6-K
false00016854282022-06-302022Q2--12-31
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
6-K
 
 
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE
13a-16
OR
15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of September 2022
Commission File Number:
001-40852
 
 
LUMIRADX LIMITED
(Translation of registrant’s name into English)
 
 
LumiraDx Limited
c/o Ocorian Trust (Cayman) Limited
PO Box 1350, Windward 3, Regatta Office Park
Grand Cayman
KY1-1108
Cayman Islands
(354)
640-0540
(Address of principal executive office)
 
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F
or Form
40-F:
Form
20-F  ☒            Form
40-F  ☐
Indicate by check mark if the registrant is submitting the Form
6-K
in paper as permitted by Regulation
S-T
Rule 101(b)(1):  ☐
Indicate by check mark if the registrant is submitting the Form
6-K
in paper as permitted by Regulation
S-T
Rule 101(b)(7):  ☐
 
 
 

INCORPORATION BY REFERENCE
The Unaudited Interim Consolidated Financial Statements of LumiraDx Limited (the “Company”) for the Six Months Ended June 30, 2022, included as Exhibit 99.1 of this Report on Form
6-K
(the “Report”), and the Management’s Discussion and Analysis of Financial Condition and Results of Operations for the Six Months Ended June 30, 2022, included as Exhibit 99.2 of this Report, shall be deemed to be incorporated by reference into the registration statement on Form
S-8
filed on September 29, 2021 (File No:
333-259874)
and the registration statement on Form
S-8
filed on May 2, 2022 (File
No. 333-264611),
and to be a part thereof from the date on which this Report is filed, to the extent not superseded by documents or reports subsequently furnished.
CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS
This Report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,” “intend” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on the Company’s expectations and assumptions as of the date of this Report. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from those expressed or implied by these forward-looking statements. For a discussion of risk factors that may cause the Company’s actual results to differ from those expressed or implied in the forward-looking statements in this Report, you should refer to the Company’s filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” sections contained therein. Except as required by law, the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. You should, therefore, not rely on these forward-looking statements as representing the Company’s views as of any date subsequent to the date of this Report.
EXHIBIT INDEX
 
Exhibit
No.
  
Description
99.1
  
99.2
  
101
  
The following materials from this Report on Form 6-K are formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Unaudited Consolidated Statement of Profit and Loss and Comprehensive Loss for the periods ended June 30, 2022 and 2021; (ii) Unaudited Consolidated Statement of Financial Position as of June 30, 2022 and December 31, 2021; (iii) Unaudited Consolidated Statement of Changes in Equity for the periods ended June 30, 2022 and 2021; (iv) Unaudited Consolidated Statement of Cash Flows for the periods ended June 30, 2022 and 2021; and (v) Unaudited Notes to Interim Consolidated Financial Statements.
 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
 
LUMIRADX LIMITED
Date: September 28, 2022
 
 
 
 
By:
 
/s/ Dorian LeBlanc
 
 
Name:
 
Dorian LeBlanc
 
 
Title:
 
