LumiraDx Limited (Nasdaq: LMDX), a next-generation point of care
(POC) diagnostics company, today announced operational and
financial results for the third quarter ended September 30, 2022.
- Q3 2022 revenue of $42.2 million compared to Q2 2022 revenue of
$44.7 million and Q3 2021 revenue of $109.1 million; strong
position in a changing COVID testing market
- Global restructuring plan on track with cost-saving initiatives
implemented of $18 million per quarter
- Commercializing newly CE marked products in Europe and
international markets: HbA1c, NT-ProBNP, SARS-CoV-2 Ag Ultra, Ultra
Pool, and SARS-CoV-2 & RSV combo
- Diabetes test shipments commenced, planned rollout of heart
failure test
- Expansion of U.S. customer base continues, preparing clinical
studies and 510(k) submission for SARS-CoV-2 Ag Ultra 5-minute test
and SARS-CoV-2 & Flu combo
“We are commercializing our portfolio of newly authorized
products while reducing our cost base significantly,” said LumiraDx
Chairman and CEO Ron Zwanziger. “Recently we began shipments of our
HbA1c fingerstick assay for diabetes in Europe, a key market for
our strategy to enable primary care physicians to consolidate
multiple POC diagnostic instruments and tests onto our Platform. We
are also on track to launch our NT-ProBNP assay for congestive
heart failure by the end of this year in European and international
markets. We strengthened our market position by more than doubling
the number of customer sites in the U.S. this year and are excited
about the diversification of our installed base across health
systems, primary care, pharmacy and enterprise settings to support
U.S. opportunities beyond COVID testing. Restructuring efforts have
enabled us to right-size operations to meet customer needs
efficiently and focus R&D and business priorities on near-term
growth opportunities.”
2022 Third Quarter Financial Highlights
The global restructuring plan to resize operations to current
market requirements was fully implemented in the third quarter, and
we have already implemented additional cost reductions to bring the
expected savings to approximately $18 million per quarter. At the
same time, we are making strategic use of resources to advance our
near-term R&D pipeline of assays for common health conditions
and commercialize new products to drive revenue growth.
For the three months ended September 30, 2022, LumiraDx
delivered revenue of $42.2 million compared
to $109.1 million for the third quarter of 2021. Platform
test strip revenues were $26.9 million, and sales of instruments,
accessories and other items related to our point of care Platform
were $1.7 million. Our Fast Labs revenues were $9.0 million in the
third quarter of 2022. Substantially all of the revenues for test
strips and Fast Labs were derived from our COVID-19 products.
LumiraDx’s COVID products are recognized for their significant
performance and cost advantages over competing POC options. As the
overall market for COVID testing has dropped, we have retained
revenue through expansion of customer sites and use cases in key
markets including the U.S., U.K., Italy and Japan.
Total gross margins for the third quarter of 2022 were 20%
compared to 11% in the second quarter of 2022 and 36% in the third
quarter of last year. Inventory reserves of $9 million related
primarily to COVID testing materials negatively impacted gross
margins in the quarter. The impact of our global restructuring
program is expected to reduce fixed manufacturing costs in the
fourth quarter of this year.
Research and development expenses were $31.3
million in the third quarter of 2022. Our non-IFRS R&D
expenses in the third quarter of 2022 were $29.2 million, a
decrease of 35% from the second quarter of this year. We have
prioritized R&D spend to focus on our near-term pipeline and
U.S. 510(k) submissions for the back half of 2022 and into next
year.
Third quarter 2022 sales, marketing and administrative expenses
were $35.3 million. Adjusted non-IFRS sales, marketing
and administrative expenses, excluding amortization and share-based
payment expenses, were $27.9 million in the third quarter
of 2022 as compared with $23.8 million for the same period last
year. Third quarter 2022 non-IFRS SG&A represents a 10%
decrease compared to the second quarter of 2022, due to currency
translation effects of a strong U.S. dollar and the partial period
impact of our global restructuring program.
