NEW YORK — LumiraDx on Tuesday reported an 82 percent year-over-year decrease in first quarter revenues due to falling demand for COVID-19 testing.
For the three-month period ended March 31, LumiraDx's revenues fell to $22.2 million from $126.4 million in the year-ago quarter, exceeding the Wall Street consensus estimate of $19.6 million.
Sales of LumiraDx's SARS-CoV-2 antigen test strips accounted for $10.6 million of revenues while the firm's Fast Lab Solutions business, which provides nucleic acid amplification tests to laboratories, contributed $4.3 million. Non-COVID-19 revenues were $7.3 million, including $2.9 million of LumiraDx technology revenues and $4.4 million of distribution revenues.
"Our transition to non-COVID-19 is beginning to develop, especially with the commercial launches of HbA1c and NT-proBNP on our platform," LumiraDx Chairman and CEO Ron Zwanziger said in a statement, referring to two microfluidic immunoassays. "Customer response continues to be positive, and we are collaborating with our key customers on use cases where our platform can change clinical pathways and enable better patient outcomes."
"Developing new use cases with customers takes time, and we are beginning to see initial positive responses developing, partly enabled by our menu of tests expanding," he added.
The UK company noted that it had more than 100 customers in the first full-launch quarter for its quantitative NT-proBNP assay, which aids in the diagnosis of heart failure.
LumiraDx's net loss for the first quarter was $44.1 million, or $.14 per share, down from $55.7 million, or $.22 per share, in the same period a year earlier. On an adjusted basis, the London-based company's net loss per share was $.13. Analysts were, on average, expecting a loss per share of $.14. The firm used about 318.7 million weighted-average shares to compute net loss for Q1 compared to 253.1 million shares for the year-ago quarter.
Last month, the company announced a cost restructuring program that would result in the layoff of 40 percent of its global workforce. The expense reductions are expected to be $36 million per year, with the full impact felt from June 2023 onward, the company said. The firm also received a delisting warning from Nasdaq last month for being out of compliance with the market's minimum bid price requirement.
At the end of March, LumiraDx had cash and cash equivalents totaling $68.1 million.
In morning trading on the Nasdaq, shares of LumiraDx were down 2 percent at $.53.