LumiraDx Limited (NASDAQ: LMDX), a next-generation point of care
(POC) diagnostics company, today announced financial results for
its second quarter ended June 30, 2023.
- Second quarter 2023 revenues of $21.0 million
- Submitted First 510(k) Application to the U.S. Food and Drug
Administration (FDA) for 5-minute COVID Ultra test
- Submitted COVID/Flu combo test for FDA Emergency Use
Authorization (EUA) as part of the NIH's Independent Test
Assessment (ITAP) program
- More than 1,500 new instruments shipped in Q2, primarily to
U.S. pharmacy locations to expand testing capacity for the upcoming
respiratory season
Ron Zwanziger, Chairman and CEO of LumiraDx, stated, "The
submission of our first 510(k) application to the FDA for our COVID
Ultra test represents a significant milestone in our ability to
deliver on product expansion into the U.S. and could pave the way
for additional submissions of other high performing assays on our
Platform, many of which are already available in Europe and
elsewhere and others which are in late stages of development. In
addition, we are seeing revenues from our non-COVID products
continue to grow, with the second quarter marking our highest
quarter to date for non-COVID revenues. As we continue to innovate
and expand our portfolio, we remain dedicated to transforming
healthcare delivery worldwide.”
2023 Second Quarter Financial Highlights
For the three months ended June 30, 2023, LumiraDx delivered
revenue of $21.0 million, compared to $44.7 million for the three
months ended June 30, 2022. Non-COVID specific revenues in the
second quarter of 2023 were $9.2 million, or 44% of total revenues,
including $4.4 million of LumiraDx technology revenues and $4.8
million of distribution revenues.
IFRS gross profit was a loss of $9.9 million for the quarter.
Total adjusted gross profit was a loss of $6.6 million.
Research and development expenses were $15.8 million in the
second quarter of 2023. Non-IFRS adjusted research and development
expenses were $14.3 million in the quarter, compared to $14.8
million in the prior quarter.
Sales, marketing and administrative expenses were $22.7 million
in the second quarter of 2023. Non-IFRS adjusted sales, marketing
and administrative expenses were $17.6 million in the quarter,
compared to $19.0 million in the prior quarter.
The continued reductions in operating expenses reflect the
impact of the Company’s restructuring programs.
Net loss for the quarter was $49.7 million, or $0.16 per fully
diluted share. The non-IFRS adjusted net loss for the quarter was
$50.2 million, or $0.16 per fully diluted share.
At June 30, 2023, the company’s cash balance was $25.3
million.
Recent Developments
On July 20, 2023, we entered into a ninth amendment and waiver
to that certain Loan Agreement, dated March 23, 2021 (as amended
from time to time, the “Loan Agreement”), with BioPharma Credit
Investments V (Master) LP and BPCR Limited Partnership, as lenders,
and BioPharma Credit PLC, as collateral agent (the “Ninth
Amendment”). The Ninth Amendment provides additional term loans in
an aggregate amount of up to $31 million (the “New Term Loans”). We
drew down $15.0 million of the New Term Loans on July 21, 2023 and
expect to draw the remaining $16.0 million before the end of
August.
We continue to work with various strategic advisors on the
previously disclosed strategic review of our business and we are
also engaged in discussions with our senior lender about the terms
of the Loan Agreement, including the covenants in the Ninth
Amendment which are scheduled to be measured on September 1,
2023.
In August 2023, we completed the divestiture of INRstar, a
patient reporting and decision support tool, as part of our ongoing
efforts to reduce costs and focus available resources on the launch
of high value assays.
We are pleased to announce the appointment of Giffin Daughtridge
as President, North America Commercial Operations, and Global
Molecular Solutions, effective as of August 1, 2023. Peter Scheu,
the previous President, North America Commercial Operations,
resigned from his role effective August 1, 2023 but continues to
support LumiraDx in an advisory capacity.
Conference Call
LumiraDx will host a conference call to discuss these results
today at 8:30 a.m. Eastern Time / 1:30 p.m. United Kingdom Time.
Call in details and a link to view the webcast may be found at
investors.lumiradx.com/news-and-events/investor-calendar. A replay
of the webcast will be available on the Investors section of the
company's website at investors.lumiradx.com shortly after the
conclusion of the call. The webcast will be archived for one
year.
