LumiraDx Posts Strong Q3 Revenue Gains on Sales of SARS-CoV-2 Testing Products

Industry news | 11 November, 2021 | CACLP

Original from: Genomeweb

Point-of-care diagnostics firm LumiraDx on Wednesday reported a sharp year-over-year increase in revenues for the third quarter on sales of test strips for its COVID Ag SARS-CoV-2 antigen test.

For the three-month period ended Sept. 30, LumiraDx's revenues rose to $109.1 million from $13.9 million the year before, with sales of COVID Ag test strips — which are used with the company's portable LumiraDx Platform instrument — generating $92.0 million in revenues. The London-based company's Fast Lab Solutions unit, which provides nucleic acid amplification technology to laboratories, pulled in $10.3 million during the quarter.

LumiraDx posted a net profit of $84.8 million, or $.46 per share, in the third quarter versus a year-ago net loss of $62.3 million, or $.47 per share.

R&D spending in the quarter was up 27 percent to $35.4 million from $27.9 million in the same period last year. SG&A costs, meantime, jumped nearly 400 percent to $58.9 million from $12.2 million, in part due to costs associated with LumiraDx's move earlier this year to go public through a merger with special purpose acquisition company CA Healthcare Acquisition.

At the end of September, LumiraDx had cash and cash equivalents totaling $215.3 million.

During morning trading on the Nasdaq, shares of LumiraDx were down $.06 at $8.94.

Source：LumiraDx Posts Strong Q3 Revenue Gains on Sales of SARS-CoV-2 Testing Products

Filed under：

revenue

Press contact

CACLP - The largest IVD Expo & Conference

Back to list

Stay in touch with CACLP News

We deliver the latest IVD news straight to your inbox. Stay in touch with CACLP News, sign-up for our newsletter today.

Name *
Email *
Company name *
Country *

By subscribing our newsletter, you agree to our Privacy Policy. You can unsubscribe at anytime.

LumiraDx Posts Strong Q3 Revenue Gains on Sales of SARS-CoV-2 Testing Products

Most popular

ChatGPT outperformed doctors in diagnostic accuracy, study reveals

ARC and Roche collaborate to enhance NSCLC diagnostics using AI

NMPA Delegation Visits Vietnam and Thailand, Strengthens Cooperation with MoU Signing

Myriad Genetics Announces Incorporation of its Proprietary HRD platform in Illumina’s Updated Comprehensive Gene Panel Assay, TruSight™ Oncology 500 v2

Tagomics Announces a Multiomic Profiling Co-Marketing Agreement with Agilent

Stay in touch with CACLP News

Subscribe to CACLP News

Thank you for subscribing to CACLP News!