EX-99.1 2 d691097dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LumiraDx Reports Fourth Quarter and Full Year 2021 Results

Positive Customer Experience Drives Market Adoption and Expands Use Cases for LumiraDx’s Transformative Diagnostic Solutions

London, UK (March 10, 2022), LumiraDx Limited (Nasdaq:LMDX), a next-generation point of care (POC) diagnostics company, today announced financial and operational results for the fourth quarter and full year ended December 31, 2021.

 

   

Full year 2021 revenues of $421.4 million up from full year 2020 revenue of $139.2 million, as the pandemic accelerated momentum on our long-term growth strategy

 

   

Fourth quarter 2021 revenue of $118.3 million rose sequentially compared to strong Third Quarter 2021 revenue of $109.1 million and year over year versus fourth quarter 2020 revenue of $112.3 million

 

   

Customer use of our Platform to support several tests including SARS-CoV-2 Antigen, D-Dimer for diagnosing thrombotic conditions and CRP for antibiotic stewardship being credited for streamlining treatment and reducing cost and stress on health systems

 

   

Customer instrument shipments total more than 21,000 Platforms as of December 31, 2021

 

   

Strong start to the year with an estimated 4,000 instruments to be shipped for the first quarter of 2022 and first quarter 2022 revenues expected to be similar to fourth quarter 2021

“LumiraDx’s strong 2021 performance marks an inflection point in our strategy for transforming community-based diagnostics,” said Ron Zwanziger, Chairman and CEO of LumiraDx. “The positive experience and validation of the microfluidic technology of our Platform by health systems, emergency rooms, pharmacy chains and other health care providers is expanding market adoption and use cases for fast, high sensitivity, convenient and connected diagnostic test results. Fast Lab Solutions also made a strong contribution to meeting customer needs for COVID testing as we navigate the unpredictability of the coronavirus.The pace of Platform shipments, regulatory clearances and launches, near term pipeline of assays and R&D efforts to expand our test menu for 30+ diagnostic tests for common health conditions gives us confidence in our opportunities for significant non-COVID revenue growth for many years.”

2021 Fourth Quarter and Full Year Financial Highlights

For the twelve months ended December 31, 2021, LumiraDx delivered revenue of $421.4 million compared to $139.2 million for full year 2020. For the fourth quarter of 2021, LumiraDx reported $118.3 million in revenue compared to $112.3 million for the same period in 2020.

Fourth quarter 2021 revenues also rose sequentially compared to strong third quarter 2021 revenues of $109.1 million. SARS-CoV-2 Antigen test strips accounted for $75.0 million in fourth quarter 2021, and we have experienced strong continued demand in early 2022 driven by the impact of the Omicron variant and higher testing rates in all markets. Fast Lab Solutions delivered revenues of $23.7 million in fourth quarter 2021 as adoption of our unique molecular chemistry continued to accelerate as we doubled the number of lab customers from third quarter 2021 to fourth quarter 2021.


Total gross margin for full year 2021 was 36.0% compared to 38.0% in full year 2020. In the fourth quarter of 2021, our test strip margin exceeded 80% while overall fourth quarter 2021 gross margin improved to 46.1% compared to third quarter 2021 gross margin of 35.6%.

Research and development (R&D) costs were $33.8 million in the fourth quarter and $130.2 million for full year 2021. This represents an increase of 22% over the fourth quarter of 2020 and 21% compared to full year 2020 R&D costs as we continued to increase capabilities, opened our new R&D center in Glasgow, Scotland and further resourced our development teams for continued pipeline delivery.

Fourth quarter sales, marketing and administrative expenses were $37.4 million and full year 2021 sales, marketing and administrative expenses were $130.5 million. Reported R&D and sales, marketing and administrative expenses include $5.3 million of amortization and share based payment expenses in the fourth quarter of 2021 and $36.6 million in the full year 2021. In addition, we incurred listing expenses related to our merger and listing of $5.4 million in the fourth quarter and $36.2 million for the full year 2021. Excluding amortization, share based payment expenses and listing related charges, the non-IFRS adjusted operating loss for the fourth quarter was $11.4 million and for the full year 2021 was $72.6 million.