Chief Financial Officer
EX-99.1
1 Year 0001685428 2022-01-01 2022-06-30 0001685428 2021-01-01 2021-06-30 0001685428 2022-06-30 0001685428 2021-12-31 0001685428 2021-01-01 2021-12-31 0001685428 2020-01-01 2020-12-31 0001685428 2016-08-24 0001685428 2016-09-29 2016-09-29 0001685428 2020-12-31 0001685428 2021-01-15 2021-01-15 0001685428 2022-08-27 2022-08-27 0001685428 2022-04-27 2022-04-27 0001685428 2019-12-31 0001685428 2021-06-30 0001685428 ifrs-full:ParentMember 2022-01-01 2022-06-30 0001685428 lmdx:TranslationReservesMember 2022-01-01 2022-06-30 0001685428 country:US 2022-01-01 2022-06-30 0001685428 country:IT 2022-01-01 2022-06-30 0001685428 country:GB 2022-01-01 2022-06-30 0001685428 country:DE 2022-01-01 2022-06-30 0001685428 country:CO 2022-01-01 2022-06-30 0001685428 country:SE 2022-01-01 2022-06-30 0001685428 country:BR 2022-01-01 2022-06-30 0001685428 country:CH 2022-01-01 2022-06-30 0001685428 country:JP 2022-01-01 2022-06-30 0001685428 country:AT 2022-01-01 2022-06-30 0001685428 country:NL 2022-01-01 2022-06-30 0001685428 country:DK 2022-01-01 2022-06-30 0001685428 lmdx:OtherCountriesMember 2022-01-01 2022-06-30 0001685428 country:ES 2022-01-01 2022-06-30 0001685428 lmdx:OptionsToPurchaseAOrdinarySharesMember 2022-01-01 2022-06-30 0001685428 lmdx:OptionsToPurchaseCommonSharesMember 2022-01-01 2022-06-30 0001685428 lmdx:WarrantsToPurchaseAOrdinarySharesMember 2022-01-01 2022-06-30 0001685428 lmdx:WarrantsToPurchaseCommonSharesMember 2022-01-01 2022-06-30 0001685428 ifrs-full:SellingGeneralAndAdministrativeExpenseMember 2022-01-01 2022-06-30 0001685428 lmdx:ResearchAndDevelopmentExpensesMember 2022-01-01 2022-06-30 0001685428 ifrs-full:PreferenceSharesMember 2022-01-01 2022-06-30 0001685428 lmdx:SellingMarketingAndAdministrativeExpenseMember 2022-01-01 2022-06-30 0001685428 ifrs-full:BottomOfRangeMember 2022-01-01 2022-06-30 0001685428 ifrs-full:TopOfRangeMember 2022-01-01 2022-06-30 0001685428 lmdx:UnsecuredLoanMember 2022-01-01 2022-06-30 0001685428 lmdx:TwoThousandAndTwentyTwoConvertibleNotesMember 2022-01-01 2022-06-30 0001685428 lmdx:TwoThousandTwentyOneSeniorSecuredLoansMember 2022-01-01 2022-06-30 0001685428 lmdx:EquipmentFinancingLoansMember 2022-01-01 2022-06-30 0001685428 ifrs-full:LandAndBuildingsMember ifrs-full:AccumulatedDepreciationAndAmortisationMember 2022-01-01 2022-06-30 0001685428 ifrs-full:FixturesAndFittingsMember ifrs-full:AccumulatedDepreciationAndAmortisationMember 2022-01-01 2022-06-30 0001685428 lmdx:PlantAndEquipmentMember ifrs-full:AccumulatedDepreciationAndAmortisationMember 2022-01-01 2022-06-30 0001685428 ifrs-full:AccumulatedDepreciationAndAmortisationMember 2022-01-01 2022-06-30 0001685428 lmdx:AmortizationMember lmdx:PatentMember 2022-01-01 2022-06-30 0001685428 lmdx:CustomerIntangiblesMember lmdx:AmortizationMember 2022-01-01 2022-06-30 0001685428 lmdx:AmortizationMember lmdx:SupplierRelationshipsMember 2022-01-01 2022-06-30 0001685428 lmdx:AmortizationMember lmdx:TechnologyAndSoftwareMember 2022-01-01 2022-06-30 0001685428 lmdx:AmortizationMember 2022-01-01 2022-06-30 0001685428 ifrs-full:NoncontrollingInterestsMember 2022-01-01 2022-06-30 0001685428 ifrs-full:RetainedEarningsMember 2022-01-01 2022-06-30 0001685428 ifrs-full:LandAndBuildingsMember ifrs-full:GrossCarryingAmountMember 2022-01-01 2022-06-30 0001685428 ifrs-full:FixturesAndFittingsMember ifrs-full:GrossCarryingAmountMember 2022-01-01 2022-06-30 0001685428 lmdx:PlantAndEquipmentMember ifrs-full:GrossCarryingAmountMember 2022-01-01 2022-06-30 0001685428 ifrs-full:ConstructionInProgressMember ifrs-full:GrossCarryingAmountMember 2022-01-01 2022-06-30 0001685428 ifrs-full:GrossCarryingAmountMember 2022-01-01 2022-06-30 0001685428 lmdx:ClassAOrdinarySharesAndCommonSharesMember 2022-01-01 2022-06-30 0001685428 lmdx:AOrdinarySharesMember 2022-01-01 2022-06-30 0001685428 lmdx:CommonSharesMember 2022-01-01 2022-06-30 0001685428 lmdx:EmployeeBasedShareOptionsMember 2022-01-01 2022-06-30 0001685428 ifrs-full:BottomOfRangeMember lmdx:EquipmentFinancingLoansMember 2022-01-01 2022-06-30 0001685428 ifrs-full:TopOfRangeMember lmdx:EquipmentFinancingLoansMember 2022-01-01 2022-06-30 0001685428 country:GB lmdx:FromApril12023Member 2022-01-01 2022-06-30 0001685428 lmdx:GatesLoanMember 2022-01-01 2022-06-30 0001685428 lmdx:TwoThousandAndTwentyOneConvertibleNotesMember 2022-01-01 2022-06-30 0001685428 ifrs-full:GoodwillMember lmdx:CostMember 2022-01-01 2022-06-30 0001685428 lmdx:CostMember lmdx:PatentMember 2022-01-01 2022-06-30 0001685428 lmdx:CostMember lmdx:CustomerIntangiblesMember 2022-01-01 2022-06-30 0001685428 lmdx:CostMember lmdx:TechnologyAndSoftwareMember 2022-01-01 2022-06-30 0001685428 lmdx:CostMember 2022-01-01 2022-06-30 0001685428 ifrs-full:SharePremiumMember 2022-01-01 2022-06-30 0001685428 lmdx:SeptemberTwoThousandAndTwentyOneMergerMember lmdx:AOrdinarySharesMember 2022-01-01 2022-06-30 0001685428 lmdx:InvestorMember lmdx:InstrumentFinancingAgreementMember 2022-01-01 2022-06-30 0001685428 lmdx:RoyaltyAgreementMember lmdx:InvestorMember 2022-01-01 2022-06-30 0001685428 ifrs-full:ParentMember 2021-01-01 2021-06-30 0001685428 lmdx:TranslationReservesMember 2021-01-01 2021-06-30 0001685428 country:US 2021-01-01 2021-06-30 0001685428 country:IT 2021-01-01 2021-06-30 0001685428 country:GB 2021-01-01 2021-06-30 0001685428 country:DE 2021-01-01 2021-06-30 0001685428 country:CO 2021-01-01 2021-06-30 0001685428 country:SE 2021-01-01 2021-06-30 0001685428 country:BR 2021-01-01 2021-06-30 0001685428 country:CH 2021-01-01 2021-06-30 0001685428 country:JP 2021-01-01 2021-06-30 0001685428 country:AT 2021-01-01 2021-06-30 0001685428 country:NL 2021-01-01 2021-06-30 0001685428 country:DK 2021-01-01 2021-06-30 0001685428 lmdx:OtherCountriesMember 2021-01-01 2021-06-30 0001685428 country:ES 2021-01-01 2021-06-30 0001685428 lmdx:ConvertiblePreferredSharesAsConvertedToAOrdinarySharesMember 2021-01-01 2021-06-30 0001685428 lmdx:ConvertiblePreferredSharesAsConvertedToCommonSharesMember 2021-01-01 2021-06-30 0001685428 lmdx:OptionsToPurchaseAOrdinarySharesMember 2021-01-01 2021-06-30 0001685428 lmdx:ConvertibleDebtAsConvertedToCommonSharesMember 2021-01-01 2021-06-30 0001685428 lmdx:WarrantsToPurchaseAOrdinarySharesMember 2021-01-01 2021-06-30 0001685428 lmdx:WarrantsToPurchaseCommonSharesMember 2021-01-01 2021-06-30 0001685428 ifrs-full:SellingGeneralAndAdministrativeExpenseMember 2021-01-01 2021-06-30 0001685428 lmdx:ResearchAndDevelopmentExpensesMember 2021-01-01 2021-06-30 0001685428 lmdx:SellingMarketingAndAdministrativeExpenseMember 2021-01-01 2021-06-30 0001685428 ifrs-full:NoncontrollingInterestsMember 2021-01-01 2021-06-30 0001685428 ifrs-full:RetainedEarningsMember 2021-01-01 2021-06-30 0001685428 lmdx:ClassAOrdinarySharesAndCommonSharesMember 2021-01-01 2021-06-30 0001685428 lmdx:SeriesAPreferredSharesMember 2021-01-01 2021-06-30 0001685428 lmdx:SeriesBPreferredSharesMember 2021-01-01 2021-06-30 0001685428 ifrs-full:SharePremiumMember 2021-01-01 2021-06-30 0001685428 lmdx:TwentyTwentySeniorSecuredLoanMember 2021-01-01 2021-12-31 0001685428 lmdx:IncrementalTermLoansMember 2021-01-01 2021-12-31 0001685428 lmdx:TwoThousandAndTwentyOneSeniorSecuredLoanMember 2021-01-01 2021-12-31 0001685428 lmdx:EquipmentFinancingLoansMember 2021-01-01 2021-12-31 0001685428 lmdx:AOrdinarySharesMember 2021-01-01 2021-12-31 0001685428 ifrs-full:LandAndBuildingsMember ifrs-full:AccumulatedDepreciationAndAmortisationMember 2021-01-01 2021-12-31 0001685428 ifrs-full:FixturesAndFittingsMember ifrs-full:AccumulatedDepreciationAndAmortisationMember 2021-01-01 2021-12-31 0001685428 lmdx:PlantAndEquipmentMember ifrs-full:AccumulatedDepreciationAndAmortisationMember 2021-01-01 2021-12-31 0001685428 ifrs-full:AccumulatedDepreciationAndAmortisationMember 2021-01-01 2021-12-31 0001685428 lmdx:AmortizationMember lmdx:PatentMember 2021-01-01 2021-12-31 0001685428 lmdx:AmortizationMember lmdx:CustomerIntangiblesMember 2021-01-01 2021-12-31 0001685428 lmdx:AmortizationMember lmdx:SupplierRelationshipsMember 2021-01-01 2021-12-31 0001685428 lmdx:AmortizationMember lmdx:TechnologyAndSoftwareMember 2021-01-01 2021-12-31 0001685428 lmdx:AmortizationMember 2021-01-01 2021-12-31 0001685428 ifrs-full:LandAndBuildingsMember