Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | LUMIRADX LIMITED |
Entity Central Index Key | 0001685428 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Entity Common Stock, Shares Outstanding | 154,224,500 |
Entity Shell Company | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity File Number | 001-40852 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | PO Box 1350 |
Entity Address, Address Line Two | Windward 3 |
Entity Address, Address Line Three | Regatta Office Park |
Entity Address, City or Town | Grand Cayman |
Entity Address, Postal Zip Code | KY1-1108 |
Entity Address, Country | KY |
Contact Personnel Name | Ocorian Trust (Cayman) Limited |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Document Accounting Standard | International Financial Reporting Standards |
ICFR Auditor Attestation Flag | false |
Auditor Name | KPMG LLP |
Auditor Location | London, United Kingdom |
Auditor Firm ID | 1118 |
Warrants Exercisable to Purchase Common Shares | |
Document Information [Line Items] | |
Trading Symbol | LMDXW |
Title of 12(b) Security | Warrants exercisable to purchase common shares |
Security Exchange Name | NASDAQ |
Common Shares | |
Document Information [Line Items] | |
Trading Symbol | LMDX |
Title of 12(b) Security | Common shares, par value $0.0000028 per share |
Security Exchange Name | NASDAQ |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | 221 Crescent Street |
Entity Address, Address Line Two | 5th Floor |
Entity Address, City or Town | Waltham |
Entity Address, Postal Zip Code | MA 02543 |
Entity Address, State or Province | MA |
Contact Personnel Name | Dorian LeBlanc |
City Area Code | 888 |
Local Phone Number | 586-4721 |
Consolidated Statement of Profi
Consolidated Statement of Profit and Loss and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | |||
Revenue | $ 254,476 | $ 421,428 | $ 139,153 |
Cost of sales | |||
Cost of Sales | (289,778) | (269,888) | (86,206) |
Impairment of property, plant and equipment and write down of excess inventories | (96,324) | ||
Other costs of sales | (193,454) | (269,888) | (86,206) |
Gross Profit/(Loss) | (35,302) | 151,540 | 52,947 |
Research and development expenses | (141,630) | (130,221) | (107,539) |
Selling, marketing and administrative expenses | (144,515) | (130,520) | (46,129) |
Listing expenses | (36,202) | ||
Operating Loss | (321,447) | (145,403) | (100,721) |
Finance income | 14,619 | 165,426 | 22,500 |
Finance expense | (136,457) | (117,934) | (172,722) |
Net finance (expense)/income | (121,838) | 47,492 | (150,222) |
Loss before Tax | (443,285) | (97,911) | (250,943) |
Tax credit/(expense) for the period | (4,320) | (2,844) | 9,946 |
Loss for the period | (447,605) | (100,755) | (240,997) |
(Loss)/Gain attributable to non-controlling interest | 188 | 174 | (17) |
Net loss attributable to equity holders of parent-basic and diluted | $ (447,793) | $ (100,929) | $ (240,980) |
Net loss per share attributable to equity holders of parent—basic and diluted | $ (1.59) | $ (0.62) | $ (1.82) |
Weighted-average number of Ordinary and Common Shares used in loss per share-basic and diluted | 282,242,144 | 163,255,784 | 132,192,880 |
Items that may be reclassified subsequently to profit or loss | |||
Foreign currency translation differences - foreign operations | $ 39,732 | $ 199 | $ (17,560) |
Total Comprehensive loss for the year | (407,873) | (100,556) | (258,557) |
Total comprehensive income attributable to: | |||
Equity holders of the parent | (408,061) | (100,730) | (258,544) |
Non-controlling interest | 188 | 174 | (13) |
Total comprehensive profit/(loss) | $ (407,873) | $ (100,556) | $ (258,557) |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Non–Current Assets | |||
Intangibles and goodwill | $ 32,170,000 | $ 37,048,000 | [1] |
Right-of-use assets | 16,580,000 | 27,746,000 | [1] |
Property, plant and equipment | 113,406,000 | 173,397,000 | [1] |
Investment in sublease | 11,421,000 | 0 | |
Other non-current assets | 497,000 | 569,000 | [1] |
Total Non-Current Assets | 174,074,000 | 238,760,000 | [1] |
Current Assets | |||
Inventories | 89,965,000 | 149,055,000 | [1] |
Tax receivable | 20,987,000 | 15,022,000 | [1] |
Trade and other receivables | 55,977,000 | 109,798,000 | [1] |
Cash and cash equivalents | 100,010,000 | 132,145,000 | [1] |
Total Current Assets | 266,939,000 | 406,020,000 | [1] |
TOTAL ASSETS | 441,013,000 | 644,780,000 | [1] |
Non-Current Liabilities | |||
Debt due after more than one year | (366,479,000) | (301,129,000) | [1] |
Government and other grants | (15,769,000) | (20,992,000) | [1] |
Instrument Financing Agreement | (49,158,000) | ||
Lease liabilities | (22,303,000) | (25,514,000) | [1] |
Stock warrants | (339,000) | (10,407,000) | [1] |
Deferred tax liabilities | (542,000) | (779,000) | [1] |
Total Non-Current Liabilities | (454,590,000) | (358,821,000) | [1] |
Current Liabilities | |||
Debt due within one year | (76,000) | (191,000) | [1] |
Government and other grants | (16,296,000) | (17,949,000) | [1] |
Trade and other payables | (66,277,000) | (99,641,000) | [1] |
Lease liabilities due within one year | (9,149,000) | (5,582,000) | [1] |
Total Current Liabilities | (91,798,000) | (123,363,000) | [1] |
Equity | |||
Share capital and share premium | (858,085,000) | (754,023,000) | [1] |
Foreign currency translation reserve | (20,026,000) | (19,706,000) | [1] |
Other reserves | (105,585,000) | (104,957,000) | [1] |
Accumulated deficit | 1,088,804,000 | 676,223,000 | [1] |
Total equity attributable to equity holders of the parent | 105,108,000 | (163,051,000) | [1] |
Non-controlling interests | (267,000) | (455,000) | [1] |
Total Equity | 105,375,000 | (162,596,000) | [1] |
TOTAL EQUITY AND LIABILITIES | $ (441,013,000) | $ (644,780,000) | [1] |
[1] Government and other grants have been restated due to a presentational error - see Note 21. |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Thousands | Total | Share Capital | Share Premium | Translation Reserves | Other Reserves | Accumulated Deficit | Total | Non-controlling Interest | |
Beginning balance at Dec. 31, 2019 | $ (152,829) | $ 0 | $ 152,691 | $ (2,341) | $ 66,883 | $ (369,868) | $ (152,635) | $ (194) | |
Loss for the period | (240,997) | (240,980) | (240,980) | (17) | |||||
Other comprehensive loss | |||||||||
Currency translation differences | (17,560) | (17,564) | (17,564) | 4 | |||||
Total comprehensive loss for the period | (258,557) | (17,564) | (240,980) | (258,544) | (13) | ||||
Equity compensation plans | 3,191 | 3,191 | 3,191 | ||||||
Issue of other equity instruments | 32,938 | 32,938 | 32,938 | ||||||
Shares issued on exercise of share options | 41 | 41 | 41 | ||||||
Transaction with owners, recognized directly in equity | 36,170 | 41 | 32,938 | 3,191 | 36,170 | ||||
Ending balance at Dec. 31, 2020 | (375,216) | 0 | 152,732 | (19,905) | 99,821 | (607,657) | (375,009) | (207) | |
Loss for the period | (100,755) | (100,929) | (100,929) | 174 | |||||
Other comprehensive loss | |||||||||
Currency translation differences | 199 | 199 | 199 | ||||||
Total comprehensive loss for the period | (100,556) | 199 | (100,929) | (100,730) | 174 | ||||
Equity compensation plans | 33,909 | 33,909 | 33,909 | ||||||
Issue of other equity instruments | 5,136 | 5,136 | 5,136 | ||||||
Shares issued on exercise of share options | 104 | 104 | 104 | ||||||
Conversion of debt and preferred shares in merger | 576,210 | 576,210 | 576,210 | ||||||
Shares issued in merger | 24,977 | 24,977 | 24,977 | ||||||
Transaction with owners, recognized directly in equity | 640,336 | 601,291 | 5,136 | 33,909 | 640,336 | ||||
Changes in non-controlling interests | (1,968) | (1,546) | (1,546) | (422) | |||||
Ending balance at Dec. 31, 2021 | 162,596 | [1] | 0 | 754,023 | (19,706) | 104,957 | (676,223) | 163,051 | (455) |
Loss for the period | (447,605) | (447,793) | (447,793) | 188 | |||||
Other comprehensive loss | |||||||||
Currency translation differences | 39,732 | 39,732 | 39,732 | ||||||
Total comprehensive loss for the period | (407,873) | 39,732 | (447,793) | (408,061) | 188 | ||||
Equity compensation plans | 35,212 | 35,212 | 35,212 | ||||||
Issue of shares in public offering | 97,998 | 97,998 | 97,998 | ||||||
Shares issued on employee stock purchase program | 1,795 | 1,795 | 1,795 | ||||||
Issue of other equity instruments | 628 | 628 | 628 | ||||||
Shares issued on exercise of share options | 4,269 | 4,269 | 4,269 | ||||||
Transaction with owners, recognized directly in equity | 139,902 | 104,062 | (628) | 35,212 | 139,902 | ||||
Ending balance at Dec. 31, 2022 | $ (105,375) | $ 0 | $ 858,085 | $ 20,026 | $ 105,585 | $ (1,088,804) | $ (105,108) | $ (267) | |
[1] Government and other grants have been restated due to a presentational error - see Note 21. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities | |||
Loss for the period | $ (447,605) | $ (100,755) | $ (240,997) |
Adjustments to reconcile loss for the year to net cash used in operating activities: | |||
Depreciation | 31,302 | 22,868 | 8,527 |
Amortization | 1,985 | 2,827 | 2,387 |
Impairment of property, plant and equipment | 49,437 | ||
Write-down of excess inventories | 46,887 | ||
Net finance expenses | 121,848 | (63,625) | 126,774 |
Equity based share based payment transactions | 35,212 | 33,909 | 3,191 |
Increase in research and development tax credit receivable | (7,551) | (4,663) | (11,269) |
Research and development tax credit received, net of tax paid | (2,410) | 9,831 | 5,366 |
Accrued preferred shares dividends | 16,156 | 23,578 | |
Listing charge | 27,607 | ||
Changes to working capital: | |||
Inventories | (2,267) | (66,874) | (73,302) |
Trade and other receivables | 53,323 | (2,320) | (95,531) |
Trade payables and other liabilities | (42,269) | (9,544) | 101,949 |
Net Cash used in Operating Activities | (162,108) | (134,583) | (149,327) |
Cash Flows from Investing Activities | |||
Purchases of property, plant, equipment | (24,983) | (106,346) | (64,381) |
Net Cash used in Investing Activities | (24,983) | (106,346) | (64,381) |
Cash Flows from Financing Activities | |||
Proceeds from issuance of share capital | 97,998 | 38,568 | |
Proceeds from issuance of convertible notes, net of issuance costs | 54,010 | 70,917 | |
Proceeds from instrument financing agreement | 41,500 | ||
Proceeds from issuance of preferred shares | 162,401 | ||
Proceeds from borrowings, net of issuance costs | 361,830 | 62,391 | |
Shares issued on the exercise of share options | 4,269 | 104 | 41 |
Shares issued on employee stock purchase plan | 1,795 | ||
Receipt of principal portion of lease receivable | 615 | ||
Cash interest paid, net of interest received | (27,229) | (29,894) | (12,114) |
Early extinguishment of debt | (3,637) | (3,600) | |
Cash issued for non-controlling interest | (1,968) | ||
Repayment of lease liabilities | (6,863) | (5,429) | (3,054) |
Repayments of instrument financing agreement | (632) | ||
Repayments of borrowings | (174) | (140,552) | (40,396) |
Net Cash generated from Financing Activities | 165,289 | 219,022 | 236,586 |
Net (Decrease) / Increase in Cash and Cash Equivalents | (21,802) | (21,907) | 22,878 |
Movement in Cash and Cash Equivalents | |||
Cash and cash equivalents at the beginning of the year | 132,145 | 161,172 | 139,387 |
Exchange loss on cash and cash equivalents | (10,333) | (7,120) | (1,093) |
Net Increase / (decrease) in cash and cash equivalents | (21,802) | (21,907) | 22,878 |
Cash and Cash Equivalents at the end of the year | $ 100,010 | $ 132,145 | $ 161,172 |
General Information
General Information | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of General Information [Abstract] | |
General Information | 1. GENERAL INFORMATION These consolida ted financial statements are the annual financial statements of LumiraDx Limited (“the Company”) and its subsidiaries (“the Group”) (“the Financial Statements”). The Company is an exempted company limited by shares incorporated in the Cayman Islands (registered number 314391) with registered offices situated at the offices of Ocorian Trust (Cayman) Limited, PO Box 1350, Windward 3, Regatta Office Park, Grand Cayman KY1-1108 . The subsidiaries of the Company are listed in Note 9 . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of changes in accounting estimates [abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies applied in the preparation of these Financial Statements are set out below. These policies have been consistently applied, unless otherwise stated. 2.1 Basis of preparation of Financial Statements The Financial Statements of LumiraDx Limited have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These Financial Statements were authorized for issue by the Board on May 1, 2023. The Financial Statements have been prepared under the historical cost convention. The preparation of Financial Statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated Financial Statements, are disclosed in Note 3 . LumiraDx Limited was incorporated on August 24, 2016. On September 29, 2016, the Company acquired all of the outstanding shares of LumiraDx Holdings Limited in a share for share exchange. LumiraDx Holdings Limited was incorporated on September 1, 2014. The consolidated Financial Statements of LumiraDx Limited have been prepared as if the share exchange had occurred on September 1, 2014 to reflect the continuous operations of the Company. Going concern The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons. During the year ended December 31, 2022 the Group incurred a loss for the year of $ 447,605 (2021: $ 100,755 ), and operating cash outflows of $ 162,108 ( 2021: $ 134,583 ). As of December 31, 2022 the Group had net liabilities of $ 105,375 (2021: ($ 162,596 )). The Group has financed its operations principally through issuances of debt and equity securities, and the Group requires ongoing additional funding to continue to develop its commercial operations and research and development projects for future products. The directors have prepared cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements which indicate that the Group will require additional funding to continue as a going concern and that the covenants on the 2021 Senior Secured Loan will not be met. Therefore, the Group would be required to obtain waivers of covenant violations or restructure existing debt obligations. The 2021 Senior Secured Loan matures in March 2024 and contains customary covenants including achieving certain revenue levels throughout the term of the loan and maintaining minimum liquidity levels. On June 17, 2022, the Group entered into a second amendment to the 2021 Senior Secured Loan, to provide for, among other things, immediate revisions to the minimum net sales and the minimum liquidity covenants. On February 22, 2023, the Group entered into a fourth amendment to the 2021 Senior Secured Loan to provide for a waiver of the quarterly revenue covenant for March 31, 2023 and for the minimum liquidity covenant through June 15, 2023. For the remaining 2023 revenue covenant and quarterly liquidity levels, the Group’s short-term revenue prospects and liquidity levels will vary with the amount of demand for its SARS-CoV-2 products as well as the Group’s ability to increase sales for non-SARS-CoV-2 products but the current forecasted combined revenue amounts are not expected to be sufficient to meet the existing covenants. The directors believe that the Company will be able to obtain waivers of covenant violations, and either restructure the existing obligations or raise additional capital, although there are no guarantees that these will be achieved. Therefore, the directors believe the Group and the Company will be able to meet their liabilities as they fall due for the going concern period and have therefore prepared the financial statements on a going concern basis. As discussed in Note 30 , the Group has also taken steps through its Strategic Refocus and Cost Restructuring Program to further reduce costs. However, these circumstances represent a material uncertainty that may cast significant doubt on the Group's and the Company’s ability to continue as a going concern and therefore, to continue realizing their assets and discharging their liabilities in the normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate. The Merger On April 6, 2021 , the Company entered into an initial business combination agreement (“the Merger”) with CA Healthcare Acquisition Corp. (“CAH”), a publicly-held special purpose acquisition company. The shareholders of CAH agreed to exchange their interests for new common shares in the share capital of the Company. Prior to the Merger, CAH was a newly-formed shell with no active trade or business, and all relevant assets, liabilities, income and expenses. Because CAH is not considered a business, the merger is not considered a business combination, and instead is accounted for as a reverse recapitalization, whereby the Company issues shares in exchange for the net assets of CAH represented by cash, which had a value of approximately $ 38,000 upon closing of the transaction, and its listed status. The excess of the fair value of the equity instruments issued by the Company over the identifiable net assets of CAH represents payment for the listing status and is recorded as a listing expense in the income statement under IFRS 2 Share-based Payment . The Merger completed on September 28, 2021 (the “acquisition date”). At the acquisition date, the Company became the ultimate legal parent of CAH. The Company’s common shares are traded on The Nasdaq Global Market under the ticker symbol LMDX and its warrants are traded under LMDXW. The Company’s A Ordinary shares are not publicly traded. 2.2 Basis of consolidation The consolidated Financial Statements consolidate the Financial Statements of LumiraDx Limited and its subsidiary undertakings made up to December 31, 2022, 2021, and 2020. Subsidiaries are all entities over which the Company has control. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest’s proportionate share of the recognized amounts of acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognized in the consolidated statement of comprehensive loss. Any contingent consideration to be transferred by the Group is recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognized in accordance with IFRS 9 in the consolidated statement of comprehensive loss. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity. Inter-company transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the Group’s accounting policies. Investments in subsidiaries are accounted for at cost less impairment. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group. 2.3 Investments The major investments of the Group are listed in Note 9 . Ownership interests equal voting rights. The Group assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment may not be recoverable. If any such indication of impairment exists, the Group makes an estimate of the recoverable amount. If the recoverable amount of the cash-generating unit is less than the value of the investment, the investment is considered to be impaired and is written down to its recoverable amount. Any impairment loss is recognized immediately in profit or loss. Investments in equity instruments are required to be measured at fair value through profit or loss with the irrevocable option at inception to present changes in fair value in other comprehensive loss. 2.4 Changes in accounting policy and disclosure In 2022 the Group did not implement, nor were they aware of, any new accounting pronouncements that had a material impact on the Group’s financial statements. 2.5 Revenue recognition The Group’s revenue is generated primarily from the sale of diagnostic products, including instruments and consumables. The Group’s services revenue includes the maintenance on software licenses, access to hosted cloud offerings and training, support and other services related to the Group’s diagnostic products. Revenue from the sale or lease of goods and services rendered are recognized when a promise in a customer contract (“Performance Obligation”) has been satisfied by transferring control of the promised goods and services to the customer. Control of a promised good or service refers to the ability to direct the use of, and to obtain substantially all of the remaining benefits from, those goods or services. Control is usually transferred upon shipment or upon receipt of goods by the customer, or as services are rendered, in accordance with the delivery and acceptance terms agreed with the customers. The amount of revenue to be recognized (“Transaction Price”) is based on the consideration the Group expects to receive in exchange for its goods and services, excluding amounts collected on behalf of third parties such as value added taxes or other taxes directly linked to sales. If a contract contains more than one Performance Obligation, the Transaction Price is allocated to each Performance Obligation based on their relative standalone selling prices. The determination of the standalone selling price requires judgment. The Group’s determination of the standalone selling price for each Performance Obligation varies based on the geography and customer type. Generally, the standalone selling prices are based on observable prices. When observable prices are not available, the standalone selling price for products and services and for determination of amounts allocated for lease consideration in contracts with customers is based on a cost-plus margin approach. Instruments may be sold together with other goods such as test strips, reagents and other consumables as well as services under a single contract or under several contracts that are combined for revenue recognition purposes. Revenue is recognized upon satisfaction of each of the Performance Obligations in the contract. 2.6 Research and development Expenditure on research and development activities is recognized in profit or loss as incurred. The Group will capitalize development expenditures once the Group incurs expenditures related to technologies or products under development with proven technical feasibility. The development projects undertaken by the Group are subject to technical, regulatory and other uncertainties, such that, technical feasibility is deemed not to have been met prior to obtaining marketing approval by the regulatory authorities in major markets. 2.7 Foreign Currency Translation (a) Functional and presentation currency Items included in each of the Financial Statements of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). The Group Financial Statements are presented in U.S. Dollars which is the Group’s presentation currency. (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where such items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of profit and loss and comprehensive loss. All foreign exchange gains and losses are presented in the income statement within Finance income and Finance expense. (c) Group companies The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as comprehensive loss follows: • assets and liabilities for each Statement of Financial Position presented are translated at the closing rate at the date of that Statement of Financial Position; • income and expenses for each statement of comprehensive loss are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and • all resulting exchange differences are recognized in other comprehensive loss. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Exchange differences arising are recognized in other comprehensive loss. 2.8 Property, Plant and Equipment All property, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the Statement of Profit and Loss and Comprehensive Loss during the financial period in which they are incurred. No depreciation is charged on assets in the course of construction ahead of being available for use. Depreciation on assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives, as follows: • Land and buildings—length of the lease up to 15 years • Plant and equipment— 3 - 15 years • Fixtures and fittings— 3 - 7 years The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposal are determined by comparing proceeds with carrying amount. These are included in the Statement of Profit and Loss and Comprehensive Loss. 2.9 Right-of-Use Assets The Group assesses whether a contract is or contains a lease at inception of a contract. The Group recognizes a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate which is based on the Group’s recent borrowings. Lease payments included in the measurement of the lease liability comprise: • fixed lease payments (including in-substance fixed payments), less any lease incentives; • variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; • the amount expected to be payable by the lessee under residual value guarantees; • the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and • payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is presented as a separate line in the consolidated statement of financial position. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability, making a corresponding adjustment to the related right-of-use asset) whenever: • the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. • the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is measured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). • a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The Group did not make any such adjustments during the periods presented. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognized and measured under IAS 37 Provisions, Contingent Liabilities and Contingent Assets . The costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. The Group applies IAS 36 Impairment of Asset s to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in Note 2.10 (d) . Variable rents that do not depend on an index or rate are not included in the measurement the lease liability and the right-of-use asset. The related payments are recognized as an expense in the period in which the event or condition that triggers those payments occurs and are recorded as an operating expense in the Consolidated Statement of Profit and Loss and Comprehensive Loss. As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Group has not used this practical expedient. 2.10 Intangible assets (a) Goodwill Goodwill arises on the acquisition of businesses and represents the excess of the consideration transferred over the fair value of the identifiable net assets acquired. If the total of consideration transferred, non-controlling interest recognized and previously held interest measured at fair value is less than the fair value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the difference is recognized directly in the income statement. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash generating units (“CGUs”), or groups of CGUs, that is expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level. Currently the Group operates in a single segment and the goodwill is assessed at a single CGU. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognized immediately as an expense and is not subsequently reversed. (b) Patents Acquired patents and patent applications are shown at acquired cost less accumulated amortization. Amortization will be calculated using the straight line method to allocate the cost of patents over their estimated useful economic lives, calculated as the lower of management’s estimated useful life or the time remaining on the granted patent, once brought into use. (c) Intangible assets acquired in a Business Combination Intangible assets acquired in a business combination and recognized separately from goodwill are initially recognized at their fair value at the acquisition date (which is regarded as their cost). Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Separately recognized intangible assets comprise customer relationships and contracts, supplier relationships, technology and software. Amortization is calculated using the straight line method over the intangible assets estimated useful life. Customer related intangibles and supplier relationships are amortized over 7 to 10 years . Technology and software are amortized over 8 to 10 years . (d) Impairment of Non-Financial Assets Assets not ready for use are not subject to amortization and are tested annually for impairment. Assets that are subject to amortization or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. 