LumiraDx Reports Fourth Quarter and Full Year 2021 Results
03/10/2022 - 06:05 AM
LONDON , March 10, 2022 /PRNewswire/ -- LumiraDx Limited (Nasdaq:LMDX), a next-generation point of care (POC) diagnostics company, today announced financial and operational results for the fourth quarter and full year ended December 31, 2021 .
Full year 2021 revenues of $421.4 million $139.2 million Fourth quarter 2021 revenue of $118.3 million $109.1 million $112.3 million Customer use of our Platform to support several tests including SARS-CoV-2 Customer instrument shipments total more than 21,000 Platforms as of December 31, 2021 Strong start to the year with an estimated 4,000 instruments to be shipped for the first quarter of 2022 and first quarter 2022 revenues expected to be similar to fourth quarter 2021 "LumiraDx's strong 2021 performance marks an inflection point in our strategy for transforming community-based diagnostics," said Ron Zwanziger, Chairman and CEO of LumiraDx. "The positive experience and validation of the microfluidic technology of our Platform by health systems, emergency rooms, pharmacy chains and other health care providers is expanding market adoption and use cases for fast, high sensitivity, convenient and connected diagnostic test results. Fast Lab Solutions also made a strong contribution to meeting customer needs for COVID testing as we navigate the unpredictability of the coronavirus.The pace of Platform shipments, regulatory clearances and launches, near term pipeline of assays and R&D efforts to expand our test menu for 30+ diagnostic tests for common health conditions gives us confidence in our opportunities for significant non-COVID revenue growth for many years."
2021 Fourth Quarter and Full Year Financial Highlights
For the twelve months ended December 31, 2021 , LumiraDx delivered revenue of $421.4 million $139.2 million $118.3 million $112.3 million
Fourth quarter 2021 revenues also rose sequentially compared to strong third quarter 2021 revenues of $109.1 million $75.0 million $23.7 million
Total gross margin for full year 2021 was 36.0% compared to 38.0% in full year 2020. In the fourth quarter of 2021, our test strip margin exceeded 80% while overall fourth quarter 2021 gross margin improved to 46.1% compared to third quarter 2021 gross margin of 35.6% .
Research and development (R&D) costs were $33.8 million $130.2 million 22% over the fourth quarter of 2020 and 21% compared to full year 2020 R&D costs as we continued to increase capabilities, opened our new R&D center in Glasgow, Scotland and further resourced our development teams for continued pipeline delivery.
Fourth quarter sales, marketing and administrative expenses were $37.4 million $130.5 million $5.3 million $36.6 million $5.4 million $36.2 million $11.4 million $72.6 million
Net loss for the fourth quarter of 2021 was $37.2 million $0.15 $100.8 million $0.62 $20.0 million $0.08 $111.6 million $0.68
At December 31, 2021 , we had $300.0 million $18 million December 31, 2021 was $132.1 million
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 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.
Further information on LumiraDx and the LumiraDx Platform is available at www.lumiradx.com
Contact: Colleen McMillen Colleen.McMillen@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 effectiveness of our strategy, projected revenues and instrument shipments, regulatory approvals, the advancement of our pipeline of tests, customer demand and adoption of the LumiraDx Platform, and the benefits and performance of our 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, 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 the Proxy Statement and Prospectus filed pursuant to Rule 424B (3) with the Securities and Exchange Commission, or SEC, on September 3, 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.