Net loss for the fourth quarter of 2021 was $37.2 million or $0.15 per fully diluted share. The net loss for 2021 was $100.8 million or $0.62 per fully diluted share. Our non-IFRS adjusted net losses for the fourth quarter 2021 and the full year 2021, excluding merger expenses and excluding amortization, share-based payment expenses, unrealized foreign exchange gains and other non-cash financing items were $20.0 million, or $0.08 per fully diluted share, and $111.6 million, or $0.68 per fully diluted share, respectively.

At December 31, 2021, we had $300.0 million in senior debt and $18 million in other term debt. Our cash balance at December 31, 2021 was $132.1 million.

Conference Call

LumiraDx’s senior management team will host a conference call today at 8:00 AM ET to discuss the company’s financial results and business updates. Call in details and a link to view the webcast may be found at https://investors.lumiradx.com/news-and-events/investor-calendar. A replay of the webcast will be available on the Investor’s section of the company’s website at investors.lumiradx.com shortly after the conclusion of the call. The webcast will be archived for 12 months.

About LumiraDx

LumiraDx (Nasdaq: LMDX) is a next-generation point of care diagnostics company that is transforming community-based healthcare. Founded in 2014, LumiraDx manufactures and commercializes an innovative diagnostic Platform that supports a broad menu of tests with lab comparable performance at the point of care. LumiraDx diagnostic testing solutions are being deployed by governments and leading healthcare institutions across laboratories, urgent care, physician offices, pharmacies, schools, and workplaces to screen, diagnose, and monitor wellness as well as disease. LumiraDx has, on the market and in development, 30+ tests covering infectious diseases, cardiovascular diseases, diabetes, and coagulation disorders, all on the LumiraDx Platform. In addition, LumiraDx has a comprehensive portfolio of fast, accurate, and cost-efficient COVID-19 testing solutions from the lab to point of need.LumiraDx is based in the UK with more than 1,600 employees worldwide.


Further information on LumiraDx and the LumiraDx Platform is available at www.lumiradx.com

Contact:

Colleen McMillen

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, projected revenues and instrument shipments, regulatory approvals, the advancement of our pipeline of tests, customer demand and adoption of the LumiraDx Platform, and the benefits and performance of our tests. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements, including, among others, general economic, political and business conditions; the effect of COVID-19 on LumiraDx’s business and financial results; obtaining or maintaining regulatory approval, authorization or clearance for our tests; and those factors discussed under the header “Risk Factors” in the Proxy Statement and Prospectus filed pursuant to Rule 424B(3) with the Securities and Exchange Commission, or SEC, on September 3, 2021 and other filings with the SEC. Although LumiraDx believes that it has a reasonable basis for each forward-looking statement contained in this press release, LumiraDx cautions you that these statements are based on a combination of facts and factors currently known by it and its projections of the future, about which it cannot be certain. LumiraDx undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.

Non-IFRS Financial Measures

We present non-IFRS financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. We also use these measures internally to establish forecasts, budgets and operational goals to manage and monitor our business, as well as evaluate our underlying historical performance, as we believe that these non-IFRS financial measures depict the true performance of the business by encompassing only relevant and controllable events, enabling us to evaluate and plan more effectively for the future. The non-IFRS financial measures may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS as issued by the IASB. Non-IFRS financial measures and margins are not measurements of our performance, financial condition or liquidity under IFRS as issued by the IASB and should not be considered as alternatives to operating loss, gross margin, net income (loss) or earnings per share or any other performance measures, derived in accordance with IFRS as issued by the IASB or any other generally accepted accounting principles.


We define non-IFRS operating loss and non-IFRS net income (loss) as operating loss and net income (loss), respectively, excluding amortization, share-based payments, IFRS 2 listing expense, change in fair value of financial instruments, foreign exchange (gain)/loss, dividends on preferred shares and non-cash interest. We recommend that you review the reconciliation of the non-IFRS measure to the most directly comparable IFRS financial measure provided in the financial statement tables included below, and that you not rely on any single financial measure to evaluate our business.