Operating loss for the third quarter of 2022 was $57.9
million compared with a $55.5 million loss for the same period last
year. Third quarter 2022 non-IFRS operating loss of $47.9 million
improved $22.6 million from a second quarter of 2022 non-IFRS
operating loss of $70.5 million. We expect our global restructuring
efforts will continue to support this improving trend as we focus
strongly on our cash position.
Conference Call
LumiraDx’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 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 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 the pipeline,
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.
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, 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; 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 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 |
|
|
|
|
|
|
|
|
|
|
|
|
SEPTEMBER 30, 2022 |
|
|
DECEMBER 31, 2021 |
|
|
|
(in thousands) |
|
ASSETS |
|
|
|
|
|
|
|
|
Non–Current
Assets |
|
|
|
|
|
|
|
|
Other non-current assets |
|
$ |
452 |
|
|
$ |
569 |
|
Intangibles and goodwill |
|
|
30,560 |
|
|
|
37,048 |
|
Right-of-use Assets |
|
|
21,919 |
|
|
|
27,746 |
|
Property, plant and
equipment |
|
|
153,792 |
|
|
|
173,397 |
|
Total Non-Current
Assets |
|
|
206,723 |
|
|
|
238,760 |
|
Current
Assets |
|
|
|
|
|
|
|
|
Inventories |
|
|
158,609 |
|
|
|
149,055 |
|
Tax receivable |
|
|
15,172 |
|
|
|
15,022 |
|
Trade and other receivables |
|
|
52,940 |
|
|
|
109,798 |
|
Cash and cash equivalents |
|
|
135,265 |
|
|
|
132,145 |
|
Total Current
Assets |
|
|
361,986 |
|
|
|
406,020 |
|
TOTAL
ASSETS |
|
$ |
568,709 |
|
|
$ |
644,780 |
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Non-Current
Liabilities |
|
|
|
|
|
|
|
|
Debt due after more than one
year |
|
$ |
(358,397 |
) |
|
$ |
(301,129 |
) |
Other long term liabilities |
|
|
(46,488 |
) |
|
|
- |
|
Lease liabilities |
|
|
(20,476 |
) |
|
|
(25,514 |
) |
Stock warrants |
|
|
(632 |
) |
|
|
(10,407 |
) |
Deferred tax liabilities |
|
|
(408 |
) |
|
|
(779 |
) |
Total Non-Current
Liabilities |
|
|
(426,401 |
) |
|
|
(337,829 |
) |
Current
Liabilities |
|
|
|
|
|
|
|
|
Debt due within one year |
|
|
(109 |
) |
|
|
(191 |
) |
Government and other grants |
|
|
(30,685 |
) |
|
|
(38,941 |
) |
Trade and other payables |
|
|
(87,205 |
) |
|
|
(99,641 |
) |
Lease liabilities due within one
year |
|
|
(6,495 |
) |
|
|
(5,582 |
) |
Total Current
Liabilities |
|
|
(124,494 |
) |
|
|
(144,355 |
) |
Equity |
|
|
|
|
|
|
|
|
Share capital and share
premium |
|
|
(853,508 |
) |
|
|
(754,023 |
) |
Foreign currency translation
reserve |
|
|
(56,030 |
) |
|
|
19,706 |
|
Other reserves |
|
|
(104,957 |
) |
|
|
(104,957 |
) |
Accumulated deficit |
|
|
996,416 |
|
|
|
676,223 |
|
Total equity attributable
to equity holders of the parent |
|
|
(18,079 |
) |
|
|
(163,051 |
) |
Non-controlling interests |
|
|
265 |
|
|
|
455 |
|
Total
Equity |
|
|
(17,814 |
) |
|
|
(162,596 |
) |
TOTAL EQUITY AND
