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Lucira Health Posts $15M in Q3 Revenues

NEW YORK – Lucira Health reported after the close of the market on Thursday revenues of $15.0 million for the third quarter compared to none a year ago.

The results fell short of the consensus Wall Street estimate of $18.3 million.

"During the third quarter, we made meaningful progress on executing our business and strategic initiatives and achieved our guidance of sequential growth," Lucira CEO Erik Engelson said in a statement.

The Emeryville, California-based company, which went public in February, manufactured its first commercial kits at its production center in the Dominican Republic during the quarter and is on course to bring the four initial production lines in the facility to full capacity in the first half of 2022, he added.

During Q3, Lucira experienced a labor shortage in its Michigan plant, which forced the firm to consolidate all current manufacturing into the Dominican Republic. A fifth production line in the facility is expected to become operational in the first half of next year and to reach full capacity in the second half of 2022, Engelson said.

Lucira posted a net loss of $27.5 million, or $.71 per share, in the recently completed quarter compared to a net loss of $11.8 million, or $4.76 per share, during the same period a year ago. The consensus Wall Street estimate was for a loss of $.51 per share.

The company used 38.7 million shares of its stock to calculate its per-share loss figure for Q3 2021 compared to 2.5 million shares for the Q3 2020 figure.

Its R&D costs in Q3 grew 63 percent year over year to $14.3 million from $8.8 million, while its SG&A costs rose almost sevenfold to $11.8 million from $1.7 million.

The firm ended Q3 with $117.3 million in cash and $2.3 million in restricted cash equivalents.

For Q4, Lucira is projecting revenues of at least $30 million. It expects full-year 2022 revenues to exceed $150 million.

In early morning trading on the Nasdaq Friday, Lucira's shares were down almost 12 percent at $6.24.