2.11 Financial instruments (a) Classification The Group classifies its financial instruments in the following categories (as disclosed in Note 22 ): amortized cost or fair value through profit or loss (equity investments). Financial assets and liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument. Financial liabilities at amortized cost comprise trade and other payables, loans and other financial liabilities. (b) Recognition and Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Subsequently, loans and receivables are measured at amortized cost (with the exception of equity investments which are measured at fair value through profit or loss) using the effective interest method less a provision for impairment. The Group’s financial liabilities consist of trade and other payables, notes payable and preferred shares. These financial instruments are assessed under IFRS 9, to determine if the instrument qualifies to be accounted for under the fair value through profit or loss (“FVTPL”) method or at amortized cost. Financial liabilities held at amortized cost are initially recognized at the amount to be required to be paid, less, when material, a discount to reduce the payables to fair value. Financing costs are recorded as a reduction of the proceeds from the financing. If the costs relate to more than one element of a financing transactions, the financing costs are recorded as a proportional reduction of the proceeds of the separate elements. Financial liabilities are subsequently measured at amortized cost using the effective interest method. Financial liabilities held at FVTPL are initially recognized at fair value. After initial recognition, these financial liabilities are re-measured at FVTPL using an appropriate valuation technique. Financial liabilities are classified as current liabilities if payment is due within twelve months. Otherwise, they are presented as non-current liabilities. (c) Derecognition The Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of the ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Group is recognized as a separate asset or liability. Derecognition also takes place for certain assets when the Group write-off balances pertaining to the assets deemed to be uncollectible. The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled or expire. Where there has been a significant modification of a financial liability the Group derecognizes the original financial liability and recognizes the modified liability at fair value with any difference between the amortized cost of the derecognized liability and the fair value of the modified liability being recognized in comprehensive loss. (d) Impairment of financial assets The Group recognizes loss allowances for expected credit losses ("ECLs") on financial assets measured at amortized cost. The Group measures loss allowances at an amount equal to lifetime ECL. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECL, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s historical experience and informed credit assessment and including forward-looking information. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e., the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). Credit-impaired financial assets At each reporting date, the Group assesses whether financial assets carried at amortized cost and debt securities at FVOCI are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Write-offs The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. 2.12 Inventories Inventories are stated at the lower of cost and net realizable value. The cost of finished goods, work in process includes raw materials, direct labor and other directly attributable costs and overheads based upon the normal capacity of production facilities. Cost is determined using the weighted average method. Net realizable value is the estimated selling price less cost to completion and se lling expenses. The Group has concluded that inventory provisions are a critical estimate, see Note 3 for further information. 2.13 Trade and other receivables Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Trade and other receivables are carried at the original invoiced amount less allowances made for doubtful accounts, trade discounts, cash discounts and similar allowances. An allowance for doubtful accounts is recorded for expected credit losses over the term of the receivables. These are based on specific indicators, such as the ageing of customer balances and other specific credit circumstances. Trade and other receivables are written off when there is no reasonable expectation of recovery. The Group applies the simplified approach prescribed by IFRS 9, which requires / permits the use of the lifetime expected loss provision from initial recognition of the receivables. 2.14 Cash and cash equivalents In the Consolidated Statement of Cash Flows, cash and cash equivalents comprise cash at bank and in hand, deposits held at call with banks and bank overdrafts. In the Consolidated Statement of Financial Position, bank overdrafts, if any, are shown within borrowings in current liabilities. 2.15 Trade and other payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade and other payables are initially measured at fair value and are subsequently measured at amortized cost using the effective interest method. 2.16 Provisions and charges Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The present value of the liability is remeasured at the reporting date. 2.17 Government and other grants Government and other grants are included within deferred government and other grants in the balance sheet and credited to the profit and loss account on a systematic basis over the periods in which the Group recognizes as expenses the related costs for wh |
Critical Accounting Estimates a
Critical Accounting Estimates and Judgements | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of changes in accounting estimates [abstract] | |
Critical Accounting Estimates and Judgements | 3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS Use of estimates and judgements The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. In particular, information about significant areas of estimation uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amount recognized in the financial statements are described below. Judgements Revenue Recognition The Group’s sales transactions may consist of various Performance Obligations that are satisfied at different times. It requires judgment to determine when different obligations are satisfied, including whether enforceable commitments for further obligations exist and when they arise. Depending on the determination of the Performance Obligations and the point in time or period over which those obligations are fulfilled, this may result in all revenue being calculated at inception, and either being recognized at once or on contract completion or spread over the term of a longer Performance Obligation. In the accounting for contracts that contain promises to deliver more than one good or service, the Group has to determine how to allocate the total Transaction Price to the Performance Obligations of the contract. The Group allocates the total Transaction Price of a customer contract to the distinct Performance Obligations under the contract based on their standalone selling prices. The best evidence of this is an observable price from the standalone sales of the good or service to similarly situated customers. However, where standalone selling prices are not observable, it requires judgment to estimate the cost of satisfying a Performance Obligation and adding an appropriate margin to that good or service. Estimates Inventory Reserve The Group maintains an allowance for excess or obsolete inventories. The allowance is based on a review of inventory materials on hand, which the Group compares with estimated future usage. In addition, the Group reviews the inventories and compares parts costs with current market value and writes down any parts with costs in excess of current market value to net realizable value. Provisions for inventories of $ 90,399 (2021: $ 22,829 ) a re recorded in the balance sheet within inventory. The Group evaluates the carrying value of inventory relative to a number of factors including lower estimated usage of on hand inventory driven by declining COVID testing volumes, the Amira product line not currently being developed and the shelf life of products. The reserve against test strips and test strip materials as of December 31, 2022 was $ 38,589 against a gross amount of $ 69,573 . Within the reserve, $ 37,805 was related to expiration or usage related estimates. Key estimates for the inventory reserve are mainly related to expected future sales of COVID products. In making these estimates, inputs selected include future product sales estimates and the ability of the Group to extend the shelf life of raw material inp uts subject to expiration dates. The Group has considered the nature of these estimates and concluded that it is possible, on the basis of existing knowledge, that near term sales of COVID products or the ability to extend expiry dates may be different from the Group’s assumptions and judgments applied as of December 31, 2022, and could require a material adjustment to the carrying amount of test strips and test strip materials in the next fiscal year. The Group is able to service Instruments returned by customers. The gross amount of returned instruments as of December 31, 2022 was $ 35,745 (2021: $ 15,522 ). The Group has estimated the number of returned instruments that they anticipate being able to service or remanufacture and have reserved against those instruments not expected to be serviced or remanufactured. The reserve against returned instruments as of December 31, 2022 was $ 26,809 (2021: $ 7,761 ). The inability of the Group to service or remanufacture any of these instruments could result in a further reserve of up to $ 8,936 . If the Group is able to achieve better than anticipated yield on instrument servicing or remanufacturing the reserve could require a material reduction accordingly in the next fiscal year. Inventory provision estimates take into consideration historical experience, current contractual and statutory requirements, specific known market events and trends such as competitive pricing and new product introductions, estimated inventory levels, and the shelf life of products. If actual future results vary, these estimates may need to be adjusted, with an effect on sales and earnings in the period of the adjustment. Actual results could differ materially from these estimates. Property, Plant and Equipment Impairments In 2022 the Group recorded an impairment charge against property, plant and equipment. The Group evaluated its available manufacturing capacity for Platform test strips with both in service production lines and production lines acquired but not yet in service. After the impairment charge, the Group has $ 2,976 in net book value related to assets subject to impairment, $ 29,318 in net book value related to test strip manufacturing equipment currently in service, and $ 17,904 in net book value related to test strip manufacturing equipment not yet placed in service. The recoverable amount for the remaining unimpaired manufacturing equipment not yet placed in service was determined as the value in use of these assets. The key assumption in determining the value in use is the expected number of test strips to be manufactured on this equipment over the next five years. The amount of available test strip manufacturing capacity was compared to expected production needs over the next five years. Key assumptions for the expected production needs are mainly related to expected future sales of products. In making these assumptions, inputs selected include future product sales estimates, the ability to release additional products, manufacturing yields and production efficiency. If actual future results vary, including if management's plans for utilization of the asset change from their current plans, additional impairment of $ 17,904 could be realized. Actual results could differ from these estimates. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Revenue [abstract] | |
Revenue | 4. Revenue Disaggregation of Revenue 2020 2021 2022 REVENUE STREAM REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM OTHER SOURCES TOTAL REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM OTHER SOURCES TOTAL REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM OTHER SOURCES TOTAL Products $ 133,794 $ 862 $ 135,656 $ 414,114 $ 1,540 $ 415,654 $ 249,247 $ 1,765 $ 251,012 Services 3,497 — 3,497 5,774 — 5,774 3,464 — 3,464 Total Revenue $ 137,291 $ 862 $ 139,153 $ 419,888 $ 1,540 $ 421,428 $ 252,711 $ 1,765 $ 254,476 Revenue from diagnostic products is recognized at the time the Performance Obligations are met. Service revenue is recognized over the contractual term. Revenue from other sources represents lease revenue on instruments. Contract Balances Service revenue is typically billed in advance giving rise to a contract liability balance. The deferred balance as of December 31, 2022 and 2021 is $ 999 and $ 1,517 , respectively. As the Company generally recognizes revenue as goods are sold for product revenue, the Company does not have other material contract asset or liability balances as of December 31, 2022. Remaining Performance Obligations in (partially) unsatisfied long-term contracts: DEFERRED 2021 2022 Balance at start of the period $ 1,760 $ 1,517 Recognized revenue from prior years' invoicing ( 1,760 ) ( 1,517 ) Amounts invoiced to be recognized over time 4,149 2,069 Recognized revenue from current year invoicing ( 2,703 ) ( 1,089 ) Foreign exchange impact 71 19 Balance at end of the period 1,517 999 Remaining Performance Obligations in (partially) unsatisfied long-term contracts are included in deferred revenue. For contracts that have an original duration of one year or less, the Group has elected the practical expedient to not disclose the Transaction Price for remaining Performance Obligations at the end of each reporting period and at which point in time the Company expects to recognize these sales. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Segments | 5. SEGMENTS Basis for segmentation: The CEO is the Group’s chief operating decision maker (“CODM”). The regular internal reporting to the CEO, which fulfils the criteria to constitute a segment, is done for the Group as a whole, and therefore the total Group is the company’s only segment. Revenue from external customers by country, based on the location of the customer is as follows: ANALYSIS OF REVENUE BY COUNTRY: 2020 2021 2022 United States $ 54,655 $ 250,755 $ 139,554 Italy 24,098 65,659 49,200 United Kingdom 39,936 56,282 22,259 Germany 1,462 16,261 8,638 Colombia 8,789 12,101 10,949 Sweden 3,128 6,954 3,903 Other 7,085 13,416 19,973 Total revenue $ 139,153 $ 421,428 $ 254,476 In 2022 the Group had 2 significant customers which accounted for 27 % and 10 % of the Group's revenue, respectively. In 2021 the Group had 1 significant customer which accounted for 45 % of the Group’s revenue. Non-current assets by country are as follows: ANALYSIS OF NON-CURRENT ASSETS BY COUNTRY: 2021 2022 United Kingdom $ 199,312 $ 137,811 United States 22,537 19,986 Italy 10,600 9,324 Colombia 3,780 3,622 Spain 585 716 Sweden 630 605 Germany 277 413 Other 1,039 1,597 Total $ 238,760 $ 174,074 |
Finance Income and Finance Expe
Finance Income and Finance Expense | 12 Months Ended |
Dec. 31, 2022 | |
Income, expense, gains or losses of financial instruments [abstract] | |
Finance Income and Finance Expense | 6. FINANCE INCOME AND FINANCE EXPENSE 2020 2021 2022 Net gain on conversion of convertible financial instruments $ - $ 64,143 $ - Change in fair value of 2020 convertible notes (Note 17) - 52,267 - Change in fair value of Series B preferred shares (Note 16) - 48,956 - Change in fair value of Stock Warrants 1 - - 10,068 Gain on sublease - - 3,608 Lease interest income - - 626 Interest Income 581 60 317 Foreign exchange gain 21,908 - - Other 11 - - Finance income $ 22,500 $ 165,426 $ 14,619 Interest expense (cash) $ ( 12,695 ) $ ( 29,954 ) $ ( 27,546 ) Interest expense (non-cash) ( 18,152 ) ( 43,939 ) ( 11,412 ) Lease liability interest expense (Note 24) ( 751 ) ( 2,501 ) ( 4,464 ) Change in fair value of instrument financing arrangement (Note 25) - - ( 9,950 ) Foreign exchange loss - ( 14,594 ) ( 81,384 ) Government assessment 2 - - ( 1,177 ) Dividend on preferred shares (Note 16) ( 23,578 ) ( 16,156 ) - Debt extinguishment fee (cash) - ( 3,636 ) - Debt extinguishment fee (non-cash) ( 5,647 ) ( 4,170 ) - Change in fair value of 2020 convertible notes (Note 17) ( 102,548 ) - - Change in fair value of Series B preferred shares (Note 16) ( 9,351 ) - - Change in fair value of Stock Warrants - ( 2,875 ) - Other - ( 109 ) ( 524 ) Finance expense $ ( 172,722 ) $ ( 117,934 ) $ ( 136,457 ) 1 - Relates to liability classified warrants from the Merger (Note 2) 2 - Retroactive assessment by a foreign government to all entities selling certain medical related products to the government. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Major components of tax expense (income) [abstract] | |
Income Taxes | 7. INCOME TAXES TAX CREDIT FOR THE PERIOD 2020 2021 2022 Current income credit / (tax) - Current year $ 10,320 $ ( 4,087 ) $ ( 8,279 ) - Prior years ( 767 ) — 3,484 Total current income credit / (tax) 9,553 ( 4,087 ) ( 4,795 ) Deferred income tax credit - Current year 393 1,243 475 - Prior years — — — Total deferred income credit 393 1,243 475 Total income tax credit/(expense) $ 9,946 $ ( 2,844 ) $ ( 4,320 ) Included in the current year tax, or income credit, are amounts related to research and development tax credits of $ nil (2021: $ nil , 2020: $ 10,479 ) in respect of the current year and $ 3,514 (2021: $ nil , 2020: $ 772 ) in respect of prior years. The prior year adjustment, which is primarily related to the research and development tax credit, has arisen following an increase in the eligible expenditure included within the claim filing made with the tax authorities. In 2021, the Group transitioned from the small company scheme to the research and development expenditure credit scheme ("RDEC"), see Note 21 . Reconciliation of effective tax rate: 2020 2021 2022 Loss for the period before taxation $ 250,943 $ 97,911 $ 443,285 Tax benefit at standard U.K. rate at 19 % 47,679 18,603 84,224 Difference in overseas tax rates 145 ( 700 ) ( 1,140 ) Expenses not deductible for tax purposes ( 5,389 ) 7,359 ( 66 ) Tax losses for which no deferred tax asset was recognized ( 37,694 ) ( 21,887 ) ( 83,789 ) Share-based payment (not deductible for tax purposes) ( 572 ) ( 6,443 ) ( 6,690 ) Research and development credit 4,804 — 3,484 Adjustments for prior year 767 — — Other timing differences and adjustments 206 224 ( 343 ) Income tax credit/(expense) $ 9,946 $ ( 2,844 ) $ ( 4,320 ) Effective tax rate 4 % - 3 % - 1 % In the March 3, 2021 U.K. budget, it was announced that the U.K. tax rate will increase to 25 % from April 1, 2023. This will not have a consequential effect on the Group’s recognized deferred taxes, however the Group has substantial unrecognized U.K. net operating losses ( Note 19 ). |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Earnings Per Share | 8. EARNINGS PER SHARE The calculation of basic and diluted earnings per share has been calculated by dividing the loss for the period attributable to equityholders of $ 447,793 (2021: $ 100,929 , 2020: $ 240,980 ), by the weighted average number of A Ordinary and common shares outstanding of 282,242,144 (2021: 163,255,784 , 2020: 132,192,880 ) during the year ended December 31, 2022: Loss attributable to ordinary and common shareholders: 2020 2021 2022 BASIC DILUTED BASIC DILUTED BASIC DILUTED Loss for the year, attributable to equity holders of the parent $ ( 240,980 ) $ ( 240,980 ) $ ( 100,929 ) $ ( 100,929 ) $ ( 447,793 ) $ ( 447,793 ) Loss attributable to ordinary and common shareholders ( 240,980 ) ( 240,980 ) ( 100,929 ) ( 100,929 ) ( 447,793 ) ( 447,793 ) Weighted-average number of ordinary and common shares: BASIC DILUTED BASIC DILUTED BASIC DILUTED Issued ordinary shares at January 1 132,188,281 132,188,281 132,204,201 132,204,201 252,803,846 252,803,846 Effect of shares issued 4,599 4,599 31,051,583 31,051,583 29,438,298 29,438,298 Weighted-average number of ordinary and common shares 132,192,880 132,192,880 163,255,784 163,255,784 282,242,144 282,242,144 Loss per share: BASIC DILUTED BASIC DILUTED BASIC DILUTED Loss per share $ ( 1.82 ) $ ( 1.82 ) $ ( 0.62 ) $ ( 0.62 ) $ ( 1.59 ) $ ( 1.59 ) On February 1, 2021 the Board of Directors of the Company approved a stock split of the issued and outstanding A Ordinary and common shares of the Company on a 220 for 1 basis. In accordance with IAS 33, the earnings per share calculations have been presented for the stock split retrospectively. In connection with the merger, in order to achieve an exchange ratio of one LMDX common share for each CAH share, the Company effected a subdivision, immediately prior to the merger, of all issued, and authorized but unissued, ordinary shares and common shares at a rati o of 1.60806264:1. The denominator has been calculated to reflect the share splits. The Company’s potentially dilutive securities, which include stock options, convertible preferred shares, convertible notes and warrants, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of A Ordinary and common shares outstanding used to calculate both basic and diluted net loss per share attributable to A Ordinary and common shareholders is the same. The Company excluded the following potential A Ordinary shares and common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to ordinary shareholders and common shareholders for the periods indicated because including them would have had an anti-dilutive effect: YEAR ENDED DECEMBER 31, 2020 2021 2022 Convertible preferred shares (as converted to A Ordinary shares) 87,711,133 — — Options to purchase A Ordinary and Common shares 57,212,650 83,573,631 99,201,843 Convertible Debt (as converted to common shares) 25,944,000 — 6,126,554 Warrants to purchase A Ordinary shares 5,430,781 5,430,781 5,373,008 Warrants to purchase common shares 6,200,947 13,578,294 13,578,244 182,499,511 102,582,706 124,279,649 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of subsidiaries [abstract] | |
Investments | 9. INVESTMENTS The following table summarizes the information relating to each of the Group’s subsidiaries with Non-controlling interests. 2021 2022 LUMIRADX LUMIRADX LUMIRADX LUMIRADX Non-current assets $ 189 $ 237 $ 351 $ 153 Current assets 8,627 1,517 7,925 1,261 Non-current liabilities ( 5,643 ) ( 3,594 ) ( 5,597 ) ( 4,708 ) Current liabilities ( 3,213 ) ( 543 ) ( 2,648 ) ( 312 ) Net assets/(liabilities) ( 100 %) ( 40 ) ( 2,383 ) 31 ( 3,606 ) Carrying amount of Non-controlling interest 805 ( 1,260 ) 1,015 ( 1,282 ) Revenue 12,101 2,320 11,019 2,185 Profit/(loss) 1,609 ( 879 ) 1,106 ( 1,120 ) Other comprehensive gain - - - - Total comprehensive profit/(loss) ( 100 %) 1,609 ( 879 ) 1,106 ( 1,120 ) Profit/(loss) allocated to non-controlling interest 306 ( 132 ) 210 ( 22 ) Other comprehensive loss allocated to non- — — — — Cash flows from operating activities 1,810 ( 701 ) ( 97 ) ( 883 ) Cash flows from investment activities ( 98 ) ( 38 ) ( 273 ) ( 92 ) Cash flows from financing activities - 500 - 1,000 Net increase/(decrease) in cash and cash equivalents $ 1,712 $ ( 239 ) $ ( 370 ) $ 25 * —Represents the consolidation of LumiraDx Colombia Holdings Limited and LumiraDx SAS, a wholly owned subsidiary of LumiraDx Colombia Holdings Limited External parties hold 19 % (2021: 19 % ) of the share capital of LumiraDx Colombia Holdings Limited. In 2021 the Group acquired an additional 16 % of LumiraDx Colombia Holdings Limited for $ 1,968 . External parties hold 2 % (2021: 2 % ) of the share capital of LumiraDx Healthcare, Ltda. All subsidiary undertakings are included in the consolidation. LumiraDx Group Limited is held directly by the Company; all other subsidiaries are held indirectly. The proportion of the voting rights in the subsidiary undertaking held directly by the Company does not differ from the proportion of equity shares held. Principal Subsidiaries PROPORTION OF NAME COUNTRY OF NATURE OF 2021 2022 LumiraDx Brazil Holdings Limited United Kingdom Holding Company 100 % 100 % LumiraDx Healthcare Ltda Brazil Distributor of medical diagnostics 98 % 98 % LumiraDx Colombia Holdings Limited United Kingdom Holding Company 81 % 81 % Lumira SAS Colombia Distributor of medical diagnostics 100 % * 100 % * LumiraDx SAS France Distributor of medical diagnostics 100 % 100 % LumiraDx GmbH Germany Distributor of medical diagnostics 100 % 100 % LumiraDx AB Sweden Distributor of medical diagnostics 100 % 100 % LumiraDx UK Limited United Kingdom Manufacture and distribution of medical diagnostics 100 % 100 % LKM Innovations Limited United Kingdom Research and development 100 % 100 % LumiraDx Ltd. United Kingdom Distributor of medical diagnostics 100 % 100 % LumiraDx Group Limited United Kingdom Holding Company 100 % 100 % LumiraDx International Limited United Kingdom Holding Company 100 % 100 % LumiraDx Investment Limited United Kingdom Holding Company 100 % 100 % LumiraDx Care Solutions UK Limited United Kingdom Healthcare IT and services 100 % 100 % LumiraDx, Inc United States Research and development and distributor of medical diagnostics 100 % 100 % ACS Acquisition LLC United States Healthcare IT and services 100 % 100 % LumiraDx Healthcare LLC United States Healthcare IT and services 100 % 100 % Biomedical Service S.r.l. Italy Distributor of medical diagnostics 100 % 100 % LumiraDx AS Norway Distributor of medical diagnostics 100 % 100 % LumiraDx GmbH Austria Distributor of medical diagnostics 100 % 100 % LumiraDx GmbH Switzerland Distributor of medical diagnostics 100 % 100 % LumiraDx Japan Co. Ltd. Japan Distributor of medical diagnostics 100 % 100 % LumiraDx Oy Finland Distributor of medical diagnostics 100 % 100 % LumiraDx A/S Denmark Distributor of medical diagnostics 100 % 100 % LumiraDx Healthcare S.L. Spain Distributor of medical diagnostics 100 % 100 % SureSensors Ltd. United Kingdom Developer and manufacturer of medical diagnostics 100 % 100 % LumiraDx (Pty) Limited South Africa Distributor of medical diagnostics 100 % 100 % LumiraDx B.V. Netherlands Distributor of medical diagnostics 100 % 100 % LumiraDx Benelux B.V. Netherlands Distributor of medical diagnostics 100 % 100 % LumiraDx Limited Ireland Distributor of medical diagnostics 100 % 100 % LumiraDx Healthcare Private Limited India Distributor of medical diagnostics 100 % 100 % CA Healthcare Acquisition Corp. United States Holding Company 100 % 100 % *— LumiraDx Colombia Holdings Limited holds 100 % of the equity shares of LumiraDx SAS |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [abstract] | |
