LumiraDx Reports Third Quarter 2021 Financial Results
- Revenue of
$109.1M for the three months endedSept. 30, 2021 and$303.2M for the nine months endedSept. 30, 2021 rose significantly over revenue of$139.2M for the twelve months endedDec. 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 inEurope forCOVID 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
"
2021 Third Quarter and First Nine Months Financial Highlights
For the first nine months of 2021,
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
For the third quarter of 2021,
Gross margin for the third quarter of 2021 was 36% and gross margin for the nine months ended
Research and development costs were
SG&A expenses for the third quarter of 2021 of
Net income for the third quarter of 2021 was
At
Conference Call
About
Further information on
Contact:
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, 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
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.
|
|||||||
Unaudited Consolidated Statement of Financial Position |
|||||||
|
|
||||||
(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) |
|
|||||||||||||||
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 |
$ |
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 |
|
|||||||||||||||
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 |
|||||||||||
|
(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 |
- |
|||||||||||
|
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) |
|||||||||||
|
(11,710) |
65,929 |
190,564 |
60,766 |
|||||||||||
|
(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 |
|
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Reconciliation of IFRS Financial Measures to Non-IFRS Financial Measures |
|||||||||||||||||||||||
THREE MONTHS ENDED |
|||||||||||||||||||||||
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 |
|||||||||||||||||||||||
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 |
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