Lucira Health Stock Soars After Q2 Sales Jump 175% Sequentially

  • Lucira Health Inc LHDX reported sales of $12.4 million in Q2, the firm's second full quarter of commercial activity, beating the consensus estimate of $8 million.
  • Sales increased 175% sequentially, propelled by the volume of Lucira Check It COVID-19 Test Kit sales through the OTC indication, increased customer contracts, and international demand.
  • The Company did not have any revenues in the year-ago quarter.
  • Lucira noted that it partnered with Meenta to customize a workflow for the Lucira All-In-One test kit utilized by athletes and individuals traveling to Japan this summer. 
  • The firm also partnered with Azova, which negotiated to authorize pairing the Lucira Check It test kit with Azova's video observation services to meet requirements for travel to Hawaii.
  • Q2 EPS loss of $(0.42) was better than $(2.90) a year ago but missed the Wall Street estimate of $(0.32).
  • Lucira's Q2 R&D spending more than doubled year over year to $10.1 million from $4.6 million. SG&A costs increased more than sixfold to $6.1 million from $931,000 a year ago.
  • The firm exited Q2 with $161.7 million in cash.
  • Price Action: LHDX shares traded higher by 11.6% at $9.65 on the last check Friday.
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