Goodwill and Intangible Assets | 10. GOODWILL AND INTANGIBLE ASSETS GOODWILL PATENTS CUSTOMER SUPPLIER TECHNOLOGY TOTAL Cost At 1 January 2020 $ 15,391 $ 18,122 $ 8,731 $ 2,856 $ 11,177 $ 56,277 Additions — — — — — — Acquisition of subsidiaries — — — — — — Exchange differences 600 549 408 — 156 1,713 At 31 December 2020 15,991 18,671 9,139 2,856 11,333 57,990 Amortization At 1 January 2020 — 2,710 4,034 1,043 6,957 14,744 Charge for the period — 831 951 286 319 2,387 Impairments — — — — — — Exchange differences — 54 62 — 20 136 At 31 December 2020 — 3,595 5,047 1,329 7,296 17,267 Net Book Value At 31 December 2020 $ 15,991 $ 15,076 $ 4,092 $ 1,527 $ 4,037 $ 40,723 Cost At January 1, 2021 $ 15,991 $ 18,671 $ 9,139 $ 2,856 $ 11,333 $ 57,990 Additions — — — — — — Exchange differences ( 385 ) ( 178 ) ( 278 ) — ( 48 ) ( 889 ) At December 31, 2021 15,606 18,493 8,861 2,856 11,285 57,101 Amortization At January 1, 2021 — 3,595 5,047 1,329 7,296 17,267 Charge for the period — 890 1,317 286 334 2,827 Exchange differences — ( 16 ) ( 21 ) — ( 4 ) ( 41 ) At December 31, 2021 — 4,469 6,343 1,615 7,626 20,053 Net Book Value At December 31, 2021 $ 15,606 $ 14,024 $ 2,518 $ 1,241 $ 3,659 $ 37,048 Cost At January 1, 2022 $ 15,606 $ 18,493 $ 8,861 $ 2,856 $ 11,285 $ 57,101 Additions — — — — — — Exchange differences ( 947 ) ( 1,448 ) ( 139 ) — ( 378 ) ( 2,912 ) At December 31, 2022 14,659 17,045 8,722 2,856 10,907 54,189 Amortization At January 1, 2022 — 4,469 6,343 1,615 7,626 20,053 Charge for the period — 803 593 286 303 1,985 Exchange differences — ( 19 ) 7 — ( 7 ) ( 19 ) At December 31, 2022 — 5,253 6,943 1,901 7,922 22,019 Net Book Value At December 31, 2022 $ 14,659 $ 11,792 $ 1,779 $ 955 $ 2,985 $ 32,170 Amortization of $ 1,829 (2021: $ 2,652 , 2020: $ 2,224 ) has been charged to Selling, marketing, and administrative expenses and $ 156 (2021: $ 175 , 2020: $ 163 ) Research and development expenses. Intangible assets in use Type of intangible Net book value Remaining Acquired Patents Patents 6,420 8 years Acquired Technology Technology 178 1 year Acquired Supplier relationships Supplier relationships 958 3 years Acquired Customer-related intangible Customer-related 1,777 4 - 5 years Acquired Technology Technology 903 6 years Intangible assets under development Type of intangible asset Net book value Remaining amortization period Technology License Technology 1,901 n/a Patent License Patents 4,754 n/a Patents Patents 620 n/a Impairment Review—Goodwill Goodwill is tested for impairment at the operating segment level, this being the level at which goodwill is monitored for internal management purposes. As detailed in Note 5 , the Group does not have multiple operating segments and is engaged in a single business activity of the manufacture and sale of point of care medical diagnostics. The recoverable amount of the goodwill has been calculated with reference to the present value of the future cash flows expected to be derived from the cash generating unit (value in use). In calculating this value, management have used the following assumptions: • Five years of cash flow projections are based on the Group’s long term financial projections, including the launch and commercialization of its new diagnostic products and services. These projects are based on the Group's existing commercial experience and its overall understanding of new product launches. • A terminal value based on a perpetual growth rate of 5 % (2021 5 % ) for free cash flow. • An after tax discount rate of 30 % (2021: 25 % ) calculated using a risk-free interest rate of 4 % (2021: 1.5 % ) and appropriate market risk and small company specific risk premiums. Reasonable changes in (i) the Group's ability to achieve the commercial milestones included in the projections, (ii) the discount rate, or (iii) the perpetual growth rate would not lead to an impairment. Impairment Review—Intangible Assets Whilst the Group has no intangible assets with indefinite useful lives, there are intangible assets under development which are not yet available for use. These represent elements of the underlying technology which will ultimately support the Group’s future product launches. The recoverable amount of the assets have been calculated with reference to the present value of the future cash flows expected to be derived from the assets (value in use). In calculating this value, management have used the following assumptions: • Five years of cash flow projections are based on the Group’s long term financial projections, including the launch and commercialization of products and services related to the underlying technology. These projects are based on the Group's existing commercial experience and its overall understanding of new product launches. • An after tax discount rate of 30 % (2021: 25 % ) calculated using a risk-free interest rate of 4 % (2021: 1.5 % ) and appropriate market risk and small company specific risk premiums. Reasonable changes in (i) the Group's ability to achieve the commercial milestones included in the projections, (ii) the discount rate, or (iii) the perpetual growth rate would not lead to an impairment. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, Plant and Equipment | 11. PROPERTY, PLANT AND EQUIPMENT LAND AND FIXTURES PLANT AND ASSETS UNDER TOTAL Cost At 1 January 2020 $ 3,054 $ 3,115 $ 17,287 $ 10,432 $ 33,888 Additions 3,686 1,115 25,831 33,749 64,381 Transfers — ( 22 ) 22 — — Disposals — ( 126 ) ( 137 ) ( 406 ) ( 669 ) Exchange differences 366 64 1,799 2,090 4,319 At 31 December 2020 7,106 4,146 44,802 45,865 101,919 Accumulated Depreciation At 1 January 2020 1,067 2,014 5,666 — 8,747 Charge for the period 841 618 4,258 — 5,717 Transfers — ( 1 ) 1 — — Disposals — ( 47 ) ( 135 ) — ( 182 ) Exchange differences 151 52 352 — 555 At 31 December 2020 2,059 2,636 10,142 — 14,837 Carrying Amount At 31 December 2020 $ 5,047 $ 1,510 $ 34,660 $ 45,865 $ 87,082 Cost At January 1, 2021 $ 7,106 $ 4,146 $ 44,802 $ 45,865 $ 101,919 Additions 28,047 4,144 72,186 1,969 106,346 Transfers — 2,137 ( 2,137 ) — — Disposals ( 67 ) ( 452 ) ( 91 ) — ( 610 ) Exchange differences ( 562 ) ( 322 ) ( 2,084 ) ( 574 ) ( 3,542 ) At December 31, 2021 34,524 9,653 112,676 47,260 204,113 Accumulated Depreciation At January 1, 2021 2,059 2,636 10,142 — 14,837 Charge for the period 2,773 2,204 12,298 — 17,275 Transfers — 1,686 ( 1,686 ) — — Disposals ( 21 ) ( 366 ) ( 91 ) — ( 478 ) Exchange differences ( 106 ) ( 223 ) ( 589 ) — ( 918 ) At December 31, 2021 4,705 5,937 20,074 — 30,716 Carrying Amount At December 31, 2021 $ 29,819 $ 3,716 $ 92,602 $ 47,260 $ 173,397 Cost At January 1, 2022 $ 34,524 $ 9,653 $ 112,676 $ 47,260 $ 204,113 Additions 5,137 2,227 12,960 11,496 31,820 Transfers — — — — — Disposals ( 147 ) ( 702 ) ( 997 ) — ( 1,846 ) Exchange differences ( 3,417 ) ( 762 ) ( 10,480 ) ( 5,075 ) ( 19,734 ) At December 31, 2022 36,097 10,416 114,159 53,681 214,353 Accumulated Depreciation At January 1, 2022 4,705 5,937 20,074 — 30,716 Charge for the period 4,359 1,812 18,995 — 25,166 Transfers — — — — — Disposals ( 13 ) ( 360 ) ( 917 ) — ( 1,290 ) Impairments — 0 26,780 22,657 49,437 Exchange differences ( 506 ) ( 504 ) ( 2,072 ) — ( 3,082 ) At December 31, 2022 8,545 6,885 62,860 22,657 100,947 Carrying Amount At December 31, 2022 $ 27,552 $ 3,531 $ 51,299 $ 31,024 $ 113,406 Depreciation expense of $ 9,803 (2021: $ 5,355 , 2020: $ 1,676 ) has been charged to Research and development expenses and $ 15,363 (2021: $ 11,920 , 2020: $ 4,041 ) to Selling, marketing and administrative expenses. Assets under construction are comprised of manufacturing equipment not yet available for use. Commitments related to property, plant and equipment are referenced in Note 23. In 2022 the Group announced it would no longer continue to develop its Amira product line and a significant reduction in COVID-19 testing volumes as indicators of impairment. These indicators of impairment could be identified in respect of single assets (individual manufacturing lines) which were capable of generating largely independent cashflows, and hence these single assets were tested separately for impairment. When performing these impairment tests the recoverable amounts was determined with reference to fair value less cost of disposal. As a result of these impairment tests, $ 22,657 of property, plant and equipment relating to the Amira manufacturing line and $ 26,780 of property, plant and equipment relating to test strip manufacturing was impaired, leaving a recoverable amount of $ 2,976 being the fair value less cost of disposal of the impaired manufacturing lines. Additionally, there remains $ 17,904 of property, plant and equipment relating to uninstalled test strip manufacturing equipment against which no impairment has been recognized as the recoverable amount, being the value in use exceeded the carrying value of the property, plant and equipment. The fair value measurement used to determine the fair value less cost of disposal of the impaired manufacturing lines was categorized as a Level 2 fair value. The Group has estimated the fair value less cost of disposal based on quoted prices for similar items of machinery. Given the estimated fair value less costs of disposal was $ 2,976 , there were not considered to be any key assumptions to which the assets recoverable amounts were sensitive. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2022 | |
Classes of current inventories [abstract] | |
Inventory | 12. INVENTORY 2021 2022 Finished goods $ 62,410 $ 68,420 Raw materials 80,606 19,584 WIP 6,039 1,961 Total Inventory $ 149,055 $ 89,965 During 2022, the amount of inventories recognized as an expense within cost of sales was $ 63,520 (2021: $ 114,195 , 2020: $ 70,261 ). In addition, the total amount of inventory write-downs recognized as an expense within cost of sales was $ 63,948 (2021: $ 6,830 , 2020: $ 16,493 ) and includes the write down of excess inventories as described in Note 3 . |
Trade and Other Receivables
Trade and Other Receivables | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables [abstract] | |
Trade and Other Receivables | 13. TRADE AND OTHER RECEIVABLES 2021 2022 Trade receivables $ 75,207 $ 30,406 Reserves on trade receivables ( 1,681 ) ( 3,730 ) Prepaids 20,349 11,781 Other receivables 9,408 10,732 VAT receivable 6,515 6,788 Total trade and other receivables $ 109,798 $ 55,977 Trade receivables comprise customer receivables and include an allowance for doubtful accounts of $ 3,730 (2021: $ 1,681 ). The Group has no material reserve for expected credit losses in respect of Other receivables as of December 31, 2022 and 2021. The Group retains all risks associated with these receivables until fully recovered. The fair value of all receivables is the same as their carrying values stated above. The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above. The Group does no t hold any collateral as security. |
Share Capital, Premium and Othe
Share Capital, Premium and Other Reserves | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of classes of share capital [abstract] | |
Share Capital, Premium and Other Reserves | 14. SHARE CAPITAL, PREMIUM AND OTHER RESERVES Share capital and share premium LumiraDx Limited was incorporated on August 24, 2016 and has an authorized share capital of 1,769,292,966 A Ordinary Shares of par value $ 0.0000028 each ("ordinary shares") and 1,769,292,966 Common Shares of par value $ 0.0000028 each ("common shares"). On September 29, 2016 , the Company acquired 100 % of the issued share capital of LumiraDx Holdings Limited following the agreement of an Exchange Offer, which was effective from September 28, 2016. LumiraDx Limited acquired all shares in LumiraDx Holdings Limited, and in exchange LumiraDx Limited issued to the shareholders of LumiraDx Holdings Limited a corresponding number of shares on a share-for-share basis. On September 28, 2021, the Company acquired CA Healthcare Acquisition Corp. pursuant to a merger of LumiraDx Merger Sub, Inc., a wholly owned subsidiary of the Company, with and into CA Healthcare Acquisition Corp., and the Company issued common shares to the shareholders of CA Healthcare Acquisition Corp. as merger consideration. All general voting power is vested in the holders of ordinary shares and common shares. Holders of ordinary shares are entitled to ten votes for each ordinary share and holders of common shares are entitled to one vote per common share. Holders of ordinary shares and common shares will share equally in dividends when and as paid on a pro rata basis (as if they were one class of shares) according to the number of ordinary shares and common shares held by the relevant holder. If liquidated, any surplus or loss will be shared equally amongst the holders of the ordinary shares and common shares on pro rata basis (as if they were one class of shares) according to the number of ordinary shares and common shares held by the relevant holder. SHARES AUTHORIZED, FULLY PAID AND ALLOCATED A ORDINARY A ORDINARY COMMON SHARES COMMON SHARES 2021 2022 2021 2022 In issue at start of period 373,697 207,562,080 — 45,241,766 February Subdivision ( 220 :1) 81,839,643 — — — Issued for cash 104,200 3,451,917 — 62,290,503 Issued in other transactions — — 5,307,607 — Merger Subdivision at the LMDX Conversion Factor ( 1.60806264 :1) 78,446,580 — 4,796,852 — Conversion — ( 46,692,231 ) — 46,692,231 Shares issued upon conversion of financial instruments 46,797,960 — 35,137,307 — In issue at December - fully paid and allocated 207,562,080 164,321,766 45,241,766 154,224,500 On February 1, 2021 the Board of Directors of the Company approved a stock split of the issued and outstanding A Ordinary and common shares of the Company o n a 220 for 1 basis . In accordance with IAS 33, the earnings per share calculations have been presented for the stock split retrospectively. In connection with the merger, in order to achieve an exchange ratio of one LMDX common share for each CAH share, the Company effected a subdivision, immediately prior to the merger, of all issued, and authorized but unissued, ordinary shares and common shares at a ratio of 1.60806264 :1. During September 2021, the Company completed its merger ( Note 28) and all outstanding convertible instruments at the time of the merger converted into A ordinary and Common shares. In July 2022, the Group closed a public stock offering. The gross proceeds from the offering were $ 75 million. In addition to the shares being sold in the public offering, the Group also sold additional shares to raise gross proceeds of approximately $ 25 million in a concurrent private placement to one of its existing investors, the Bill & Melinda Gates Foundation. The underwriters of the public offering had a 30 -day option to purchase additional common shares at the public offering price and purchased $ 7 million of shares in August 2022. In total, the Group received net proceeds of approximately $ 98 million after fees and commissions. Translation reserve The translation reserve comprises all foreign exchange differences arising since the date of incorporation from the translation of the financial statements of operations with functional currencies different from the Company. Other reserves Other reserves are comprised of warrants and debt conversion rights. On September 28, 2016, the Company amended its Secured Fixed Rate Loan Notes and granted the Acquisition Note Holder ( Note 17 ) the right to convert 50 % of the principal amount of the Acquisition Notes into A Ordinary Shares of the Company at a conversion prices of $ 611.63 per share. The issue date fair value of the loan conversion rights is included in Other reserves. In 2018, the Acquisition Note Holder converted 25 % of the principal amount and the Company issued 1,586 A Ordinary shares. In 2019, the Acquisition Note Holder converted the remaining 25 % of the principal amount and the Company issues 1,587 A Ordinary Shares. During 2018, the Company issued 212,718 Preferred Shares ( Note 16 ), which have been treated as a compound instrument in accordance with IFRS 9. The conversion feature of the Preferred Shares has been included in Other reserves at an issue date fair value of $ 47,264 . During 2019, as part of its senior debt offering, as described in Note 17 , the Company issues 2,284 warrants to purchase it’s A Ordinary shares at a fixed price of $ 1,459.89 per share. During 2019, the Company issued convertible notes ( Note 17 ), which have been treated as a compound instrument in accordance with IFRS 9. The conversion feature of the convertible notes has been included in Other reserves at an issue date fair value of $ 17,065 . During 2020, as part of its 2020 Convertible Notes ( Note 17 ) the Company issued 16,528 warrants to acquire Common Shares at a strike price of $ 1,793.38 . During October 2020, as part of its 2020 Senior Secured Loan ( Note 17 ) the Company issued 1,000 warrants to acquire Common shares at a strike price of $ 4,644.96 . During March 2021, as part of its 2021 Senior Secured Loan ( Note 17 ) the Company issued the warrants to purchase up to 1,485,848 common shares at an exercise price equal to $ 10.00 per common share. On July 22, 2022, the Company amended its 2021 Senior Secured Loan to adjust the exercise price of the original warrants from $ 10.00 per common share to $ 1.75 per common share. The fair value of the loan conversion rights is included in other reserves. |
Share Based Payments
Share Based Payments | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share Based Payments | 15. SHARE BASED PAYMENTS Share options are granted to directors, employees and certain service providers. The share options have a vesting period of 1 - 4 years with shares being exercisable pro rata per year from the date of issue. All share options granted have a contractual life of 10 years from the date of grant. Share options are settled in equity. For the employee based share options, if the owner of the share option ceases to be employed by the Company, in most cases the option lapses within a short period of departure of such employee. 8,561,133 share options have been forfeited to date. Management has not anticipated any stock options to be forfeited due to termination of employment prior to the assumed exercise date. Movements on number of share options and their related exercise price are as follows: NUMBER OF WEIGHTED Outstanding at January 1, 2021 57,212,650 $ 2.09 Granted 26,557,293 16.45 Exercised ( 104,200 ) ( 1.00 ) Forfeited ( 92,112 ) ( 9.72 ) Outstanding at December 31, 2021 83,573,631 6.72 Granted 22,755,235 5.01 Exercised ( 3,494,254 ) ( 2.43 ) Forfeited/Expired ( 3,632,769 ) ( 5.35 ) Outstanding at December 31, 2022 99,201,843 6.45 Exercisable at December 31, 2021 66,322,324 5.28 Exercisable at December 31, 2022 71,900,277 $ 6.54 On February 1, 2021, the Board of Directors of the Company approved a stock split of the issued and outstanding A Ordinary and common shares of the Company on a 220 for 1 basis. In accordance with IAS 33, the earnings per share calculations have been presented for the stock split retrospectively. In connection with the merger, in order to achieve an exchange ratio of one LMDX common share for each CAH share, the Company effected a subdivision, immediately prior to the merger, of all issued, and authorized but unissued, ordinary shares and common shares at a ratio of 1.60806264:1. On January 15, 2021, the Company granted “founder options” over ordinary shares to each of the three Founder Directors. Each Founder Director was granted a fully vested option over 5,235,851 ordinary shares with an exercise price of $ 16.96 per ordinary share. On April 15, 2021, the Company granted each Founder Director a further option over 2,819,577 ordinary shares with an exercise price of $ 17.05 per ordinary share. These options will vest over a two year period subject to the satisfaction of performance conditions. In 2022, 3,494,254 options (2021: 104,200 ) were exercised at a weighted average exercise price of $ 2.43 (2021: $ 1.00 ). The options outstanding at December 31, 2022 have an exercise price in the range of $ 0.20 to 17.05 (2021: $ 0.20 to 17.05 ) and a weighted average contractual life of 6.48 years (2021: 6.63 ). Share based compensation expense of $ 7,115 (2021: $ 2,406 , 2020: $ 1,890 ) has been charged to Research and development expenses and $ 26,707 (2021: $ 31,503 , 2020: $ 1,301 ) to Selling, marketing and administrative expenses. Employee Stock Purchase Plan ("ESPP") The 2021 Employee Stock Purchase Plan (the “2021 ESPP”) was adopted by the Board of Directors, and was approved by the stockholders in January 2022. The first offering period under the 2021 ESPP began November 2021 and shares were first purchased under this plan on January 31, 2022. The 2021 ESPP permits a participating employee to make contributions to purchase shares of common stock by having withheld from his or her salary an amount between 1 % and 15 % of compensation. Under the 2021 ESPP, eligible employees of the Company may elect to participate before the start date of a quarterly offering period. On each purchase date during an offering period, a participating employee ’s contributions will be used to purchase up to 3,500 shares of the Company’s common stock for such participating employee at a 15 % discount from the fair market value, as defined i n the 2021 ESPP, of such stock. In addition to the 3,500 share purchase limit, the value of shares purchased under the plan by a participating employee cannot exceed $ 25,000 in any calendar year. The Company initially reserved 15,265,380 common shares for issuance under the 2021 ESPP. The 2021 ESPP provides that the number of shares reserved and available for issuance under the 2021 ESPP will automatically increase on each January 1, beginning on January 1, 2022, by an amount equal to the lesser of (i) 50,000,000 common shares, and (ii) a number of common shares reflecting 5 % of the Company’s fully diluted share capital as of such date. This number is subject to adjustment in the event of a reorganization, recapitalization, reclassification, share dividend, share split, reverse share split or other similar change in the Company’s capitalization. During the year ended December 31, 2022, the Company issued shares of common stock under the 2021 ESPP as follows: Offering Period Purchase Date Number of Shares Purchase Price February 1, 2022 34,858 $ 7.47 May 1, 2022 145,702 $ 4.06 July 29, 2022 149,342 $ 1.30 October 31, 2022 908,087 $ 0.82 Total 2022 1,237,989 |
Preferred Shares
Preferred Shares | 12 Months Ended |
Dec. 31, 2022 | |
Statement of changes in equity [abstract] | |
Preferred Shares | 16. PREFERRED SHARES PREFERRED DIVIDENDS TOTAL Balance at January 1, 2020 $ 221,927 $ 26,713 $ 248,640 Issuance, net of related costs 162,401 — 162,401 Accretion of issuance costs 7,751 — 7,751 Dividends accrued — 23,578 23,578 Fair value adjustment of convertible feature 9,351 — 9,351 Balance at December 31, 2020 401,430 50,291 451,721 Accretion of issuance costs 8,498 — 8,498 Dividends accrued — 16,156 16,156 Converted to Share Premium from Merger ( 409,928 ) ( 66,447 ) ( 476,375 ) Balance at December 31, 2021 $ - $ - $ - Series A Preferred Shares In July 2018, the Company’s Board of Directors authorized the Company to raise up to $ 300 million through the issue of up to 236,353 new Series A 8 % Cumulative Convertible Preferred Shares (“Series A Preferred Shares”). The outstanding Series A Preferred Shares have been treated as a compound instrument in accordance with IFRS 9 as the Company has a contractual obligation to deliver: i) cash upon maturity; and/or ii) a requirement to deliver A Ordinary shares upon conversion. The Series A Preferred Shares are convertible into A Ordinary shares at the option of the holder and mandatorily convertible into A Ordinary shares upon listing on a public market if at a price above the liquidation preference and accrued and unpaid dividends. Each Series A Preferred Share, including any accrued dividends, is convertible into one A Ordinary share. In accordance with IFRS 9, the redemption feature qualifies as a liability at fair value with the residual proceeds allocated to conversion feature recorded within equity as Other reserves. The Series A Preferred Shares accrue an 8 % cumulative annual dividend until the earlier of (i) the date seven years from their issue (ii) the date the Preferred Shares are converted in accordance with their terms or (iii) the date the Company is liquidated. No dividends will be paid on the A Ordinary Shares for so long as the Preferred Shares are in issue. The Series A Preferred Shares carry a preferential right to share in the proceeds of a liquidation of the Company, and will rank senior to the A Ordinary Shares and the Common Shares of the Company on liquidation. Each of the Series A Preferred Shares shall automatically convert to A Ordinary Shares in connection with an IPO or sale of the Company, provided that the value of an A Ordinary Share at that time is not less than the aggregate of the issue price of such Preferred Share and the dividend accrued on each such Preferred Share. Each Preferred Shareholder may convert their Preferred Shares to A Ordinary Shares at any time. During 2018, the Company issued a total of 212,718 Series A Preferred Shares. Loan Noteholders of the Company’s 12 % Loan Notes were given the opportunity to convert the proceeds of the prepayment of their Loan Notes to subscribe for Series A Preferred Shares. An amount of $ 39,672 , representing the principal and accrued interest, was converted from Loan Notes into Preferred Shares. The issue date fair value of the conversion feature of the Series A Preferred Shares has been recorded a s $ 47,264 i n Other reserves ( Note 14 ). One of the investors in the Series A Preferred Shares had the right to subscribe for an additional $ 30,000 of Series A Preferred Shares on or before June 18, 2019 at the fair market value on the date of subscription. This option expired in 2019 without being exercised. Note 28 ), al l outstanding Series A Preferred Shares converted into A Ordinary Shares on a one to one basis . Series B Preferred Shares In October 2020, the Company’s Board of Directors authorized the Company to raise up to $ 200 million through the issue of up to 40,000 new Series B 8 % Cumulative Convertible Preferred Shares (“Series B Preferred Shares”). The Series B Preferred Shares accrue an 8 % cumulative annual dividend until the earlier of (i) the date seven years from their issue (ii) the date the Preferred Shares are converted in accordance with their terms or (iii) the date the Company is liquidated. No dividends will be paid on the A Ordinary Shares for so long as the Preferred Shares are in issue. The Series B Preferred Shares carry a preferential right to share in the proceeds of a liquidation of the Company, and will rank senior to the A Ordinary Shares and the Common Shares of the Company and pari passu with the Series A Preferred Shares on liquidation. Each of the Series B Preferred Shares shall automatically convert to Common Shares in connection with an IPO or sale of the Company at a share price not more than the fully diluted share capital divided by $ 4 billion and not less than the fully diluted share capital divided by $ 6.4 billion. Each Preferred Shareholder may convert their Preferred Shares to Common Shares at any time. The variable conversion feature constitutes an embedded derivative as the conversion feature is a component of the host instrument that would allow for the cash flows of the combined instrument to be changed according to the value of a financial variable. In accordance with IFRS 9, the Company has elected to record the entire instrument at fair value through profit or loss. The change in fair value of $ nil (2021: $ 48,956 , 2020 : $ 9,351 ) has bee n charged to finance expenses. During 2020, the Company issued a total of 33,008 Series B Preferred Shares for gross proceeds of $ 164.5 million r ( Note 28 ), Series B Preferred Shares converted into 12,543,492 Common Shares. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings [abstract] | |