About LumiraDx
LumiraDx Limited (Nasdaq: LMDX) is a next-generation point of
care diagnostics company that is transforming community-based
healthcare. Its actively controlled microfluidic technology
provides fast, high performance and accessible diagnostic solutions
wherever the patient is for nearly any testing scenario, creating
unique testing options at the point of need.
The company offers a broad menu of lab comparable tests on a
single portable Platform, with more than 30 assays on the market
and in various stages of development, covering infectious diseases,
cardiovascular diseases, diabetes, and coagulation disorders. The
company also supports high-complexity laboratory testing in an
accessible high-throughput format to leverage current molecular
laboratory operations.
Founded in 2014 and based in the UK, LumiraDx's diagnostic
testing solutions are being deployed globally by governments and
leading healthcare institutions across laboratories, urgent care,
physician offices, pharmacies, schools, and workplaces to help
screen, diagnose, and monitor wellness as well as disease. More
information on LumiraDx is available at www.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 outcome of the strategic
review process, our ability to renegotiate the terms of the Loan
Agreement with our senior lender, the timing of commercial launch
of certain products, the benefits and performance of our tests, the
expected timing and results of our cost-saving initiatives and
global restructuring activities, and the timing, scope or
likelihood of regulatory submissions, filings, approvals,
authorizations, certifications, clinical trials or clearances,
including our ability to successfully transition any test that has
previously been authorized by the FDA under an EUA declaration
related to COVID-19, to the required FDA marketing submission
(e.g., 510(k), de novo or PMA) on a timely basis, or at all. 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; changes in interest rates, inflation rates and global
and domestic market conditions; the effect of COVID-19 on our
business and financial results; obtaining or maintaining regulatory
approval, authorization or clearance for our tests; and those
factors discussed under the heading "Risk Factors" in our Annual
Report on Form 20-F for the year ended December 31, 2022, which was
filed with the Securities and Exchange Commission, or SEC, on May
1, 2023, and in other filings that we make 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 loss as
operating loss and net loss, respectively, excluding depreciation,
amortization, share-based payments, change in fair value of
financial instruments, foreign exchange (gain)/loss, restructuring
and severance payments and non-cash interest. We define non-IFRS
expenses as expenses excluding depreciation, amortization,
restructuring and severance payments and share-based payments. 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 |
|
|
|
|
|
|
|
|
|
|
|
|
JUNE 30, 2023 |
|
|
DECEMBER 31, 2022 |
|
|
|
(in thousands) |
|
ASSETS |
|
|
|
|
|
|
|
|
Non–Current
Assets |
|
|
|
|
|
|
|
|
Other non-current assets |
|
$ |
798 |
|
|
$ |
497 |
|
Intangibles and goodwill |
|
|
32,331 |
|
|
|
32,170 |
|
Right-of-Use Assets |
