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BTIG Initiates Coverage of LumiraDx With Buy Rating

NEW YORK ─ Investment bank BTIG on Wednesday initiated coverage of point-of-care testing company LumiraDx with a Buy rating and a price target of $12 on its shares.

BTIG expects that over time, LumiraDx will be able to increase its menu from five to more than 30 tests performed on its low cost, point-of-care diagnostic testing platform, BTIG analyst Mark Massaro said in a research note.

"We believe Lumira is well positioned to win based on test performance, price, global reach, and over time, test menu, where it's planning to launch tests in cardiovascular disease, diabetes, and [sexually transmitted diseases]," Massaro said.

The London-based diagnostics company, which is led by executives who had worked with Alere, now part of Abbott, offers a handheld instrument that can perform antigen, antibody, and molecular testing.

Massaro noted that Lumira has plans to launch a mass screening and home testing system for COVID-19 testing, called Amira, in Q4 2021, which is well equipped to enable the commercialization of tests in low-income countries. While its revenue is now derived primarily from antigen-based COVID-19 testing, the firm has also developed qStar, a non-PCR enzyme-based system for rapid molecular testing, he noted.

Though Lumira expects 2024 revenues of between $1 billion and $1.25 billion, BTIG initiated coverage with a 2024 estimate of $619 million.

Last month, the point-of-care testing company went public on the Nasdaq at $9.94 per share after announcing the closing of its previously announced merger with CA Healthcare Acquisition, a special purpose acquisition company.

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