LIABILITIES |
|
$ |
(568,709 |
) |
|
$ |
(644,780 |
) |
|
|
|
|
LUMIRADX LIMITED |
|
Unaudited Consolidated Statement of Profit and Loss and
Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED SEPTEMBER 30, |
|
|
NINE MONTHS ENDED SEPTEMBER 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands, except share and per
share data) |
|
Revenue |
|
$ |
42,218 |
|
|
$ |
109,081 |
|
|
$ |
213,356 |
|
|
$ |
303,175 |
|
Cost of sales |
|
|
(33,585 |
) |
|
|
(70,241 |
) |
|
|
(149,860 |
) |
|
|
(206,155 |
) |
Gross
Profit |
|
|
8,633 |
|
|
|
38,840 |
|
|
|
63,496 |
|
|
|
97,020 |
|
Research and development
expenses |
|
|
(31,255 |
) |
|
|
(35,396 |
) |
|
|
(120,024 |
) |
|
|
(96,399 |
) |
Selling, marketing and
administrative expenses |
|
|
(35,312 |
) |
|
|
(28,111 |
) |
|
|
(113,313 |
) |
|
|
(93,109 |
) |
Listing expenses |
|
|
- |
|
|
|
(30,809 |
) |
|
|
- |
|
|
|
(30,809 |
) |
Operating
Loss |
|
|
(57,934 |
) |
|
|
(55,476 |
) |
|
|
(169,841 |
) |
|
|
(123,297 |
) |
Finance income |
|
|
4,830 |
|
|
|
226,196 |
|
|
|
9,914 |
|
|
|
166,246 |
|
Finance expense |
|
|
(88,184 |
) |
|
|
(37,317 |
) |
|
|
(183,444 |
) |
|
|
(103,949 |
) |
Net finance
expense |
|
|
(83,354 |
) |
|
|
188,879 |
|
|
|
(173,530 |
) |
|
|
62,297 |
|
Gain/(Loss) before
Tax |
|
|
(141,288 |
) |
|
|
133,403 |
|
|
|
(343,371 |
) |
|
|
(61,000 |
) |
Tax (provision)/credit for the
period |
|
|
(2,143 |
) |
|
|
(994 |
) |
|
|
(3,628 |
) |
|
|
(2,551 |
) |
Gain/(Loss) for the
period |
|
$ |
(143,431 |
) |
|
$ |
132,409 |
|
|
$ |
(346,999 |
) |
|
$ |
(63,551 |
) |
Gain attributable to non-controlling interest |
|
|
51 |
|
|
|
- |
|
|
|
190 |
|
|
|
322 |
|
Net gain/(loss)
attributable to equity holders of parent—basic and
diluted |
|
$ |
(143,482 |
) |
|
$ |
132,409 |
|
|
$ |
(347,189 |
) |
|
$ |
(63,873 |
) |
Net gain/(loss) per share
attributable to equity holders of parent—basic |
|
$ |
(0.47 |
) |
|
$ |
0.99 |
|
|
$ |
(1.28 |
) |
|
$ |
(0.48 |
) |
Net gain/(loss) per share
attributable to equity holders of parent—diluted |
|
$ |
(0.47 |
) |
|
$ |
0.72 |
|
|
$ |
(1.28 |
) |
|
$ |
(0.48 |
) |
Weighted-average number of
Ordinary Shares used in loss per share—basic |
|
|
304,414,189 |
|
|
|
133,546,183 |
|
|
|
270,844,070 |
|
|
|
132,649,878 |
|
Weighted-average number of
Ordinary Shares used in loss per share—diluted |
|
|
304,414,189 |
|
|
|
183,227,228 |
|
|
|
270,844,070 |
|
|
|
132,649,878 |
|
|
|
|
|
LUMIRADX LIMITED |
|
Unaudited Reconciliation of IFRS Financial Measures to
Non-IFRS Financial Measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED SEPTEMBER 30, |
|
|
|
|
|
|
|
|
|
|
|
Cost of Goods Sold |
|
|
Research and Development |
|
|
Selling, Marketing and Administrative |
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
IFRS Financial
Measure |
|
$ |
(33,585 |
) |
|
$ |
(70,241 |
) |
|
$ |
(31,255 |
) |
|
$ |
(35,396 |
) |
|
$ |
(35,312 |
) |
|
$ |
(28,111 |
) |
|
|
|
|
|
|
|
|
Amortization |
|
|
- |
|
|
|
- |
|
|
|
37 |
|
|
|
43 |
|
|
|
432 |
|
|
|
673 |
|
|
|
|
|
|
|
|
|