|
|
14,035 |
|
|
|
16,580 |
|
Property, plant and
equipment |
|
|
106,827 |
|
|
|
113,406 |
|
Investment in sublease |
|
|
11,526 |
|
|
|
11,421 |
|
Total Non-Current
Assets |
|
|
165,517 |
|
|
|
174,074 |
|
Current
Assets |
|
|
|
|
|
|
|
|
Inventories |
|
|
85,191 |
|
|
|
89,965 |
|
Tax receivable |
|
|
25,207 |
|
|
|
20,987 |
|
Trade and other receivables |
|
|
39,569 |
|
|
|
55,977 |
|
Cash and cash equivalents |
|
|
25,343 |
|
|
|
100,010 |
|
Total Current
Assets |
|
|
175,310 |
|
|
|
266,939 |
|
TOTAL
ASSETS |
|
$ |
340,827 |
|
|
$ |
441,013 |
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Non-Current
Liabilities |
|
|
|
|
|
|
|
|
Debt due after more than one
year |
|
$ |
(372,346 |
) |
|
$ |
(366,479 |
) |
Long term grants |
|
|
(14,446 |
) |
|
|
(15,769 |
) |
Other long term liabilities |
|
|
(57,763 |
) |
|
|
(49,158 |
) |
Lease liabilities |
|
|
(21,562 |
) |
|
|
(22,303 |
) |
Stock warrants |
|
|
(172 |
) |
|
|
(339 |
) |
Deferred tax liabilities |
|
|
(260 |
) |
|
|
(542 |
) |
Total Non-Current
Liabilities |
|
|
(466,549 |
) |
|
|
(454,590 |
) |
Current
Liabilities |
|
|
|
|
|
|
|
|
Debt due within one year |
|
|
(2 |
) |
|
|
(76 |
) |
Government and other grants |
|
|
(14,163 |
) |
|
|
(16,296 |
) |
Trade and other payables |
|
|
(65,993 |
) |
|
|
(66,277 |
) |
Lease liabilities due within one
year |
|
|
(8,847 |
) |
|
|
(9,149 |
) |
Total Current
Liabilities |
|
|
(89,005 |
) |
|
|
(91,798 |
) |
Equity |
|
|
|
|
|
|
|
|
Share capital and share
premium |
|
|
(858,429 |
) |
|
|
(858,085 |
) |
Foreign currency translation
reserve |
|
|
5,835 |
|
|
|
(20,026 |
) |
Other reserves |
|
|
(105,585 |
) |
|
|
(105,585 |
) |
Accumulated deficit |
|
|
1,172,788 |
|
|
|
1,088,804 |
|
Total equity attributable
to equity holders of the parent |
|
|
214,609 |
|
|
|
105,108 |
|
Non-controlling interests |
|
|
118 |
|
|
|
267 |
|
Total
Equity |
|
|
214,727 |
|
|
|
105,375 |
|
TOTAL EQUITY AND
LIABILITIES |
|
$ |
(340,827 |
) |
|
$ |
(441,013 |
) |
|
|
LUMIRADX LIMITED |
|
Unaudited Consolidated Statement of Profit and Loss and
Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED JUNE 30, |
|
|
SIX MONTHS ENDED JUNE 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands, except shareand per share
data) |
|
Revenue |
|
$ |
21,004 |
|
|
$ |
44,726 |
|
|
$ |
43,177 |
|
|
$ |
171,138 |
|
Cost of sales |
|
|
(30,905 |
) |
|
|
(39,889 |
) |
|
|
(54,836 |
) |
|
|
(116,275 |
) |
Gross
(Loss)/Profit |
|
|
(9,901 |
) |
|
|
4,837 |
|
|
|
(11,659 |
) |
|
|
54,863 |
|
Gross Margin |
|
|
-47 |
% |
|
|
11 |
% |
|
|
-27 |
% |
|
|
32 |
% |
Research and development
expenses |
|
|
(15,834 |
) |
|
|
(47,450 |
) |
|
|
(35,315 |
) |
|
|
(88,769 |
) |
Selling, marketing and
administrative expenses |
|
|
(22,695 |
) |
|
|
(37,845 |
) |
|
|
(48,671 |
) |
|
|
(78,001 |
) |
Operating
Loss |
|
|
(48,430 |
) |
|
|
(80,458 |
) |
|
|
(95,645 |
) |
|
|
(111,907 |
) |
Finance income |
|
|
18,105 |
|
|
|
188 |
|
|
|
36,787 |
|
|
|
5,139 |
|
Finance expense |
|
|
(19,057 |
) |
|
|
(67,858 |
) |
|
|
(34,167 |
) |
|
|
(95,315 |
) |
Net finance income /
(expense) |
|
|
(952 |
) |
|
|
(67,670 |
) |
|
|
2,620 |
|
|
|
(90,176 |
) |
Loss before
Tax |
|
|
(49,382 |
) |
|
|
(148,128 |
) |
|
|
(93,025 |
) |
|
|
(202,083 |