ifrs-full:GrossCarryingAmountMember 2021-01-01 2021-12-31 0001685428 ifrs-full:GrossCarryingAmountMember ifrs-full:FixturesAndFittingsMember 2021-01-01 2021-12-31 0001685428 lmdx:PlantAndEquipmentMember ifrs-full:GrossCarryingAmountMember 2021-01-01 2021-12-31 0001685428 ifrs-full:ConstructionInProgressMember ifrs-full:GrossCarryingAmountMember 2021-01-01 2021-12-31 0001685428 ifrs-full:GrossCarryingAmountMember 2021-01-01 2021-12-31 0001685428 ifrs-full:PreferenceSharesMember 2021-01-01 2021-12-31 0001685428 lmdx:ConvertibleNotesMember 2021-01-01 2021-12-31 0001685428 lmdx:TwoThousandAndTwentyOneConvertibleNotesMember 2021-01-01 2021-12-31 0001685428 lmdx:DividendMember 2021-01-01 2021-12-31 0001685428 lmdx:CommonSharesMember 2021-01-01 2021-12-31 0001685428 ifrs-full:GoodwillMember lmdx:CostMember 2021-01-01 2021-12-31 0001685428 lmdx:CostMember lmdx:PatentMember 2021-01-01 2021-12-31 0001685428 lmdx:CostMember lmdx:CustomerIntangiblesMember 2021-01-01 2021-12-31 0001685428 lmdx:CostMember lmdx:TechnologyAndSoftwareMember 2021-01-01 2021-12-31 0001685428 lmdx:CostMember 2021-01-01 2021-12-31 0001685428 country:GB 2021-12-31 0001685428 country:US 2021-12-31 0001685428 country:IT 2021-12-31 0001685428 country:CO 2021-12-31 0001685428 lmdx:OtherCountriesMember 2021-12-31 0001685428 ifrs-full:NotLaterThanOneYearMember 2021-12-31 0001685428 ifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember 2021-12-31 0001685428 ifrs-full:LaterThanFiveYearsMember 2021-12-31 0001685428 lmdx:UnsecuredLoanMember 2021-12-31 0001685428 lmdx:TwoThousandAndTwentyTwoConvertibleNotesMember 2021-12-31 0001685428 lmdx:TwoThousandTwentyOneSeniorSecuredLoansMember 2021-12-31 0001685428 lmdx:EquipmentFinancingLoansMember 2021-12-31 0001685428 country:GB 2022-06-30 0001685428 country:US 2022-06-30 0001685428 country:IT 2022-06-30 0001685428 country:CO 2022-06-30 0001685428 lmdx:OtherCountriesMember 2022-06-30 0001685428 lmdx:AOrdinarySharesMember 2022-06-30 0001685428 ifrs-full:NotLaterThanOneYearMember 2022-06-30 0001685428 ifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember 2022-06-30 0001685428 ifrs-full:LaterThanFiveYearsMember 2022-06-30 0001685428 lmdx:UnsecuredLoanMember 2022-06-30 0001685428 lmdx:TwoThousandTwentyOneSeniorSecuredLoansMember 2022-06-30 0001685428 ifrs-full:BottomOfRangeMember lmdx:EquipmentFinancingLoansMember 2022-06-30 0001685428 ifrs-full:TopOfRangeMember lmdx:EquipmentFinancingLoansMember 2022-06-30 0001685428 lmdx:TwoThousandAndTwentyTwoConvertibleNotesMember 2022-06-30 0001685428 lmdx:EquipmentFinancingLoansMember 2022-06-30 0001685428 ifrs-full:BottomOfRangeMember 2022-06-30 0001685428 ifrs-full:TopOfRangeMember 2022-06-30 0001685428 ifrs-full:PreferenceSharesMember 2020-01-01 2020-12-31 0001685428 ifrs-full:LandAndBuildingsMember ifrs-full:AccumulatedDepreciationAndAmortisationMember 2020-01-01 2020-12-31 0001685428 ifrs-full:AccumulatedDepreciationAndAmortisationMember ifrs-full:FixturesAndFittingsMember 2020-01-01 2020-12-31 0001685428 lmdx:PlantAndEquipmentMember ifrs-full:AccumulatedDepreciationAndAmortisationMember 2020-01-01 2020-12-31 0001685428 ifrs-full:AccumulatedDepreciationAndAmortisationMember 2020-01-01 2020-12-31 0001685428 lmdx:PatentMember lmdx:AmortizationMember 2020-01-01 2020-12-31 0001685428 lmdx:AmortizationMember lmdx:CustomerIntangiblesMember 2020-01-01 2020-12-31 0001685428 lmdx:AmortizationMember lmdx:SupplierRelationshipsMember 2020-01-01 2020-12-31 0001685428 lmdx:TechnologyAndSoftwareMember lmdx:AmortizationMember 2020-01-01 2020-12-31 0001685428 lmdx:AmortizationMember 2020-01-01 2020-12-31 0001685428 ifrs-full:GrossCarryingAmountMember ifrs-full:LandAndBuildingsMember 2020-01-01 2020-12-31 0001685428 ifrs-full:FixturesAndFittingsMember ifrs-full:GrossCarryingAmountMember 2020-01-01 2020-12-31 0001685428 lmdx:PlantAndEquipmentMember ifrs-full:GrossCarryingAmountMember 2020-01-01 2020-12-31 0001685428 ifrs-full:GrossCarryingAmountMember ifrs-full:ConstructionInProgressMember 2020-01-01 2020-12-31 0001685428 ifrs-full:GrossCarryingAmountMember 2020-01-01 2020-12-31 0001685428 lmdx:DividendMember 2020-01-01 2020-12-31 0001685428 lmdx:CostMember ifrs-full:GoodwillMember 2020-01-01 2020-12-31 0001685428 lmdx:CostMember lmdx:PatentMember 2020-01-01 2020-12-31 0001685428 lmdx:CostMember lmdx:CustomerIntangiblesMember 2020-01-01 2020-12-31 0001685428 lmdx:TechnologyAndSoftwareMember lmdx:CostMember 2020-01-01 2020-12-31 0001685428 lmdx:CostMember 2020-01-01 2020-12-31 0001685428 lmdx:AOrdinarySharesMember 2016-08-24 0001685428 lmdx:CommonShareMember 2016-08-24 0001685428 lmdx:LumiraDxHoldingsLimitedMember 2016-09-29 0001685428 lmdx:FounderOptionsMember 2021-01-15 2021-01-15 0001685428 lmdx:FounderOptionsMember 2021-04-15 2021-04-15 0001685428 lmdx:SeriesBPreferredSharesConvertedToCommonSharesMember 2021-09-01 2021-09-30 0001685428 lmdx:PrivatelyNegotiatedSubscriptionAgreementsMember lmdx:ConvertibleSeniorSubordinatedNotesDueTwoThousandTwentySevenMember 2022-03-02 0001685428 lmdx:PrivatelyNegotiatedSubscriptionAgreementsMember lmdx:ConvertibleSeniorSubordinatedNotesDueTwoThousandTwentySevenMember 2022-03-02 2022-03-02 0001685428 lmdx:InvestorMember lmdx:InstrumentFinancingAgreementMember 2022-04-30 0001685428 lmdx:ThirdAmendmentMember lmdx:SeniorSecuredLoanMember 2022-07-31 0001685428 lmdx:PublicOfferingMember 2022-07-01 2022-07-31 0001685428 lmdx:PrivatePlacementMember lmdx:TheBillAndMelindaGatesFoundationMember lmdx:PrivatelyNegotiatedSubscriptionAgreementsMember 2022-07-01 2022-07-31 0001685428 lmdx:SecondaryPublicStockOfferingMember lmdx:PublicOfferingMember 2022-07-01 2022-07-31 0001685428 lmdx:PrivatePlacementMember lmdx:TheBillAndMelindaGatesFoundationMember lmdx:PublicOfferingMember 2022-07-01 2022-07-31 0001685428 lmdx:CommonShareMember lmdx:UnderwritersMember lmdx:PublicOfferingMember 2022-08-01 2022-08-31 0001685428 lmdx:CommonSharesMember lmdx:UnderwritersMember lmdx:PublicOfferingMember 2022-08-01 2022-08-31 0001685428 ifrs-full:BottomOfRangeMember lmdx:OrdinarySharesOneMember 2022-08-27 0001685428 lmdx:InstrumentFinancingAgreementMember lmdx:InvestorMember 2022-04-27 0001685428 lmdx:SeriesBPreferredSharesMember ifrs-full:BottomOfRangeMember 2021-06-30 0001685428 ifrs-full:TopOfRangeMember lmdx:CommonSharesMember 2021-06-30 0001685428 ifrs-full:NoncontrollingInterestsMember 2021-12-31 0001685428 ifrs-full:ParentMember 2021-12-31 0001685428 ifrs-full:RetainedEarningsMember 2021-12-31 0001685428 ifrs-full:OtherReservesMember 2021-12-31 0001685428 lmdx:TranslationReservesMember 2021-12-31 0001685428 ifrs-full:SharePremiumMember 2021-12-31 0001685428 ifrs-full:IssuedCapitalMember 2021-12-31 0001685428 ifrs-full:GoodwillMember lmdx:CostMember 2021-12-31 0001685428 lmdx:PatentMember lmdx:CostMember 2021-12-31 0001685428 lmdx:CostMember lmdx:CustomerIntangiblesMember 2021-12-31 0001685428 lmdx:SupplierRelationshipsMember lmdx:CostMember 2021-12-31 0001685428 lmdx:CostMember lmdx:TechnologyAndSoftwareMember 2021-12-31 0001685428 lmdx:CostMember 2021-12-31 0001685428 lmdx:PatentMember lmdx:AmortizationMember 2021-12-31 0001685428 lmdx:AmortizationMember lmdx:CustomerIntangiblesMember 2021-12-31 0001685428 lmdx:AmortizationMember lmdx:SupplierRelationshipsMember 2021-12-31 0001685428 lmdx:TechnologyAndSoftwareMember lmdx:AmortizationMember 2021-12-31 0001685428 lmdx:AmortizationMember 2021-12-31 0001685428 ifrs-full:LandAndBuildingsMember ifrs-full:GrossCarryingAmountMember 2021-12-31 0001685428 ifrs-full:FixturesAndFittingsMember ifrs-full:GrossCarryingAmountMember 2021-12-31 0001685428 lmdx:PlantAndEquipmentMember ifrs-full:GrossCarryingAmountMember 2021-12-31 0001685428 ifrs-full:ConstructionInProgressMember ifrs-full:GrossCarryingAmountMember 2021-12-31 0001685428 ifrs-full:GrossCarryingAmountMember 2021-12-31 0001685428 ifrs-full:LandAndBuildingsMember ifrs-full:AccumulatedDepreciationAndAmortisationMember 2021-12-31 0001685428 ifrs-full:FixturesAndFittingsMember ifrs-full:AccumulatedDepreciationAndAmortisationMember 2021-12-31 0001685428 lmdx:PlantAndEquipmentMember ifrs-full:AccumulatedDepreciationAndAmortisationMember 2021-12-31 0001685428 ifrs-full:AccumulatedDepreciationAndAmortisationMember 2021-12-31 0001685428 lmdx:AOrdinarySharesMember 2021-12-31 