Share-based payments |
|
|
553 |
|
|
|
- |
|
|
|
2,028 |
|
|
|
422 |
|
|
|
6,998 |
|
|
|
3,674 |
|
|
|
|
|
|
|
|
|
Non-IFRS Adjusted
Financial Measure |
|
$ |
(33,032 |
) |
|
$ |
(70,241 |
) |
|
$ |
(29,190 |
) |
|
$ |
(34,931 |
) |
|
$ |
(27,882 |
) |
|
$ |
(23,764 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED SEPTEMBER 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 |
|
$ |
8,633 |
|
|
$ |
38,840 |
|
|
$ |
(57,934 |
) |
|
$ |
(55,476 |
) |
|
$ |
(143,431 |
) |
|
$ |
132,409 |
|
|
$ |
(0.47 |
) |
|
$ |
0.99 |
|
Amortization |
|
|
- |
|
|
|
- |
|
|
|
469 |
|
|
|
716 |
|
|
|
469 |
|
|
|
716 |
|
|
|
- |
|
|
|
0.02 |
|
Share-based payments |
|
|
553 |
|
|
|
- |
|
|
|
9,579 |
|
|
|
4,096 |
|
|
|
9,579 |
|
|
|
4,096 |
|
|
|
0.03 |
|
|
|
0.03 |
|
Listing Charge1 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
30,809 |
|
|
|
- |
|
|
|
30,809 |
|
|
|
- |
|
|
|
0.23 |
|
Change in fair value of
financial instruments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(4,830 |
) |
|
|
(226,460 |
) |
|
|
(0.01 |
) |
|
|
(1.70 |
) |
Foreign exchange
loss/(gain)2 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
71,284 |
|
|
|
18,095 |
|
|
|
0.23 |
|
|
|
0.13 |
|
Dividends on preferred
shares |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,445 |
|
|
|
- |
|
|
|
0.04 |
|
Non-cash interest |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4,156 |
|
|
|
4,002 |
|
|
|
0.01 |
|
|
|
0.03 |
|
Non-IFRS Adjusted
Financial Measure |
|
$ |
9,186 |
|
|
$ |
38,840 |
|
|
$ |
(47,886 |
) |
|
$ |
(19,855 |
) |
|
$ |
(62,773 |
) |
|
$ |
(30,888 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.23 |
) |
Adjusted Gross Profit
Margin |
|
|
22 |
% |
|
|
36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 - Includes an IFRS
2 charge of $22.2 million for the difference in the fair value of
the shares deemed to have been issued by LumiraDx in the merger
transaction to CA Healthcare shareholders and the net assets of CA
Healthcare and $8.6 million of LumiraDx transaction costs2 - Net
foreign currency exchange losses relate to transactions and asset
and liability balances denominated in currencies other than the
U.S. dollar, primarily related to the revaluation of long term
balances between group subsidiaries of different functional
currencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NINE MONTHS ENDED SEPTEMBER 30, |
|
|
|
|
|
|
|
|
|
|
|
Cost of Goods Sold |
|
|
Research and Development |
|
|
Selling, Marketing and Administrative |
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
IFRS Financial Measure |
|
$ |
(149,860 |
) |
|
$ |
(206,155 |
) |
|
$ |
(120,024 |
) |
|
$ |
(96,399 |
) |
|
$ |
(113,313 |
) |
|
$ |
(93,109 |
) |
|
|
|
|
|
|
|
|
Amortization |
|
|
- |
|
|
|
- |
|
|
|
117 |
|
|
|
131 |
|
|
|
1,374 |
|
|
|
1,753 |
|
|
|
|
|
|
|
|
|
Share-based payments |
|
|
1,577 |
|
|
|
- |
|
|
|
5,808 |
|
|
|
1,469 |
|
|
|
19,611 |
|
|
|
27,908 |
|
|
|
|
|
|
|
|
|
Non-IFRS Adjusted
Financial Measure |
|
$ |
(148,283 |
) |
|
$ |
(206,155 |
) |
|
$ |
(114,099 |
