LumiraDx Reports Third Quarter 2021 Financial Results
11/10/2021 - 06:13 AM
LONDON , Nov. 10, 2021 /PRNewswire/ -- LumiraDx (Nasdaq:LMDX), a next-generation point of care (POC) diagnostics company, today announced financial results for the quarter ended September 30, 2021 .
Revenue of $109.1M Sept. 30, 2021 and $303.2M Sept. 30, 2021 rose significantly over revenue of $139.2M Dec. 31, 2020 on strong traction for our long-term strategy Platform revenue driven by higher COVID testing rates in all markets, especially U.S.; uptick in Europe for COVID Ag Pool tests enabling high throughput screening Fast Lab Solutions doubled its business enabling fast, accurate testing for laboratory customers Positive market development for INR tests for monitoring patients on oral anticoagulation therapy and D-Dimer for diagnosing deep vein thrombosis and pulmonary embolism Steady progress expanding geographies and testing menu for 30+ common health conditions in our planned pipeline "LumiraDx's disruptive next-generation platform is just beginning to drive the transformation of community-based testing," said Chairman and CEO Ron Zwanziger : "Our first financial results as a public company demonstrate LumiraDx's tremendous growth potential driven by the need for fast, accurate and comprehensive diagnostic information to healthcare providers at the point of need. Our five platform tests in the market are delivering strong performance and we continue to make progress to expand our testing menu for diagnosing common conditions and improving health outcomes around the world."
2021 Third Quarter and First Nine Months Financial Highlights
For the first nine months of 2021, LumiraDx delivered $303.2 million $26.9 million $139.2 million $367 million
The pandemic accelerated the company's vision to transform point-of-care diagnostics, enabling more than 19,300 Platforms shipped to customers as of the end of September 2021.
For the third quarter of 2021, LumiraDx reported $109.1 million $13.9 million $92.0 million $10.3 million
Gross margin for the third quarter of 2021 was 36% and gross margin for the nine months ended September 30, 2021 was 32% . Margins were negatively impacted by non-recurring costs related to our rapid increase in production capacity and capabilities.
Research and development costs were $35.4 million 27% over the third quarter in 2020 as we continued to increase capabilities, opened our new R&D center in Glasgow and further resourced our development teams for continued pipeline delivery.
SG&A expenses for the third quarter of 2021 of $58.9 million $22.2 million $8.6 million $28.1 million $15.9 million
Net income for the third quarter of 2021 was $84.8 million $0.46 $29.8 million $0.16
At September 30, 2021 , LumiraDx had $300 million $18 million September 30, 2021 was $217.7 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 90 days.
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, regulatory progress and the advancement of our pipeline of tests, 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 10, 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 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 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
SEPTEMBER 30, 2021
(in thousands, except share data)
ASSETS
Non – Current Assets
Other non-current assets
$
241
$
545
Intangibles and goodwill
40,723
38,208
Right-of-Use Assets
10,386
15,258
Property, plant and equipment
87,082
155,084
