Trade and other receivables |
|
|
11,331 |
|
|
|
5,128 |
|
|
|
43,171 |
|
|
|
53,619 |
|
Trade payables and other liabilities |
|
|
(17,015 |
) |
|
|
16,752 |
|
|
|
(13,217 |
) |
|
|
13,863 |
|
Net Cash used in
Operating Activities |
|
|
(82,787 |
) |
|
|
(48,629 |
) |
|
|
(84,483 |
) |
|
|
(57,900 |
) |
Cash Flows from
Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant,
equipment |
|
|
(6,465 |
) |
|
|
(26,314 |
) |
|
|
(16,727 |
) |
|
|
(61,741 |
) |
Cash paid for business
acquisitions, net of cash received |
|
|
- |
|
|
|
(1,968 |
) |
|
|
- |
|
|
|
(1,968 |
) |
Cash received from merger |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net Cash generated
from/(used in) Investing Activities |
|
|
(6,465 |
) |
|
|
(28,282 |
) |
|
|
(16,727 |
) |
|
|
(63,709 |
) |
Cash Flows from
Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of
convertible notes, net of issuance costs |
|
|
(316 |
) |
|
|
- |
|
|
|
54,009 |
|
|
|
- |
|
Proceeds from royalty
agreement |
|
|
41,500 |
|
|
|
- |
|
|
|
41,500 |
|
|
|
- |
|
Proceeds from debt issuance,
net of issuance costs |
|
|
- |
|
|
|
(2,581 |
) |
|
|
- |
|
|
|
361,729 |
|
Proceeds from shares issued on
the exercise of share options |
|
|
3,017 |
|
|
|
- |
|
|
|
4,091 |
|
|
|
- |
|
Repayment of principal portion
of lease liabilities |
|
|
(1,407 |
) |
|
|
(1,086 |
) |
|
|
(2,946 |
) |
|
|
(2,258 |
) |
Cash interest paid, net of
interest received |
|
|
(6,151 |
) |
|
|
(9,105 |
) |
|
|
(12,251 |
) |
|
|
(14,627 |
) |
Fee on early extinguishment of
debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,350 |
) |
Repayments of debt |
|
|
(35 |
) |
|
|
(117 |
) |
|
|
(118 |
) |
|
|
(140,220 |
) |
Net Cash (used
in)/generated from Financing Activities |
|
|
36,608 |
|
|
|
(12,889 |
) |
|
|
84,285 |
|
|
|
202,274 |
|
Net
(Decrease)/Increase in Cash and Cash Equivalents |
|
$ |
(52,644 |
) |
|
$ |
(89,800 |
) |
|
$ |
(16,925 |
) |
|
$ |
80,665 |
|
Movement in Cash and
Cash Equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at
the beginning of the period |
|
|
166,046 |
|
|
|
334,518 |
|
|
|
132,145 |
|
|
|
161,172 |
|
Exchange gain/(loss) on cash
and cash equivalents |
|
|
(6,952 |
) |
|
|
1,737 |
|
|
|
(8,770 |
) |
|
|
4,618 |
|
Net increase/(decrease) in
cash and cash equivalents |
|
|
(52,644 |
) |
|
|
(89,800 |
) |
|
|
(16,925 |
) |
|
|
80,665 |
|
Cash and Cash
Equivalents at the end of the period |
|
$ |
106,450 |
|
|
$ |
246,455 |
|
|
$ |
106,450 |
|
|
$ |
246,455 |
|
LumiraDx (NASDAQ:LMDX)
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From Mar 2024 to Apr 2024
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