Debt | 17. DEBT This note provides information about the contractual terms of the Group’s interest-bearing loans and borrowings, which are measured at amortized cost. CURRENCY NOMINAL YEAR OF 2021 2021 2021 2022 2022 2022 Unsecured Loan USD 2.00 % 2024 $ 18,000 $ 14,242 $ 14,557 $ 18,000 $ 15,508 $ 14,629 2021 Senior Secured Loans USD 8.00 % 2024 300,000 286,815 283,893 300,000 296,553 275,925 2022 Convertible Notes USD 6.00 % 2027 — — — 56,500 54,418 49,476 Instrument Financing Loans EUR 1.70 - 2.60 % 2022 - 2023 263 263 263 76 76 76 2021 Senior Secured Loan On March 23, 2021, the Group refinanced the $ 100,000 in outstanding amounts under the 2020 Senior Secured Loan and the $ 40,000 borrowed in January 2021 with a $ 300,000 loan (“2021 Senior Secured Loan”). The loan mature s in three year s, bears interest at 8 % annually, paid quarterly and includes a facility fee, due upon repayment, of $ 4.5 million. Debt issuance costs were recorded as a reduction of the proceeds. The discount on the issuance will be recognized using the effective interest method until the maturity date. In connection with the 2021 Senior Secured Loan, the Company issued warrants to purchase up to 1,485,848 common shares at an exercise price equal to $ 1.75 per common share (as amended), recorded in Other Reserves ( Note 14 ). On June 17, 2022, the Group entered into a second amendment to the 2021 Senior Secured Loan, to provide for, among other things, immediate revisions to the minimum net sales and the minimum liquidity covenants, further revisions to those covenants upon a Qualifying Financing and an increase in the facility fee to $ 9 million. In conjunction with the second amendment, the exercise price of the warrants issued in connection with the 2021 Senior Secured Loan was subject to adjustment. Upon the consummation of the Group's public offering and concurrent private placement, the exercise price of the warrants was adjusted to $ 1.75 per share. In July 2022 the Group entered into a third amendment which reduced the definition of Qualifying Financing to be at least $ 100.0 million (or its equivalent in another currency or currencies). These modifications have been determined to be non-substantial. The additional facility fee is being expensed using the effective interest rate method over the remaining term of the 2021 Senior Secured Loan and the difference in the fair value of the warrants has been recorded as a Finance Expense. 2022 Convertible Notes On March 2, 2022 the Company entered into privately negotiated subscription agreements with certain investors wherein the Company agreed to sell and the investors agreed to purchase $ 56.5 million of Convertible Senior Subordinated Notes due 2027. The notes bear annual interest of 6 % with interest payable semi-annually in arrears starting September 1, 2022 . The notes will mature on March 1, 2027 and are be convertible at the holder's option at an initial conversion rate of approximately $ 9.22 per share. Upon conversion, the Notes may be settled in cash, common shares or a combination of cash and common shares, at the Company’s election subject to certain limitations. The conversion rate may be increased on March 3, 2023 and March 3, 2024, if the average of the daily volume weighted average prices of the Common Shares over the 20 consecutive trading days immediately preceding either date is below a specified level, provided that the Conversion Rate may not be increased to a rate that exceeds approximately $ 7.25 per share . This variable conversion feature constitutes an embedded derivative as the conversion feature is a component of the host instrument that would allow for the cash flows of the combined instrument to be changed according to the value of a financial variable. In accordance with IFRS 9, the Company has elected to record the host liability as a financial liability held at amortized cost and record the embedded derivative at fair value through profit and loss. As at the issue date, and as at December 31, 2022, the embedded derivative was considered to have an immaterial value given the Company’s share price was significantly below the minimum conversion rate. Unsecured Loans On October 17, 2019, the Group issued an Unsecured Loan in the amount of $ 18,000 to a tax-exempt private foundation. The terms of the loan include restrictions on the use of the proceeds for specific programs and commitments to provide access to the Group’s future products to support the foundation’s charitable purposes. The Unsecured Loan matures on October 17, 2024 . The Unsecured Loan carries an interest rate of 2 % paid quarterly. Instrument Financing Loans Instrument financing loans are used to finance the cost of installing instruments at customer locations where the Group retains title of the instruments. Balance at January 1, 2021 $ 286,972 Changes from financing cash flows Proceeds from borrowings, net of issuance costs 2020 Senior Secured Loan 34,125 Incremental term loan 39,000 2021 Senior Secured Loan 288,513 Instrument Financing Loans 192 Repayments of borrowings 2020 Senior Secured Loan ( 100,000 ) Incremental term loan ( 40,000 ) Instrument Financing Loans ( 552 ) Total changes from financing cash flows 221,278 Other changes Reclassification of Unsecured Loan amounts to grant liability in accordance with IAS 20 ( 3,758 ) Warrants 2021 Senior Secured Loan ( 5,136 ) Conversion to equity Convertible Notes ( 61,980 ) 2021 Convertible Notes ( 125,652 ) Loss on extinguishment of debt 2020 Senior Secured Loan 3,170 Incremental term loan 1,000 Change in fair value 2021 Convertible Notes ( 52,267 ) Amortization of debt discount 2020 Senior Secured Loan 366 Convertible Notes 2,866 2021 Convertible Notes 31,075 2021 Senior Secured Loan 3,438 Foreign exchange impact Instrument Financing Loans ( 52 ) Total other changes ( 206,930 ) Balance at December 31, 2021 301,320 Less: Debt due within one year ( 191 ) $ 301,129 Changes from financing cash flows Proceeds from borrowings, net of issuance costs 2022 Convertible Notes $ 54,010 Repayments of borrowings Instrument Financing Loans ( 174 ) Total changes from financing cash flows 53,836 Amortization of debt discount Unsecured Loan 1,266 2021 Senior Secured Loan 8,454 2022 Convertible Notes 408 Amortization of debt discount arising from debt modifications 2021 Senior Secured Loan 1,284 Foreign exchange impact Instrument Financing Loans ( 13 ) Total other changes 11,399 Balance at December 31, 2022 366,555 Less: Debt due within one year ( 76 ) $ 366,479 |
Lease Liability
Lease Liability | 12 Months Ended |
Dec. 31, 2022 | |
Lease liabilities [abstract] | |
Lease Liability | 18. LEASE LIABILITY 2021 2022 Due in less than one year $ 5,546 $ 8,474 Due between one and five years 25,151 23,543 Due in more than five years 16,301 13,251 Total $ 46,998 $ 45,268 |
Deferred Tax Asset and Liabilit
Deferred Tax Asset and Liability | 12 Months Ended |
Dec. 31, 2022 | |
Deferred tax assets and liabilities [abstract] | |
Deferred Tax Asset and Liability | 19. DEFERRED TAX ASSET AND LIABILITY The analysis of deferred tax assets and deferred tax liabilities is as follows: 2021 2022 Deferred taxes: - Liabilities $ 779 $ 542 Total net deferred tax liabilities $ 779 $ 542 The analysis and movement of deferred tax assets and liabilities is as follows: JANUARY 1, RECOGNIZED RECOGNIZED DECEMBER 31, Deferred tax liabilities Intangible assets $ 1,238 $ ( 862 ) $ 238 $ 614 Deferred tax assets Net operating losses and other ( 459 ) 387 ( 72 ) Net deferred tax liability $ 779 $ ( 475 ) $ 238 $ 542 JANUARY 1, RECOGNIZED RECOGNIZED DECEMBER 31, Deferred tax liabilities Intangible assets $ 1,727 $ ( 383 ) $ ( 106 ) $ 1,238 Deferred tax assets Net operating losses and other ( 497 ) 197 ( 159 ) ( 459 ) Net deferred tax liability $ 1,230 $ ( 186 ) $ ( 265 ) $ 779 Deferred tax assets are recognized for tax losses carried forward to the extent that the realization of the related tax benefit through future taxable profits is probable. The realization of the tax benefit related to losses in certain jurisdictions were determined to not be probable. As such, the Group did not recognize deferred tax assets of $ 108,994 (2021: $ 78,602 )for U.K. tax losses and $ 7,757 (2021: $ 10,615 ) for U.S. temporary timing differences. The Group has material carried forward tax losses in the U.K. Losses in the U.K. do not expire. The utilization of the U.S. net operating loss carry-forwards may be subject to a substantial annual limitation under Section 382 of the Internal Revenue Code of 1986 due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of U.S. net operating loss carry-forwards that can be utilized annually to offset future taxable income. The Company has not yet completed an evaluation of ownership changes through December 31, 2022 . To the extent an ownership change has occurred or does occurs in the future, the U.S. net operating loss carry-forwards may be subject to limitation. |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other payables [abstract] | |
Trade and Other Payables | 20. TRADE AND OTHER PAYABLES 2021 2022 Trade payables $ 59,718 $ 28,897 Accrued expenses and other liabilities 26,366 23,745 Accrued interest 6,239 7,373 Restructuring provision — 1,156 Warranty provision 5,801 4,107 Deferred revenue 1,517 999 Total trade and other payables $ 99,641 $ 66,277 Warranty Provision The Group provides standard commercial warranties on its products. Separately, the Group also periodically performs field service actions related to safety matters and other product campaigns. Pursuant to these warranties and field service actions, the Group will repair or replace products that are defective in materials or workmanship. The Group accrues the estimated cost of both base warranty coverages and field service actions at the time of sale. |
Government and Other Grants
Government and Other Grants | 12 Months Ended |
Dec. 31, 2022 | |
Government And Other Grants [Abstract] | |
Government and Other Grants | 21. GOVERNMENT AND OTHER GRANTS The Group has received grants from government and private entities. These include grants in respect of research and development activities, expansion of manufacturing capabilities and deployment of the Group’s products in certain geographical markets. The Group had liabilities of $ 11,077 and $ 12,730 as of December 31, 2022 and 2021, respectively, for these unspent grant funds. The Group has recorded $ 12,650 , $ 8,602 and $ 1,473 as a reduction in research and development expenses in 2022, 2021, and 2020 respectively, to reflect the usage of grant funds and research and development tax expenditures. As of December 31, 2022, the Group had $ 20,988 (2021: $ 26,211 ) related to a grant for manufacturing equipment, of which $ 15,796 (2021: $ 20,992 ) was classified as non-current. The Group will recognize the grant over the useful life of the equipment. In 2022, the Group reduced manufacturing expenses by $ 5,219 (2021: $ 3,784 , 2020: $ nil ). During the year ended December 31, 2022, the Group identified that the non-current portion of certain government and other grants totaling $ 15,796 as at December 31, 2021 had been presented in current liabilities. The 2021 figures have been restated to reclassify this from current to non-current liabilities. There is no impact on the group’s reported loss for the year ended December 31, 2021 from this. The Group has evaluated the effects of the error, both quantitatively and qualitatively, and concluded that the correction did not have a material impact on, nor require amendment of, any previously filed financial statements. |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Dec. 31, 2022 | |
Financial Risk Management [Abstract] | |
Financial Risk Management | 22. FINANCIAL RISK MANAGEMENT Financial liabilities not measured at fair value are calculated based on the present value of future principal and interest cash flows discounted. The Group’s activities expose it to a variety of financial risks: market risk (including currency risk and cash flow and interest rate risk), credit risk and liquidity risk. Market risk (a) Currency risk The majority of the Group’s sales and purchase transactions are denominated in either U.S. dollars or U.K. pound sterling. The exchange risk is managed by maintaining bank accounts denominated in those currencies. A 10 % strengthening of the U.K. pound sterling against the U.S. dollar at December 31, 2022 would have had an impact of increasing the loss before tax for the period by $ 9,383 on the basis that all other variables remain constant. The carrying amounts of the Group’s trade and other receivables are denominated in the following currencies: 2021 2022 US Dollars 51,568 17,126 U.K. Pounds 27,089 21,493 Euros 24,057 10,983 Colombian Pesos 3,398 3,547 Brazilian Reals 783 710 Swedish Krona 954 432 Swiss Francs 992 127 Other 957 1,559 109,798 55,977 (b) Cash flow and interest rate risk The Group has raised debt primarily on a fixed rate basis for bonds and notes in U.S. dollars. The primary objective of the Group’s interest rate management is to protect the net interest result while managing the overall cost of borrowing. The Group’s debt is carried at fixed interest rates. Credit risk Credit risk represents the risk of loss the Group would incur if operators and counterparties fail to fulfil their credit obligations. The maximum exposure to credit risk is represented by the carrying amount of each financial asset. For banks and financial institutions, the Group maintains it accounts with major international banks with “A” ratings. Credit risk relating to accounts receivable balances are managed on a case-by-case basis. At December 31, 2022 the Group has trade receivables of $ 30,406 (2021: $ 75,207 ). New clients are analyzed before standard payment and delivery terms and conditions are offered. The credit quality of the customer is assessed taking into account its financial position, past experience and other factors. The utilization of credit limits is regularly monitored. Management does not expect any material losses, beyond current amounts already included in reserves, from non-performance by these counterparties. Movement in the loss allowances against trade receivables is as follows: Loss allowance as of January 1, 2021: $ 661 Loss allowance recognized during the year 1,253 Balances written off during the year ( 222 ) Balances recovered during the year ( 11 ) Loss allowance at December 31, 2021: 1,681 Loss allowance recognized during the year 6,207 Balances written off during the year ( 3,740 ) Balances recovered during the year ( 418 ) Loss allowance at December 31, 2022: $ 3,730 At December 31, 2022 trade receivables of $ 700 (2021: $ 1,811 ) were past due but not impaired. These relate to a number of independent customers for whom there is no recent history of default. The ageing analysis of these receivables is 3 months and above . At December 31, 2022 trade receivables included 1 significant customer that accounted for 33 % of the balance. Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled in cash. Cash flow forecasting is performed in the operating entities of the Group and aggregated by Group Finance. Group Finance monitors rolling forecasts of the Group’s liquidity requirements to ensure it has sufficient cash to meet operational needs. Please refer to Note 2 for detail on the Group's ability to continue as a going concern including the impact of the covenants in the 2021 Senior Secured Loans. The following are the undiscounted contracted maturities of financial liabilities, including interest payments for the period ending December 31, 2022: NON-DERIVATIVE FINANCIAL EFFECTIVE YEAR OF CARRYING CONTRACTUAL LESS 1—2 2—5 Due in more than 5 years Unsecured Loan 10.55 % 2024 $ 15,508 $ 18,649 $ 360 $ 18,289 $ - $ - 2021 Senior Secured Loan 11.48 % 2024 296,553 338,800 24,333 314,467 - - 2022 Convertible Notes 6.90 % 2027 54,418 70,813 3,437 3,437 63,939 - Instrument Financing Loans 1.7 - 2.6 % 2023 76 76 76 - - - Lease liabilities 31,452 45,268 8,474 7,788 15,755 13,251 Trade and other payables 66,277 66,277 66,277 - - - Total $ 464,284 $ 539,883 $ 102,957 $ 343,981 $ 79,694 $ 13,251 The following are the undiscounted contracted maturities of financial liabilities, including interest payments for the period ending December 31, 2021: NON-DERIVATIVE FINANCIAL EFFECTIVE YEAR OF CARRYING CONTRACTUAL LESS 1—2 2—5 Due in more than 5 years Unsecured Loan 10.55 % 2024 $ 14,242 $ 15,041 $ 285 $ 285 $ 14,471 $ - 2021 Senior Secured Loan 10.02 % 2024 286,815 354,133 24,333 24,333 305,467 - Instrument Financing Loans 1.7 - 2.6 % 2022 - 2023 263 263 191 72 - - Lease liabilities 31,096 46,998 5,546 7,633 17,518 - Trade and other payables 99,641 99,641 99,641 - - - Total $ 432,057 $ 516,077 $ 129,996 $ 32,323 $ 337,456 $ - |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2022 | |
Capital commitments [abstract] | |
Commitments | 23. COMMITMENTS Capital Commitments Capital expenditure contracted for at the end of the reporting period but not yet incurred is as follows: As of December 31, 2021 As of December 31, 2022 Capital $ 15,641 $ 1,311 Inventory 43,573 7,022 Total $ 59,214 $ 8,333 The capital commitments relate to contracts to purchase property, plant and equipment |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Presentation of leases for lessee [abstract] | |
Leases | 24. LEASES GROUP AS LESSEE The Group leases various offices and facilities. The lease terms are between 1 - 10 years . Right-of-use assets Net Carrying Amount December 31, 2021 $ 27,746 December 31, 2022 16,580 Depreciation expense for the year ended December 31, 2021 $ 5,593 December 31, 2022 6,137 During 2022, additions to right-of-use assets amounted to $ 4,888 (2021: $ 23,038 ). AMOUNTS RECOGNIZED IN PROFIT AND LOSS 2020 2021 2022 Depreciation expense of right-of-use-assets $ 2,810 $ 5,593 $ 6,137 Interest expense on lease liabilities 751 2,501 4,464 $ 3,561 $ 8,094 $ 10,601 At December 31, 2022 the Group is no t committed to any material short-term leases. Variable lease payment terms are deemed an insignificant portion of the overall liability at December 31, 2022. The total cash outflow for leases in 2022 amounted to $ 6,863 (2021: $ 5,429 , 2020 $ 3,054 ). Included in cash outflows in 2022 was lease interest expense of $ 4,464 (2021: $ 2,501 , 2020: $ 751 ). GROUP AS LESSOR During 2022, the Group entered into a sublease agreement for one of its locations. The sublease term is for 8.5 years. Upon derecognition of the right of use asset pertaining to the building, and recognition of the sublease, the Group recognized a gain on the investment of the sublease for $ 3,608 in finance income (Note 6). Lease interest income of $ 626 (2021: nil ) was recognized during the year. At December 31, 2022 the carrying amount of the investment in sublease is $ 11,421 (2021: nil ). At December 31, 2022 the maturity of lease receivables is as follows: 2021 2022 Due in less than one year $ - $ 1,255 Due between one and five years - 7,529 Due in more than five years - 5,804 Total $ - $ 14,588 |
Instrument Financing Agreement
Instrument Financing Agreement | 12 Months Ended |
Dec. 31, 2022 | |
Instrument Financing Agreement [Abstract] | |
Instrument Financing Agreement | 25. INSTRUMENT FINANCING AGREEMENT On April 27, 2022 the Group consummated the first closing of a private placement offering pursuant to which it received an initial investment of $ 26.1 million in cash and entered into an Instrument Financing Agreement (the "Instrument Financing Agreement") with USB Focus Fund LumiraDx 2A, LLC, USB Focus Fund Lumira Dx 2B, LLC and certain other related investors (collectively, the "Investors"), and Pear Tree Partners, L.P. The terms of the Instrument Financing Agreement provide that the Investors may invest up to an aggregate maximum amount of $ 50 million in the Company, or such higher amount as agreed to by the Group and the Investors (the "Invested Amount"), in one or more closings, in order to fund the purchase of additional LumiraDx instruments, allowing the Group to further expand instrument placements. In consideration of such investment, the Group has agreed to pay to the Investors on a semi-annual basis and over a three-year period (subject to extension in certain events), a instrument financing payment that is equal to 20 % of the total gross amount invoiced by the Group in respect of sales of test strips for use in such funded LumiraDx instruments which are allocated to the Invested Amount by the Group in accordance with the terms of the Instrument Financing Agreement (the "Instrument Financing Payments"). If by the end of the applicable three-year term, the Investors have not received, in aggregate, Instrument Financing Payments equal to or in excess of two times the Invested Amount, the Group shall, at its sole discretion, either: (i) issue to the Investors an aggregate amount of the Group's common s hares, $ 0.0000028 par value per common share, equal in value to the difference between the Target Return and the total Instrument Financing Payments received by the Investors, at a price per Common Share equal to the volume-weight average price of the Common Shares for the 20 Nasdaq trading day period immediately following the applicable Expiry Date, but subject to a minimum price per Common Share of $ 7.25 ; or (ii) pay to the Investors the applicable Instrument Financing Shortfall in cash. 15.4 million with the Investors. 9,950 million has been charged to finance expenses in 2022. The fair value of the Instrument Financing Agreement has been determined by considering the expected payments under the agreement to derive an effective interest rate of 33 % compared to the initial balance of $ 41.5 million. The expected payments are determined by considering expected sales and placements of Instruments and future sales projections of test strips to calculate future royalty payments. These estimates take into consideration historical experience, current contractual Performance Obligations and specific known market events and trends such as competitive pricing and new product introductions. The significant unobservable inputs are the forecast placements and sales and effective interest rate. The estimated fair value would increase if the forecast placements and/or sales were higher. If actual future results vary, these estimates may need to be adjusted, with an effect on the liability balance and finance income/expense in the period of the adjustment. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of transactions between related parties [abstract] | |
Related Party Transactions | 26. RELATED PARTY TRANSACTIONS During 2022, Zwanziger Family Ventures subscribed to the 2022 Convertible Notes issued by the Company. At December 31, 2022, the Company had accrued interest on the Zwanziger Family Ventures note of $ 41 (2021: $ nil ). The Company’s Directors are the Key Management Personnel for the Group. The total Director’s emoluments for 2022 were $ 1,311 (2021: $ 30,197 , 2020: $ 661 ). Included in the Director’s emoluments for 2022 is $ nil of stock compensation expense (2021: $ 28,376 , 2020: $ 62 ). 2020 2021 2022 Salaries and wages $ 537 $ 1,743 $ 1,267 Stock compensation expense 62 28,376 $ - Pension and other post-employment benefits 33 60 $ 27 Other employee benefits 29 18 $ 17 Total $ 661 $ 30,197 $ 1,311 For the purposes of these remuneration disclosures the values for equity compensation plans are calculated based on the fair value used in Note 15 . |
Ultimate Controlling Party
Ultimate Controlling Party | 12 Months Ended |
Dec. 31, 2022 | |
Ultimate Controlling Party [Abstract] | |
Ultimate Controlling Party | 27. ULTIMATE CONTROLLING PARTY No one party or Company of shareholders has a controlling interest in the Company. |
Listing Expenses
Listing Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about business combination [abstract] | |
Listing Expenses | 28. LISTING EXPENSES As described in Note 2 , the Merger led to a share listing expense. The Company issued shares with a fair value of $ 52.5 million to CAH shareholders, comprised of the fair value of the Company’s shares that were issued to CAH shareholders of $ 9.89 per share. In exchange, the Company received the identifiable net assets held by CAH, which had a fair value upon closing of $ 24.9 million. The excess of the fair value of the equity instruments issued over the fair value of the identified net assets received, represents a non-cash expense in accordance with IFRS 2. This one-time expense as a result of the transaction, in the amount of $ 27.6 million, is recognized as a share listing expense presented as part of the financial result within the Consolidated Statement of Profit or Loss. In addition, the Company incurred other transaction related expenses of $ 8.6 million. Amount Number of Shares (a) Shares issued to CAH shareholders 5,307,607 (b) Opening price of LMDX shares on NASDAQ as of September 29, 2021 $ 9.89 (c) Fair value of LMDX shares issued to CAH shareholders (a * b) 52,492 (d) CAH cash in trust 38,244 (e) CAH other assets 325 (f) CAH liabilities ( 13,683 ) (g) Net assets of CAH (d + e + f) 24,886 IFRS 2 listing expense (c - g) $ 27,606 |
Restructuring and Impairment
Restructuring and Impairment | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring And Impairment [Abstract] | |
Restructuring and Impairment | 29. RESTRUCTURING AND IMPAIRMENT During 2022, the overall market for COVID testing declined throughout the year. As COVID and COVID-related testing products were a significant portion of the Group’s revenue, in response the Group undertook actions to align its operations with customer demands. Restructuring actions and costs in 2022 included headcount reductions and facility consolidations in an effort to streamline operations; the elimination of certain product development projects; and write downs of excess inventories due to lower than expect COVID demand and inventory for future product offerings not currently being developed. In addition to the restructuring actions undertaken, as discussed in Note 11, the Group recorded impairment charges related to excess manufacturing capacity. Restructuring and impairment charges have been recorded in the Statement of Profit and Loss in 2022 as follows: Excess Impairments Restructuring Inventories Total Cost of Sales 49,437 787 46,887 97,111 Research and development expenses - 1,599 - 1,599 Selling, marketing and administrative expenses - 1,033 - 1,033 Total 49,437 3,419 46,887 99,743 |
Event After the Reporting Perio
Event After the Reporting Period | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Event After the Reporting Period | 30 . EVENT AFTER THE REPORTING PERIOD On February 22, 2023, the Group entered into a fourth amendment to the 2021 Senior Secured Loan to provide for a waiver of the quarterly revenue covenant for March 31, 2023 and for the minimum liquidity covenant through June 15, 2023. On April 6, 2023, the Group announced its Strategic Refocus and Cost Restructuring Program ("the Program") aimed at reducing its scale and operations to pre-pandemic levels. Under this cost reduction program, the Group expects to further reduce its global workforce by approximately 40 %, including full-time, part-time and contractor positions. The changes in workforce include adjusting to reduced COVID-19 related production volumes and focusing on streamlining operations in commercial and R&D activities while preserving core functions for revenue generation. Given the Program was announced after the reporting period, it is considered to be a non-adjusting event. At this stage, the financial effects of the Program cannot be fully estimated. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of changes in accounting estimates [abstract] | |