Total Non-Current Assets
138,432
209,095
Current Assets
Inventories
85,516
178,163
Tax receivable
20,680
13,281
Trade and other receivables
109,295
93,133
Restricted Cash
2,455
2,442
Cash and cash equivalents
158,717
215,285
Total Current Assets
376,663
502,304
TOTAL ASSETS
$
515,095
$
711,399
LIABILITIES AND EQUITY
Liabilities
Non-Current Liabilities
Debt due after more than one year
$
(139,734)
$
(308,399)
Preferred shares
(451,721)
-
Lease liabilities
(8,991)
(13,432)
Warrant liability
-
(6,690)
Deferred tax liabilities
(1,230)
(910)
Total Non-Current Liabilities
(601,676)
(329,431)
Current Liabilities
Debt due within one year
(147,238)
(557)
Trade and other payables
(138,783)
(191,143)
Lease liabilities due within one year
(2,114)
(4,874)
Total Current Liabilities
(288,135)
(196,574)
Equity
Share capital and share premium
(152,732)
(769,217)
Foreign currency translation reserve
19,905
17,532
Other reserves
(99,821)
(123,383)
Accumulated deficit
607,157
690,211
Total equity attributable to equity holders of the
374,509
(184,857)
Non-controlling interests
207
(537)
Total Equity
374,716
(185,394)
TOTAL EQUITY AND LIABILITIES
$
(515,095)
$
(711,399)
LUMIRADX LIMITED
Unaudited Consolidated Statement of Profit and Loss and Comprehensive Income
THREE MONTHS ENDED
NINE MONTHS ENDED
2021
2020
2021
2020
(in thousands, except share
and per share data)
Revenue
Products
$
108,131
$
12,688
$
300,064
$
23,318
Services
950
1,240
3,111
3,560
Total Revenue
109,081
13,928
303,175
26,878
Cost of sales
Products
70,066
12,397
205,326
18,915
Services
175
482
829
1,425
Total Cost of Sales
70,241
12,879
206,155
20,340
Gross Profit
38,840
1,049
97,020
6,538
Gross Profit Margin
36
%
8
%
32
%
24
%
Research and development expenses
35,396
27,919
96,399
79,843
Selling, marketing and administrative expenses
58,920
12,227
123,918
30,314
Operating Loss
(55,476)
(39,097)
(123,297)
(103,619)
Finance income
178,832
264
118,610
774
Finance expense
(37,589)
(27,970)
(103,949)
(75,596)
Net finance expense
141,243
(27,706)
14,661
(74,822)
Gain/(Loss) before Tax
85,767
(66,803)
(108,636)
(178,441)
Tax (provision)/credit for the period
(994)
4,473
(2,551)
9,143
Gain/(Loss) for the period
$
84,773
$
(62,330)
$
(111,187)
$
(169,298)
Loss attributable to non-controlling interest
34
36
322
(213)
Net gain/(loss) attributable to equity — basic and diluted
$
84,739
$
(62,366)
$
(111,509)
$
(169,085)
Net gain/(loss) per share attributable to equity
$
0.63
$
(0.47)
$
(0.84)
$
(1.28)
Net gain/(loss) per share attributable to equity
$
0.46
$
(0.47)
$
(0.84)
$
(1.28)
Weighted-average number of Ordinary Shares
135,546,183
132,191,196
132,649,878
132,192,865
Weighted-average number of Ordinary Shares
183,227,228
132,191,196
132,649,878
132,192,865
LUMIRADX LIMITED
Unaudited Consolidated Statement of Cash Flows
THREE MONTHS
NINE MONTHS ENDED
2021
2020
2021
2020
(in thousands, except share
and per share data)
Cash Flows from Operating Activities
Income/(Loss) for the period
$
84,773
$
(62,330)
$
(111,187)
$
(169,298)
Adjustments to reconcile loss for the period to net cash
Depreciation
7,134
1,948
14,673
4,935
Amortization
587
589
1,755
1,750
Net finance (income)/expenses
(146,807)
22,261
(30,748)
58,607
Share based payment expense
4,096
696
29,377
2,265
Increase in tax receivable
(1,466)
(4,666)
(2,839)
(9,208)
Accrued preferred shares dividends
5,445
5,445
16,156
16,215
IFRS 2 charge for difference in fair value of shares
22,214
-
22,214
-
