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.