) |
|
$ |
(94,799 |
) |
|
$ |
(92,328 |
) |
|
$ |
(63,448 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NINE MONTHS ENDED SEPTEMBER 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 |
|
$ |
63,496 |
|
|
$ |
97,020 |
|
|
$ |
(169,841 |
) |
|
$ |
(123,297 |
) |
|
$ |
(346,999 |
) |
|
$ |
(63,551 |
) |
|
|
(1.28 |
) |
|
|
(0.48 |
) |
Amortization |
|
|
- |
|
|
|
- |
|
|
|
1,491 |
|
|
|
1,884 |
|
|
|
1,491 |
|
|
|
1,884 |
|
|
|
0.01 |
|
|
|
0.01 |
|
Share-based payments |
|
|
1,577 |
|
|
|
- |
|
|
|
26,996 |
|
|
|
29,377 |
|
|
|
26,996 |
|
|
|
29,377 |
|
|
|
0.10 |
|
|
|
0.22 |
|
Listing Charge1 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
30,809 |
|
|
|
- |
|
|
|
30,809 |
|
|
|
- |
|
|
|
0.24 |
|
Change in fair value of
financial instruments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(9,775 |
) |
|
|
(166,208 |
) |
|
|
(0.05 |
) |
|
|
(1.25 |
) |
Foreign exchange
loss/(gain)2 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
146,005 |
|
|
|
13,267 |
|
|
|
0.55 |
|
|
|
0.10 |
|
Dividends on preferred
shares |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
16,156 |
|
|
|
- |
|
|
|
0.12 |
|
Non-cash interest |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7,825 |
|
|
|
46,654 |
|
|
|
0.03 |
|
|
|
0.35 |
|
Non-IFRS Adjusted
Financial Measure |
|
$ |
65,073 |
|
|
$ |
97,020 |
|
|
$ |
(141,354 |
) |
|
$ |
(61,227 |
) |
|
$ |
(174,457 |
) |
|
$ |
(91,612 |
) |
|
$ |
(0.64 |
) |
|
$ |
(0.69 |
) |
Adjusted Gross Profit
Margin |
|
|
30 |
% |
|
|
32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 - Includes an IFRS
2 charge of $22.2 million for the difference in the fair value of
the shares deemed to have been issued by LumiraDx in the merger
transaction to CA Healthcare shareholders and the net assets of CA
Healthcare and $8.6 million of LumiraDx transaction costs2 - Net
foreign currency exchange losses relate to transactions and asset
and liability balances denominated in currencies other than the
U.S. dollar, primarily related to the revaluation of long term
balances between group subsidiaries of different functional
currencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
LUMIRADX LIMITED |
|
Unaudited Consolidated Statement of Cash
Flows |
|
|
|
THREE MONTHS ENDED |
|
|
NINE MONTHS ENDED |
|
|
|
SEPTEMBER 30, |
|
|
SEPTEMBER 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands, except share and per
share data) |
|
Cash Flows from Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(Loss) for the
period |
|
$ |
(143,431 |
) |
|
$ |
132,409 |
|
|
$ |
(346,999 |
) |
|
$ |
(63,551 |
) |
Adjustments to reconcile loss
for the period to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
7,459 |
|
|
|
7,134 |
|
|
|
22,883 |
|
|
|
14,673 |
|
Amortization |
|
|
469 |
|
|
|
716 |
|
|
|
1,491 |
|
|
|
1,884 |
|
Net finance
(income)/expenses |
|
|
83,022 |
|
|
|
(194,443 |
) |
|
|
172,659 |
|
|
|
(78,384 |
) |
Equity based share based
payment transactions |
|
|
9,579 |
|
|
|
4,096 |
|
|
|
26,996 |
|
|
|
29,377 |
|