Basis of preparation of Financial Statements | 2.1 Basis of preparation of Financial Statements The Financial Statements of LumiraDx Limited have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These Financial Statements were authorized for issue by the Board on May 1, 2023. The Financial Statements have been prepared under the historical cost convention. The preparation of Financial Statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated Financial Statements, are disclosed in Note 3 . LumiraDx Limited was incorporated on August 24, 2016. On September 29, 2016, the Company acquired all of the outstanding shares of LumiraDx Holdings Limited in a share for share exchange. LumiraDx Holdings Limited was incorporated on September 1, 2014. The consolidated Financial Statements of LumiraDx Limited have been prepared as if the share exchange had occurred on September 1, 2014 to reflect the continuous operations of the Company. Going concern The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons. During the year ended December 31, 2022 the Group incurred a loss for the year of $ 447,605 (2021: $ 100,755 ), and operating cash outflows of $ 162,108 ( 2021: $ 134,583 ). As of December 31, 2022 the Group had net liabilities of $ 105,375 (2021: ($ 162,596 )). The Group has financed its operations principally through issuances of debt and equity securities, and the Group requires ongoing additional funding to continue to develop its commercial operations and research and development projects for future products. The directors have prepared cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements which indicate that the Group will require additional funding to continue as a going concern and that the covenants on the 2021 Senior Secured Loan will not be met. Therefore, the Group would be required to obtain waivers of covenant violations or restructure existing debt obligations. The 2021 Senior Secured Loan matures in March 2024 and contains customary covenants including achieving certain revenue levels throughout the term of the loan and maintaining minimum liquidity levels. On June 17, 2022, the Group entered into a second amendment to the 2021 Senior Secured Loan, to provide for, among other things, immediate revisions to the minimum net sales and the minimum liquidity covenants. On February 22, 2023, the Group entered into a fourth amendment to the 2021 Senior Secured Loan to provide for a waiver of the quarterly revenue covenant for March 31, 2023 and for the minimum liquidity covenant through June 15, 2023. For the remaining 2023 revenue covenant and quarterly liquidity levels, the Group’s short-term revenue prospects and liquidity levels will vary with the amount of demand for its SARS-CoV-2 products as well as the Group’s ability to increase sales for non-SARS-CoV-2 products but the current forecasted combined revenue amounts are not expected to be sufficient to meet the existing covenants. The directors believe that the Company will be able to obtain waivers of covenant violations, and either restructure the existing obligations or raise additional capital, although there are no guarantees that these will be achieved. Therefore, the directors believe the Group and the Company will be able to meet their liabilities as they fall due for the going concern period and have therefore prepared the financial statements on a going concern basis. As discussed in Note 30 , the Group has also taken steps through its Strategic Refocus and Cost Restructuring Program to further reduce costs. However, these circumstances represent a material uncertainty that may cast significant doubt on the Group's and the Company’s ability to continue as a going concern and therefore, to continue realizing their assets and discharging their liabilities in the normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate. The Merger On April 6, 2021 , the Company entered into an initial business combination agreement (“the Merger”) with CA Healthcare Acquisition Corp. (“CAH”), a publicly-held special purpose acquisition company. The shareholders of CAH agreed to exchange their interests for new common shares in the share capital of the Company. Prior to the Merger, CAH was a newly-formed shell with no active trade or business, and all relevant assets, liabilities, income and expenses. Because CAH is not considered a business, the merger is not considered a business combination, and instead is accounted for as a reverse recapitalization, whereby the Company issues shares in exchange for the net assets of CAH represented by cash, which had a value of approximately $ 38,000 upon closing of the transaction, and its listed status. The excess of the fair value of the equity instruments issued by the Company over the identifiable net assets of CAH represents payment for the listing status and is recorded as a listing expense in the income statement under IFRS 2 Share-based Payment . The Merger completed on September 28, 2021 (the “acquisition date”). At the acquisition date, the Company became the ultimate legal parent of CAH. The Company’s common shares are traded on The Nasdaq Global Market under the ticker symbol LMDX and its warrants are traded under LMDXW. The Company’s A Ordinary shares are not publicly traded. |
Basis of consolidation | 2.2 Basis of consolidation The consolidated Financial Statements consolidate the Financial Statements of LumiraDx Limited and its subsidiary undertakings made up to December 31, 2022, 2021, and 2020. Subsidiaries are all entities over which the Company has control. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest’s proportionate share of the recognized amounts of acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognized in the consolidated statement of comprehensive loss. Any contingent consideration to be transferred by the Group is recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognized in accordance with IFRS 9 in the consolidated statement of comprehensive loss. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity. Inter-company transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the Group’s accounting policies. Investments in subsidiaries are accounted for at cost less impairment. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group. |
Investments | 2.3 Investments The major investments of the Group are listed in Note 9 . Ownership interests equal voting rights. The Group assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment may not be recoverable. If any such indication of impairment exists, the Group makes an estimate of the recoverable amount. If the recoverable amount of the cash-generating unit is less than the value of the investment, the investment is considered to be impaired and is written down to its recoverable amount. Any impairment loss is recognized immediately in profit or loss. Investments in equity instruments are required to be measured at fair value through profit or loss with the irrevocable option at inception to present changes in fair value in other comprehensive loss. |
Changes in accounting policy and disclosure | 2.4 Changes in accounting policy and disclosure In 2022 the Group did not implement, nor were they aware of, any new accounting pronouncements that had a material impact on the Group’s financial statements. |
Revenue recognition | 2.5 Revenue recognition The Group’s revenue is generated primarily from the sale of diagnostic products, including instruments and consumables. The Group’s services revenue includes the maintenance on software licenses, access to hosted cloud offerings and training, support and other services related to the Group’s diagnostic products. Revenue from the sale or lease of goods and services rendered are recognized when a promise in a customer contract (“Performance Obligation”) has been satisfied by transferring control of the promised goods and services to the customer. Control of a promised good or service refers to the ability to direct the use of, and to obtain substantially all of the remaining benefits from, those goods or services. Control is usually transferred upon shipment or upon receipt of goods by the customer, or as services are rendered, in accordance with the delivery and acceptance terms agreed with the customers. The amount of revenue to be recognized (“Transaction Price”) is based on the consideration the Group expects to receive in exchange for its goods and services, excluding amounts collected on behalf of third parties such as value added taxes or other taxes directly linked to sales. If a contract contains more than one Performance Obligation, the Transaction Price is allocated to each Performance Obligation based on their relative standalone selling prices. The determination of the standalone selling price requires judgment. The Group’s determination of the standalone selling price for each Performance Obligation varies based on the geography and customer type. Generally, the standalone selling prices are based on observable prices. When observable prices are not available, the standalone selling price for products and services and for determination of amounts allocated for lease consideration in contracts with customers is based on a cost-plus margin approach. Instruments may be sold together with other goods such as test strips, reagents and other consumables as well as services under a single contract or under several contracts that are combined for revenue recognition purposes. Revenue is recognized upon satisfaction of each of the Performance Obligations in the contract. |
Research and development | 2.6 Research and development Expenditure on research and development activities is recognized in profit or loss as incurred. The Group will capitalize development expenditures once the Group incurs expenditures related to technologies or products under development with proven technical feasibility. The development projects undertaken by the Group are subject to technical, regulatory and other uncertainties, such that, technical feasibility is deemed not to have been met prior to obtaining marketing approval by the regulatory authorities in major markets. |
Foreign Currency Translation | 2.7 Foreign Currency Translation (a) Functional and presentation currency Items included in each of the Financial Statements of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). The Group Financial Statements are presented in U.S. Dollars which is the Group’s presentation currency. (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where such items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of profit and loss and comprehensive loss. All foreign exchange gains and losses are presented in the income statement within Finance income and Finance expense. (c) Group companies The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as comprehensive loss follows: • assets and liabilities for each Statement of Financial Position presented are translated at the closing rate at the date of that Statement of Financial Position; • income and expenses for each statement of comprehensive loss are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and • all resulting exchange differences are recognized in other comprehensive loss. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Exchange differences arising are recognized in other comprehensive loss. |
Property, Plant and Equipment | 2.8 Property, Plant and Equipment All property, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the Statement of Profit and Loss and Comprehensive Loss during the financial period in which they are incurred. No depreciation is charged on assets in the course of construction ahead of being available for use. Depreciation on assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives, as follows: • Land and buildings—length of the lease up to 15 years • Plant and equipment— 3 - 15 years • Fixtures and fittings— 3 - 7 years The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposal are determined by comparing proceeds with carrying amount. These are included in the Statement of Profit and Loss and Comprehensive Loss. |
Right-of-Use Assets | 2.9 Right-of-Use Assets The Group assesses whether a contract is or contains a lease at inception of a contract. The Group recognizes a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate which is based on the Group’s recent borrowings. Lease payments included in the measurement of the lease liability comprise: • fixed lease payments (including in-substance fixed payments), less any lease incentives; • variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; • the amount expected to be payable by the lessee under residual value guarantees; • the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and • payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is presented as a separate line in the consolidated statement of financial position. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability, making a corresponding adjustment to the related right-of-use asset) whenever: • the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. • the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is measured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). • a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The Group did not make any such adjustments during the periods presented. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognized and measured under IAS 37 Provisions, Contingent Liabilities and Contingent Assets . The costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. The Group applies IAS 36 Impairment of Asset s to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in Note 2.10 (d) . Variable rents that do not depend on an index or rate are not included in the measurement the lease liability and the right-of-use asset. The related payments are recognized as an expense in the period in which the event or condition that triggers those payments occurs and are recorded as an operating expense in the Consolidated Statement of Profit and Loss and Comprehensive Loss. As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Group has not used this practical expedient. |
Intangible assets | 2.10 Intangible assets (a) Goodwill Goodwill arises on the acquisition of businesses and represents the excess of the consideration transferred over the fair value of the identifiable net assets acquired. If the total of consideration transferred, non-controlling interest recognized and previously held interest measured at fair value is less than the fair value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the difference is recognized directly in the income statement. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash generating units (“CGUs”), or groups of CGUs, that is expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level. Currently the Group operates in a single segment and the goodwill is assessed at a single CGU. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognized immediately as an expense and is not subsequently reversed. (b) Patents Acquired patents and patent applications are shown at acquired cost less accumulated amortization. Amortization will be calculated using the straight line method to allocate the cost of patents over their estimated useful economic lives, calculated as the lower of management’s estimated useful life or the time remaining on the granted patent, once brought into use. (c) Intangible assets acquired in a Business Combination Intangible assets acquired in a business combination and recognized separately from goodwill are initially recognized at their fair value at the acquisition date (which is regarded as their cost). Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Separately recognized intangible assets comprise customer relationships and contracts, supplier relationships, technology and software. Amortization is calculated using the straight line method over the intangible assets estimated useful life. Customer related intangibles and supplier relationships are amortized over 7 to 10 years . Technology and software are amortized over 8 to 10 years . (d) Impairment of Non-Financial Assets Assets not ready for use are not subject to amortization and are tested annually for impairment. Assets that are subject to amortization or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. |
Financial instruments | 2.11 Financial instruments (a) Classification The Group classifies its financial instruments in the following categories (as disclosed in Note 22 ): amortized cost or fair value through profit or loss (equity investments). Financial assets and liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument. Financial liabilities at amortized cost comprise trade and other payables, loans and other financial liabilities. (b) Recognition and Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Subsequently, loans and receivables are measured at amortized cost (with the exception of equity investments which are measured at fair value through profit or loss) using the effective interest method less a provision for impairment. The Group’s financial liabilities consist of trade and other payables, notes payable and preferred shares. These financial instruments are assessed under IFRS 9, to determine if the instrument qualifies to be accounted for under the fair value through profit or loss (“FVTPL”) method or at amortized cost. Financial liabilities held at amortized cost are initially recognized at the amount to be required to be paid, less, when material, a discount to reduce the payables to fair value. Financing costs are recorded as a reduction of the proceeds from the financing. If the costs relate to more than one element of a financing transactions, the financing costs are recorded as a proportional reduction of the proceeds of the separate elements. Financial liabilities are subsequently measured at amortized cost using the effective interest method. Financial liabilities held at FVTPL are initially recognized at fair value. After initial recognition, these financial liabilities are re-measured at FVTPL using an appropriate valuation technique. Financial liabilities are classified as current liabilities if payment is due within twelve months. Otherwise, they are presented as non-current liabilities. (c) Derecognition The Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of the ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Group is recognized as a separate asset or liability. Derecognition also takes place for certain assets when the Group write-off balances pertaining to the assets deemed to be uncollectible. The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled or expire. Where there has been a significant modification of a financial liability the Group derecognizes the original financial liability and recognizes the modified liability at fair value with any difference between the amortized cost of the derecognized liability and the fair value of the modified liability being recognized in comprehensive loss. (d) Impairment of financial assets The Group recognizes loss allowances for expected credit losses ("ECLs") on financial assets measured at amortized cost. The Group measures loss allowances at an amount equal to lifetime ECL. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECL, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s historical experience and informed credit assessment and including forward-looking information. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e., the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). Credit-impaired financial assets At each reporting date, the Group assesses whether financial assets carried at amortized cost and debt securities at FVOCI are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Write-offs The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. |
Inventories | 2.12 Inventories Inventories are stated at the lower of cost and net realizable value. The cost of finished goods, work in process includes raw materials, direct labor and other directly attributable costs and overheads based upon the normal capacity of production facilities. Cost is determined using the weighted average method. Net realizable value is the estimated selling price less cost to completion and se lling expenses. The Group has concluded that inventory provisions are a critical estimate, see Note 3 for further information. |
Trade and other receivables | 2.13 Trade and other receivables Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Trade and other receivables are carried at the original invoiced amount less allowances made for doubtful accounts, trade discounts, cash discounts and similar allowances. An allowance for doubtful accounts is recorded for expected credit losses over the term of the receivables. These are based on specific indicators, such as the ageing of customer balances and other specific credit circumstances. Trade and other receivables are written off when there is no reasonable expectation of recovery. The Group applies the simplified approach prescribed by IFRS 9, which requires / permits the use of the lifetime expected loss provision from initial recognition of the receivables. |
Cash and cash equivalents | 2.14 Cash and cash equivalents In the Consolidated Statement of Cash Flows, cash and cash equivalents comprise cash at bank and in hand, deposits held at call with banks and bank overdrafts. In the Consolidated Statement of Financial Position, bank overdrafts, if any, are shown within borrowings in current liabilities. |
Trade and other payables | 2.15 Trade and other payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade and other payables are initially measured at fair value and are subsequently measured at amortized cost using the effective interest method. |
Provisions and charges | 2.16 Provisions and charges Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The present value of the liability is remeasured at the reporting date. |
Government and other grants | 2.17 Government and other grants Government and other grants are included within deferred government and other grants in the balance sheet and credited to the profit and loss account on a systematic basis over the periods in which the Group recognizes as expenses the related costs for which the grants are intended to compensate. The Group has elected to present grants as a reduction to the related expense line. |
Borrowing costs | 2.18 Borrowing costs Borrowing costs are recognized in the Consolidated Statement of Profit and Loss and Comprehensive Loss in the period in which they are incurred. |
Share capital | 2.19 Share capital Ordinary Shares are classified as equity when there is no obligation to transfer cash or other assets. Incremental costs directly attributable to the issue of equity instruments are shown in equity as a deduction from the proceeds, net of tax. Incremental costs directly attributable to the issue of equity instruments as consideration for the acquisition of a business are included in the cost of acquisition. The Company’s Series A Preferred Shares have been classified as a compound financial instrument as described in Note 16 . The Company’s Series B Preferred Shares have been classified as financial liability held at FVTPL. On February 1, 2021 the Board of Directors of the Company approved a stock split of the issued and outstanding A Ordinary and com mon shares of the Company on a 220 for 1 basis. In accordance with IAS 33, the earnings per share calculations have been presented for the stock split retrospectively. In connection with the merger with CAH, in order to achieve an exchange ratio of one LMDX common share for each CAH share, the Company effected a subdivision, immediately prior to the merger, of all issued, and authorized but unissued, ordinary shares and common shares at a ratio of 1.60806264 :1. |
Share based payment | 2.20 Share based payment The Company operates equity-settled, share-based compensation plans under which the entity receives services or other consideration from employees and other unrelated parties for equity instruments of the Company. The fair value of the services and consideration received in exchange for the grant of options is recognized as an expense and as a component of equity. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted. |
Taxation | 2.21 Taxation The tax expense or credit comprises current and deferred tax. It is calculated using tax rates that have been enacted or substantively enacted by the Statement of Financial Position date. Subsidiaries within the Group may be eligible for tax credits related to qualifying research and development expenditures. The Group records an asset as a reduction in tax expense when it determines the receipt of a tax credit is probable. Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from goodwill (or negative goodwill) or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction, which affects neither the tax profit nor the accounting profit. Deferred tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the Consolidated Statement of Profit and Loss and Comprehensive Loss, except when it relates to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. |
Pension Obligations | 2.22 Pension Obligations The Group makes contributions to defined contribution pension plans for employees. The Group has no legal or constructive obligations to pay further contributions. The contributions are recognized as employee benefit expense when they are paid. In 2022 expenses for the Group’s defined contribution plans were $ 3,420 (2021: $ 3,111 , 2020: $ 1,569 ). |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of changes in accounting estimates [abstract] | |
Summary of Assumptions Used to Estimate Fair Value of Share Options Granted | The assumptions used to estimate the fair value of the share options granted are as follows: 2021 2022 Share Options Share Options ESPP Employees Founders Employees Grant date fair value ($) 1.37 to 4.02 1.26 to 2.85 0.90 to 9.37 0.97 to 8.79 Exercise price ($) 9.89 to 16.39 16.96 to 17.05 0.90 to 9.37 0.82 to 7.47 Volatility 40.0 % 40.0 % 40.0 % 40.0 % Dividend yield — — — — Expected life of option (years) 4 - 6.25 4 - 6.25 5.75 - 6.25 0.25 - 1.00 Annual risk free interest rate 0.78 - 1.22 % 0.78 - 1.22 % 1.75 - 4.15 % 0.05 - 4.66 % Total fair value of options granted $ 8,567 $ 43,887 $ 112,147 $ 1,864 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue [abstract] | |
Summary of Disaggregation of Revenue | Disaggregation of Revenue 2020 2021 2022 REVENUE STREAM REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM OTHER SOURCES TOTAL REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM OTHER SOURCES TOTAL REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM OTHER SOURCES TOTAL Products $ 133,794 $ 862 $ 135,656 $ 414,114 $ 1,540 $ 415,654 $ 249,247 $ 1,765 $ 251,012 Services 3,497 — 3,497 5,774 — 5,774 3,464 — 3,464 Total Revenue $ 137,291 $ 862 $ 139,153 $ 419,888 $ 1,540 $ 421,428 $ 252,711 $ 1,765 $ 254,476 |
Summary of Remaining Performance Obligations in (Partially) Unsatisfied Long-term Contracts | Remaining Performance Obligations in (partially) unsatisfied long-term contracts: DEFERRED 2021 2022 Balance at start of the period $ 1,760 $ 1,517 Recognized revenue from prior years' invoicing ( 1,760 ) ( 1,517 ) Amounts invoiced to be recognized over time 4,149 2,069 Recognized revenue from current year invoicing ( 2,703 ) ( 1,089 ) Foreign exchange impact 71 19 Balance at end of the period 1,517 999 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Schedule of Revenue from External Customers by Country | Revenue from external customers by country, based on the location of the customer is as follows: ANALYSIS OF REVENUE BY COUNTRY: 2020 2021 2022 United States $ 54,655 $ 250,755 $ 139,554 Italy 24,098 65,659 49,200 United Kingdom 39,936 56,282 22,259 Germany 1,462 16,261 8,638 Colombia 8,789 12,101 10,949 Sweden 3,128 6,954 3,903 Other 7,085 13,416 19,973 Total revenue $ 139,153 $ 421,428 $ 254,476 |
Schedule of Non-current Assets by Country | Non-current assets by country are as follows: ANALYSIS OF NON-CURRENT ASSETS BY COUNTRY: 2021 2022 United Kingdom $ 199,312 $ 137,811 United States 22,537 19,986 Italy 10,600 9,324 Colombia 3,780 3,622 Spain 585 716 Sweden 630 605 Germany 277 413 Other 1,039 1,597 Total $ 238,760 $ 174,074 |
Finance Income and Finance Ex_2
Finance Income and Finance Expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income, expense, gains or losses of financial instruments [abstract] | |
Summary of Finance Income and Finance Expense | 2020 2021 2022 Net gain on conversion of convertible financial instruments $ - $ 64,143 $ - Change in fair value of 2020 convertible notes (Note 17) - 52,267 - Change in fair value of Series B preferred shares (Note 16) - 48,956 - Change in fair value of Stock Warrants 1 - - 10,068 Gain on sublease - - 3,608 Lease interest income - - 626 Interest Income 581 60 317 Foreign exchange gain 21,908 - - Other 11 - - Finance income $ 22,500 $ 165,426 $ 14,619 Interest expense (cash) $ ( 12,695 ) $ ( 29,954 ) $ ( 27,546 ) Interest expense (non-cash) ( 18,152 ) ( 43,939 ) ( 11,412 ) Lease liability interest expense (Note 24) ( 751 ) ( 2,501 ) ( 4,464 ) Change in fair value of instrument financing arrangement (Note 25) - - ( 9,950 ) Foreign exchange loss - ( 14,594 ) ( 81,384 ) Government assessment 2 - - ( 1,177 ) Dividend on preferred shares (Note 16) ( 23,578 ) ( 16,156 ) - Debt extinguishment fee (cash) - ( 3,636 ) - Debt extinguishment fee (non-cash) ( 5,647 ) ( 4,170 ) - Change in fair value of 2020 convertible notes (Note 17) ( 102,548 ) - - Change in fair value of Series B preferred shares (Note 16) ( 9,351 ) - - Change in fair value of Stock Warrants - ( 2,875 ) - Other - ( 109 ) ( 524 ) Finance expense $ ( 172,722 ) $ ( 117,934 ) $ ( 136,457 ) 1 - Relates to liability classified warrants from the Merger (Note 2) 2 - Retroactive assessment by a foreign government to all entities selling certain medical related products to the government. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Major components of tax expense (income) [abstract] | |