Changes to working capital:
Inventories
(4,188)
(20,531)
(92,995)
(31,824)
Trade and other receivables
(26,093)
(18,477)
27,526
(12,534)
Trade payables and other liabilities
29,825
8,294
43,688
14,426
Net Cash used in Operating Activities
(24,480)
(66,771)
(82,380)
(124,666)
Cash Flows from Investing Activities
Purchases of property, plant, equipment
(19,678)
(9,120)
(81,419)
(35,655)
Purchases of intangible assets
-
(23)
-
(45)
Cash paid for business investments
-
-
(1,968)
-
Cash received from merger
38,244
-
38,244
-
Net Cash generated from/(used in) Investing
18,566
(9,143)
(45,143)
(35,700)
Cash Flows from Financing Activities
Proceeds from issuance of convertible notes, net of
-
70,917
-
70,917
Proceeds from debt issuance, net of issuance costs
-
-
361,729
-
Proceeds from shares issued on the exercise of share
-
15
-
15
Repayment of principal portion of lease liabilities
(2,572)
(925)
(4,830)
(2,028)
Cash interest paid, net of interest received
(9,035)
(4,026)
(23,662)
(7,894)
Fee on early extinguishment of debt
(37)
-
(2,387)
-
Repayments of debt
(66)
(52)
(140,286)
(244)
Net Cash (used in)/generated from Financing
(11,710)
65,929
190,564
60,766
Net (Decrease)/Increase in Cash and Cash
(17,624)
(9,985)
63,041
(99,600)
Movement in Cash and Cash Equivalents
Cash and cash equivalents at the beginning of the
246,455
47,013
161,172
139,387
Exchange gain/(loss) on cash and cash equivalents
(11,104)
521
(6,486)
(2,238)
Net increase/(decrease) in cash and cash equivalents
(17,624)
(9,985)
63,041
(99,600)
Cash and Cash Equivalents at the end of the period
$
217,727
$
37,549
$
217,727
$
37,549
LUMIRADX LIMITED
Reconciliation of IFRS Financial Measures to Non-IFRS Financial Measures
THREE MONTHS ENDED SEPTEMBER 30,
Operating Loss
Net Income/(Loss)
Diluted EPS
2021
2020
2021
2020
2021
2020
(in thousands except share and per share data)
IFRS Financial Measure
$
(55,476)
$
(39,097)
$
84,773
$
(62,330)
$
0.46
$
(0.47)
Amortization
717
609
717
609
-
-
Share-based payments
4,097
784
4,097
784
0.02
0.01
SPAC merger transaction costs1
30,809
-
30,809
-
0.17
-
Change in fair value of financial instruments
-
-
(162,317)
29,740
(0.88)
0.22
Foreign exchange (gain)/loss
-
-
18,095
(15,198)
0.10
(0.11)
Dividends on preferred shares
-
-
(61,002)
5,445
(0.33)
0.04
Non-cash interest
-
-
55,009
3,877
0.30
0.03
Non-IFRS Adjusted Financial Measure
$
(19,853)
$
(37,704)
$
(29,819)
$
(37,073)
$
(0.16)
$
(0.28)
NINE MONTHS ENDED SEPTEMBER 30,
Operating Loss
Net Income/(Loss)
Diluted EPS
2021
2020
2021
2020
2021
2020
(in thousands except share and per share data)
IFRS Financial Measure
$
(123,297)
$
(103,619)
$
(111,187)
$
(169,298)
$
(0.84)
$
(1.28)
Amortization
1,885
1,769
1,885
1,769
0.02
0.01
Share-based payments
26,904
2,353
26,904
2,353
0.20
0.02
SPAC merger transaction costs1
30,809
-
30,809
-
0.23
-
Change in fair value of financial instruments
-
-
(102,065)
29,740
(0.77)
0.23
Foreign exchange (gain)/loss
-
-
13,267
11,058
0.10
0.08
Dividends on preferred shares
-
-
(50,291)
16,215
(0.38)
0.12
Non-cash interest
-
-
96,594
9,782
0.73
0.08
Non-IFRS Adjusted Financial Measure
$
(63,699)
$
(99,497)
$
(94,084)
$
(98,381)
$
(0.71)
$
(0.74)
1 - Includes an IFRS 2 charge of $22.2 million for the difference in the fair value of the shares deemed to have $8.6 million of LumiraDx transaction costs.
https://www.prnewswire.com/news-releases/lumiradx-reports-third-quarter-2021-financial-results-301420851.html
SOURCE LumiraDx