Increase in tax
receivable |
|
|
(742 |
) |
|
|
(1,466 |
) |
|
|
(2,777 |
) |
|
|
(2,839 |
) |
Accrued preferred shares
dividends |
|
|
- |
|
|
|
5,445 |
|
|
|
- |
|
|
|
16,156 |
|
Listing charge |
|
|
|
|
|
|
22,214 |
|
|
|
- |
|
|
|
22,214 |
|
Changes to working
capital: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventories |
|
|
(2,267 |
) |
|
|
(4,188 |
) |
|
|
(34,558 |
) |
|
|
(92,995 |
) |
Trade and other receivables |
|
|
5,694 |
|
|
|
(26,093 |
) |
|
|
48,865 |
|
|
|
27,526 |
|
Trade payables and other liabilities |
|
|
(9,899 |
) |
|
|
29,825 |
|
|
|
(23,116 |
) |
|
|
43,688 |
|
Net Cash used in
Operating Activities |
|
|
(50,116 |
) |
|
|
(24,351 |
) |
|
|
(134,556 |
) |
|
|
(82,251 |
) |
Cash Flows from
Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant,
equipment |
|
|
(5,879 |
) |
|
|
(19,678 |
) |
|
|
(22,606 |
) |
|
|
(81,419 |
) |
Cash paid for business
acquisitions, net of cash received |
|
|
- |
|
|
|
38,244 |
|
|
|
- |
|
|
|
36,276 |
|
Net Cash generated
from/(used in) Investing Activities |
|
|
(5,879 |
) |
|
|
18,566 |
|
|
|
(22,606 |
) |
|
|
(45,143 |
) |
Cash Flows from
Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of
convertible notes, net of issuance costs |
|
|
- |
|
|
|
- |
|
|
|
54,009 |
|
|
|
- |
|
Proceeds from issuance of
common stock, net of issuance costs |
|
|
98,033 |
|
|
|
- |
|
|
|
98,033 |
|
|
|
- |
|
Proceeds from instrument
financing agreement |
|
|
- |
|
|
|
- |
|
|
|
41,500 |
|
|
|
- |
|
Proceeds from debt issuance,
net of issuance costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
361,729 |
|
Shares issued on the exercise
of share options |
|
|
1,885 |
|
|
|
- |
|
|
|
5,976 |
|
|
|
- |
|
Repayment of principal portion
of lease liabilities |
|
|
(1,357 |
) |
|
|
(2,572 |
) |
|
|
(4,333 |
) |
|
|
(4,830 |
) |
Cash interest paid, net of
interest received |
|
|
(8,173 |
) |
|
|
(9,035 |
) |
|
|
(20,424 |
) |
|
|
(23,662 |
) |
Early extinguishment of
debt |
|
|
- |
|
|
|
(37 |
) |
|
|
- |
|
|
|
(2,387 |
) |
Repayments of debt |
|
|
28 |
|
|
|
(66 |
) |
|
|
(91 |
) |
|
|
(140,286 |
) |
Net Cash (used
in)/generated from Financing Activities |
|
|
90,416 |
|
|
|
(11,710 |
) |
|
|
174,670 |
|
|
|
190,564 |
|
Net
(Decrease)/Increase in Cash and Cash Equivalents |
|
$ |
34,421 |
|
|
$ |
(17,495 |
) |
|
$ |
17,508 |
|
|
$ |
63,170 |
|
Movement in Cash and
Cash Equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at
the beginning of the period |
|
|
106,450 |
|
|
|
246,455 |
|
|
|
132,145 |
|
|
|
161,172 |
|
Exchange gain/(loss) on cash
and cash equivalents |
|
|
(5,606 |
) |
|
|
(11,233 |
) |
|
|
(14,388 |
) |
|
|
(6,615 |
) |
Net increase/(decrease) in
cash and cash equivalents |
|
|
34,421 |
|
|
|
(17,495 |
) |
|
|
17,508 |
|
|
|
63,170 |
|
Cash and Cash
Equivalents at the end of the period |
|
$ |
135,265 |
|
|
$ |
217,727 |
|
|
$ |
135,265 |
|
|
$ |
217,727 |
|
LumiraDx (NASDAQ:LMDX)
Historical Stock Chart
From Aug 2024 to Sep 2024
LumiraDx (NASDAQ:LMDX)
Historical Stock Chart
From Sep 2023 to Sep 2024