Summary of Tax Credit | TAX CREDIT FOR THE PERIOD 2020 2021 2022 Current income credit / (tax) - Current year $ 10,320 $ ( 4,087 ) $ ( 8,279 ) - Prior years ( 767 ) — 3,484 Total current income credit / (tax) 9,553 ( 4,087 ) ( 4,795 ) Deferred income tax credit - Current year 393 1,243 475 - Prior years — — — Total deferred income credit 393 1,243 475 Total income tax credit/(expense) $ 9,946 $ ( 2,844 ) $ ( 4,320 ) |
Summary of Reconciliation of Effective Tax Rate | Reconciliation of effective tax rate: 2020 2021 2022 Loss for the period before taxation $ 250,943 $ 97,911 $ 443,285 Tax benefit at standard U.K. rate at 19 % 47,679 18,603 84,224 Difference in overseas tax rates 145 ( 700 ) ( 1,140 ) Expenses not deductible for tax purposes ( 5,389 ) 7,359 ( 66 ) Tax losses for which no deferred tax asset was recognized ( 37,694 ) ( 21,887 ) ( 83,789 ) Share-based payment (not deductible for tax purposes) ( 572 ) ( 6,443 ) ( 6,690 ) Research and development credit 4,804 — 3,484 Adjustments for prior year 767 — — Other timing differences and adjustments 206 224 ( 343 ) Income tax credit/(expense) $ 9,946 $ ( 2,844 ) $ ( 4,320 ) Effective tax rate 4 % - 3 % - 1 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Schedule of Loss Attributable to Ordinary Shareholders | Loss attributable to ordinary and common shareholders: 2020 2021 2022 BASIC DILUTED BASIC DILUTED BASIC DILUTED Loss for the year, attributable to equity holders of the parent $ ( 240,980 ) $ ( 240,980 ) $ ( 100,929 ) $ ( 100,929 ) $ ( 447,793 ) $ ( 447,793 ) Loss attributable to ordinary and common shareholders ( 240,980 ) ( 240,980 ) ( 100,929 ) ( 100,929 ) ( 447,793 ) ( 447,793 ) Weighted-average number of ordinary and common shares: BASIC DILUTED BASIC DILUTED BASIC DILUTED Issued ordinary shares at January 1 132,188,281 132,188,281 132,204,201 132,204,201 252,803,846 252,803,846 Effect of shares issued 4,599 4,599 31,051,583 31,051,583 29,438,298 29,438,298 Weighted-average number of ordinary and common shares 132,192,880 132,192,880 163,255,784 163,255,784 282,242,144 282,242,144 Loss per share: BASIC DILUTED BASIC DILUTED BASIC DILUTED Loss per share $ ( 1.82 ) $ ( 1.82 ) $ ( 0.62 ) $ ( 0.62 ) $ ( 1.59 ) $ ( 1.59 ) |
Schedule of Computation of Diluted Net loss Per Share Attributable to Ordinary Shareholders and Common Shareholders | The Company excluded the following potential A Ordinary shares and common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to ordinary shareholders and common shareholders for the periods indicated because including them would have had an anti-dilutive effect: YEAR ENDED DECEMBER 31, 2020 2021 2022 Convertible preferred shares (as converted to A Ordinary shares) 87,711,133 — — Options to purchase A Ordinary and Common shares 57,212,650 83,573,631 99,201,843 Convertible Debt (as converted to common shares) 25,944,000 — 6,126,554 Warrants to purchase A Ordinary shares 5,430,781 5,430,781 5,373,008 Warrants to purchase common shares 6,200,947 13,578,294 13,578,244 182,499,511 102,582,706 124,279,649 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of subsidiaries [abstract] | |
Summary of Information Relating to Group's Subsidiaries With Non-controlling Interests | The following table summarizes the information relating to each of the Group’s subsidiaries with Non-controlling interests. 2021 2022 LUMIRADX LUMIRADX LUMIRADX LUMIRADX Non-current assets $ 189 $ 237 $ 351 $ 153 Current assets 8,627 1,517 7,925 1,261 Non-current liabilities ( 5,643 ) ( 3,594 ) ( 5,597 ) ( 4,708 ) Current liabilities ( 3,213 ) ( 543 ) ( 2,648 ) ( 312 ) Net assets/(liabilities) ( 100 %) ( 40 ) ( 2,383 ) 31 ( 3,606 ) Carrying amount of Non-controlling interest 805 ( 1,260 ) 1,015 ( 1,282 ) Revenue 12,101 2,320 11,019 2,185 Profit/(loss) 1,609 ( 879 ) 1,106 ( 1,120 ) Other comprehensive gain - - - - Total comprehensive profit/(loss) ( 100 %) 1,609 ( 879 ) 1,106 ( 1,120 ) Profit/(loss) allocated to non-controlling interest 306 ( 132 ) 210 ( 22 ) Other comprehensive loss allocated to non- — — — — Cash flows from operating activities 1,810 ( 701 ) ( 97 ) ( 883 ) Cash flows from investment activities ( 98 ) ( 38 ) ( 273 ) ( 92 ) Cash flows from financing activities - 500 - 1,000 Net increase/(decrease) in cash and cash equivalents $ 1,712 $ ( 239 ) $ ( 370 ) $ 25 * —Represents the consolidation of LumiraDx Colombia Holdings Limited and LumiraDx SAS, a wholly owned subsidiary of LumiraDx Colombia Holdings Limited |
Summary of Principal Subsidiaries | Principal Subsidiaries PROPORTION OF NAME COUNTRY OF NATURE OF 2021 2022 LumiraDx Brazil Holdings Limited United Kingdom Holding Company 100 % 100 % LumiraDx Healthcare Ltda Brazil Distributor of medical diagnostics 98 % 98 % LumiraDx Colombia Holdings Limited United Kingdom Holding Company 81 % 81 % Lumira SAS Colombia Distributor of medical diagnostics 100 % * 100 % * LumiraDx SAS France Distributor of medical diagnostics 100 % 100 % LumiraDx GmbH Germany Distributor of medical diagnostics 100 % 100 % LumiraDx AB Sweden Distributor of medical diagnostics 100 % 100 % LumiraDx UK Limited United Kingdom Manufacture and distribution of medical diagnostics 100 % 100 % LKM Innovations Limited United Kingdom Research and development 100 % 100 % LumiraDx Ltd. United Kingdom Distributor of medical diagnostics 100 % 100 % LumiraDx Group Limited United Kingdom Holding Company 100 % 100 % LumiraDx International Limited United Kingdom Holding Company 100 % 100 % LumiraDx Investment Limited United Kingdom Holding Company 100 % 100 % LumiraDx Care Solutions UK Limited United Kingdom Healthcare IT and services 100 % 100 % LumiraDx, Inc United States Research and development and distributor of medical diagnostics 100 % 100 % ACS Acquisition LLC United States Healthcare IT and services 100 % 100 % LumiraDx Healthcare LLC United States Healthcare IT and services 100 % 100 % Biomedical Service S.r.l. Italy Distributor of medical diagnostics 100 % 100 % LumiraDx AS Norway Distributor of medical diagnostics 100 % 100 % LumiraDx GmbH Austria Distributor of medical diagnostics 100 % 100 % LumiraDx GmbH Switzerland Distributor of medical diagnostics 100 % 100 % LumiraDx Japan Co. Ltd. Japan Distributor of medical diagnostics 100 % 100 % LumiraDx Oy Finland Distributor of medical diagnostics 100 % 100 % LumiraDx A/S Denmark Distributor of medical diagnostics 100 % 100 % LumiraDx Healthcare S.L. Spain Distributor of medical diagnostics 100 % 100 % SureSensors Ltd. United Kingdom Developer and manufacturer of medical diagnostics 100 % 100 % LumiraDx (Pty) Limited South Africa Distributor of medical diagnostics 100 % 100 % LumiraDx B.V. Netherlands Distributor of medical diagnostics 100 % 100 % LumiraDx Benelux B.V. Netherlands Distributor of medical diagnostics 100 % 100 % LumiraDx Limited Ireland Distributor of medical diagnostics 100 % 100 % LumiraDx Healthcare Private Limited India Distributor of medical diagnostics 100 % 100 % CA Healthcare Acquisition Corp. United States Holding Company 100 % 100 % *— LumiraDx Colombia Holdings Limited holds 100 % of the equity shares of LumiraDx SAS |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [abstract] | |
Summary of Goodwill and Intangible Assets | GOODWILL PATENTS CUSTOMER SUPPLIER TECHNOLOGY TOTAL Cost At 1 January 2020 $ 15,391 $ 18,122 $ 8,731 $ 2,856 $ 11,177 $ 56,277 Additions — — — — — — Acquisition of subsidiaries — — — — — — Exchange differences 600 549 408 — 156 1,713 At 31 December 2020 15,991 18,671 9,139 2,856 11,333 57,990 Amortization At 1 January 2020 — 2,710 4,034 1,043 6,957 14,744 Charge for the period — 831 951 286 319 2,387 Impairments — — — — — — Exchange differences — 54 62 — 20 136 At 31 December 2020 — 3,595 5,047 1,329 7,296 17,267 Net Book Value At 31 December 2020 $ 15,991 $ 15,076 $ 4,092 $ 1,527 $ 4,037 $ 40,723 Cost At January 1, 2021 $ 15,991 $ 18,671 $ 9,139 $ 2,856 $ 11,333 $ 57,990 Additions — — — — — — Exchange differences ( 385 ) ( 178 ) ( 278 ) — ( 48 ) ( 889 ) At December 31, 2021 15,606 18,493 8,861 2,856 11,285 57,101 Amortization At January 1, 2021 — 3,595 5,047 1,329 7,296 17,267 Charge for the period — 890 1,317 286 334 2,827 Exchange differences — ( 16 ) ( 21 ) — ( 4 ) ( 41 ) At December 31, 2021 — 4,469 6,343 1,615 7,626 20,053 Net Book Value At December 31, 2021 $ 15,606 $ 14,024 $ 2,518 $ 1,241 $ 3,659 $ 37,048 Cost At January 1, 2022 $ 15,606 $ 18,493 $ 8,861 $ 2,856 $ 11,285 $ 57,101 Additions — — — — — — Exchange differences ( 947 ) ( 1,448 ) ( 139 ) — ( 378 ) ( 2,912 ) At December 31, 2022 14,659 17,045 8,722 2,856 10,907 54,189 Amortization At January 1, 2022 — 4,469 6,343 1,615 7,626 20,053 Charge for the period — 803 593 286 303 1,985 Exchange differences — ( 19 ) 7 — ( 7 ) ( 19 ) At December 31, 2022 — 5,253 6,943 1,901 7,922 22,019 Net Book Value At December 31, 2022 $ 14,659 $ 11,792 $ 1,779 $ 955 $ 2,985 $ 32,170 |
Summary of Intangible Assets in Use and Under Development | Intangible assets in use Type of intangible Net book value Remaining Acquired Patents Patents 6,420 8 years Acquired Technology Technology 178 1 year Acquired Supplier relationships Supplier relationships 958 3 years Acquired Customer-related intangible Customer-related 1,777 4 - 5 years Acquired Technology Technology 903 6 years Intangible assets under development Type of intangible asset Net book value Remaining amortization period Technology License Technology 1,901 n/a Patent License Patents 4,754 n/a Patents Patents 620 n/a |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Summary of Property, Plant and Equipment | LAND AND FIXTURES PLANT AND ASSETS UNDER TOTAL Cost At 1 January 2020 $ 3,054 $ 3,115 $ 17,287 $ 10,432 $ 33,888 Additions 3,686 1,115 25,831 33,749 64,381 Transfers — ( 22 ) 22 — — Disposals — ( 126 ) ( 137 ) ( 406 ) ( 669 ) Exchange differences 366 64 1,799 2,090 4,319 At 31 December 2020 7,106 4,146 44,802 45,865 101,919 Accumulated Depreciation At 1 January 2020 1,067 2,014 5,666 — 8,747 Charge for the period 841 618 4,258 — 5,717 Transfers — ( 1 ) 1 — — Disposals — ( 47 ) ( 135 ) — ( 182 ) Exchange differences 151 52 352 — 555 At 31 December 2020 2,059 2,636 10,142 — 14,837 Carrying Amount At 31 December 2020 $ 5,047 $ 1,510 $ 34,660 $ 45,865 $ 87,082 Cost At January 1, 2021 $ 7,106 $ 4,146 $ 44,802 $ 45,865 $ 101,919 Additions 28,047 4,144 72,186 1,969 106,346 Transfers — 2,137 ( 2,137 ) — — Disposals ( 67 ) ( 452 ) ( 91 ) — ( 610 ) Exchange differences ( 562 ) ( 322 ) ( 2,084 ) ( 574 ) ( 3,542 ) At December 31, 2021 34,524 9,653 112,676 47,260 204,113 Accumulated Depreciation At January 1, 2021 2,059 2,636 10,142 — 14,837 Charge for the period 2,773 2,204 12,298 — 17,275 Transfers — 1,686 ( 1,686 ) — — Disposals ( 21 ) ( 366 ) ( 91 ) — ( 478 ) Exchange differences ( 106 ) ( 223 ) ( 589 ) — ( 918 ) At December 31, 2021 4,705 5,937 20,074 — 30,716 Carrying Amount At December 31, 2021 $ 29,819 $ 3,716 $ 92,602 $ 47,260 $ 173,397 Cost At January 1, 2022 $ 34,524 $ 9,653 $ 112,676 $ 47,260 $ 204,113 Additions 5,137 2,227 12,960 11,496 31,820 Transfers — — — — — Disposals ( 147 ) ( 702 ) ( 997 ) — ( 1,846 ) Exchange differences ( 3,417 ) ( 762 ) ( 10,480 ) ( 5,075 ) ( 19,734 ) At December 31, 2022 36,097 10,416 114,159 53,681 214,353 Accumulated Depreciation At January 1, 2022 4,705 5,937 20,074 — 30,716 Charge for the period 4,359 1,812 18,995 — 25,166 Transfers — — — — — Disposals ( 13 ) ( 360 ) ( 917 ) — ( 1,290 ) Impairments — 0 26,780 22,657 49,437 Exchange differences ( 506 ) ( 504 ) ( 2,072 ) — ( 3,082 ) At December 31, 2022 8,545 6,885 62,860 22,657 100,947 Carrying Amount At December 31, 2022 $ 27,552 $ 3,531 $ 51,299 $ 31,024 $ 113,406 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Classes of current inventories [abstract] | |
Summary of Inventory | 2021 2022 Finished goods $ 62,410 $ 68,420 Raw materials 80,606 19,584 WIP 6,039 1,961 Total Inventory $ 149,055 $ 89,965 |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables [abstract] | |
Summary of Trade and Other Receivables | 2021 2022 Trade receivables $ 75,207 $ 30,406 Reserves on trade receivables ( 1,681 ) ( 3,730 ) Prepaids 20,349 11,781 Other receivables 9,408 10,732 VAT receivable 6,515 6,788 Total trade and other receivables $ 109,798 $ 55,977 |
Share Capital, Premium and Ot_2
Share Capital, Premium and Other Reserves (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of classes of share capital [abstract] | |
Summary of Shares Authorized, Fully Paid and Allocated | SHARES AUTHORIZED, FULLY PAID AND ALLOCATED A ORDINARY A ORDINARY COMMON SHARES COMMON SHARES 2021 2022 2021 2022 In issue at start of period 373,697 207,562,080 — 45,241,766 February Subdivision ( 220 :1) 81,839,643 — — — Issued for cash 104,200 3,451,917 — 62,290,503 Issued in other transactions — — 5,307,607 — Merger Subdivision at the LMDX Conversion Factor ( 1.60806264 :1) 78,446,580 — 4,796,852 — Conversion — ( 46,692,231 ) — 46,692,231 Shares issued upon conversion of financial instruments 46,797,960 — 35,137,307 — In issue at December - fully paid and allocated 207,562,080 164,321,766 45,241,766 154,224,500 |
Share Based Payments (Tables)
Share Based Payments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Summary of Movements on Number of Share Options and Exercise Price | Movements on number of share options and their related exercise price are as follows: NUMBER OF WEIGHTED Outstanding at January 1, 2021 57,212,650 $ 2.09 Granted 26,557,293 16.45 Exercised ( 104,200 ) ( 1.00 ) Forfeited ( 92,112 ) ( 9.72 ) Outstanding at December 31, 2021 83,573,631 6.72 Granted 22,755,235 5.01 Exercised ( 3,494,254 ) ( 2.43 ) Forfeited/Expired ( 3,632,769 ) ( 5.35 ) Outstanding at December 31, 2022 99,201,843 6.45 Exercisable at December 31, 2021 66,322,324 5.28 Exercisable at December 31, 2022 71,900,277 $ 6.54 |
Summary of Issued Shares under ESPP | During the year ended December 31, 2022, the Company issued shares of common stock under the 2021 ESPP as follows: Offering Period Purchase Date Number of Shares Purchase Price February 1, 2022 34,858 $ 7.47 May 1, 2022 145,702 $ 4.06 July 29, 2022 149,342 $ 1.30 October 31, 2022 908,087 $ 0.82 Total 2022 1,237,989 |
Preferred Shares (Tables)
Preferred Shares (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Preference shares [member] | |
Summary of Preferred Shares | PREFERRED DIVIDENDS TOTAL Balance at January 1, 2020 $ 221,927 $ 26,713 $ 248,640 Issuance, net of related costs 162,401 — 162,401 Accretion of issuance costs 7,751 — 7,751 Dividends accrued — 23,578 23,578 Fair value adjustment of convertible feature 9,351 — 9,351 Balance at December 31, 2020 401,430 50,291 451,721 Accretion of issuance costs 8,498 — 8,498 Dividends accrued — 16,156 16,156 Converted to Share Premium from Merger ( 409,928 ) ( 66,447 ) ( 476,375 ) Balance at December 31, 2021 $ - $ - $ - |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings [abstract] | |
Summary of Information About Contractual Terms of Interest-bearing Loans and Borrowings | This note provides information about the contractual terms of the Group’s interest-bearing loans and borrowings, which are measured at amortized cost. CURRENCY NOMINAL YEAR OF 2021 2021 2021 2022 2022 2022 Unsecured Loan USD 2.00 % 2024 $ 18,000 $ 14,242 $ 14,557 $ 18,000 $ 15,508 $ 14,629 2021 Senior Secured Loans USD 8.00 % 2024 300,000 286,815 283,893 300,000 296,553 275,925 2022 Convertible Notes USD 6.00 % 2027 — — — 56,500 54,418 49,476 Instrument Financing Loans EUR 1.70 - 2.60 % 2022 - 2023 263 263 263 76 76 76 |
Summary of Instrument Financing Loans are Used to Finance Cost of Installing Instruments | Instrument financing loans are used to finance the cost of installing instruments at customer locations where the Group retains title of the instruments. Balance at January 1, 2021 $ 286,972 Changes from financing cash flows Proceeds from borrowings, net of issuance costs 2020 Senior Secured Loan 34,125 Incremental term loan 39,000 2021 Senior Secured Loan 288,513 Instrument Financing Loans 192 Repayments of borrowings 2020 Senior Secured Loan ( 100,000 ) Incremental term loan ( 40,000 ) Instrument Financing Loans ( 552 ) Total changes from financing cash flows 221,278 Other changes Reclassification of Unsecured Loan amounts to grant liability in accordance with IAS 20 ( 3,758 ) Warrants 2021 Senior Secured Loan ( 5,136 ) Conversion to equity Convertible Notes ( 61,980 ) 2021 Convertible Notes ( 125,652 ) Loss on extinguishment of debt 2020 Senior Secured Loan 3,170 Incremental term loan 1,000 Change in fair value 2021 Convertible Notes ( 52,267 ) Amortization of debt discount 2020 Senior Secured Loan 366 Convertible Notes 2,866 2021 Convertible Notes 31,075 2021 Senior Secured Loan 3,438 Foreign exchange impact Instrument Financing Loans ( 52 ) Total other changes ( 206,930 ) Balance at December 31, 2021 301,320 Less: Debt due within one year ( 191 ) $ 301,129 Changes from financing cash flows Proceeds from borrowings, net of issuance costs 2022 Convertible Notes $ 54,010 Repayments of borrowings Instrument Financing Loans ( 174 ) Total changes from financing cash flows 53,836 Amortization of debt discount Unsecured Loan 1,266 2021 Senior Secured Loan 8,454 2022 Convertible Notes 408 Amortization of debt discount arising from debt modifications 2021 Senior Secured Loan 1,284 Foreign exchange impact Instrument Financing Loans ( 13 ) Total other changes 11,399 Balance at December 31, 2022 366,555 Less: Debt due within one year ( 76 ) $ 366,479 |
Lease Liability (Tables)
Lease Liability (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Lease liabilities [abstract] | |
Summary of Lease Liability | 2021 2022 Due in less than one year $ 5,546 $ 8,474 Due between one and five years 25,151 23,543 Due in more than five years 16,301 13,251 Total $ 46,998 $ 45,268 |
Deferred Tax Asset and Liabil_2
Deferred Tax Asset and Liability (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred tax assets and liabilities [abstract] | |
Summary of Deferred Tax Asset and Deferred Tax Liability | The analysis of deferred tax assets and deferred tax liabilities is as follows: 2021 2022 Deferred taxes: - Liabilities $ 779 $ 542 Total net deferred tax liabilities $ 779 $ 542 |
Summary of Analysis and Movement of Deferred Tax Assets and Liabilities | The analysis and movement of deferred tax assets and liabilities is as follows: JANUARY 1, RECOGNIZED RECOGNIZED DECEMBER 31, Deferred tax liabilities Intangible assets $ 1,238 $ ( 862 ) $ 238 $ 614 Deferred tax assets Net operating losses and other ( 459 ) 387 ( 72 ) Net deferred tax liability $ 779 $ ( 475 ) $ 238 $ 542 JANUARY 1, RECOGNIZED RECOGNIZED DECEMBER 31, Deferred tax liabilities Intangible assets $ 1,727 $ ( 383 ) $ ( 106 ) $ 1,238 Deferred tax assets Net operating losses and other ( 497 ) 197 ( 159 ) ( 459 ) Net deferred tax liability $ 1,230 $ ( 186 ) $ ( 265 ) $ 779 |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other payables [abstract] | |
Summary of Trade and Other Payables | 2021 2022 Trade payables $ 59,718 $ 28,897 Accrued expenses and other liabilities 26,366 23,745 Accrued interest 6,239 7,373 Restructuring provision — 1,156 Warranty provision 5,801 4,107 Deferred revenue 1,517 999 Total trade and other payables $ 99,641 $ 66,277 |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Risk Management [Abstract] | |
Carrying Amounts of Trade and Other Receivables | The carrying amounts of the Group’s trade and other receivables are denominated in the following currencies: 2021 2022 US Dollars 51,568 17,126 U.K. Pounds 27,089 21,493 Euros 24,057 10,983 Colombian Pesos 3,398 3,547 Brazilian Reals 783 710 Swedish Krona 954 432 Swiss Francs 992 127 Other 957 1,559 109,798 55,977 |
Movement in Loss Allowances Against Trade Receivables | Movement in the loss allowances against trade receivables is as follows: Loss allowance as of January 1, 2021: $ 661 Loss allowance recognized during the year 1,253 Balances written off during the year ( 222 ) Balances recovered during the year ( 11 ) Loss allowance at December 31, 2021: 1,681 Loss allowance recognized during the year 6,207 Balances written off during the year ( 3,740 ) Balances recovered during the year ( 418 ) Loss allowance at December 31, 2022: $ 3,730 |
Summary of Undiscounted Contracted Maturities of Financial Liabilities | The following are the undiscounted contracted maturities of financial liabilities, including interest payments for the period ending December 31, 2022: NON-DERIVATIVE FINANCIAL EFFECTIVE YEAR OF CARRYING CONTRACTUAL LESS 1—2 2—5 Due in more than 5 years Unsecured Loan 10.55 % 2024 $ 15,508 $ 18,649 $ 360 $ 18,289 $ - $ - 2021 Senior Secured Loan 11.48 % 2024 296,553 338,800 24,333 314,467 - - 2022 Convertible Notes 6.90 % 2027 54,418 70,813 3,437 3,437 63,939 - Instrument Financing Loans 1.7 - 2.6 % 2023 76 76 76 - - - Lease liabilities 31,452 45,268 8,474 7,788 15,755 13,251 Trade and other payables 66,277 66,277 66,277 - - - Total $ 464,284 $ 539,883 $ 102,957 $ 343,981 $ 79,694 $ 13,251 The following are the undiscounted contracted maturities of financial liabilities, including interest payments for the period ending December 31, 2021: NON-DERIVATIVE FINANCIAL EFFECTIVE YEAR OF CARRYING CONTRACTUAL LESS 1—2 2—5 Due in more than 5 years Unsecured Loan 10.55 % 2024 $ 14,242 $ 15,041 $ 285 $ 285 $ 14,471 $ - 2021 Senior Secured Loan 10.02 % 2024 286,815 354,133 24,333 24,333 305,467 - Instrument Financing Loans 1.7 - 2.6 % 2022 - 2023 263 263 191 72 - - Lease liabilities 31,096 46,998 5,546 7,633 17,518 - Trade and other payables 99,641 99,641 99,641 - - - Total $ 432,057 $ 516,077 $ 129,996 $ 32,323 $ 337,456 $ - |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Capital commitments [abstract] | |
Summary of Capital Expenditure Contracted But Not Yet Incurred | Capital expenditure contracted for at the end of the reporting period but not yet incurred is as follows: As of December 31, 2021 As of December 31, 2022 Capital $ 15,641 $ 1,311 Inventory 43,573 7,022 Total $ 59,214 $ 8,333 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Presentation of leases for lessee [abstract] | |
Summary of Leases | Right-of-use assets Net Carrying Amount December 31, 2021 $ 27,746 December 31, 2022 16,580 Depreciation expense for the year ended December 31, 2021 $ 5,593 December 31, 2022 6,137 |
Summary of Amounts Recognized in Profit and Loss | AMOUNTS RECOGNIZED IN PROFIT AND LOSS 2020 2021 2022 Depreciation expense of right-of-use-assets $ 2,810 $ 5,593 $ 6,137 Interest expense on lease liabilities 751 2,501 4,464 $ 3,561 $ 8,094 $ 10,601 |
Schedule of Maturity of Lease Receivables | At December 31, 2022 the maturity of lease receivables is as follows: 2021 2022 Due in less than one year $ - $ 1,255 Due between one and five years - 7,529 Due in more than five years - 5,804 Total $ - $ 14,588 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of transactions between related parties [abstract] | |
Summary of Remuneration | 2020 2021 2022 Salaries and wages $ 537 $ 1,743 $ 1,267 Stock compensation expense 62 28,376 $ - Pension and other post-employment benefits 33 60 $ 27 Other employee benefits 29 18 $ 17 Total $ 661 $ 30,197 $ 1,311 |
Listing Expenses (Tables)
Listing Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about business combination [abstract] | |
Summary of Listing Expense | Amount Number of Shares (a) Shares issued to CAH shareholders 5,307,607 (b) Opening price of LMDX shares on NASDAQ as of September 29, 2021 $ 9.89 (c) Fair value of LMDX shares issued to CAH shareholders (a * b) 52,492 (d) CAH cash in trust 38,244 (e) CAH other assets 325 (f) CAH liabilities ( 13,683 ) (g) Net assets of CAH (d + e + f) 24,886 IFRS 2 listing expense (c - g) $ 27,606 |
Restructuring and Impairment (T
Restructuring and Impairment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring And Impairment [Abstract] | |
Summary of restructuring and impairment charges | Restructuring and impairment charges have been recorded in the Statement of Profit and Loss in 2022 as follows: Excess Impairments Restructuring Inventories Total Cost of Sales 49,437 787 46,887 97,111 Research and development expenses - 1,599 - 1,599 Selling, marketing and administrative expenses - 1,033 - 1,033 Total 49,437 3,419 46,887 99,743 |
General Information - Additiona
General Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of General Information [Abstract] | |
Name of reporting entity | LumiraDx Limited |
Country of incorporation | Cayman Islands |
Address of entity's registered office | Ocorian Trust (Cayman) Limited, PO Box 1350, Windward 3, Regatta Office Park, Grand Cayman KY1-1108 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Apr. 06, 2021 USD ($) | Sep. 29, 2016 | Jul. 31, 2022 USD ($) | Feb. 28, 2021 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Sep. 28, 2021 USD ($) | Jul. 31, 2018 | |
Disclosure Of Changes In Accounting Estimates [Line Items] | |||||||||
Profit (loss) | $ 447,605 | $ 100,755 | $ 240,997 | ||||||
Net cash flows from (used in) operating activities | (162,108) | (134,583) | (149,327) | ||||||
Net assets | 105,375 | 162,596 | |||||||
Proceeds from merger | $ 98,000 | ||||||||
Date of acquisition | Sep. 29, 2016 | ||||||||
Loan interest rate | 12% | ||||||||
Employee benefits expense | $ 3,420 | $ 3,111 | $ 1,569 | ||||||
CA Healthcare Acquisition Corp. | |||||||||
Disclosure Of Changes In Accounting Estimates [Line Items] | |||||||||
Net assets | $ 24,886 | ||||||||
Shares issued in exchange of net assets | $ 38,000 | ||||||||
Date of acquisition | Sep. 28, 2021 | ||||||||
Initial business combination agreement date | Apr. 06, 2021 | ||||||||
Common shares ratio | 1.60806264 | ||||||||
Minimum | Customer Related Intangibles and Supplier Relationships | |||||||||
Disclosure Of Changes In Accounting Estimates [Line Items] | |||||||||
Useful life intangible assets | 7 years | ||||||||
Minimum | Technology and Software | |||||||||
Disclosure Of Changes In Accounting Estimates [Line Items] | |||||||||
Useful life intangible assets | 8 years | ||||||||
Maximum | Customer Related Intangibles and Supplier Relationships | |||||||||
Disclosure Of Changes In Accounting Estimates [Line Items] | |||||||||
Useful life intangible assets | 10 years | ||||||||
Maximum | Technology and Software | |||||||||
Disclosure Of Changes In Accounting Estimates [Line Items] | |||||||||
Useful life intangible assets | 10 years | ||||||||
Land and buildings [member] | Maximum | |||||||||
Disclosure Of Changes In Accounting Estimates [Line Items] | |||||||||
Estimated useful lives | 15 years | ||||||||
Plant and Equipment | Minimum | |||||||||
Disclosure Of Changes In Accounting Estimates [Line Items] | |||||||||
Estimated useful lives | 3 years | ||||||||
Plant and Equipment | Maximum | |||||||||
Disclosure Of Changes In Accounting Estimates [Line Items] | |||||||||
Estimated useful lives | 15 years | ||||||||
Fixtures and Fittings | Minimum | |||||||||
Disclosure Of Changes In Accounting Estimates [Line Items] | |||||||||
Estimated useful lives | 3 years | ||||||||
Fixtures and Fittings | Maximum | |||||||||
Disclosure Of Changes In Accounting Estimates [Line Items] | |||||||||
Estimated useful lives | 7 years | ||||||||
2020 Senior Secured Loan | |||||||||
Disclosure Of Changes In Accounting Estimates [Line Items] | |||||||||
YEAR OF MATURITY | March 2024 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Assumptions Used to Estimate Fair Value of Share Options Granted (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) yr $ / shares | Dec. 31, 2021 USD ($) yr $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected life of share option (years) | yr | 10 | |
ESPP [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Volatility | 40% | |
Total fair value of options granted | $ | $ 1,864 | |
Employees [Member] | Share Options [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Volatility | 40% | 40% |
Expected life of share option (years) | yr | 4 | |
Total fair value of options granted | $ | $ 112,147 | $ 8,567 |
Founders [Member] | Share Options [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Volatility | 40% | |
Total fair value of options granted | $ | $ 43,887 | |
Bottom of Range | ESPP [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date fair value ($) | $ 0.97 | |
Exercise price | $ 0.82 | |
Expected life of share option (years) | yr | 0.25 | |
Annual risk free interest rate | 0.05% | |
Bottom of Range | Employees [Member] | Share Options [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date fair value ($) | $ 0.90 | $ 1.37 |