) |
Tax (provision) / credit for the
period |
|
|
(294 |
) |
|
|
732 |
|
|
|
(774 |
) |
|
|
(1,485 |
) |
Loss for the
period |
|
$ |
(49,676 |
) |
|
$ |
(147,396 |
) |
|
$ |
(93,799 |
) |
|
$ |
(203,568 |
) |
Gain attributable to
non-controlling interest |
|
|
61 |
|
|
|
61 |
|
|
|
149 |
|
|
|
139 |
|
Net loss attributable to
equity holders of parent—basic and diluted |
|
$ |
(49,737 |
) |
|
$ |
(147,457 |
) |
|
$ |
(93,948 |
) |
|
$ |
(203,707 |
) |
Net loss per share attributable
to equity holders of parent—basic and diluted |
|
$ |
(0.16 |
) |
|
$ |
(0.58 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.80 |
) |
Weighted-average number of
Ordinary and Common shares used in loss per share—basic and
diluted |
|
|
318,881,049 |
|
|
|
254,686,967 |
|
|
|
318,843,574 |
|
|
|
253,945,274 |
|
|
|
LUMIRADX LIMITED |
|
Unaudited Reconciliation of IFRS Financial Measures to
Non-IFRS Financial Measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED JUNE 30, |
|
|
|
|
|
|
|
|
|
|
|
Cost of Goods Sold |
|
|
Research and Development |
|
|
Selling, Marketing and Administrative |
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
IFRS Financial
Measure |
|
$ |
(30,905 |
) |
|
$ |
(39,889 |
) |
|
$ |
(15,834 |
) |
|
$ |
(47,450 |
) |
|
$ |
(22,695 |
) |
|
$ |
(37,845 |
) |
|
|
|
|
|
|
|
|
Depreciation1 |
|
|
1,902 |
|
|
|
3,982 |
|
|
|
1,943 |
|
|
|
2,386 |
|
|
|
756 |
|
|
|
681 |
|
|
|
|
|
|
|
|
|
Amortization |
|
|
- |
|
|
|
- |
|
|
|
40 |
|
|
|
39 |
|
|
|
480 |
|
|
|
459 |
|
|
|
|
|
|
|
|
|
Restructuring &
Severance |
|
|
863 |
|
|
|
- |
|
|
|
892 |
|
|
|
- |
|
|
|
1,105 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Share-based payments |
|
|
519 |
|
|
|
621 |
|
|
|
(1,364 |
) |
|
|
2,266 |
|
|
|
2,792 |
|
|
|
6,554 |
|
|
|
|
|
|
|
|
|
Non-IFRS Adjusted
Financial Measure |
|
$ |
(27,621 |
) |
|
$ |
(35,286 |
) |
|
$ |
(14,323 |
) |
|
$ |
(42,759 |
) |
|
$ |
(17,562 |
) |
|
$ |
(30,151 |
) |
|
|
|
|
|
|
|
|
1 - Net of grants for capital
equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED JUNE 30, |
|
|
|
Gross Margin |
|
|
Operating Loss |
|
|
Net Loss |
|
|
Diluted EPS |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands, except per share data) |
|
IFRS Financial
Measure |
|
$ |
(9,901 |
) |
|
$ |
4,837 |
|
|
$ |
(48,430 |
) |
|
$ |
(80,458 |
) |
|
$ |
(49,676 |
) |
|
$ |
(147,396 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.58 |
) |
Depreciation1 |
|
|
1,902 |
|
|
|
3,982 |
|
|
|
4,601 |
|
|
|
7,049 |
|
|
|
4,601 |
|
|
|
7,049 |
|
|
|
0.02 |
|
|
|
0.03 |
|
Amortization |
|
|
- |
|
|
|
- |
|
|
|
520 |
|
|
|
498 |
|
|
|
520 |
|
|
|
498 |
|
|
|
- |
|
|
|
- |
|
Share-based payments |
|
|
519 |
|
|
|
621 |
|
|
|
1,947 |
|
|
|
9,441 |
|
|
|
1,947 |
|
|
|
9,441 |
|
|
|
0.01 |
|
|
|
0.04 |
|
Change in fair value of
financial instruments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7,068 |
|
|
|
2,083 |
|
|
|
0.02 |
|
|
|
0.01 |
|
Foreign exchange
loss/(gain) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(17,573 |
) |
|
|
55,512 |
|
|
|
(0.06 |
) |
|
|
0.22 |
|
Restructuring &
Severance |
|
|
863 |
|
|
|
- |
|
|
|
2,860 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Non-cash interest |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,888 |
|