0001685428 lmdx:CommonSharesMember 2021-12-31 0001685428 lmdx:CostMember ifrs-full:GoodwillMember 2022-06-30 0001685428 lmdx:PatentMember lmdx:CostMember 2022-06-30 0001685428 lmdx:CostMember lmdx:CustomerIntangiblesMember 2022-06-30 0001685428 lmdx:CostMember lmdx:SupplierRelationshipsMember 2022-06-30 0001685428 lmdx:CostMember lmdx:TechnologyAndSoftwareMember 2022-06-30 0001685428 lmdx:CostMember 2022-06-30 0001685428 lmdx:AmortizationMember lmdx:PatentMember 2022-06-30 0001685428 lmdx:AmortizationMember lmdx:CustomerIntangiblesMember 2022-06-30 0001685428 lmdx:AmortizationMember lmdx:SupplierRelationshipsMember 2022-06-30 0001685428 lmdx:AmortizationMember lmdx:TechnologyAndSoftwareMember 2022-06-30 0001685428 lmdx:AmortizationMember 2022-06-30 0001685428 lmdx:NetBookValueMember ifrs-full:GoodwillMember 2022-06-30 0001685428 lmdx:NetBookValueMember lmdx:PatentMember 2022-06-30 0001685428 lmdx:NetBookValueMember lmdx:CustomerIntangiblesMember 2022-06-30 0001685428 lmdx:NetBookValueMember lmdx:SupplierRelationshipsMember 2022-06-30 0001685428 lmdx:NetBookValueMember lmdx:TechnologyAndSoftwareMember 2022-06-30 0001685428 lmdx:NetBookValueMember 2022-06-30 0001685428 ifrs-full:LandAndBuildingsMember ifrs-full:GrossCarryingAmountMember 2022-06-30 0001685428 ifrs-full:FixturesAndFittingsMember ifrs-full:GrossCarryingAmountMember 2022-06-30 0001685428 lmdx:PlantAndEquipmentMember ifrs-full:GrossCarryingAmountMember 2022-06-30 0001685428 ifrs-full:ConstructionInProgressMember ifrs-full:GrossCarryingAmountMember 2022-06-30 0001685428 ifrs-full:GrossCarryingAmountMember 2022-06-30 0001685428 ifrs-full:LandAndBuildingsMember ifrs-full:AccumulatedDepreciationAndAmortisationMember 2022-06-30 0001685428 ifrs-full:FixturesAndFittingsMember ifrs-full:AccumulatedDepreciationAndAmortisationMember 2022-06-30 0001685428 lmdx:PlantAndEquipmentMember ifrs-full:AccumulatedDepreciationAndAmortisationMember 2022-06-30 0001685428 ifrs-full:AccumulatedDepreciationAndAmortisationMember 2022-06-30 0001685428 ifrs-full:LandAndBuildingsMember 2022-06-30 0001685428 ifrs-full:FixturesAndFittingsMember 2022-06-30 0001685428 lmdx:PlantAndEquipmentMember 2022-06-30 0001685428 ifrs-full:ConstructionInProgressMember 2022-06-30 0001685428 ifrs-full:NoncontrollingInterestsMember 2022-06-30 0001685428 ifrs-full:ParentMember 2022-06-30 0001685428 ifrs-full:RetainedEarningsMember 2022-06-30 0001685428 ifrs-full:OtherReservesMember 2022-06-30 0001685428 lmdx:TranslationReservesMember 2022-06-30 0001685428 ifrs-full:SharePremiumMember 2022-06-30 0001685428 ifrs-full:IssuedCapitalMember 2022-06-30 0001685428 lmdx:CommonSharesMember 2022-06-30 0001685428 ifrs-full:NoncontrollingInterestsMember 2020-12-31 0001685428 ifrs-full:ParentMember 2020-12-31 0001685428 ifrs-full:RetainedEarningsMember 2020-12-31 0001685428 ifrs-full:OtherReservesMember 2020-12-31 0001685428 lmdx:TranslationReservesMember 2020-12-31 0001685428 ifrs-full:SharePremiumMember 2020-12-31 0001685428 ifrs-full:IssuedCapitalMember 2020-12-31 0001685428 ifrs-full:NoncontrollingInterestsMember 2021-06-30 0001685428 ifrs-full:ParentMember 2021-06-30 0001685428 ifrs-full:RetainedEarningsMember 2021-06-30 0001685428 ifrs-full:OtherReservesMember 2021-06-30 0001685428 lmdx:TranslationReservesMember 2021-06-30 0001685428 ifrs-full:SharePremiumMember 2021-06-30 0001685428 ifrs-full:IssuedCapitalMember 2021-06-30 0001685428 ifrs-full:GoodwillMember lmdx:CostMember 2020-12-31 0001685428 lmdx:CostMember lmdx:PatentMember 2020-12-31 0001685428 lmdx:CostMember lmdx:CustomerIntangiblesMember 2020-12-31 0001685428 lmdx:SupplierRelationshipsMember lmdx:CostMember 2020-12-31 0001685428 lmdx:CostMember lmdx:TechnologyAndSoftwareMember 2020-12-31 0001685428 lmdx:CostMember 2020-12-31 0001685428 lmdx:PatentMember lmdx:AmortizationMember 2020-12-31 0001685428 lmdx:AmortizationMember lmdx:CustomerIntangiblesMember 2020-12-31 0001685428 lmdx:AmortizationMember lmdx:SupplierRelationshipsMember 2020-12-31 0001685428 lmdx:AmortizationMember lmdx:TechnologyAndSoftwareMember 2020-12-31 0001685428 lmdx:AmortizationMember 2020-12-31 0001685428 ifrs-full:LandAndBuildingsMember ifrs-full:GrossCarryingAmountMember 2020-12-31 0001685428 ifrs-full:FixturesAndFittingsMember ifrs-full:GrossCarryingAmountMember 2020-12-31 0001685428 lmdx:PlantAndEquipmentMember ifrs-full:GrossCarryingAmountMember 2020-12-31 0001685428 ifrs-full:ConstructionInProgressMember ifrs-full:GrossCarryingAmountMember 2020-12-31 0001685428 ifrs-full:GrossCarryingAmountMember 2020-12-31 0001685428 ifrs-full:LandAndBuildingsMember ifrs-full:AccumulatedDepreciationAndAmortisationMember 2020-12-31 0001685428 ifrs-full:FixturesAndFittingsMember ifrs-full:AccumulatedDepreciationAndAmortisationMember 2020-12-31 0001685428 lmdx:PlantAndEquipmentMember ifrs-full:AccumulatedDepreciationAndAmortisationMember 2020-12-31 0001685428 ifrs-full:AccumulatedDepreciationAndAmortisationMember 2020-12-31 0001685428 lmdx:AOrdinarySharesMember 2020-12-31 0001685428 lmdx:NetBookValueMember ifrs-full:GoodwillMember 2021-12-31 0001685428 lmdx:NetBookValueMember lmdx:PatentMember 2021-12-31 0001685428 lmdx:NetBookValueMember lmdx:CustomerIntangiblesMember 2021-12-31 0001685428 lmdx:NetBookValueMember lmdx:SupplierRelationshipsMember 2021-12-31 0001685428 lmdx:TechnologyAndSoftwareMember lmdx:NetBookValueMember 2021-12-31 0001685428 lmdx:NetBookValueMember 2021-12-31 0001685428 ifrs-full:PreferenceSharesMember 2021-12-31 0001685428 lmdx:DividendMember 2021-12-31 0001685428 ifrs-full:LandAndBuildingsMember 2021-12-31 0001685428 ifrs-full:FixturesAndFittingsMember 2021-12-31 0001685428 lmdx:PlantAndEquipmentMember 2021-12-31 0001685428 ifrs-full:ConstructionInProgressMember 2021-12-31 0001685428 lmdx:CostMember ifrs-full:GoodwillMember 2019-12-31 0001685428 lmdx:CostMember lmdx:PatentMember 2019-12-31 0001685428 lmdx:CustomerIntangiblesMember lmdx:CostMember 2019-12-31 0001685428 lmdx:CostMember lmdx:SupplierRelationshipsMember 2019-12-31 0001685428 lmdx:CostMember lmdx:TechnologyAndSoftwareMember 2019-12-31 0001685428 lmdx:CostMember 2019-12-31 0001685428 lmdx:AmortizationMember lmdx:PatentMember 2019-12-31 0001685428 lmdx:AmortizationMember lmdx:CustomerIntangiblesMember 2019-12-31 0001685428 lmdx:SupplierRelationshipsMember lmdx:AmortizationMember 2019-12-31 0001685428 lmdx:TechnologyAndSoftwareMember lmdx:AmortizationMember 2019-12-31 0001685428 lmdx:AmortizationMember 2019-12-31 0001685428 ifrs-full:LandAndBuildingsMember ifrs-full:GrossCarryingAmountMember 2019-12-31 0001685428 ifrs-full:FixturesAndFittingsMember ifrs-full:GrossCarryingAmountMember 2019-12-31 0001685428 ifrs-full:GrossCarryingAmountMember lmdx:PlantAndEquipmentMember 2019-12-31 0001685428 ifrs-full:ConstructionInProgressMember ifrs-full:GrossCarryingAmountMember 2019-12-31 0001685428 ifrs-full:GrossCarryingAmountMember 2019-12-31 0001685428 ifrs-full:LandAndBuildingsMember ifrs-full:AccumulatedDepreciationAndAmortisationMember 2019-12-31 0001685428 ifrs-full:FixturesAndFittingsMember ifrs-full:AccumulatedDepreciationAndAmortisationMember 2019-12-31 0001685428 lmdx:PlantAndEquipmentMember ifrs-full:AccumulatedDepreciationAndAmortisationMember 2019-12-31 0001685428 ifrs-full:AccumulatedDepreciationAndAmortisationMember 2019-12-31 0001685428 ifrs-full:PreferenceSharesMember 2019-12-31 0001685428 lmdx:DividendMember 2019-12-31 0001685428 lmdx:NetBookValueMember ifrs-full:GoodwillMember 2020-12-31 0001685428 lmdx:PatentMember lmdx:NetBookValueMember 2020-12-31 0001685428 lmdx:NetBookValueMember lmdx:CustomerIntangiblesMember 2020-12-31 0001685428 lmdx:NetBookValueMember lmdx:SupplierRelationshipsMember 2020-12-31 0001685428 lmdx:TechnologyAndSoftwareMember lmdx:NetBookValueMember 2020-12-31 0001685428 lmdx:NetBookValueMember 2020-12-31 0001685428 ifrs-full:PreferenceSharesMember 2020-12-31 0001685428 lmdx:DividendMember 2020-12-31 0001685428 ifrs-full:LandAndBuildingsMember 2020-12-31 0001685428 ifrs-full:FixturesAndFittingsMember 2020-12-31 0001685428 lmdx:PlantAndEquipmentMember 2020-12-31 0001685428 ifrs-full:ConstructionInProgressMember 2020-12-31 iso4217:USD xbrli:shares xbrli:pure utr:Year utr:Day iso4217:USD xbrli:shares utr:Y lmdx:DIRECTOR
Exhibit 99.1
INDEX TO FINANCIAL STATEMENTS
 
