Surging Omicron-Related Cases Lift LumiraDx Q4 Sales, Expects Sequentially Flat Q1 FY22 Sales

LumiraDx Limited's LMDX Q4 FY21 sales increased 5.3% Y/Y to $118.3 million, surpassing the consensus of $69.6 million.

• SARS-CoV-2 Antigen test strips accounted for $75.0 million in Q4. The company experienced strong continued demand in early 2022, driven by the impact of the omicron variant and higher testing rates in all markets.
• Fast Lab Solutions delivered revenues of $23.7 million as adoption of molecular chemistry continued to accelerate as LumiraDx doubled the number of lab customers from Q3 FY21 to Q4 FY21.
• In Q4, the test strip margin exceeded 80%, while the overall gross margin improved to 46.1% compared to the Q3 FY21 gross margin of 35.6%.
• The company posted an adjusted EPS loss of $(0.08) versus $(0.03) a year ago and beat the consensus of $(0.09).
• At December 31, 2021, LumiraDx had $300.0 million in senior debt and $18 million in other term debt. The cash balance was $132.1 million.
• Customer instrument shipments total more than 21,000 Platforms.
• Guidance: LumiraDx expects a solid start to 2022, with an estimated 4,000 instruments to be shipped for Q1 FY22.
• LumiraDx expects Q1 FY22 revenues to be similar to Q4 FY21.
• Price Action: LMDX shares closed 0.65% lower at $6.16 on Wednesday.