NEW YORK – Cue Health said Wednesday after the close of the market that its second quarter revenues declined 89 percent year over year, coming in at the high end of the firm's previously announced guidance.
For the three months ended June 30, the San Diego-based diagnostics company posted $9.9 million in revenues compared to $87.7 million in Q2 2022 and below analysts' average estimate of $13.4 million. When announcing its Q1 financial results in May, the firm said it expected between $8 million and $10 million in Q2 revenues.
Product revenues were $7.6 million compared to $84.4 million in Q2 2022, while grant and other revenues were $2.3 million in Q2 versus $3.3 million in the comparable period a year ago.
Cue posted $7.6 million in private sector revenue, down from $80.5 million in the prior-year second quarter, and accounting for 76 percent of total revenue. Public sector revenue was $2.3 million.
Disposable test cartridge revenue was $7.3 million in Q2.
Cue Health had a Q2 net loss of $83.9 million, or $.55 per share, compared to a loss of $99.1 million, or $.67 per share, a year ago. Its adjusted loss per share was $.51, just missing the consensus Wall Street estimate of $.50.
"We achieved the top end of our guidance in the quarter, and expect to return to growth in the second half of the year," Cue CEO Ayub Khattak said in a statement.
During the quarter, the company received de novo authorization from the US Food and Drug Administration for its over-the-counter COVID-19 test, which Khattak called "a positive signal for our menu expansion objectives." The firm's combination influenza and COVID-19 test, as well as its standalone respiratory syncytial virus test, are both under FDA review.
Cue Health exited the third quarter with $128.6 million in cash and cash equivalents and continues to operate with no debt obligations, it said.
The company said Q3 revenues are expected to be in the range of $11 million to $13 million.