|
|
1,890 |
|
|
|
0.01 |
|
|
|
- |
|
Non-IFRS Adjusted
Financial Measure |
|
$ |
(6,617 |
) |
|
$ |
9,440 |
|
|
$ |
(38,502 |
) |
|
$ |
(63,470 |
) |
|
$ |
(50,225 |
) |
|
$ |
(70,923 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.28 |
) |
Adjusted Gross Profit
Margin |
|
|
-32 |
% |
|
|
21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 - Net of grants
for capital equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SIX MONTHS ENDED JUNE 30, |
|
|
|
|
|
|
|
|
|
|
|
Cost of Goods Sold |
|
|
Research and Development |
|
|
Selling, Marketing and Administrative |
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
IFRS Financial
Measure |
|
$ |
(54,836 |
) |
|
$ |
(116,275 |
) |
|
$ |
(35,315 |
) |
|
$ |
(88,769 |
) |
|
$ |
(48,671 |
) |
|
$ |
(78,001 |
) |
|
|
|
|
|
|
|
|
Depreciation1 |
|
|
3,708 |
|
|
|
4,430 |
|
|
|
4,640 |
|
|
|
4,812 |
|
|
|
1,475 |
|
|
|
1,392 |
|
|
|
|
|
|
|
|
|
Amortization |
|
|
- |
|
|
|
- |
|
|
|
80 |
|
|
|
81 |
|
|
|
939 |
|
|
|
942 |
|
|
|
|
|
|
|
|
|
Restructuring &
Severance |
|
|
1,002 |
|
|
|
- |
|
|
|
892 |
|
|
|
- |
|
|
|
1,148 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Share-based payments |
|
|
839 |
|
|
|
1,024 |
|
|
|
535 |
|
|
|
3,780 |
|
|
|
8,591 |
|
|
|
12,613 |
|
|
|
|
|
|
|
|
|
Non-IFRS Adjusted
Financial Measure |
|
$ |
(49,287 |
) |
|
$ |
(110,821 |
) |
|
$ |
(29,168 |
) |
|
$ |
(80,096 |
) |
|
$ |
(36,518 |
) |
|
$ |
(63,054 |
) |
|
|
|
|
|
|
|
|
1 - Net of grants
for capital equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SIX MONTHS ENDED JUNE 30, |
|
|
|
Gross Margin |
|
|
Operating Loss |
|
|
Net Loss |
|
|
Diluted EPS |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands, except per share data) |
|
IFRS Financial
Measure |
|
$ |
(11,659 |
) |
|
$ |
54,863 |
|
|
$ |
(95,645 |
) |
|
$ |
(111,907 |
) |
|
$ |
(93,799 |
) |
|
$ |
(203,568 |
) |
|
|
(0.29 |
) |
|
|
(0.80 |
) |
Depreciation1 |
|
|
3,708 |
|
|
|
4,430 |
|
|
|
9,823 |
|
|
|
10,634 |
|
|
|
9,823 |
|
|
|
10,634 |
|
|
|
0.03 |
|
|
|
0.04 |
|
Amortization |
|
|
- |
|
|
|
- |
|
|
|
1,019 |
|
|
|
1,023 |
|
|
|
1,019 |
|
|
|
1,023 |
|
|
|
- |
|
|
|
- |
|
Share-based payments |
|
|
839 |
|
|
|
1,024 |
|
|
|
9,965 |
|
|
|
17,417 |
|
|
|
9,965 |
|
|
|
17,417 |
|
|
|
0.03 |
|
|
|
0.07 |
|
Change in fair value of
financial instruments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
11,469 |
|
|
|
(3,333 |
) |
|
|
0.03 |
|
|
|
(0.01 |
) |
Foreign exchange
(gain)/loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(35,636 |
) |
|
|
74,721 |
|
|
|
(0.11 |
) |
|
|
0.29 |
|
Restructuring &
Severance |
|
|
787 |
|
|
|
- |
|
|
|
3,419 |
|
|
|
- |
|
|
|
3,419 |
|
|
|
- |
|
|
|
0.01 |
|
|
|
- |
|
Non-cash interest |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,809 |
|
|
|
3,669 |
|
|
|
0.02 |
|
|
|
0.02 |
|
Non-IFRS Adjusted
Financial Measure |
|
$ |
(6,325 |
) |
|
$ |
60,317 |
|
|
$ |
(71,419 |
) |
|
$ |
(82,833 |
) |
|
$ |
(87,931 |
) |
|
$ |
(99,437 |
) |
|
$ |
(0.28 |
) |
|
$ |
(0.39 |
) |
Adjusted Gross Profit
Margin |
|
|
-15 |
% |
|
|
35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 - Net of grants
for capital equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LUMIRADX LIMITED |
|
Unaudited Consolidated Statement of Cash
Flows |