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, net income (loss) or earnings per share 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 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
DECEMBER 31, 2020
DECEMBER 31, 2021
(in thousands)
ASSETS
Non – Current Assets
Other non-current assets
$
241
$
569
Intangibles and goodwill
40,723
37,048
Right-of-use assets
10,386
27,704
Property, plant and equipment
87,082
173,397
Total Non-Current Assets
138,432
238,718
Current Assets
Inventories
85,516
149,055
Tax receivable
20,680
15,022
Trade and other receivables
109,295
109,798
Restricted cash
2,455
-
Cash and cash equivalents
158,717
132,145
Total Current Assets
376,663
406,020
TOTAL ASSETS
$
515,095
$
644,738
LIABILITIES AND EQUITY
Liabilities
Non-Current Liabilities
Debt due after more than one year
$
(139,734)
$
(304,888)
Preferred shares
(451,721)
-
Lease liabilities
(1,986)
(25,468)
Warrant liability
-
(10,407)
Deferred tax liabilities
(1,230)
(779)
Total Non-Current Liabilities
(594,671)
(341,542)
Current Liabilities
Debt due within one year
(147,238)
(191)
Trade and other payables
(139,283)
(134,823)
Lease liabilities due within one year
(9,119)
(5,582)
Total Current Liabilities
(295,640)
(140,596)
Equity
Share capital and share premium
(152,732)
(177,813)
Foreign currency translation reserve
19,905
19,561
Other reserves
(99,821)
(681,167)
Accumulated deficit
607,657
676,639
Total equity attributable to equity holders of the parent
375,009
(162,780)
Non-controlling interests
207
180
Total Equity
375,216
(162,600)
TOTAL EQUITY AND LIABILITIES
$
(515,095)
$
(644,738)
LUMIRADX LIMITED
Unaudited Consolidated Statement of Profit and Loss and Comprehensive Income
THREE MONTHS ENDED
YEAR ENDED
DECEMBER 31,
2021
2020
2021
2020
(in thousands, except share and per share data)
Revenue
Products
$
115,590
$
111,407
$
415,654
$
135,656
Services
2,663
868
5,774
3,497
Total Revenue
118,253
112,275
421,428
139,153
Cost of sales
Products
63,509
65,409
268,835
84,456
Services
224
457
1,053
1,750
Total Cost of Sales
63,733
65,866
269,888
86,206
Gross Profit
54,520
46,409
151,540
52,947
Gross Profit Margin
46
%
41
%
36
%
38
%
Research and development expenses
33,822
27,696
130,221
107,539
Selling, marketing and administrative expenses
37,411
15,815
130,520
46,129
Listing expenses
5,393
-
36,202
-
Operating (Loss)/Income
(22,106)
2,898
(145,403)
(100,721)
Finance income
22
21,726
165,426
22,500
Finance expense
(14,836)
(97,126)
(117,943)
(172,722)
Net finance (expense)/income
(14,814)
(75,400)
47,483
(150,222)
Loss before Tax
(36,920)
(72,502)
(97,920)
(250,943)
Tax (provision)/credit for the period
(293)
803
(2,844)
9,946
Loss for the period
$
(37,213)
$
(71,699)
$
(100,764)
$
(240,997)
Income/(loss) attributable to non-controlling interest
127
196
449
(17)
Net loss attributable to equity holders of parent — basic and diluted
$
(37,340)
$
(71,895)
$
(101,213)
$
(240,980)
Net loss per share attributable to equity holders of parent—basic
$
(0.15)
$
(0.51)
$
(0.62)
$
(1.82)
Net loss per share attributable to equity holders of parent—diluted
$
(0.15)
$
(0.51)
$
(0.62)
$
(1.82)
Weighted-average number of Ordinary Shares used in loss per share—basic
253,061,147
140,545,303
