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Earnings Roundup: Lucira Health, Interpace Biosciences, Lucid Diagnostics

NEW YORK – Lucira Health said this week that its revenues for the third quarter rose to $34.4 million from $15.0 million a year ago. In a statement, Erik Engelson, the firm’s president and CEO, attributed the sharp increase to growth of its COVID-19 testing business. The Emeryville, California-based developer of infectious disease tests posted a net loss of $126.9 million, or $3.15 per share, for the three months ended Sept. 30 compared to a net loss of $27.5 million, or $.71 per share, a year ago. It missed the consensus Wall Street estimate of a loss of $.38 per share. Lucira Health finished Q3 with $39.8 million in cash and cash equivalents and $1.9 million in restricted cash equivalents. 


Interpace Biosciences this week reported a 1 percent increase in third quarter revenues to $8.2 million from $8.1 million a year ago. The Parsippany, New Jersey-based company said that a decline in the rate of reimbursement for its ThyGeNext thyroid cancer sequencing test was largely responsible for the revenue decrease. Interpace reported a Q3 net loss of $14.2 million, or $3.35 per share, compared to a net loss of $3.6 million, or $.85 per share, a year ago. The company's Q3 loss from continuing operations was $1.3 million, about the same as a year ago. During the quarter, Interpace sold its pharma business to Flagship Biosciences for an undisclosed amount, a move that it said was expected to improve operating cash flow by nearly $5 million annually. Interpace finished the quarter with $6.3 million in cash, cash equivalents, and restricted cash. 


Lucid Diagnostics said this week that its third quarter revenues fell to $76,000 from $200,000 a year ago, missing the consensus Wall Street estimate of $420,000. The New York-based diagnostics firm had a net loss of $14.3 million, or $.39 per share, for the three months ended Sept. 30 compared to a net loss of $7.0 million, or $.49 per share, a year ago. On a non-GAAP basis, Lucid Dx had a loss of $.28 per share and beat the consensus Wall Street estimate of a loss of $.40 per share. The company had cash and cash equivalents of $26.9 million at the end of the quarter. 

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