|
|
|
THREE MONTHSENDED |
|
|
SIX MONTHSENDED |
|
|
|
JUNE 30, |
|
|
JUNE 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands) |
|
Cash Flows from Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period |
|
$ |
(49,676 |
) |
|
$ |
(147,396 |
) |
|
$ |
(93,799 |
) |
|
$ |
(203,568 |
) |
Adjustments to reconcile loss
for the period to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
7,615 |
|
|
|
7,501 |
|
|
|
14,816 |
|
|
|
15,381 |
|
Amortization |
|
|
524 |
|
|
|
498 |
|
|
|
1,019 |
|
|
|
1,023 |
|
Net finance expenses |
|
|
7,437 |
|
|
|
67,102 |
|
|
|
4,423 |
|
|
|
89,637 |
|
Equity based share based
payment transactions |
|
|
1,947 |
|
|
|
9,441 |
|
|
|
9,965 |
|
|
|
17,417 |
|
Increase in tax
receivable |
|
|
(424 |
) |
|
|
(565 |
) |
|
|
(3,238 |
) |
|
|
(2,035 |
) |
Changes to working
capital: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventories |
|
|
5,487 |
|
|
|
(13,684 |
) |
|
|
5,896 |
|
|
|
(32,292 |
) |
Trade and other receivables |
|
|
567 |
|
|
|
11,331 |
|
|
|
15,433 |
|
|
|
43,171 |
|
Trade payables and other liabilities |
|
|
(527 |
) |
|
|
(17,015 |
) |
|
|
(6,553 |
) |
|
|
(13,217 |
) |
Net Cash used in
Operating Activities |
|
|
(27,050 |
) |
|
|
(82,787 |
) |
|
|
(52,038 |
) |
|
|
(84,483 |
) |
Cash Flows from Investing
Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant, equipment |
|
|
(821 |
) |
|
|
(6,465 |
) |
|
|
(2,555 |
) |
|
|
(16,727 |
) |
Net Cash used in
Investing Activities |
|
|
(821 |
) |
|
|
(6,465 |
) |
|
|
(2,555 |
) |
|
|
(16,727 |
) |
Cash Flows from
Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of
convertible notes, net of issuance costs |
|
|
- |
|
|
|
(316 |
) |
|
|
- |
|
|
|
54,009 |
|
Proceeds from royalty
agreement |
|
|
- |
|
|
|
41,500 |
|
|
|
- |
|
|
|
41,500 |
|
Shares issued on the exercise
of share options |
|
|
- |
|
|
|
3,017 |
|
|
|
- |
|
|
|
4,091 |
|
Shares issued on employee
stock purchase plan |
|
|
174 |
|
|
|
- |
|
|
|
344 |
|
|
|
- |
|
Receipt of principal portion
of lease receivable |
|
|
149 |
|
|
|
- |
|
|
|
764 |
|
|
|
- |
|
Cash interest paid, net of
interest received |
|
|
(13,428 |
) |
|
|
(6,151 |
) |
|
|
(20,062 |
) |
|
|
(12,251 |
) |
Repayment of principal portion
of lease liabilities |
|
|
(1,604 |
) |
|
|
(1,407 |
) |
|
|
(3,872 |
) |
|
|
(2,946 |
) |
Repayments of debt |
|
|
(74 |
) |
|
|
(35 |
) |
|
|
(74 |
) |
|
|
(118 |
) |
Net Cash (used
in)/generated from Financing Activities |
|
|
(14,783 |
) |
|
|
36,608 |
|
|
|
(22,900 |
) |
|
|
84,285 |
|
Net Decrease in Cash
and Cash Equivalents |
|
$ |
(42,654 |
) |
|
$ |
(52,644 |
) |
|
$ |
(77,493 |
) |
|
$ |
(16,925 |
) |
Movement in Cash and
Cash Equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at
the beginning of the period |
|
|
68,051 |
|
|
|
166,046 |
|
|
|
100,010 |
|
|
|
132,145 |
|
Exchange gain/(loss) on cash
and cash equivalents |
|
|
(54 |
) |
|
|
(6,952 |
) |
|
|
2,826 |
|
|
|
(8,770 |
) |
Net decrease in cash and cash
equivalents |
|
|
(42,654 |
) |
|
|
(52,644 |
) |
|
|
(77,493 |
) |
|
|
(16,925 |
) |
Cash and Cash
Equivalents at the end of the period |
|
$ |
25,343 |
|
|
$ |
106,450 |
|
|
$ |
25,343 |
|
|
$ |
106,450 |
|
Contact: investors@lumiradx.com
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