163,327,203
132,192,880
Weighted-average number of Ordinary Shares used in loss per share—diluted
253,061,147
140,545,303
163,327,203
132,192,880
LUMIRADX LIMITED
Reconciliation of IFRS Financial Measures to Non-IFRS Financial Measures
THREE MONTHS ENDED DECEMBER 31,
Operating
Net Loss
Basic and Diluted
2021
2020
2021
2020
2021
2020
(in thousands, except per share data)
IFRS Financial Measure
$
(22,106)
$
2,898
$
(37,213)
$
(71,699)
$
(0.15)
$
(0.51)
Amortization
942
618
942
618
-
-
Share-based payments
4,400
926
4,400
926
0.02
0.01
SPAC merger transaction costs1
5,393
-
5,393
-
0.02
-
Change in fair value of financial instruments
-
-
3,717
82,159
0.01
0.59
Foreign exchange loss/(gain)
-
-
1,326
(32,964)
0.01
(0.23)
Net gain on conversion of debt
-
-
-
-
-
-
Dividends on preferred shares
-
-
-
7,363
-
0.05
Non-cash interest
-
-
1,455
9,041
0.01
0.06
Non-IFRS Adjusted Financial Measure
$
(11,371)
$
4,442
$
(19,980)
$
(4,556)
$
(0.08)
$
(0.03)
YEAR ENDED DECEMBER 31,
Operating Loss
Net Loss
Basic and Diluted
2021
2020
2021
2020
2021
2020
(in thousands, except per share data)
IFRS Financial Measure
$
(145,403)
$
(100,721)
$
(100,764)
$
(240,997)
$
(0.62)
$
(1.82)
Amortization
2,827
2,387
2,827
2,387
0.02
0.02
Share-based payments
33,777
3,191
33,777
3,191
0.21
0.02
SPAC merger transaction costs1
36,202
-
36,202
-
0.22
-
Change in fair value of financial instruments
-
-
(98,348)
111,899
(0.60)
0.85
Foreign exchange loss/(gain)
-
-
14,593
(21,906)
0.09
(0.17)
Net gain on conversion of debt
-
-
(64,143)
-
(0.39)
-
Dividends on preferred shares
-
-
16,156
23,578
0.10
0.18
Non-cash interest
-
-
48,109
18,823
0.29
0.14
Non-IFRS Adjusted Financial Measure
$
(72,597)
$
(95,143)
$
(111,591)
$
(103,025)
$
(0.68)
$
(0.78)
1 - Includes a full year IFRS 2 charge of $27.6 million (Q4: $5.4 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 costs.
LUMIRADX LIMITED
Unaudited Consolidated Statement of Cash Flows
THREE MONTHS ENDED
YEAR ENDED
2021
2020
2021
2020
(in thousands)
and per share data)
Cash Flows from Operating Activities
Loss for the period
$
(37,213)
$
(71,699)
$
(100,764)
$
(240,997)
Adjustments to reconcile loss for the period to net cash used in operating activities:
Depreciation
8,214
3,592
22,887
8,527
Amortization
942
618
2,827
2,387
Net finance (income)/expenses
14,768
68,167
(63,616)
126,774
Share based payment expense
4,400
926
33,777
3,191
Increase in tax receivable
(1,824)
(2,061)
(4,663)
(11,269)
Accrued preferred shares dividends
-
7,363
16,156
23,578
IFRS 2 charge for difference in fair value of shares deemed issued
5,393
-
27,607
-
Changes to working capital:
Inventories
26,121
(41,478)
(66,874)
(73,302)
Trade and other receivables
(20,015)
(76,679)
7,511
(89,213)
Trade payables and other liabilities
(53,419)
86,571
(9,731)
100,997
Net Cash used in Operating Activities
(52,633)
(24,680)
(134,883)
(149,327)
Cash Flows from Investing Activities
Purchases of property, plant, equipment
(24,927)
(28,681)
(106,346)
(64,381)
Net Cash generated from/(used in) Investing Activities
(24,927)
(28,681)
(106,346)
(64,381)
Cash Flows from Financing Activities
Proceeds from issuance of preferred shares
-
162,401
-
162,401
Proceeds from issuance of convertible notes, net of issuance costs