     Page  
Unaudited Interim Consolidated Financial Statements of LumiraDx Limited
  
Unaudited Consolidated Statement of Profit and Loss and Comprehensive Loss for the periods ended June 30, 2022 and 2021
    
F-1
 
Unaudited Consolidated Statement of Financial Position as of June 30, 2022 and December 31, 2021
    
F-2
 
Unaudited Consolidated Statement of Changes in Equity for the periods ended June 30, 2022 and 2021
    
F-3
 
Unaudited Consolidated Statement of Cash Flows for the periods ended June 30, 2022 and 2021
    
F-4
 
Unaudited Notes to Interim Consolidated Financial Statements
    
F-5
 

LUMIRADX LIMITED
Unaudited Consolidated Statement of Profit and Loss and Comprehensive Loss
 
 
  
 
  
SIX MONTHS
ENDED
JUNE 30,
2021
 
 
SIX MONTHS
ENDED
JUNE 30,
2022
 
 
  
Note
  
(in thousands, except share and
per share data)
 
Revenue
        $ 194,094     $ 171,138  
Cost of sales
          (135,914     (116,275
         
 
 
   
 
 
 
Gross Profit
       
 
58,180
 
 
 
54,863
 
Research and development expenses
          (61,003     (88,769
Selling, marketing and administrative expenses
          (64,998     (78,001
         
 
 
   
 
 
 
Operating Loss
       
 
(67,821
 
 
(111,907
Finance income
   5      5,041       5,139  
Finance expense
   5      (131,623     (95,315
         
 
 
   
 
 
 
Net finance expense

       
 
(126,582
 
 
(90,176
Loss before Tax
       
 
(194,403
 
 
(202,083
Tax expense for the period

   6      (1,557     (1,485
         
 
 
   
 
 
 
Loss for the period
       
$
(195,960
 
$
(203,568
         
 
 
   
 
 
 
Loss attributable to non-controlling interest

          322       139  
         
 
 
   
 
 
 
Net loss attributable to equity holders of parent—basic and diluted
       
$
(196,282
 
$
(203,707
         
 
 
   
 
 
 
Net loss per share attributable to equity holders of parent—basic and diluted
   7    $ (1.48   $ (0.80
Weighted-average number of shares used in loss per share—basic and diluted

   7      132,204,201       253,945,274  
         
 
 
   
 
 
 
Other Comprehensive Loss:
                     
Items that may be reclassified subsequently to profit or loss
                     
Foreign currency translation differences
 - 
foreign operations
          399       34,959  
         
 
 
   
 
 
 
Total comprehensive loss for the period

       
$

(195,561
 
$
 
(168,609
         
 
 
   
 
 
 
Total comprehensive loss attributable to:

  
 
  
 
 
 
 
 
 
 
Equity holders of the parent
          (195,883     (168,748
Non-controlling
interest
          322       139  
         
 
 
   
 
 
 
Total
       
$
(195,561
 
$
(168,609
         
 
 
   
 
 
 
The accompanying notes are an integral part of these financial statements.
 
F-1

LUMIRADX LIMITED
Unaudited Consolidated Statement of Financial Position
 
 
  
 
  
AS OF
DECEMBER 31,
2021
 
 
AS OF
JUNE 30,
2022
 
 
  
Note
  
(in thousands)
 
ASSETS
  
  
 
Non–Current Assets
  
  
 
Other
non-current
assets
        $ 569     $ 510  
Intangibles and goodwill
   8      37,048       33,088  
Right-of-use
assets
   20      27,746       24,103  
Property, plant and equipment
   9      173,397       160,974  
         
 
 
   
 
 
 
Total
Non-Current
Assets
          238,760       218,675  
         
 
 
   
 
 
 
Current Assets
                     
Inventories
   10      149,055       169,557  
Tax receivable
   6      15,022       15,540  
Trade and other receivables
   11      109,798       64,117  
Cash and cash equivalents
          132,145       106,450  
         
 
 
   
 
 
 
Total Current Assets
          406,020       355,664  
         
 
 
   
 
 
 
TOTAL ASSETS
       
$
644,780
 
 
$
574,339
 
         
 
 
   
 
 
 
LIABILITIES AND EQUITY
                     
Liabilities
                     
Non-Current
Liabilities
                     
Debt due after more than one year
   15   
$

(301,129  
$

(358,747
Other long-term liabilities
   1
8
              (43,112
Lease liabilities
          (25,514     (22,230
Stock warrants
          (10,407     (5,462
Deferred tax liabilities
          (779     (537
         
 
 
   
 
 
 
Total
Non-Current
Liabilities
          (337,829     (430,088
         
 
 
   
 
 
 
Current Liabilities
                     
Debt due within one year
   15      (191     (118
Government and other grants
   18      (38,941     (32,216
Trade and other payables
   17      (99,641     (89,927
Lease liabilities due within one year
          (5,582     (6,495
         
 
 
   
 
 
 
Total Current Liabilities
          (144,355     (128,756
Equity
                     
Share capital and share premium
   12      (754,023     (758,114
Foreign currency translation reserve
          19,706       (15,253
Other reserves
   12      (104,957     (104,957
Accumulated deficit
          676,223       862,513  
         
 
 
   
 
 
 
Total equity attributable to equity holders of the parent
          (163,051     (15,811
         
 
 
   
 
 
 
Non-controlling
interests
          455       316  
         
 
 
   
 
 
 
Total Equity
       
 
(162,596
 
 
(15,495
         
 
 
   
 
 
 
TOTAL EQUITY AND LIABILITIES
       
$
(644,780
 
$
(574,339
         
 
 
   
 
 
 
The accompanying notes are an integral part of these financial statements.
 