Exercise price | $ 0.90 | $ 9.89 |
Expected life of share option (years) | yr | 5.75 | |
Annual risk free interest rate | 1.75% | 0.78% |
Bottom of Range | Founders [Member] | Share Options [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date fair value ($) | $ 1.26 | |
Exercise price | $ 16.96 | |
Expected life of share option (years) | yr | 4 | |
Annual risk free interest rate | 0.78% | |
Top of Range | ESPP [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date fair value ($) | $ 8.79 | |
Exercise price | $ 7.47 | |
Expected life of share option (years) | yr | 1 | |
Annual risk free interest rate | 4.66% | |
Top of Range | Employees [Member] | Share Options [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date fair value ($) | $ 9.37 | $ 4.02 |
Exercise price | $ 9.37 | $ 16.39 |
Expected life of share option (years) | yr | 6.25 | 6.25 |
Annual risk free interest rate | 4.15% | 1.22% |
Top of Range | Founders [Member] | Share Options [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date fair value ($) | $ 2.85 | |
Exercise price | $ 17.05 | |
Expected life of share option (years) | yr | 6.25 | |
Annual risk free interest rate | 1.22% |
Critical Accounting Estimates_2
Critical Accounting Estimates and Judgements - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure Of Inventory [Line Items] | ||||
Provisions for inventories | $ 90,399 | $ 22,829 | ||
Inventory reserve related to expiration or usage related estimates | 37,805 | |||
Inventory returned instruments gross | 35,745 | 15,522 | ||
Inventory reserve against returned instruments | 26,809 | 7,761 | ||
Additional reserve on inventory | 8,936 | |||
Net book value on property plant and equipment | 113,406 | $ 173,397 | [1] | $ 87,082 |
Impairment loss recognised in profit or loss, property, plant and equipment | 17,904 | |||
Impaired Assets | ||||
Disclosure Of Inventory [Line Items] | ||||
Net book value on property plant and equipment | 2,976 | |||
Manufacturing Equipment Currently in Service | ||||
Disclosure Of Inventory [Line Items] | ||||
Net book value on property plant and equipment | 29,318 | |||
Manufacturing Equipment Not Yet Placed in Service | ||||
Disclosure Of Inventory [Line Items] | ||||
Net book value on property plant and equipment | 17,904 | |||
Test Strips [Member] | ||||
Disclosure Of Inventory [Line Items] | ||||
Reserves | 38,589 | |||
Inventory reserve gross | $ 69,573 | |||
[1] Government and other grants have been restated due to a presentational error - see Note 21. |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
REVENUE FROM CONTRACTS WITH CUSTOMERS | $ 252,711 | $ 419,888 | $ 137,291 |
REVENUE FROM OTHER SOURCES | 1,765 | 1,540 | 862 |
TOTAL | 254,476 | 421,428 | 139,153 |
Products | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
REVENUE FROM CONTRACTS WITH CUSTOMERS | 249,247 | 414,114 | 133,794 |
REVENUE FROM OTHER SOURCES | 1,765 | 1,540 | 862 |
TOTAL | 251,012 | 415,654 | 135,656 |
Services | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
REVENUE FROM CONTRACTS WITH CUSTOMERS | 3,464 | 5,774 | 3,497 |
REVENUE FROM OTHER SOURCES | 0 | 0 | 0 |
TOTAL | $ 3,464 | $ 5,774 | $ 3,497 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Revenue [abstract] | ||
Deferred balance | $ 999 | $ 1,517 |
Revenue - Summary of Remaining
Revenue - Summary of Remaining Performance Obligations in (Partially) Unsatisfied Long-term Contracts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of transaction price allocated to remaining performance obligations [abstract] | ||
Balance at start of the period | $ 1,517 | $ 1,760 |
Recognized revenue from prior years' invoicing | (1,517) | (1,760) |
Amounts invoiced to be recognized over time | 2,069 | 4,149 |
Recognized revenue from current year invoicing | (1,089) | (2,703) |
Foreign exchange impact | 19 | 71 |
Balance at end of the period | $ 999 | $ 1,517 |
Segments - Schedule of Revenue
Segments - Schedule of Revenue from External Customers by Country (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Operating Segments [Line Items] | |||
Total Revenue | $ 254,476 | $ 421,428 | $ 139,153 |
United States | |||
Disclosure Of Operating Segments [Line Items] | |||
Total Revenue | 139,554 | 250,755 | 54,655 |
Italy | |||
Disclosure Of Operating Segments [Line Items] | |||
Total Revenue | 49,200 | 65,659 | 24,098 |
United Kingdom | |||
Disclosure Of Operating Segments [Line Items] | |||
Total Revenue | 22,259 | 56,282 | 39,936 |
Germany | |||
Disclosure Of Operating Segments [Line Items] | |||
Total Revenue | 8,638 | 16,261 | 1,462 |
Colombia | |||
Disclosure Of Operating Segments [Line Items] | |||
Total Revenue | 10,949 | 12,101 | 8,789 |
Sweden | |||
Disclosure Of Operating Segments [Line Items] | |||
Total Revenue | 3,903 | 6,954 | 3,128 |
Other | |||
Disclosure Of Operating Segments [Line Items] | |||
Total Revenue | $ 19,973 | $ 13,416 | $ 7,085 |
Segments - Additional Informati
Segments - Additional Information (Details) - Customer | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Operating Segments [Line Items] | ||
Number of significant customers | 2 | 1 |
Customer One | ||
Disclosure Of Operating Segments [Line Items] | ||
Percentage of group’s revenue by significant customers | 27% | 45% |
Customer Two | ||
Disclosure Of Operating Segments [Line Items] | ||
Percentage of group’s revenue by significant customers | 10% |
Segments - Schedule of Non-curr
Segments - Schedule of Non-current Assets by Country (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Operating Segments [Line Items] | |||
Total | $ 174,074 | $ 238,760 | [1] |
United Kingdom | |||
Disclosure Of Operating Segments [Line Items] | |||
Total | 137,811 | 199,312 | |
United States | |||
Disclosure Of Operating Segments [Line Items] | |||
Total | 19,986 | 22,537 | |
Italy | |||
Disclosure Of Operating Segments [Line Items] | |||
Total | 9,324 | 10,600 | |
Colombia | |||
Disclosure Of Operating Segments [Line Items] | |||
Total | 3,622 | 3,780 | |
Spain | |||
Disclosure Of Operating Segments [Line Items] | |||
Total | 716 | 585 | |
Sweden | |||
Disclosure Of Operating Segments [Line Items] | |||
Total | 605 | 630 | |
Germany | |||
Disclosure Of Operating Segments [Line Items] | |||
Total | 413 | 277 | |
Other | |||
Disclosure Of Operating Segments [Line Items] | |||
Total | $ 1,597 | $ 1,039 | |
[1] Government and other grants have been restated due to a presentational error - see Note 21. |
Finance Income and Finance Ex_3
Finance Income and Finance Expense - Summary of Finance Income and Finance Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Income, expense, gains or losses of financial instruments [abstract] | ||||
Net gain on conversion of convertible financial instruments | $ 64,143 | |||
Change in fair value of 2020 convertible notes (Note 17) | 52,267 | |||
Change in fair value of Series B preferred shares (Note 16) | 48,956 | |||
Change in fair value of Stock Warrants | [1] | $ 10,068 | ||
Gain on sublease | 3,608 | |||
Lease interest income | 626 | |||
Interest Income | 317 | 60 | $ 581 | |
Foreign exchange gain | 21,908 | |||
Other | 11 | |||
Finance income | 14,619 | 165,426 | 22,500 | |
Interest expense (cash) | (27,546) | (29,954) | (12,695) | |
Interest expense (non-cash) | (11,412) | (43,939) | (18,152) | |
Lease liability interest expense (Note 24) | (4,464) | (2,501) | (751) | |
Change in fair value of instrument financing arrangement (Note 25) | (9,950) | |||
Foreign exchange loss | (81,384) | (14,594) | ||
Government assessment | [2] | (1,177) | ||
Dividend on preferred shares (Note 16) | (16,156) | (23,578) | ||
Debt extinguishment fee (cash) | (3,636) | |||
Debt extinguishment fee (non-cash) | (4,170) | (5,647) | ||
Change in fair value of 2020 convertible notes (Note 17) | (102,548) | |||
Change in fair value of Series B preferred shares (Note 16) | (9,351) | |||
Change in fair value of Stock Warrants | (2,875) | |||
Other | (524) | (109) | ||
Finance expense | $ (136,457) | $ (117,934) | $ (172,722) | |
[1] Relates to liability classified warrants from the Merger (Note 2) Retroactive assessment by a foreign government to all entities selling certain medical related products to the government. |
Income Taxes - Summary of Tax C
Income Taxes - Summary of Tax Credit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current income credit / (tax) | |||
- Current year | $ (8,279) | $ (4,087) | $ 10,320 |
- Prior years | 3,484 | (767) | |
Total current income credit / (tax) | (4,795) | (4,087) | 9,553 |
Deferred income tax credit | |||
- Current year | 475 | 1,243 | 393 |
- Prior years | 0 | 0 | 0 |
Total deferred income credit | 475 | 1,243 | 393 |
Total income tax credit/(expense) | $ (4,320) | $ (2,844) | $ 9,946 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Major Components Of Tax Expense Income [Line Items] | ||||
Current income credit, current year | $ (8,279) | $ (4,087) | $ 10,320 | |
Current income credit, prior years | 3,484 | (767) | ||
Tax receivable | $ 20,987 | $ 15,022 | [1] | |
United Kingdom | ||||
Major Components Of Tax Expense Income [Line Items] | ||||
Corporation tax rate | 19% | 19% | ||
United Kingdom | From April 1, 2023 | ||||
Major Components Of Tax Expense Income [Line Items] | ||||
Corporation tax rate | 25% | |||
Research and Development | ||||
Major Components Of Tax Expense Income [Line Items] | ||||
Current income credit, current year | $ 0 | $ 0 | (10,479) | |
Current income credit, prior years | $ (3,514) | $ 0 | $ (772) | |
[1] Government and other grants have been restated due to a presentational error - see Note 21. |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Effective Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of average effective tax rate and applicable tax rate [abstract] | |||
Loss for the period before taxation | $ 443,285 | $ 97,911 | $ 250,943 |
Tax benefit at standard U.K. rate at 19% | 84,224 | 18,603 | 47,679 |
Difference in overseas tax rates | (1,140) | (700) | 145 |
Expenses not deductible for tax purposes | (66) | 7,359 | (5,389) |
Tax losses for which no deferred tax asset was recognized | (83,789) | (21,887) | (37,694) |
Share-based payment | (6,690) | (6,443) | (572) |
Research and development credit | 3,484 | 4,804 | |
Adjustments for prior year | 767 | ||
Other timing differences and adjustments | (343) | 224 | 206 |
Total income tax credit/(expense) | $ (4,320) | $ (2,844) | $ 9,946 |
Effective tax rate | (1.00%) | (3.00%) | 4% |
Income Taxes - Summary of Rec_2
Income Taxes - Summary of Reconciliation of Effective Tax Rate (Parenthetical) (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
United Kingdom | ||
Major Components Of Tax Expense Income [Line Items] | ||
Tax rate | 19% | 19% |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Line Items] | |||
Loss attributable to equityholders, basic | $ (447,793) | $ (100,929) | $ (240,980) |
Loss attributable to equityholders, diluted | $ (447,793) | $ (100,929) | $ (240,980) |
Weighted average number ordinary shares outstanding in calculation of earnings per share, basic | 282,242,144 | 163,255,784 | 132,192,880 |
Weighted average number ordinary shares outstanding in calculation of earnings per share, diluted | 282,242,144 | 163,255,784 | 132,192,880 |
Stock split description | On February 1, 2021 the Board of Directors of the Company approved a stock split of the issued and outstanding A Ordinary and common shares of the Company on a 220 for 1 basis. | ||
Class A Ordinary Shares and Common Shares | |||
Earnings Per Share [Line Items] | |||
Weighted average number ordinary shares outstanding in calculation of earnings per share, basic | 282,242,144 | 163,255,784 | 132,192,880 |
Weighted average number ordinary shares outstanding in calculation of earnings per share, diluted | 282,242,144 | 163,255,784 | 132,192,880 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Loss Attributable to Ordinary Shareholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loss attributable to ordinary and common shareholders: | |||
Loss for the year, attributable to equity holders of the parent, Basic | $ (447,793) | $ (100,929) | $ (240,980) |
Profit loss attributable to ordinary and common shareholders, Basic | (447,793) | (100,929) | (240,980) |
Loss attributable to ordinary shareholders, Basic | (447,793) | (100,929) | (240,980) |
Loss for the year, attributable to equity holders of the parent, Diluted | (447,793) | (100,929) | (240,980) |
Loss attributable to ordinary shareholders, Diluted | (447,793) | (100,929) | (240,980) |
Profit loss attributable to ordinary and common shareholders, Diluted | $ (447,793) | $ (100,929) | $ (240,980) |
Weighted-average number of ordinary and common shares: | |||
Issued ordinary shares at January 1, Basic | 252,803,846 | 132,204,201 | 132,188,281 |
Effect of shares issued, Basic | 29,438,298 | 31,051,583 | 4,599 |
Weighted-average number of ordinary and common shares, Basic | 282,242,144 | 163,255,784 | 132,192,880 |
Issued ordinary shares at January 1, Diluted | 252,803,846 | 132,204,201 | 132,188,281 |
Effect of shares issued, Diluted | 29,438,298 | 31,051,583 | 4,599 |
Weighted-average number of ordinary and common shares, Diluted | 282,242,144 | 163,255,784 | 132,192,880 |
Loss per share: | |||
Loss per share, Basic | $ (1.59) | $ (0.62) | $ (1.82) |
Loss per share: | |||
Loss per share, Diluted | $ (1.59) | $ (0.62) | $ (1.82) |
Earnings Per Share - Schedule_2
Earnings Per Share - Schedule of Computation of Diluted Net loss Per Share Attributable to Ordinary Shareholders and Common Shareholders (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Line Items] | |||
Number of shares excluded from diluted net loss per share | 124,279,649 | 102,582,706 | 182,499,511 |
Convertible Preferred Shares (as Converted to A Ordinary Shares) | |||
Earnings Per Share [Line Items] | |||
Number of shares excluded from diluted net loss per share | 87,711,133 | ||
Options to purchase A Ordinary and Common shares | |||
Earnings Per Share [Line Items] | |||
Number of shares excluded from diluted net loss per share | 99,201,843 | 83,573,631 | 57,212,650 |
Convertible Debt (as Converted to Common Shares) | |||
Earnings Per Share [Line Items] | |||
Number of shares excluded from diluted net loss per share | 6,126,554 | 25,944,000 | |
Warrants to Purchase A Ordinary Shares | |||
Earnings Per Share [Line Items] | |||
Number of shares excluded from diluted net loss per share | 5,373,008 | 5,430,781 | 5,430,781 |
Warrants to Purchase Common Shares | |||
Earnings Per Share [Line Items] | |||
Number of shares excluded from diluted net loss per share | 13,578,244 | 13,578,294 | 6,200,947 |
Investments - Summary of the Gr
Investments - Summary of the Group's Subsidiaries with Non-controlling Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Non-current assets | $ 174,074 | $ 238,760 | [1] | |
Current assets | 266,939 | 406,020 | [1] | |
Non-current liabilities | (454,590) | (358,821) | [1] | |
Current liabilities | (91,798) | (123,363) | [1] | |
Carrying amount of Non-controlling interest | (267) | (455) | [1] | |
Total Revenue | 254,476 | 421,428 | $ 139,153 | |
Profit/(loss) | (447,793) | (100,929) | (240,980) | |
Total comprehensive profit/(loss) | (407,873) | (100,556) | (258,557) | |
Profit/(loss) allocated to non-controlling interest | 188 | 174 | (17) | |
Cash flows from operating activities | (162,108) | (134,583) | (149,327) | |
Cash flows from investment activities | (24,983) | (106,346) | (64,381) | |
Cash flows from financing activities | 165,289 | 219,022 | $ 236,586 | |
LumiraDx Colombia Holdings Limited [Member] | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Non-current assets | 351 | 189 | ||
Current assets | 7,925 | 8,627 | ||
Non-current liabilities | (5,597) | (5,643) | ||
Current liabilities | (2,648) | (3,213) | ||
Net assets/(liabilities) | 31 | (40) | ||
Carrying amount of Non-controlling interest | 1,015 | 805 | ||
Total Revenue | 11,019 | 12,101 | ||
Profit/(loss) | 1,106 | 1,609 | ||
Other comprehensive gain | 0 | 0 | ||
Total comprehensive profit/(loss) | 1,106 | 1,609 | ||
Profit/(loss) allocated to non-controlling interest | 210 | 306 | ||
Other comprehensive loss allocated to non- controlling interest | 0 | 0 | ||
Cash flows from operating activities | (97) | 1,810 | ||
Cash flows from investment activities | (273) | (98) | ||
Cash flows from financing activities | ||||
Increase Decrease In Cash And Cash Equivalents, Total | (370) | 1,712 | ||
LumiraDx Healthcare LTDA [Member] | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Non-current assets | 153 | 237 | ||
Current assets | 1,261 | 1,517 | ||
Non-current liabilities | (4,708) | (3,594) | ||
Current liabilities | (312) | (543) | ||
Net assets/(liabilities) | (3,606) | (2,383) | ||
Carrying amount of Non-controlling interest | (1,282) | (1,260) | ||
Total Revenue | 2,185 | 2,320 | ||
Profit/(loss) | (1,120) | (879) | ||
Other comprehensive gain | 0 | 0 | ||
Total comprehensive profit/(loss) | (1,120) | (879) | ||
Profit/(loss) allocated to non-controlling interest | (22) | (132) | ||
Other comprehensive loss allocated to non- controlling interest | 0 | 0 | ||
Cash flows from operating activities | (883) | (701) | ||
Cash flows from investment activities | (92) | (38) | ||
Cash flows from financing activities | 1,000 | 500 | ||
Increase Decrease In Cash And Cash Equivalents, Total | $ 25 | $ (239) | ||
[1] Government and other grants have been restated due to a presentational error - see Note 21. |
Investments - Summary of the _2
Investments - Summary of the Group's Subsidiaries with Non-controlling Interests (Parenthetical) (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Investments accounted for using equity method [abstract] | ||
Percentage of net assets labilities | 100% | 100% |
Percentage of total comprehensive profit or loss | 100% | 100% |
Investments - Additional Inform
Investments - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
LumiraDx Healthcare LTDA [Member] | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Percentage of share capital | 2% | 2% |
Lumiradx Colombia Holdings Limited [Member] | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Percentage of share capital | 19% | 19% |
Percentage of additional shares acquired | 16% | |
Total consideration | $ 1,968 | |
LumiraDx SAS [Member] | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Percentage of equity share hold | 100% |
Investments - Summary of Princi
Investments - Summary of Principal Subsidiaries (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
LumiraDx Brazil Holdings Limited | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | LumiraDx Brazil Holdings Limited | ||
COUNTRY OF INCORPORATION AND RESIDENCE | United Kingdom | ||
NATURE OF BUSINESS | Holding Company | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
LumiraDx Healthcare Ltda | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | LumiraDx Healthcare Ltda | ||
COUNTRY OF INCORPORATION AND RESIDENCE | Brazil | ||
NATURE OF BUSINESS | Distributor of medical diagnostics | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 98% | 98% | |
LumiraDx Colombia Holdings Limited | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | LumiraDx Colombia Holdings Limited | ||
COUNTRY OF INCORPORATION AND RESIDENCE | United Kingdom | ||
NATURE OF BUSINESS | Holding Company | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 81% | 81% | |
Lumira SAS | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | Lumira SAS | ||
COUNTRY OF INCORPORATION AND RESIDENCE | Colombia | ||
NATURE OF BUSINESS | Distributor of medical diagnostics | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | [1] | 100% | 100% |
LumiraDx SAS | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | LumiraDx SAS | ||
COUNTRY OF INCORPORATION AND RESIDENCE | France | ||
NATURE OF BUSINESS | Distributor of medical diagnostics | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
LumiraDx GmbH | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | LumiraDx GmbH | ||
COUNTRY OF INCORPORATION AND RESIDENCE | Germany | ||
NATURE OF BUSINESS | Distributor of medical diagnostics | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
LumiraDx AB | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | LumiraDx AB | ||
COUNTRY OF INCORPORATION AND RESIDENCE | Sweden | ||
NATURE OF BUSINESS | Distributor of medical diagnostics | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
LumiraDx UK Limited | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | LumiraDx UK Limited | ||
COUNTRY OF INCORPORATION AND RESIDENCE | United Kingdom | ||
NATURE OF BUSINESS | Manufacture and distribution of medical diagnostics | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
LKM Innovations Limited | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | LKM Innovations Limited | ||
COUNTRY OF INCORPORATION AND RESIDENCE | United Kingdom | ||
NATURE OF BUSINESS | Research and development | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
LumiraDx Ltd. | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | LumiraDx Ltd. | ||
COUNTRY OF INCORPORATION AND RESIDENCE | United Kingdom | ||
NATURE OF BUSINESS | Distributor of medical diagnostics | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
LumiraDx Group Limited | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | LumiraDx Group Limited | ||
COUNTRY OF INCORPORATION AND RESIDENCE | United Kingdom | ||
NATURE OF BUSINESS | Holding Company | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
LumiraDx International Limited | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | LumiraDx International Limited | ||
COUNTRY OF INCORPORATION AND RESIDENCE | United Kingdom | ||
NATURE OF BUSINESS | Holding Company | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
LumiraDx Investment Limited | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | LumiraDx Investment Limited | ||
COUNTRY OF INCORPORATION AND RESIDENCE | United Kingdom | ||
NATURE OF BUSINESS | Holding Company | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
LumiraDx Care Solutions UK Limited | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | LumiraDx Care Solutions UK Limited | ||
COUNTRY OF INCORPORATION AND RESIDENCE | United Kingdom | ||
NATURE OF BUSINESS | Healthcare IT and services | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
LumiraDx, Inc | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | LumiraDx, Inc | ||
COUNTRY OF INCORPORATION AND RESIDENCE | United States | ||
NATURE OF BUSINESS | Research and development and distributor of medical diagnostics | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
ACS Acquisition LLC | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | ACS Acquisition LLC | ||
COUNTRY OF INCORPORATION AND RESIDENCE | United States | ||
NATURE OF BUSINESS | Healthcare IT and services | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
LumiraDx Healthcare LLC | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | LumiraDx Healthcare LLC | ||
COUNTRY OF INCORPORATION AND RESIDENCE | United States | ||
NATURE OF BUSINESS | Healthcare IT and services | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
Biomedical Service S.r.l. | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | Biomedical Service S.r.l. | ||
COUNTRY OF INCORPORATION AND RESIDENCE | Italy | ||
NATURE OF BUSINESS | Distributor of medical diagnostics | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
LumiraDx AS | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | LumiraDx AS | ||
COUNTRY OF INCORPORATION AND RESIDENCE | Norway | ||
NATURE OF BUSINESS | Distributor of medical diagnostics | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
LumiraDx GmbH | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | LumiraDx GmbH | ||
COUNTRY OF INCORPORATION AND RESIDENCE | Austria | ||
NATURE OF BUSINESS | Distributor of medical diagnostics | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
LumiraDx GmbH | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | LumiraDx GmbH | ||
COUNTRY OF INCORPORATION AND RESIDENCE | Switzerland | ||
NATURE OF BUSINESS | Distributor of medical diagnostics | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
LumiraDx Japan Co. Ltd. | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | LumiraDx Japan Co. Ltd. | ||
COUNTRY OF INCORPORATION AND RESIDENCE | Japan | ||
NATURE OF BUSINESS | Distributor of medical diagnostics | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
LumiraDx Oy | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | LumiraDx Oy | ||
COUNTRY OF INCORPORATION AND RESIDENCE | Finland | ||
NATURE OF BUSINESS | Distributor of medical diagnostics | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
LumiraDx A/S | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | LumiraDx A/S | ||
COUNTRY OF INCORPORATION AND RESIDENCE | Denmark | ||
NATURE OF BUSINESS | Distributor of medical diagnostics | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
LumiraDx Healthcare S.L. | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | LumiraDx Healthcare S.L. | ||
COUNTRY OF INCORPORATION AND RESIDENCE | Spain | ||
NATURE OF BUSINESS | Distributor of medical diagnostics | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
SureSensors Ltd. | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | SureSensors Ltd. | ||
COUNTRY OF INCORPORATION AND RESIDENCE | United Kingdom | ||
NATURE OF BUSINESS | Developer and manufacturer of medical diagnostics | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
LumiraDx (Pty) Limited | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | LumiraDx (Pty) Limited | ||
COUNTRY OF INCORPORATION AND RESIDENCE | South Africa | ||
NATURE OF BUSINESS | Distributor of medical diagnostics | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
LumiraDx B.V. | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | LumiraDx B.V. | ||
COUNTRY OF INCORPORATION AND RESIDENCE | Netherlands | ||
NATURE OF BUSINESS | Distributor of medical diagnostics | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
LumiraDx Benelux B.V. | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | LumiraDx Benelux B.V. | ||
COUNTRY OF INCORPORATION AND RESIDENCE | Netherlands | ||
NATURE OF BUSINESS | Distributor of medical diagnostics | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
LumiraDx Limited | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | LumiraDx Limited | ||
COUNTRY OF INCORPORATION AND RESIDENCE | Ireland | ||
NATURE OF BUSINESS | Distributor of medical diagnostics | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
LumiraDx Healthcare Private Limited | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | LumiraDx Healthcare Private Limited | ||
COUNTRY OF INCORPORATION AND RESIDENCE | India | ||
NATURE OF BUSINESS | Distributor of medical diagnostics | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
CA Healthcare Acquisition Corp. | |||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
NAME | CA Healthcare Acquisition Corp. | ||
COUNTRY OF INCORPORATION AND RESIDENCE | United States | ||
NATURE OF BUSINESS | Holding Company | ||
PROPORTION OF EQUITY SHARES HELD BY COMPANY | 100% | 100% | |
[1] LumiraDx Colombia Holdings Limited holds 100 % of the equity shares of LumiraDx SAS |
Investments - Summary of Prin_2
Investments - Summary of Principal Subsidiaries (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
LumiraDx SAS | |
Disclosure of subsidiaries [line items] | |
Percentage Of Equity Share Hold | 100% |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Summary of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||||
Beginning balance | [1] | $ 37,048 | |||
Ending balance | 32,170 | $ 37,048 | [1] | ||
Cost | |||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||||
Beginning balance | 57,101 | 57,990 | $ 56,277 | ||
Exchange differences | (2,912) | (889) | 1,713 | ||
Ending balance | 54,189 | 57,101 | 57,990 | ||
Amortization | |||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||||
Beginning balance | 20,053 | 17,267 | 14,744 | ||
Charge for the period | 1,985 | 2,827 | 2,387 | ||
Exchange differences | (19) | (41) | 136 | ||
Ending balance | 22,019 | 20,053 | 17,267 | ||
Net Book Value | |||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||||
Beginning balance | 37,048 | 40,723 | |||
