Lucira Health, Inc. (LHDX) experienced an incline of 3.30% in the premarket following the news that Lucira at-home Test Kits can detect Omicron. However, the last trading session concluded at $6.98 with an incline of 15.56%.
LHDX All-In-One Test Kits – Is it the truth?
LHDX announced on 29th November 2021 that Lucira Test Kits can identify Omicron, a SARS CoV-2 Variant of Concern. Lucira Health monitors the spread of SARS-CoV-2 strains by comparing their reactivity to sequencing databases. Lucira’s examination of the Omicron variation revealed that their test can identify 100% of the variant’s genomic sequences accessible in the GISAID database. This verification is in line with previously identified variations such as Alpha, Beta, Delta, Gamma, and other sequences analyzed by the Company.
What’s Next about LHDX?
While there is always more to learn about the Omicron variety, being able to detect circulating strains is critical in slowing the virus’s spread. This is why LHDX’s team is always comparing newly discovered DNA sequences to test.
The company chose the assay targets to optimize accuracy while also ensuring that the test would withstand mutations in the spike protein. Lastly, LHDX is pleased to report that it has done just that, exhibiting reactivity to 99.9% of known COVID-19 viral strains.
Third Quarter 2021 Results by LHDX– How’s the quarter been?
LHDX reported third-quarter results on 11th November 2021. The company released a net revenue of $15.0 million. Moreover, the GAAP Gross Loss came out to be $1.5 million, with a non-GAAP gross profit of $2.4 million. GAAP Operating Expenses recorded were $26.1 million, more than $10.5 million in the same period of 2020. Lastly, the third quarter of 2021 had a non-GAAP net loss of $18.3 million.
So what?
The company made significant success in implementing the corporate strategic priorities during the third quarter. Moreover, LHDX expects sales to increase by at least 100% sequentially this quarter. And they are happy with the initial production ramp-up in the Dominican Republic.
The company has been selling to B2B, healthcare systems, internet, and overseas markets, with early indications that demand will continue far beyond 2022. During the third quarter of 2021, overall demand outpaced total exports. Lastly, the company considers itself to be lucky to have the existing staff, which has a wealth of expertise and is capable of generating commercial results.