F-2

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)
 
Six months ended June 30, 2021
  
  
 
 
  
 
 
 
Balance at
January 1, 2021
  $        $ 152,732     $ (19,905   $ 99,821     $ (607,657   $ (375,009   $ (207   $ (375,216
Loss for the period
    —         —         —         —         (196,282     (196,282     322       (195,960
Other
comprehensive
loss
                                                               
Currency translation differences
    —         —         399       —         —         399       —         399  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total comprehensive
loss for the period
 
 
—  
 
 
 
—  
 
 
 
399
 
 
 
—  
 
 
 
(196,282
 
 
(195,883
 
 
322
 
 
 
(195,561
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Equity compensation plans
    —         —         —         —         25,281       25,281       —         25,281  
Issue of other equity instruments
    —         (1,968     —         —         —         (1,968     —         (1,968
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
         
Transaction with
owners,
recognized
directly in equity
 
 
—  
 
 
 
(1,968
 
 
—  
 
 
 
—  
 
 
 
25,281
 
 
 
23,313
 
 
 
—  
 
    23,313  
Changes in
non-controlling
interests
    —      
 
—  
 
    —         —         (422     (422     422       —    
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance at June 30, 2021
 
$
  
 
 
$
150,764
 
 
$
(19,506
 
$
99,821
 
 
$
(779,080
 
$
(548,001
 
$
537
 
 
$
(547,464
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Six months ended June 30, 2022
                                                               
Balance at
January 1, 2022
  $        $ 754,023     $ (19,706   $ 104,957     $ (676,223   $ 163,051     $ (455   $ 162,596  
Loss for the period
    —         —         —         —         (203,707     (203,707     139       (203,568
Other
comprehensive
loss
                                                                      
Currency translation differences
    —         —         34,959       —         —         34,959       —         34,959  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total comprehensive
loss for the
 
period
 
 
—  
 
 
 
—  
 
 
 
34,959
 
 
 
—  
 
 
 
(203,707
 
 
(168,748
 
 
139
 
 
 
(168,609
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Equity compensation plans
    —         —         —         —         17,417       17,417       —         17,417  
Shares issued on
exercise of share
options
    —         4,091       —         —         —         4,091       —         4,091  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Transaction with
owners,
recognized
directly in equity
 
 
—  
 
 
 
4,091
 
 
 
—  
 
 
 
—  
 
 
 
17,417
 
 
 
21,508
 
 
 
—  
 
 
 
21,508
 
Changes in
non-controlling
interests
    —      
 
—  
 
    —         —        
—  
      —        
—  
     
—  
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance at June 30, 2022
 
$
  
 
 
$
758,114
 
 
$
15,253
 
 
$
104,957
 
 
$
(862,513
 
$
15,811
 
 
$
(316
 
$
15,495
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
The accompanying notes are an integral part of these financial statements.
 
F-3

LUMIRADX LIMITED
Unaudited Consolidated Statement of Cash Flows
 
 
  
 
  
SIX MONTHS
ENDED
JUNE 30,
2021
 
 
SIX MONTHS
ENDED
JUNE 30,
2022
 
 
  
Note
  
(in thousands)

 
Cash Flows from Operating Activities
  
 
  
     
 
     
Loss for the period
        $ (195,960   $ (203,568
Adjustments to reconcile loss for the period to net cash used 
in operating activities:

                     
Depreciation
   9      7,539       15,424  
Amortization
   8      1,168       1,023  
Net finance expenses
   5      116,059       89,637  
Equity based share based payment transactions
   13      25,281       17,417  
Increase in tax receivable
          (1,373     (2,035
Accrued preferred shares dividends
   14      10,711       —    
Changes to working capital:
                     
Inventories
          (88,807     (32,292
Trade and other receivables
          53,619       43,171  
Trade payables and other liabilities
          13,863       (13,217
         
 
 
   
 
 
 
Net Cash used in Operating Activities
       
 
(57,900
 
 
(84,440
         
 
 
   
 
 
 
Cash Flows from Investing Activities
                     
Purchases of property, plant, equipment
   9      (61,741     (16,727
Cash paid for business acquisitions, net of cash received
          (1,968     —    
         
 
 
   
 
 
 
Net Cash used in Investing Activities
       
 
(63,709
 
 
(16,727
         
 
 
   
 
 
 
Cash Flows from Financing Activities
                     
Proceeds from debt issuance, net of issuance costs
   15      361,729       —    
Proceeds from issuance of convertible notes, net of issuance costs
   15      —         54,009  
Proceeds from
instrument financing
agreement
  
18
     —         41,500  
Shares issued on the exercise of share options
   13      —         4,091  
Repayment of principal portion of lease liabilities
   20      (2,258     (2,976
Cash interest paid, net of interest received
   5      (14,627     (12,251
Early extinguishment of debt
   15      (2,350     —    
Repayments of debt
   15      (140,220     (119
         
 
 
   
 
 
 
Net Cash generated from Financing Activities
       
 
202,274
 
 
 
84,254
 
         
 
 
   
 
 
 
Net (Decrease) / Increase in Cash and Cash Equivalents
       
 
80,665
 
 
 
(16,913
         
 
 
   
 
 
 
Movement in Cash and Cash Equivalents
                     
Cash and cash equivalents at the beginning of the perio
d
          161,172       132,145  
Exchange loss on cash and cash equivalents
          4,618       (8,782
Net Increase / (decrease) in cash and cash equivalents
          80,665       (16,913
         
 
 
   
 
 
 
Cash and Cash Equivalents at the end of the period

       
$
246,455
 
 
$
106,450
 
         
 
 
   
 
 
 
The accompanying notes are an integral part of these financial statements.
 
F-4

LUMIRADX LIMITED
UNAUDITED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data)
 
1. GENERAL INFORMATION
These unaudited consolidated financial statements are the interim financial statements of
 LumiraDx Limited
(“the Company”) and its subsidiaries (“the Group”), for the six-month period ended June 30, 2022 (“the Interim Financial Statements”). 
The Company is an exempted company limited by shares incorporated in the Cayman Islands (registered number 314391) with registered offices situated at the offices of Ocorian Trust (Cayman) Limited, PO Box 1350, Windward 3, Regatta Office Park,, Grand Cayman
KY1-1108
.
 
On April 6, 2021, the Company entered into an initial business combination agreement (“the Merger”) with CA HealthcareAcquisition Corp. (“CAH”), a publicly held special purpose acquisition company. The shareholders of CAH agreed to exchange their interests for new common shares in the share capital of the Company. The Merger completed on September 28, 2021 (the “acquisition date”). At the acquisition date, the Company became the ultimate legal parent of CAH. The Company’s common shares are traded on the NASDAQ Global Market under the ticker symbol LMDX and its warrants are traded under LMDXW. The Company’s A Ordinary shares are not publicly traded.
2. BASIS OF PREPARTION OF FINANCIAL STATEMENTS
The principal accounting policies applied in the preparation of these Interim Financial Statements are set out below. These policies have been consistently applied, unless otherwise stated.
The Interim Financial Statements of LumiraDx Limited have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These Interim Financial Statements were authorized for issue by the Board on September 13, 2022.
The Interim Financial Statements have been prepared under the historical cost convention and in accordance with IAS 34 “Interim Financial Reporting.” However, they do not include all of the notes that would be required in a complete set of financial statements. Thus, this interim financial report should be read in conjunction with the consolidated financial statements for the year ended December 31, 2021, included in the Company’s Annual Report on Form 20-F, which was filed with the U.S. Securities and Exchange Commission on April 13, 2022 (the “Annual Report”).
The preparation of Interim Financial Statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated Financial Statements, are disclosed in
Note 3
of the Annual Report.
LumiraDx Limited was incorporated on August 24, 2016. On September 29, 2016, the Company acquired all of the outstanding shares of LumiraDx Holdings Limited in a share for share exchange. LumiraDx Holdings Limited was incorporated on September 1, 2014. The consolidated Financial Statements of LumiraDx Limited have been prepared as if the share exchange had occurred on September 1, 2014 to reflect the continuous operations of the Company.
Going concern
During the
six months
ended June 30, 2022
,
the Group incurred a loss of $203,568, and operating cash outflows of $84,440. As of
June 30, 2022
, the Group had net assets of $15,495. The Group has financed its operations principally through issuances of debt and equity securities, and the Group requires ongoing additional funding to continue to develop its commercial operations and research and development projects for future products.
The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.
The directors have prepared cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements which indicate that the Group will have sufficient funds to meet their liabilities as they fall due for that period (the going concern period).
The Group has minimum committed expenses including payroll for current employees, lease and other contractual commitments and interest payments on debt obligations of approximately $13,000 per month; however, the Group will be required to spend considerably more in order to continue to execute on its entire strategic business plan.
 