LUMIRADX LIMITED

Unaudited Consolidated Statement of Financial Position

 

     DECEMBER 31, 2020     DECEMBER 31, 2021  
     (in thousands)  

ASSETS

    

Non–Current Assets

    

Other non-current assets

   $ 241     $ 569  

Intangibles and goodwill

     40,723       37,048  

Right-of-use assets

     10,386       27,704  

Property, plant and equipment

     87,082       173,397  
  

 

 

   

 

 

 

Total Non-Current Assets

     138,432       238,718  
  

 

 

   

 

 

 

Current Assets

    

Inventories

     85,516       149,055  

Tax receivable

     20,680       15,022  

Trade and other receivables

     109,295       109,798  

Restricted cash

     2,455       —    

Cash and cash equivalents

     158,717       132,145  
  

 

 

   

 

 

 

Total Current Assets

     376,663       406,020  
  

 

 

   

 

 

 

TOTAL ASSETS

   $ 515,095     $ 644,738  
  

 

 

   

 

 

 

LIABILITIES AND EQUITY

    

Liabilities

    

Non-Current Liabilities

    

Debt due after more than one year

   $ (139,734   $ (304,888

Preferred shares

     (451,721     —    

Lease liabilities

     (1,986     (25,468

Warrant liability

     —         (10,407

Deferred tax liabilities

     (1,230     (779
  

 

 

   

 

 

 

Total Non-Current Liabilities

     (594,671     (341,542
  

 

 

   

 

 

 

Current Liabilities

    

Debt due within one year

     (147,238     (191

Trade and other payables

     (139,283     (134,823

Lease liabilities due within one year

     (9,119     (5,582
  

 

 

   

 

 

 

Total Current Liabilities

     (295,640     (140,596

Equity

    

Share capital and share premium

     (152,732     (177,813

Foreign currency translation reserve

     19,905       19,561  

Other reserves

     (99,821     (681,167

Accumulated deficit

     607,657       676,639  
  

 

 

   

 

 

 

Total equity attributable to equity holders of the parent

     375,009       (162,780
  

 

 

   

 

 

 

Non-controlling interests

     207       180  
  

 

 

   

 

 

 

Total Equity

     375,216       (162,600
  

 

 

   

 

 

 

TOTAL EQUITY AND LIABILITIES

   $ (515,095   $ (644,738
  

 

 

   

 

 

 


LUMIRADX LIMITED

Unaudited Consolidated Statement of Profit and Loss and Comprehensive Income

 

     THREE MONTHS ENDED
DECEMBER 31,
   

YEAR ENDED

DECEMBER 31,

 
     2021     2020     2021     2020  
     (in thousands, except share and per share data)  

Revenue

        

Products

   $ 115,590     $ 111,407     $ 415,654     $ 135,656  

Services

     2,663       868       5,774       3,497  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Revenue

     118,253       112,275       421,428       139,153  

Cost of sales

        

Products

     63,509       65,409       268,835       84,456  

Services

     224       457       1,053       1,750  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Cost of Sales

     63,733       65,866       269,888       86,206  

Gross Profit

     54,520       46,409       151,540       52,947  

Gross Profit Margin

     46     41     36     38

Research and development expenses

     33,822       27,696       130,221       107,539  

Selling, marketing and administrative expenses

     37,411       15,815       130,520       46,129  

Listing expenses

     5,393       —         36,202       —    
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating (Loss)/Income

     (22,106     2,898       (145,403     (100,721

Finance income

     22       21,726       165,426       22,500  

Finance expense

     (14,836     (97,126     (117,943     (172,722
  

 

 

   

 

 

   

 

 

   

 

 

 

Net finance (expense)/income

     (14,814     (75,400     47,483       (150,222

Loss before Tax

     (36,920     (72,502     (97,920     (250,943

Tax (provision)/credit for the period

     (293     803       (2,844     9,946  
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss for the period

   $ (37,213   $ (71,699   $ (100,764   $ (240,997
  

 

 

   

 

 

   

 

 

   

 

 

 

Income/(loss) attributable to non-controlling interest

     127       196       449       (17
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to equity holders of parent—basic and diluted

   $ (37,340   $ (71,895   $ (101,213   $ (240,980
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss per share attributable to equity holders of parent—basic

