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LumiraDx Posts Strong Q3 Revenue Gains on Sales of SARS-CoV-2 Testing Products

NEW YORK — Point-of-care diagnostics firm LumiraDx on Wednesday reported a sharp year-over-year increase in revenues for the third quarter on sales of test strips for its COVID Ag SARS-CoV-2 antigen test.

For the three-month period ended Sept. 30, LumiraDx's revenues rose to $109.1 million from $13.9 million the year before, with sales of COVID Ag test strips — which are used with the company's portable LumiraDx Platform instrument — generating $92.0 million in revenues. The London-based company's Fast Lab Solutions unit, which provides nucleic acid amplification technology to laboratories, pulled in $10.3 million during the quarter.

LumiraDx posted a net profit of $84.8 million, or $.46 per share, in the third quarter versus a year-ago net loss of $62.3 million, or $.47 per share.

R&D spending in the quarter was up 27 percent to $35.4 million from $27.9 million in the same period last year. SG&A costs, meantime, jumped nearly 400 percent to $58.9 million from $12.2 million, in part due to costs associated with LumiraDx's move earlier this year to go public through a merger with special purpose acquisition company CA Healthcare Acquisition.

At the end of September, LumiraDx had cash and cash equivalents totaling $215.3 million.

During morning trading on the Nasdaq, shares of LumiraDx were down $.06 at $8.94.

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