F-5

LUMIRADX LIMITED
UNAUDITED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data)
 
In
 
March
2022
,
the
Company
entered into privately negotiated subscription agreements with certain investors wherein the
Company
sold and investors purchased $
56.5
million of Convertible Senior Subordinated Notes due 2027.
 The notes bear annual interest of
6
%,
payable semi-annually in arrears starting September 1, 2022
. The notes mature on
March 1, 2027
and are convertible at the holder’s option at an initial conversion rate of approximately $
9.22
per share.
In April 2022, the Company consummated the first closing of a
private
placement offering pursuant to which it received an initial investment of $26.1 million in cash and entered into a royalty agreement (the “Instrument Financing Agreement”) with USB Focus Fund LumiraDx 2A, LLC, USB Focus Fund LumiraDx 2B, LLC and certain other related investors (collectively, the “Investors”), and Pear Tree Partners, L.P. The terms of the Instrument Financing Agreement provide that the Investors may invest up to an aggregate maximum amount of $50 million in the Company, or such higher amount as agreed to by the Company and the Investors (the “Invested Amount”), in one or more closings, in order to fund the purchase of additional LumiraDx instruments, allowing the Company to further expand instrument placements. In consideration of such investment, the Company has agreed to pay to the Investors on a semi-annual basis and over a three-year period (subject to extension in certain events), a payment that is equal to 20% of the total gross amount invoiced by the Group in respect of sales of test strips for use in such funded LumiraDx instruments which are allocated to the Invested Amount by the Company in accordance with the terms of the Instrument Financing Agreement (the “Instrument Financing Payments”). In June 2022 the Company closed an additional $15.4 million investment with the Investors.
The 2021 Senior Secured Loan matures in March 2024 and contains customary covenants including achieving certain revenue levels for the years ending December 31, 2021, 2022 and 2023 and maintaining minimum liquidity levels. The Group met the 2021 revenue covenant and has met the minimum liquidity levels. For the 2022 revenue covenant and quarterly liquidity levels, the Group’s short-term revenue prospects and liquidity levels will vary with the amount of demand for its
SARS-CoV-2
products. While the directors believe that the Group’s
SARS-CoV-2
products will continue to remain in high demand as
COVID-19
vaccines are available, the continued efficacy of such vaccines or the mitigation of the
COVID-19
pandemic earlier than expected for any other reason could negatively impact demand for the Group’s Platform and sales of its Instrument, test strips and other products. In addition, competitors may produce more accurate tests or tests which receive more favorable demand, both of which may impact the Group’s revenue streams and ability to meet the covenants.
On June 17, 2022, the Group entered into a second amendment to the 2021 Senior Secured Loan, to provide for, among other things, immediate revisions to the minimum net sales and the minimum liquidity covenants (the “Amendment”). In July 2022 the Group entered into a third amendment which reduced the definition of Qualifying Financing to be at least $100.0 million (or its equivalent in another currency or currencies).
In July, the Company closed a registered public stock offering. The gross proceeds from the offering were
$75 
million. In addition to the shares sold in the public offering, the Company also sold additional common shares to raise gross proceeds of
$25.0 
million in a concurrent private placement to one of its existing investors, the Bill & Melinda Gates Foundation. The underwriters of the registered public offering had a
30-day
option to purchase additional common shares at the public offering price and purchased
 $7 
million of common shares in August. In total, the Company received aggregate net proceeds of approximately
 $100 
million, after fees and commissions, from the registered public offering and the concurrent private placement. 
The directors believe that, if necessary, they will be able to obtain waivers of covenant violations or restructure the existing obligations, although there are no guarantees that these will be achieved. The directors believe the Group and company will be able to meet their liabilities as they fall due for the going concern period and have therefore prepared the financial statements on a going concern basis.
However, these circumstances represent a material uncertainty that may cast significant doubt on the Group’s and the Company’s ability to continue as a going concern and therefore, to continue realizing their assets and discharging their liabilities in the normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.
Significant Accounting Policies
The accounting policies applied to these Interim Financial Statements are the same as those applied in the Group’s Consolidated Financial Statements as of and for the year ended December 31, 2021, as presented in the Annual Report.
 
F-6

LUMIRADX LIMITED
UNAUDITED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data)
 
Management judgements and estimates
The preparation of the Interim Financial Statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of revenues, expenses, assets, liabilities and related disclosures. If in the future such estimates and assumptions, which are based on management’s best judgement at the date of the Interim Financial Statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the period in which the circumstances change. The significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty are the same as those applied in the Group’s Consolidated Financial Statements as of and for the year ended December 31, 2021, as presented in the Annual Report.
Adoption of New Accounting Standards
There have been no recent new accounting standards that have had an impact on the Interim Financial Statements. New accounting standards not listed below were assessed and determined to be either not applicable or did not have a material impact on the Interim Financial Statements or processes.

3. REVENUE
Disaggregation of Revenue
 
 
  
SIX MONTHS ENDED JUNE 30,
 
 
  
2021
 
  
2022
 
REVENUE STREAM
  
REVENUE
FROM
CONTRACTS
WITH
CUSTOMERS
 
  
REVENUE
FROM
OTHER
SOURCES
 
  
TOTAL
 
  
REVENUE
FROM
CONTRACTS
WITH
CUSTOMERS
 
  
REVENUE
FROM
OTHER
SOURCES
 
  
TOTAL
 
Total Revenue
  
$
193,631
 
  
$
463
 
  
$
194,094
 
  
$
170,807
 
  
$
331
 
  
$
171,138
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Revenue from diagnostic products is recognized at the time the performance obligations are met. Service revenue is recognized over the contractual term. Revenue from other sources represents lease revenue on instruments.
Contract Balances
Service revenue is typically billed in advance giving rise to a contract liability balance. The deferred balance as of June 30, 2022, and December 31, 2021, is $1,309 and $1,517, respectively. As the Company generally recognizes revenue as goods are sold for product revenue, the Company does not have other material contract asset or liability balances as of June 30, 2022.
 
 
  
DEFERRED REVENUE
 
 
  
YEAR ENDED
DECEMBER 31, 2021
 
  
SIX MONTHS
ENDED
JUNE 30, 2022
 
Balance at start of the period
  
1,760     
1,517  
Recognized revenue from prior years’ invoicing
     (1,760      (1,143
Amounts invoiced to be recognized over time
     4,149        1,373  
Recognized revenue from current year invoicing
     (2,703      (326
Foreign exchange impact
     71        (112
    
 
 
    
 
 
 
Balance at end of the period
  
1,517     

1,309  
Remaining performance obligations in (partially) unsatisfied long-term contracts:
Remaining performance obligations in (partially) unsatisfied long-term contracts are included in deferred revenue. For contracts that have an original duration of one year or less, the Group has elected the practical expedient to not disclose the transaction price for remaining performance obligations at the end of each reporting period and at which point in time the Company expects to recognize these sales.

 
F-7

LUMIRADX LIMITED
UNAUDITED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data)
 
4. SEGMENTS
Basis for segmentation:
The CEO is the Group’s chief operating decision maker (“CODM”). The regular internal reporting to the CEO, which fulfils the criteria to constitute a segment, is done for the Group as a whole, and therefore the total Group is the company’s only segment.
Revenue from external customers by country, based on the location of the customer is as follows:
 
 
  
SIX MONTHS ENDED
JUNE 30,
 
ANALYSIS OF REVENUE BY COUNTRY:
  
2021
 
  
2022
 
United States
   $ 110,109      $ 101,178  
Italy
     27,270        31,800  
United Kingdom
     36,499        17,552  
Germany
     3,266        6,533  
Colombia
     6,198        5,611  
Sweden
     3,260        3,233  
Brazil

     1,337        1,409  
Switzerland
     801        1,053  
Japan
     1,789        1,038  
Spain
 
 
 
 
 
 
609
 
Austria
     1,260        467  
Netherlands

     1,495        161  
Denmark
     577        9  
Other
     233        485  
    
 
 
    
 
 
 
Total revenue
  
$
194,094
 
  
$
171,138
 
    
 
 
    
 
 
 
Non-current
assets by country are as follows:
 
ANALYSIS OF
NON-CURRENT
ASSETS BY COUNTRY:
  