   $ (0.15   $ (0.51   $ (0.62   $ (1.82

Net loss per share attributable to equity holders of parent—diluted

   $ (0.15   $ (0.51   $ (0.62   $ (1.82

Weighted-average number of Ordinary Shares used in loss per share—basic

     253,061,147       140,545,303       163,327,203       132,192,880  

Weighted-average number of Ordinary Shares used in loss per share—diluted

     253,061,147       140,545,303       163,327,203       132,192,880  


LUMIRADX LIMITED

Reconciliation of IFRS Financial Measures to Non-IFRS Financial Measures

 

     THREE MONTHS ENDED DECEMBER 31,  
     Operating (Loss)/Income     Net Loss     Basic and Diluted
EPS
 
     2021     2020     2021     2020     2021     2020  
     (in thousands, except per share data)  

IFRS Financial Measure

   $ (22,106   $ 2,898     $ (37,213   $ (71,699   $ (0.15   $ (0.51

Amortization

     942       618       942       618       —         —    

Share-based payments

     4,400       926       4,400       926       0.02       0.01  

SPAC merger transaction costs1

     5,393       —         5,393       —         0.02       —    

Change in fair value of financial instruments

     —         —         3,717       82,159       0.01       0.59  

Foreign exchange loss/(gain)

     —         —         1,326       (32,964     0.01       (0.23

Net gain on conversion of debt

     —         —         —         —         —         —    

Dividends on preferred shares

     —         —         —         7,363       —         0.05  

Non-cash interest

     —         —         1,455       9,041       0.01       0.06  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-IFRS Adjusted Financial Measure

   $ (11,371   $ 4,442     $ (19,980   $ (4,556   $ (0.08   $ (0.03
     YEAR ENDED DECEMBER 31,  
     Operating Loss     Net Loss     Basic and Diluted
EPS
 
     2021     2020     2021     2020     2021     2020  
     (in thousands, except per share data)  

IFRS Financial Measure

   $ (145,403   $ (100,721   $ (100,764   $ (240,997   $ (0.62   $ (1.82

Amortization

     2,827       2,387       2,827       2,387       0.02       0.02  

Share-based payments

     33,777       3,191       33,777       3,191       0.21       0.02  

SPAC merger transaction costs1

     36,202       —         36,202       —         0.22       —    

Change in fair value of financial instruments

     —         —         (98,348     111,899       (0.60     0.85  

Foreign exchange loss/(gain)

     —         —         14,593       (21,906     0.09       (0.17

Net gain on conversion of debt

     —         —         (64,143     —         (0.39     —    

Dividends on preferred shares

     —         —         16,156       23,578       0.10       0.18  

Non-cash interest

     —         —         48,109       18,823       0.29       0.14  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-IFRS Adjusted Financial Measure

   $ (72,597   $ (95,143   $ (111,591   $ (103,025   $ (0.68   $ (0.78

 

1

- Includes a full year IFRS 2 charge of $27.6 million (Q4: $5.4 million) for the difference in the fair value of the shares deemed to have been issued by LumiraDx in the merger transaction to CA Healthcare shareholders and the net assets of CA Healthcare and $8.6 million of LumiraDx transaction costs.


LUMIRADX LIMITED

Unaudited Consolidated Statement of Cash Flows

 

     THREE MONTHS
ENDED DECEMBER 31,
    YEAR ENDED
DECEMBER 31,
 
     2021     2020     2021     2020  
    

(in thousands)

and per share data)

 

Cash Flows from Operating Activities

        

Loss for the period

   $ (37,213   $ (71,699   $ (100,764   $ (240,997

Adjustments to reconcile loss for the period to net cash used in operating activities:

        

Depreciation

     8,214       3,592       22,887       8,527  

Amortization

     942       618       2,827       2,387  

Net finance (income)/expenses

     14,768       68,167       (63,616     126,774  

Share based payment expense

     4,400       926       33,777       3,191  

Increase in tax receivable

     (1,824     (2,061     (4,663     (11,269

Accrued preferred shares dividends

     —         7,363       16,156       23,578  

IFRS 2 charge for difference in fair value of shares deemed issued

     5,393       —         27,607       —    

Changes to working capital:

        

Inventories

     26,121       (41,478     (66,874     (73,302

Trade and other receivables

     (20,015     (76,679     7,511       (89,213

Trade payables and other liabilities

     (53,419     86,571       (9,731     100,997  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Cash used in Operating Activities