-
-
-
70,917
Proceeds from debt issuance, net of issuance costs
-
62,391
361,729
62,391
Proceeds from shares issued on the exercise of share options
104
26
104
41
Repayment of principal portion of lease liabilities
(619)
(1,026)
(5,449)
(3,054)
Changes in ownership interests in subsidiaries
-
-
(1,968)
-
Proceeds from issuance of share capital in merger
324
38,568
Cash interest paid, net of interest received
(6,232)
(4,220)
(29,894)
(12,114)
Fee on early extinguishment of debt
(1,250)
(3,600)
(3,637)
(3,600)
Repayments of debt
-
(40,152)
(140,286)
(40,396)
Net Cash (used in)/generated from Financing Activities
(7,673)
175,820
219,167
236,586
Net (Decrease)/Increase in Cash and Cash Equivalents
(85,233)
122,459
(22,062)
22,878
Movement in Cash and Cash Equivalents
Cash and cash equivalents at the beginning of the period
217,727
37,549
161,172
139,387
Exchange gain/(loss) on cash and cash equivalents
(349)
1,164
(6,965)
(1,093)
Net increase/(decrease) in cash and cash equivalents
(85,233)
122,459
(22,062)
22,878
Cash and Cash Equivalents at the end of the period
$
132,145
$
161,172
$
132,145
$
161,172
LUMIRADX LIMITED
Unaudited Consolidated Statement of Changes in Equity
SHARE
CAPITAL
SHARE
PREMIUM
TRANSLATION
RESERVES
OTHER
RESERVES
ACCUMULATED
DEFICIT
TOTAL
NON-
CONTROLLING
INTEREST
TOTAL
EQUITY
(in thousands)
Balance at January 1, 2020
$
—
$
152,691
$
(2,341)
$
66,883
$
(369,868)
$
(152,635)
$
(194)
$
(152,829)
Loss for the period
—
—
—
—
(240,980)
(240,980)
(17)
(240,997)
Other comprehensive income
Currency translation differences
—
—
(17,564)
—
—
(17,564)
4
(17,560)
Total comprehensive income for the
period
—
—
(17,564)
—
(240,980)
(258,544)
(13)
(258,557)
Equity compensation plans
—
—
—
—
3,191
3,191
—
3,191
Issue of other equity instruments
—
—
—
32,938
—
32,938
—
32,938
Shares issued on exercise of share options
—
41
—
—
—
41
—
41
Transaction with owners, recognized
directly in equity
—
41
—
32,938
3,191
36,170
—
36,170
Changes in non-controlling interests
—
—
—
—
—
—
—
—
Balance at December 31, 2020
$
—
$
152,732
$
(19,905)
$
99,821
$
(607,657)
$
(375,009)
$
(207)
$
(375,216)
Balance at January 1, 2021
$
—
$
152,732
$
(19,905)
$
99,821
$
(607,657)
$
(375,009)
$
(207)
$
(375,216)
Loss for the period
—
—
—
—
(101,213)
(101,213)
449
(100,764)
Other comprehensive income
Currency translation differences
—
—
344
—
—
344
—
344
Total comprehensive income for the
period
—
—
344
—
(101,213)
(100,869)
449
(100,420)
Equity compensation plans
—
—
—
—
33,777
33,777
—
33,777
Shares issued on exercise of share options
—
104
—
—
—
104
—
104
Conversion of debt and preferred shares in merger
—
—
—
576,210
—
576,210
—
576,210
Shares issued in merger
—
24,977
—
—
—
24,977
—
24,977
Issue of other equity instruments
—
—
—
5,136
—
5,136
—
5,136
Transaction with owners, recognized
directly in equity
—
25,081
—
581,346
33,777
640,204
—
640,204
Changes in non-controlling interests
—
—
—
—
(1,546)
(1,546)
(422)
(1,968)
Balance at December 31, 2021
$
—
$
177,813
$
(19,561)
$
681,167
$
(676,639)
$
162,780
$
(180)
$
162,600
https://www.prnewswire.com/news-releases/lumiradx-reports-fourth-quarter-and-full-year-2021-results-301499787.html
SOURCE LumiraDx