AS OF
DECEMBER 31,
2021
 
  
AS OF
JUNE 30,
2022
 
United Kingdom
   $ 199,312      $ 179,232  
United States
     22,537        22,900  
Italy
     10,600        9,796  
Colombia
     3,780        3,602  
Other
     2,531        3,145  
    
 
 
    
 
 
 
Total
  
$
238,760
 
  
$
218,675
 
    
 
 
    
 
 
 
 
F-8

LUMIRADX LIMITED
UNAUDITED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data)
 
5. FINANCE INCOME AND FINANCE EXPENSE
 
    
SIX MONTHS ENDED
JUNE 30,
 
    
2021
    
2022
 
Change in fair value of stock warrants

   $         $ 4,945  
Interest income

     30        6  
Foreign exchange gain
     4,828            
Other
     183        188  
    
 
 
    
 
 
 
Finance income
  
$
5,041
 
  
$
5,139
 
    
 
 
    
 
 
 
Interest expense (cash)
   $ (14,657    $ (12,257
Interest expense
(non-cash)
     (38,446      (3,669
Lease liability interest expense (Note 20)
     (1,001      (1,640
Foreign exchange loss
               (74,721
Financing fees
               (1,416
Accretion of
instrument
financing
 (Note 18)
    
 
       (1,612
Dividend on preferred shares (Note 14)
     (10,711          
Debt extinguishment fee (cash)
     (2,350          
Debt extinguishment fee
(non-cash)
     (4,206          
Change in fair value of 2020 convertible notes (Note 15)
     (27,255          
Change in fair value of Series B preferred shares (Note 14)
     (32,997          
    
 
 
    
 
 
 
Finance expense
  
$
(131,623
  
$
(95,315
    
 
 
    
 
 
 
6. INCOME TAXES
 
 
  
SIX MONTHS
ENDED JUNE 30,
 
TAX CREDIT FOR THE PERIOD
  
2021
 
  
2022
 
Current income credit / (tax)
  
     
  
     
- Current year
   $ (2,726    $ (1,485
- Prior years
    
—  
           
    
 
 
    
 
 
 
Total current income credit / (tax)
  
 
(2,726
  
 
(1,485
Deferred income tax credit
                 
- Current year
     1,169            
- Prior years
                   
    
 
 
    
 
 
 
Total deferred income credit
  
 
1,169
 
  
 
  
 
Total income tax credit/(expense)
  
$
(1,557
  
$
(1,485
    
 
 
    
 
 
 
In 2021, the group transitioned from the small company scheme to the research and development expenditure credit scheme (“RDEC”), see
Note 18
.
Reconciliation of effective tax rate:
 
    
SIX MONTHS ENDED
JUNE 30,
 
    
2021
   
2022
 
Loss for the period before taxation
  
$
194,403
 
 
$
202,083
 
    
 
 
   
 
 
 
Tax benefit at standard U.K. rate at 19%
     36,937       38,396  
Difference in overseas tax rates
     122       402  
Expenses not deductible for tax purposes
     (4,161    
—  
 
Tax losses for which no deferred tax asset was recognized
     (29,652     (36,974
Share-based payment (not deductible for tax purposes)
     (4,803     (3,309
    
 
 
   
 
 
 
Income tax credit/(expense)
  
$
(1,557
 
$
(1,485
    
 
 
   
 
 
 
Effective tax rate
     -1     -1
 
F-9

LUMIRADX LIMITED
UNAUDITED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data)
 
In
 
the March 3, 2021 U.K. budget, it was announced that the U.K. tax rate will increase to
25
% from April 1, 2023. This will not have a consequential effect on the Group’s recognized deferred taxes, however the Group has substantial unrecognized U.K. net operating losses.
7. EARNINGS PER SHARE
The calculation of basic and diluted earnings per share has been calculated by dividing the loss for the period attributable to shareholders of $203,707 (2021: $196,282),
by the weighted average number of shares outstanding of
253,945,274 (2021: 132,204,201) during the six months ended June 30, 2022:
 
 
  
SIX MONTHS ENDED JUNE 30,
 
Loss attributable to shareholders:
  
2021
 
  
2022
 
 
  
BASIC
 
  
DILUTED
 
  
BASIC
 
  
DILUTED
 
Loss attributable to equity holders of the parent

  $ (196,282   $ (196,282   $ (203,707   $ (203,707
Loss attributable to shareholders

    (196,282     (196,282     (203,707     (203,707
Weighted-average number of shares:
  
 
 
  
 
 
  
 
 
  
 
 
 
  
BASIC
 
  
DILUTED
 
  
BASIC
 
  
DILUTED
 
Issued shares at January 1

    132,204,201       132,204,201       252,804,218       252,804,218  
Effect of shares issued
                      1,141,056       1,141,056  
Weighted-average number of shares

    132,204,201       132,204,201       253,945,274       253,945,274  
Loss per share:
  
 
 
  
 
 
  
 
 
  
 
 
 
  
BASIC
 
  
DILUTED
 
  
BASIC
 
  
DILUTED
 
Loss per share
  $ (1.48   $ (1.48   $ (0.80   $ (0.80
   
 
 
   
 
 
   
 
 
   
 
 
 
On February 1, 2021 the Board of Directors of the Company approved a stock split of the issued and outstanding A Ordinary and common shares of the Company on a 220 for 1 basis.
In accordance with IAS 33, the earnings per share calculations have been presented for the stock split retrospectively. In connection with the Merger, in order to achieve an exchange ratio of one LMDX common share for each CAH share, the Company effected a subdivision, immediately prior to the Merger, of all issued, and authorized but unissued, LMDX
A Ordinary
shares and LMDX common shares at a ratio of 1.60806264:1. The denominator has been calculated to reflect the share splits. 
The Company’s potentially dilutive securities, which include stock options, convertible preferred shares, convertible notes and warrants, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of A Ordinary and common shares outstanding used to calculate both basic and diluted net loss per share attributable to A Ordinary and common shareholders is the same. The Company excluded the following potential A Ordinary shares and common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to ordinary shareholders and common shareholders for the periods indicated because including them would have had an anti-dilutive effect:
 
    
SIX MONTHS ENDED
JUNE 30,
 
    
2021
    
2022
 
Convertible preferred shares (as converted to A Ordinary shares)
     75,253,881        —    
Convertible preferred shares (as converted to common shares)
     12,543,492        —    
Options to purchase A Ordinary shares
     90,723,163        79,181,915  
Options to purchase common shares
     —          14,349,147  
Convertible Debt (as converted to common shares)
     27,390,667        —    
Warrants to purchase A Ordinary shares
     5,430,781        5,373,170  
Warrants to purchase common shares
     6,342,403        7,828,251  
    
 
 
    
 
 
 
       217,684,387        106,732,483  
    
 
 
    
 
 
 
 
F-10

LUMIRADX LIMITED
UNAUDITED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data)
 
8. GOODWILL AND INTANGIBLE ASSETS
 
 
  
GOODWILL
 
 
PATENTS
 
 
CUSTOMER
INTANGIBLES
 
 
SUPPLIER
RELATIONSHIPS
 
  
TECHNOLOGY
AND
SOFTWARE
 
 
TOTAL
 
Cost
  
 
 
 
  
 
At January 1, 2020
  
$
15,391
 
 
$
18,122
 
 
$
8,731
 
 
$
2,856
 
  
$
11,177
 
 
$
56,277
 
Exchange differences
     600       549       408       —          156       1,713  
    
 
 
   
 
 
   
 
 
   
 
 
    
 
 
   
 
 
 
At December 31, 2020
  
 
15,991
 
 
 
18,671
 
 
 
9,139
 
 
 
2,856
 
  
 
11,333
 
 
 
57,990
 
    
 
 
   
 
 
   
 
 
   
 
 
    
 
 
   
 
 
 
Amortization
                                                 
At January 1, 2020
  
 
—  
 
 
 
2,710
 
 
 
4,034
 
 
 
1,043
 
  
 
6,957
 
 
 
14,744
 
Charge for the period
     —         831       951       286        319       2,387  
Exchange differences
     —         54       62       —          20       136  
    
 
 
   
 
 
   
 
 
   
 
 
    
 
 
   
 
 
 
At December 31, 2020
  
 
—  
 
 
 
3,595
 
 
 
5,047
 
 
 
1,329
 
  
 
7,296
 
 
 
17,267
 
Net Book Value
                                                 
At December 31, 2020
  
$
15,991
 
 
$
15,076
 
 
$
4,092
 
 
$
1,527