     (52,633     (24,680     (134,883     (149,327
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash Flows from Investing Activities

        

Purchases of property, plant, equipment

     (24,927     (28,681     (106,346     (64,381
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Cash generated from/(used in) Investing Activities

     (24,927     (28,681     (106,346     (64,381
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash Flows from Financing Activities

        

Proceeds from issuance of preferred shares

     —         162,401       —         162,401  

Proceeds from issuance of convertible notes, net of issuance costs

     —         —         —         70,917  

Proceeds from debt issuance, net of issuance costs

     —         62,391       361,729       62,391  

Proceeds from shares issued on the exercise of share options

     104       26       104       41  

Repayment of principal portion of lease liabilities

     (619     (1,026     (5,449     (3,054

Changes in ownership interests in subsidiaries

     —         —         (1,968     —    

Proceeds from issuance of share capital in merger

     324         38,568    

Cash interest paid, net of interest received

     (6,232     (4,220     (29,894     (12,114

Fee on early extinguishment of debt

     (1,250     (3,600     (3,637     (3,600

Repayments of debt

     —         (40,152     (140,286     (40,396
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Cash (used in)/generated from Financing Activities

     (7,673     175,820       219,167       236,586  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net (Decrease)/Increase in Cash and Cash Equivalents

     (85,233     122,459       (22,062     22,878  
  

 

 

   

 

 

   

 

 

   

 

 

 

Movement in Cash and Cash Equivalents

        

Cash and cash equivalents at the beginning of the period

     217,727       37,549       161,172       139,387  

Exchange gain/(loss) on cash and cash equivalents

     (349     1,164       (6,965     (1,093

Net increase/(decrease) in cash and cash equivalents

     (85,233     122,459       (22,062     22,878  
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash and Cash Equivalents at the end of the period

   $ 132,145     $ 161,172     $ 132,145     $ 161,172  
  

 

 

   

 

 

   

 

 

   

 

 

 


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)  

Balance at January 1, 2020

  $ —       $ 152,691     $ (2,341   $ 66,883     $ (369,868   $ (152,635   $ (194   $ (152,829

Loss for the period

    —         —         —         —         (240,980     (240,980     (17     (240,997

Other comprehensive income

               

Currency translation differences

    —         —         (17,564     —         —         (17,564     4       (17,560
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income for the period

    —         —         (17,564     —         (240,980     (258,544     (13     (258,557
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Equity compensation plans

    —         —         —         —         3,191       3,191       —         3,191  

Issue of other equity instruments

    —         —         —         32,938       —         32,938       —         32,938  

Shares issued on exercise of share options

    —         41       —         —         —         41       —         41  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transaction with owners, recognized directly in equity

    —         41       —         32,938       3,191       36,170       —         36,170  

Changes in non-controlling interests

    —         —         —         —         —         —         —         —    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2020

  $ —       $ 152,732     $ (19,905   $ 99,821     $ (607,657   $ (375,009   $ (207   $ (375,216
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at January 1, 2021

  $ —       $ 152,732     $ (19,905   $ 99,821     $ (607,657   $ (375,009   $ (207   $ (375,216

Loss for the period

    —         —         —         —         (101,213     (101,213     449       (100,764

Other comprehensive income

               

Currency translation differences

    —         —         344       —         —         344       —         344  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income for the period

    —         —         344       —         (101,213     (100,869     449       (100,420
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Equity compensation plans

    —         —         —         —         33,777       33,777       —         33,777  

Shares issued on exercise of share options

    —         104       —         —         —         104       —         104  

Conversion of debt and preferred shares in merger

    —         —         —         576,210       —         576,210       —         576,210  

Shares issued in merger

    —         24,977       —         —         —         24,977       —         24,977  

Issue of other equity instruments

    —         —         —         5,136       —         5,136       —         5,136  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transaction with owners, recognized directly in equity

    —         25,081       —         581,346       33,777       640,204       —         640,204  

Changes in non-controlling interests

    —         —         —         —         (1,546     (1,546     (422     (1,968
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2021

  $ —       $ 177,813     $ (19,561   $ 681,167     $ (676,639   $ 162,780     $ (180   $ 162,600