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Cue Health Inc. news covered the company's healthcare technology business, including diagnostic-enabled care, at-home and point-of-care molecular testing, telehealth services, FDA-related product developments, earnings releases, and governance actions. Recurring updates described its COVID-19 and Mpox diagnostic products, customer categories across public agencies and private-sector healthcare users, and cost-reduction or operational efficiency actions.
Later Cue Health news documented the company's Chapter 7 bankruptcy filing and planned wind down, including the intended sale of assets and creditor-payment process under the Bankruptcy Code.
Cue Health Inc. (Nasdaq: HLTH) has appointed Nitin Duggal as its first Chief Marketing Officer, effective immediately. With over 15 years in technology organizations, Duggal will lead Cue's marketing strategies aimed at enhancing brand and product visibility. He previously held senior roles at Abbott Diabetes Care, promoting innovative health solutions. Co-founder and CEO Ayub Khattak praised Duggal's expertise in product marketing and expected contributions toward Cue's growth in the healthcare sector.
On December 1, 2021, Cue Health (Nasdaq: HLTH) announced it received Pandemic Special Access Route authorization from Singapore's Health Sciences Authority for its Cue COVID-19 Test, the first digital molecular diagnostic product authorized for home use in the country. This allows Cue to support public sector testing in Singapore through its partnership with Omnicell Pte Ltd. Cue plans to explore public and private partnerships to maximize the use of its diagnostic solutions. Additionally, Cue recently launched a direct-to-consumer health platform in the United States, offering a comprehensive health management solution.
Cue Health (Nasdaq: HLTH) announced that its COVID-19 tests can detect the Omicron variant, with 99.2% match to primer sequences. These portable tests deliver lab-quality results in about 20 minutes for users aged 2 and over. The company emphasizes ongoing surveillance for variants, showcasing its commitment to accuracy. Cue's recent collaborations include a study with Helix for public health sequencing and a direct-to-consumer platform launch, enhancing access to testing. Cue's tests have received multiple international authorizations, reinforcing its position in diagnostics.
On November 18, 2021, Cue Health (Nasdaq: HLTH) and Helix announced a collaboration to enable individuals who test positive for COVID-19 through Cue's at-home test to identify the specific virus variant. This initiative addresses the ongoing need for viral sequencing, particularly amidst more contagious strains. Participants will receive a sample collection kit, with results shared within ten days via Cue's app. Although not FDA authorized for healthcare use yet, this research aims to enhance understanding of SARS-CoV-2 variants and improve pandemic readiness by contributing to global data sharing initiatives.
Cue Health Inc. (HLTH) reported a record total revenue of $223.7 million for Q3 2021, marking a 63% increase compared to Q2 2021. Public sector revenue grew by 23% to $129.5 million, while private sector revenue surged by 191% to $94.2 million. The product gross margin increased to 60.2%. The company added over 50 new customers, nearly tripling its customer base. Operating expenses rose to $47.7 million, leading to a slight net income decrease to $19.3 million. Cue Health provides a revenue guidance of $580 million to $590 million for the full year.
On November 15, 2021, Cue Health (Nasdaq: HLTH) will launch its direct-to-consumer virtual health platform, offering its groundbreaking molecular COVID-19 test via a new eCommerce site and in-app shop. Recognized by organizations like Google and Mayo Clinic, the Cue COVID-19 test is the first FDA-authorized molecular test for at-home use. Cue+ membership provides 24/7 access to certified physicians, same-day product delivery, and CDC-compliant test results. Cue aims to make health management easier and more convenient for individuals, enabling them to monitor and manage their health effectively.
On November 1, 2021, Cue Health (Nasdaq: HLTH) announced its partnership with Major League Baseball (MLB) to provide COVID-19 testing solutions during the postseason and World Series. Cue's integrated platform features portable health monitoring systems and FDA-authorized COVID-19 tests, delivering results to mobile devices within 20 minutes. MLB's Vice President praised Cue's technology for enhancing the league's health protocols. Cue Health's diagnostics enable users to manage their health effectively, having previously partnered with organizations like Google and Mayo Clinic for its innovative testing solutions.
Cue Health Inc. (NASDAQ: HLTH) will release its third quarter 2021 financial results on November 10, 2021. A conference call will be hosted at 1:30 PM PT / 4:30 PM ET to discuss the financials and company highlights. Interested parties can access the call via telephone or watch the live webinar on the company's investor website. Cue Health focuses on healthcare technology, enabling consumers to manage their health information and providing accessible diagnostics.
On October 14, 2021, Cue Health Inc. (Nasdaq: HLTH) announced its partnership with the NBA as the league's Official Home and Point of Care Test for the 2021-22 season. Cue will provide all 30 teams and referees with its FDA-authorized COVID-19 test, enabling at-home and OTC use without prescription. The Cue Health Monitoring System allows results in about 20 minutes, accessible via mobile devices. Cue previously collaborated with the NBA during the 2020 season, introducing regular testing protocols. Results from this testing program are expected to be published in a scientific journal.
On October 6, 2021, Cue Health (Nasdaq: HLTH) announced a collaboration with Google Cloud to enhance respiratory viral variant tracking and sequencing. This partnership aims to integrate real-time sequencing data and AI tools into the Cue Integrated Care Platform, improving public health responses to COVID-19 and other infectious diseases. The Cue Health Monitoring System provides rapid, at-home COVID-19 testing with results in about 20 minutes. The collaboration intends to equip health officials with predictive capabilities to manage health threats effectively.