Ending balance | 32,170 | 37,048 | 40,723 | ||
Goodwill | Cost | |||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||||
Beginning balance | 15,606 | 15,991 | 15,391 | ||
Exchange differences | (947) | (385) | 600 | ||
Ending balance | 14,659 | 15,606 | 15,991 | ||
Goodwill | Net Book Value | |||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||||
Beginning balance | 15,606 | 15,991 | |||
Ending balance | 14,659 | 15,606 | 15,991 | ||
Patents | Cost | |||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||||
Beginning balance | 18,493 | 18,671 | 18,122 | ||
Exchange differences | (1,448) | (178) | 549 | ||
Ending balance | 17,045 | 18,493 | 18,671 | ||
Patents | Amortization | |||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||||
Beginning balance | 4,469 | 3,595 | 2,710 | ||
Charge for the period | 803 | 890 | 831 | ||
Exchange differences | (19) | (16) | 54 | ||
Ending balance | 5,253 | 4,469 | 3,595 | ||
Patents | Net Book Value | |||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||||
Beginning balance | 14,024 | 15,076 | |||
Ending balance | 11,792 | 14,024 | 15,076 | ||
Customer Intangibles | Cost | |||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||||
Beginning balance | 8,861 | 9,139 | 8,731 | ||
Exchange differences | (139) | (278) | 408 | ||
Ending balance | 8,722 | 8,861 | 9,139 | ||
Customer Intangibles | Amortization | |||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||||
Beginning balance | 6,343 | 5,047 | 4,034 | ||
Charge for the period | 593 | 1,317 | 951 | ||
Exchange differences | 7 | (21) | 62 | ||
Ending balance | 6,943 | 6,343 | 5,047 | ||
Customer Intangibles | Net Book Value | |||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||||
Beginning balance | 2,518 | 4,092 | |||
Ending balance | 1,779 | 2,518 | 4,092 | ||
Supplier Relationships | Cost | |||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||||
Beginning balance | 2,856 | 2,856 | 2,856 | ||
Ending balance | 2,856 | 2,856 | 2,856 | ||
Supplier Relationships | Amortization | |||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||||
Beginning balance | 1,615 | 1,329 | 1,043 | ||
Charge for the period | 286 | 286 | 286 | ||
Exchange differences | |||||
Ending balance | 1,901 | 1,615 | 1,329 | ||
Supplier Relationships | Net Book Value | |||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||||
Beginning balance | 1,241 | 1,527 | |||
Ending balance | 955 | 1,241 | 1,527 | ||
Technology and Software | Cost | |||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||||
Beginning balance | 11,285 | 11,333 | 11,177 | ||
Exchange differences | (378) | (48) | 156 | ||
Ending balance | 10,907 | 11,285 | 11,333 | ||
Technology and Software | Amortization | |||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||||
Beginning balance | 7,626 | 7,296 | 6,957 | ||
Charge for the period | 303 | 334 | 319 | ||
Exchange differences | (7) | (4) | 20 | ||
Ending balance | 7,922 | 7,626 | 7,296 | ||
Technology and Software | Net Book Value | |||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||||
Beginning balance | 3,659 | 4,037 | |||
Ending balance | $ 2,985 | $ 3,659 | $ 4,037 | ||
[1] Government and other grants have been restated due to a presentational error - see Note 21. |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill | |||
Disclosure Of Intangible Assets [Line Items] | |||
Cash flow projection period | 5 years | ||
Perpetual growth rate | 5% | 5% | |
After tax discount rate | 30% | 25% | |
Risk-free interest rate | 4% | 1.50% | |
Intangible Assets | |||
Disclosure Of Intangible Assets [Line Items] | |||
Cash flow projection period | 5 years | ||
After tax discount rate | 30% | 25% | |
Risk-free interest rate | 4% | 1.50% | |
Selling, Marketing and Administrative Expenses | |||
Disclosure Of Intangible Assets [Line Items] | |||
Amortization | $ 1,829 | $ 2,652 | $ 2,224 |
Research and Development Expenses | |||
Disclosure Of Intangible Assets [Line Items] | |||
Amortization | $ 156 | $ 175 | $ 163 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Summary of Intangible Assets in Use and Under Development (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Acquired Patents | Intangible Assets in Use | |
Disclosure Of Intangible Assets [Line Items] | |
Net book value | $ 6,420 |
Remaining amortization period | 8 years |
Acquired Technology | Intangible Assets in Use | |
Disclosure Of Intangible Assets [Line Items] | |
Net book value | $ 903 |
Remaining amortization period | 6 years |
Acquired Supplier Relationships | Intangible Assets in Use | |
Disclosure Of Intangible Assets [Line Items] | |
Net book value | $ 958 |
Remaining amortization period | 3 years |
Acquired Customer-related Intangible | Intangible Assets in Use | |
Disclosure Of Intangible Assets [Line Items] | |
Net book value | $ 1,777 |
Acquired Customer-related Intangible | Intangible Assets in Use | Bottom of Range | |
Disclosure Of Intangible Assets [Line Items] | |
Remaining amortization period | 4 years |
Acquired Customer-related Intangible | Intangible Assets in Use | Top of Range | |
Disclosure Of Intangible Assets [Line Items] | |
Remaining amortization period | 5 years |
Acquired Technology | Intangible Assets in Use | |
Disclosure Of Intangible Assets [Line Items] | |
Net book value | $ 178 |
Remaining amortization period | 1 year |
Technology License | Intangible Assets Under Development | |
Disclosure Of Intangible Assets [Line Items] | |
Net book value | $ 1,901 |
Patent License | Intangible Assets Under Development | |
Disclosure Of Intangible Assets [Line Items] | |
Net book value | 4,754 |
Patents | Intangible Assets Under Development | |
Disclosure Of Intangible Assets [Line Items] | |
Net book value | $ 620 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||||
Beginning balance | $ 173,397 | [1] | $ 87,082 | ||
Impairments | 17,904 | ||||
Ending balance | 113,406 | 173,397 | [1] | $ 87,082 | |
Cost | |||||
Disclosure Of Property Plant And Equipment [Line Items] | |||||
Beginning balance | 204,113 | 101,919 | 33,888 | ||
Additions | 31,820 | 106,346 | 64,381 | ||
Disposals | (1,846) | (610) | (669) | ||
Exchange differences | (19,734) | (3,542) | 4,319 | ||
Ending balance | 214,353 | 204,113 | 101,919 | ||
Accumulated Depreciation | |||||
Disclosure Of Property Plant And Equipment [Line Items] | |||||
Beginning balance | (30,716) | (14,837) | (8,747) | ||
Charge for the period | 25,166 | 17,275 | 5,717 | ||
Disposals | 1,290 | 478 | 182 | ||
Impairments | (49,437) | ||||
Exchange differences | (3,082) | (918) | (555) | ||
Ending balance | (100,947) | (30,716) | (14,837) | ||
Land and Buildings | |||||
Disclosure Of Property Plant And Equipment [Line Items] | |||||
Beginning balance | 29,819 | 5,047 | |||
Ending balance | 27,552 | 29,819 | 5,047 | ||
Land and Buildings | Cost | |||||
Disclosure Of Property Plant And Equipment [Line Items] | |||||
Beginning balance | 34,524 | 7,106 | 3,054 | ||
Additions | 5,137 | 28,047 | 3,686 | ||
Disposals | (147) | (67) | |||
Exchange differences | (3,417) | (562) | 366 | ||
Ending balance | 36,097 | 34,524 | 7,106 | ||
Land and Buildings | Accumulated Depreciation | |||||
Disclosure Of Property Plant And Equipment [Line Items] | |||||
Beginning balance | (4,705) | (2,059) | (1,067) | ||
Charge for the period | 4,359 | 2,773 | 841 | ||
Disposals | 13 | 21 | |||
Exchange differences | (506) | (106) | (151) | ||
Ending balance | (8,545) | (4,705) | (2,059) | ||
Fixtures and Fittings | |||||
Disclosure Of Property Plant And Equipment [Line Items] | |||||
Beginning balance | 3,716 | 1,510 | |||
Ending balance | 3,531 | 3,716 | 1,510 | ||
Fixtures and Fittings | Cost | |||||
Disclosure Of Property Plant And Equipment [Line Items] | |||||
Beginning balance | 9,653 | 4,146 | 3,115 | ||
Additions | 2,227 | 4,144 | 1,115 | ||
Transfers | 2,137 | (22) | |||
Disposals | (702) | (452) | (126) | ||
Exchange differences | (762) | (322) | 64 | ||
Ending balance | 10,416 | 9,653 | 4,146 | ||
Fixtures and Fittings | Accumulated Depreciation | |||||
Disclosure Of Property Plant And Equipment [Line Items] | |||||
Beginning balance | (5,937) | (2,636) | (2,014) | ||
Charge for the period | 1,812 | 2,204 | 618 | ||
Transfers | 1,686 | (1) | |||
Disposals | 360 | 366 | 47 | ||
Impairments | 0 | ||||
Exchange differences | (504) | (223) | (52) | ||
Ending balance | (6,885) | (5,937) | (2,636) | ||
Plant and Equipment | |||||
Disclosure Of Property Plant And Equipment [Line Items] | |||||
Beginning balance | 92,602 | 34,660 | |||
Ending balance | 51,299 | 92,602 | 34,660 | ||
Plant and Equipment | Cost | |||||
Disclosure Of Property Plant And Equipment [Line Items] | |||||
Beginning balance | 112,676 | 44,802 | 17,287 | ||
Additions | 12,960 | 72,186 | 25,831 | ||
Transfers | (2,137) | 22 | |||
Disposals | (997) | (91) | (137) | ||
Exchange differences | (10,480) | (2,084) | 1,799 | ||
Ending balance | 114,159 | 112,676 | 44,802 | ||
Plant and Equipment | Accumulated Depreciation | |||||
Disclosure Of Property Plant And Equipment [Line Items] | |||||
Beginning balance | (20,074) | (10,142) | (5,666) | ||
Charge for the period | 18,995 | 12,298 | 4,258 | ||
Transfers | (1,686) | 1 | |||
Disposals | 917 | 91 | 135 | ||
Impairments | (26,780) | ||||
Exchange differences | (2,072) | (589) | (352) | ||
Ending balance | (62,860) | (20,074) | (10,142) | ||
Assets Under Construction | |||||
Disclosure Of Property Plant And Equipment [Line Items] | |||||
Beginning balance | 47,260 | 45,865 | |||
Ending balance | 31,024 | 47,260 | 45,865 | ||
Assets Under Construction | Cost | |||||
Disclosure Of Property Plant And Equipment [Line Items] | |||||
Beginning balance | 47,260 | 45,865 | 10,432 | ||
Additions | 11,496 | 1,969 | 33,749 | ||
Disposals | (406) | ||||
Exchange differences | (5,075) | (574) | 2,090 | ||
Ending balance | 53,681 | $ 47,260 | $ 45,865 | ||
Assets Under Construction | Accumulated Depreciation | |||||
Disclosure Of Property Plant And Equipment [Line Items] | |||||
Impairments | (22,657) | ||||
Ending balance | $ (22,657) | ||||
[1] Government and other grants have been restated due to a presentational error - see Note 21. |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Property Plant And Equipment [Line Items] | |||
Impairment | $ 17,904,000 | ||
Amount of estimated fair value less costs of disposal | 2,976,000 | ||
Research and Development Expenses | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Depreciation expense | 9,803,000 | $ 5,355,000 | $ 1,676,000 |
Selling, Marketing and Administrative Expenses | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Depreciation expense | 15,363,000 | $ 11,920,000 | $ 4,041,000 |
Amira Manufacturing Line | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Impairment | 22,657,000 | ||
Test Strip Manufacturing | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Impairment | 26,780,000 | ||
Recoverable amount | 2,976,000 | ||
Uninstalled Test Strip Manufacturing Equipment | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Impairment | 0 | ||
Remaining property plant and equipment | $ 17,904,000 |
Inventory - Summary of Inventor
Inventory - Summary of Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Classes of current inventories [abstract] | |||
Finished goods | $ 68,420 | $ 62,410 | |
Raw materials | 19,584 | 80,606 | |
WIP | 1,961 | 6,039 | |
Total Inventory | $ 89,965 | $ 149,055 | [1] |
[1] Government and other grants have been restated due to a presentational error - see Note 21. |
Inventory - Additional Informat
Inventory - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Inventory [Line Items] | |||
Inventory write-down | $ 63,948 | $ 6,830 | $ 16,493 |
Cost of Sales | |||
Disclosure Of Inventory [Line Items] | |||
Inventories recognized as an expense | $ 63,520 | $ 114,195 | $ 70,261 |
Trade and Other Receivables - S
Trade and Other Receivables - Summary of Trade and Other Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Trade and other receivables [abstract] | |||
Trade receivables | $ 30,406 | $ 75,207 | |
Reserves on trade receivables | (3,730) | (1,681) | |
Prepaids | 11,781 | 20,349 | |
Other receivables | 10,732 | 9,408 | |
VAT receivable | 6,788 | 6,515 | |
Total trade and other receivables | $ 55,977 | $ 109,798 | [1] |
[1] Government and other grants have been restated due to a presentational error - see Note 21. |
Trade and Other Receivables - A
Trade and Other Receivables - Additional Information (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other receivables [abstract] | ||
Allowance for doubtful accounts | $ 3,730,000 | $ 1,681,000 |
Reserve for expected credit losses | 0 | $ 0 |
Maximum exposure to credit risk | $ 0 |
Share Capital, Premium and Ot_3
Share Capital, Premium and Other Reserves - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||
Sep. 29, 2016 | Sep. 28, 2016 $ / shares | Aug. 31, 2022 | Jul. 31, 2022 USD ($) | Oct. 31, 2020 $ / shares shares | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 $ / shares shares | Dec. 31, 2019 USD ($) $ / shares shares | Dec. 31, 2018 USD ($) shares | Jul. 22, 2022 $ / shares | Sep. 28, 2021 $ / shares | Mar. 31, 2021 $ / shares shares | Aug. 24, 2016 $ / shares shares | |
Disclosure of classes of share capital [line items] | ||||||||||||||
Date of incorporation | Aug. 24, 2016 | |||||||||||||
Par value per share | $ 9.89 | $ 0.0000028 | ||||||||||||
Date of acquisition | Sep. 29, 2016 | |||||||||||||
Description of how acquirer obtained control of acquiree | Board of Directors of the Company approved a stock split of the issued and outstanding A Ordinary and common shares of the Company on a 220 for 1 basis | |||||||||||||
Merger subdivision at the LMDX conversion factor | 1.60806264 | |||||||||||||
Proceeds from issuing shares | $ | $ 98,000 | |||||||||||||
Percentage of principal amount of the acquisition notes convert | 25% | |||||||||||||
Number of shares issued | shares | 212,718 | |||||||||||||
Preferred Shares included in other reserves at an issue date fair value | $ | $ 47,264 | |||||||||||||
Warrants issued to purchase A Ordinary shares | shares | 2,284 | |||||||||||||
Strike price of warrants per share | $ 1,459.89 | |||||||||||||
Secondary Public Stock Offering [Member] | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Proceeds from issuing shares | $ | 75,000 | |||||||||||||
The Bill and Melinda Gates Foundation [Member] | Private Placements [Member] | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Proceeds from issuing shares | $ | 25,000 | |||||||||||||
A Ordinary Shares | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Authorized share capital | shares | 1,769,292,966 | |||||||||||||
Percentage of principal amount of the acquisition notes convert | 50% | 25% | ||||||||||||
Conversion prices per share | $ 611.63 | |||||||||||||
Number of shares issued | shares | 1,587 | 1,586 | ||||||||||||
Common Shares | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Authorized share capital | shares | 1,769,292,966 | |||||||||||||
Par value per share | $ 0.0000028 | |||||||||||||
Common Shares | Underwriters [Member] | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Proceeds from issuing shares | $ | $ 7,000 | |||||||||||||
Option vesting period | 30 days | |||||||||||||
Convertible Note | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Warrants issued to purchase A Ordinary shares | shares | 16,528 | |||||||||||||
Conversion feature of notes included in other reserve | $ | $ 17,065 | |||||||||||||
Strike price of warrants per share | $ 1,793.38 | |||||||||||||
Senior Secured Loans | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Warrants issued to purchase A Ordinary shares | shares | 1,000 | |||||||||||||
Exercise price of warrant issued | $ 10 | |||||||||||||
Strike price of warrants per share | $ 4,644.96 | |||||||||||||
Senior Secured Loans | Top of Range | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Warrants issued to purchase of common stock | shares | 1,485,848 | |||||||||||||
Exercise price of warrant issued | $ 10 | |||||||||||||
Senior Secured Loans | Bottom of Range | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Exercise price of warrant issued | $ 1.75 | |||||||||||||
LumiraDx Holdings Limited | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Percentage of voting equity interests acquired | 100% |
Share Capital, Premium and Ot_4
Share Capital, Premium and Other Reserves - Summary of Shares Authorized, Fully Paid and Allocated (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
A Ordinary Shares | ||
Disclosure Of Classes Of Share Capital [Line Items] | ||
In issue at start of period | 207,562,080 | 373,697 |
February subdivision (220:1) | 81,839,643 | |
Issued for cash | 3,451,917 | 104,200 |
Merger subdivision at the LMDX conversion factor (1.60806264:1) | 78,446,580 | |
Conversion | (46,692,231) | |
Shares issued upon conversion of financial instruments | 46,797,960 | |
In issue at December - fully paid and allocated | 164,321,766 | 207,562,080 |
Common Shares | ||
Disclosure Of Classes Of Share Capital [Line Items] | ||
In issue at start of period | 45,241,766 | |
Issued for cash | 62,290,503 | |
Issued in other transactions | 5,307,607 | |
Merger subdivision at the LMDX conversion factor (1.60806264:1) | 4,796,852 | |
Conversion | 46,692,231 | |
Shares issued upon conversion of financial instruments | 35,137,307 | |
In issue at December - fully paid and allocated | 154,224,500 | 45,241,766 |
Share Capital, Premium and Ot_5
Share Capital, Premium and Other Reserves - Summary of Shares Authorized, Fully Paid and Allocated (Parenthetical) (Details) | Dec. 31, 2021 |
Disclosure of classes of share capital [abstract] | |
February Subdivision | 220 |
Merger Subdivision Conversion Ratio | 1.60806264 |
Share Based Payments - Addition
Share Based Payments - Additional Information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Apr. 15, 2021 shares $ / shares | Jan. 15, 2021 shares Director $ / shares | Dec. 31, 2022 USD ($) shares yr $ / shares | Dec. 31, 2021 USD ($) shares $ / shares | Dec. 31, 2020 USD ($) | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Expected life of share option (years) | yr | 10 | ||||
Number of share options, forfeited | 3,632,769 | 92,112 | |||
Stock split description | On February 1, 2021 the Board of Directors of the Company approved a stock split of the issued and outstanding A Ordinary and common shares of the Company on a 220 for 1 basis. | ||||
Description of merger subdivision conversion | In connection with the merger, in order to achieve an exchange ratio of one LMDX common share for each CAH share, the Company effected a subdivision, immediately prior to the merger, of all issued, and authorized but unissued, ordinary shares and common shares at a ratio of 1.60806264:1. | ||||
Number of founder directors | Director | 3 | ||||
Number of options, granted | 22,755,235 | 26,557,293 | |||
Number of options, exercised | 3,494,254 | 104,200 | |||
Weighted-average exercise price, exercised | $ / shares | $ 2.43 | $ 1 | |||
Weighted average contractual life | 6 years 5 months 23 days | 6 years 7 months 17 days | |||
Employee based Share Options | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of share options, forfeited | 8,561,133 | ||||
Founder Options | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Vesting period | two year | ||||
Number of options, granted | 2,819,577 | 5,235,851 | |||
Exercise price | $ / shares | $ 17.05 | $ 16.96 | |||
2021 Employee Stock Purchase Plan | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of shares to be purchased with participating employee's contributions | 3,500 | ||||
Discount from fair market value of shares to be purchased with participating employee contributions | 15% | ||||
Value of shares purchased under plan by participating employee | $ | $ 25,000 | ||||
Initially reserved common shares for issuance | 15,265,380 | ||||
Increase in number of shares reserved and available for issuance, description | The 2021 ESPP provides that the number of shares reserved and available for issuance under the 2021 ESPP will automatically increase on each January 1, beginning on January 1, 2022, by an amount equal to the lesser of (i) 50,000,000 common shares, and (ii) a number of common shares reflecting 5% of the Company’s fully diluted share capital as of such date. | ||||
Percentage of fully diluted share capital | 5% | ||||
Minimum | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Vesting period | 1 year | ||||
Exercise price, options outstanding | $ / shares | $ 0.20 | $ 0.20 | |||
Minimum | 2021 Employee Stock Purchase Plan | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Percentage of compensation withheld from salary to make contributions to purchase shares of common stock | 1% | ||||
Maximum | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Vesting period | 4 years | ||||
Exercise price, options outstanding | $ / shares | $ 17.05 | $ 17.05 | |||
Maximum | 2021 Employee Stock Purchase Plan | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Percentage of compensation withheld from salary to make contributions to purchase shares of common stock | 15% | ||||
Number of shares to be purchased with participating employee's contributions | 3,500 | ||||
Increase in number of shares reserved and available for issuance, shares | 50,000,000 | ||||
Research and Development Expenses | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Share based compensation expense | $ | $ 7,115 | $ 2,406 | $ 1,890 | ||
Selling, Marketing and Administrative Expenses | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Share based compensation expense | $ | $ 26,707 | $ 31,503 | $ 1,301 |
Share Based Payments - Summary
Share Based Payments - Summary of Movements on Number of Share Options and Exercise Price (Details) | 12 Months Ended | |
Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||
Number of options, Outstanding at beginning of the year | shares | 83,573,631 | 57,212,650 |
Number of options, granted | shares | 22,755,235 | 26,557,293 |
Number of options, Exercised | shares | (3,494,254) | (104,200) |
Number of options, Forfeited/Expired | shares | (3,632,769) | (92,112) |
Number of options, Outstanding at end of the year | shares | 99,201,843 | 83,573,631 |
Number of options, Exercisable at end of the year | shares | 71,900,277 | 66,322,324 |
Weighted-average exercise price, Outstanding at beginning of the year | $ / shares | $ 6.72 | $ 2.09 |
Weighted-average exercise price, Granted | $ / shares | 5.01 | 16.45 |
Weighted-average exercise price, Exercised | $ / shares | (2.43) | (1) |
Weighted-average exercise price, Forfeited/Expired | $ / shares | (5.35) | (9.72) |
Weighted-average exercise price, Outstanding at end of the year | $ / shares | 6.45 | 6.72 |
Weighted-average exercise price, Exercisable at end of the year | $ / shares | $ 6.54 | $ 5.28 |
Summary of Issued Shares under
Summary of Issued Shares under ESPP (Details) - $ / shares | Oct. 31, 2022 | Jul. 29, 2022 | May 01, 2022 | Feb. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2018 |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Number of Shares | 212,718 | |||||
2021 Employee Stock Purchase Plan | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Number of Shares | 908,087 | 149,342 | 145,702 | 34,858 | 1,237,989 | |
Purchase Price | $ 0.82 | $ 1.30 | $ 4.06 | $ 7.47 |
Preferred Shares - Summary of P
Preferred Shares - Summary of Preferred Shares (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance at beginning of the year | $ 451,721 | $ 248,640 |
Issuance, net of related costs | 162,401 | |
Accretion of issuance costs | 8,498 | 7,751 |
Dividends accrued | 16,156 | 23,578 |
Fair value adjustment of convertible feature | 9,351 | |
Converted to Share Premium from Merger | (476,375) | |
Balance at end of the year | 0 | 451,721 |
Preference Shares | ||
Balance at beginning of the year | 401,430 | 221,927 |
Issuance, net of related costs | 162,401 | |
Accretion of issuance costs | 8,498 | 7,751 |
Dividends accrued | 0 | |
Fair value adjustment of convertible feature | 9,351 | |
Converted to Share Premium from Merger | (409,928) | |
Balance at end of the year | 0 | 401,430 |
Dividends | ||
Balance at beginning of the year | 50,291 | 26,713 |
Accretion of issuance costs | ||
Dividends accrued | 16,156 | 23,578 |
Fair value adjustment of convertible feature | ||
Converted to Share Premium from Merger | (66,447) | |
Balance at end of the year | $ 0 | $ 50,291 |
Preferred Shares - Additional I
Preferred Shares - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2021 | Oct. 31, 2020 | Jul. 31, 2018 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 24, 2016 | |
Loan interest rate | 12% | ||||||||
Number of shares issued | 212,718 | ||||||||
Principal and accrued interest of loan converted | $ 39,672,000 | ||||||||
Proceeds from issuance of preferred shares | $ 162,401,000 | ||||||||
Issuance of ordinary shares | $ 628,000 | $ 5,136,000 | 32,938,000 | ||||||
Change in fair value of derivatives | $ 0 | $ 48,956,000 | $ 9,351,000 | ||||||
Series A Preferred Shares | |||||||||
Loan interest rate | 8% | ||||||||
Cumulative annual dividend percentage | 8% | ||||||||
Number of shares issued | 212,718 | ||||||||
Issue date fair value of conversion feature of shares | $ 47,264,000 | ||||||||
Additional shares subscription right | $ 30,000,000 | ||||||||
Option expiration year | 2019 | ||||||||
Series A Preferred Shares | Maximum | |||||||||
Issued capital, preference shares | $ 300,000,000 | ||||||||
Authorized share capital | 236,353 | ||||||||
A Ordinary Shares | |||||||||
Dividend paid | $ 0 | $ 0 | |||||||
Authorized share capital | 1,769,292,966 | ||||||||
Number of shares issued | 1,587 | 1,586 | |||||||
A Ordinary Shares | September 2021 Merger | |||||||||
Conversion description | one to one basis | ||||||||
Series B Preferred Shares | |||||||||
Loan interest rate | 8% | ||||||||
Cumulative annual dividend percentage | 8% | ||||||||
Number of shares issued | 33,008 | ||||||||
Proceeds from issuance of preferred shares | $ 164,500,000 | ||||||||
Series B Preferred Shares | Minimum | |||||||||
Issued capital, preference shares | $ 4,000,000,000 | ||||||||
Series B Preferred Shares | Maximum | |||||||||
Issued capital, preference shares | $ 200,000,000 | ||||||||
Authorized share capital | 40,000 | ||||||||
Common Shares | Maximum | |||||||||
Issued capital, preference shares | $ 6,400,000,000 | ||||||||
Series B Preferred Shares Converted to Common Shares | |||||||||
Issuance of ordinary shares | $ 12,543,492 |
Debt - Summary of Information a
Debt - Summary of Information about Contractual Terms of Interest-Bearing Loans and Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Jul. 31, 2018 | |
Borrowings [Line Items] | |||
NOMINAL INTEREST RATE | 12% | ||
Unsecured Loan | |||
Borrowings [Line Items] | |||
CURRENCY | USD | ||
NOMINAL INTEREST RATE | 2% | ||
YEAR OF MATURITY | 2024 | ||
FACE VALUE | $ 18,000 | $ 18,000 | |
CARRYING AMOUNT | 15,508 | 14,242 | |
FAIR VALUE | $ 14,629 | 14,557 | |
2021 Senior Secured Loans | |||
Borrowings [Line Items] | |||
CURRENCY | USD | ||
NOMINAL INTEREST RATE | 8% | ||
YEAR OF MATURITY | 2024 | ||
FACE VALUE | $ 300,000 | 300,000 | |
CARRYING AMOUNT | 296,553 | 286,815 | |
FAIR VALUE | 283,893 | ||
2022 Convertible Notes | |||
Borrowings [Line Items] | |||
CURRENCY | USD | ||
NOMINAL INTEREST RATE | 6% | ||
YEAR OF MATURITY | 2027 | ||
FACE VALUE | $ 56,500 | 0 | |
CARRYING AMOUNT | 54,418 | 0 | |
FAIR VALUE | $ 49,476 | 0 | |
Instrument Financing Loans | |||
Borrowings [Line Items] | |||
CURRENCY | EUR | ||
FACE VALUE | $ 76 | 263 | |
CARRYING AMOUNT | 76 | 263 | |
FAIR VALUE | $ 76 | $ 263 | |
Instrument Financing Loans | Minimum | |||
Borrowings [Line Items] | |||
NOMINAL INTEREST RATE | 1.70% | ||
YEAR OF MATURITY | 2022 | ||
Instrument Financing Loans | Maximum | |||
Borrowings [Line Items] | |||
NOMINAL INTEREST RATE | 2.60% | ||
YEAR OF MATURITY | 2023 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||||
Mar. 02, 2022 | Mar. 23, 2021 | Oct. 17, 2019 | Dec. 31, 2022 | Dec. 31, 2019 | Jul. 31, 2022 | Jun. 17, 2022 | Dec. 31, 2021 | [1] | Jan. 15, 2021 | Jul. 31, 2018 | |
Borrowings [Line Items] | |||||||||||
Loan interest rate | 12% | ||||||||||
Borrowings | $ 76 | $ 191 | |||||||||
Warrants issued to purchase A Ordinary shares | 2,284 | ||||||||||
Convertible Senior Subordinated Notes Due 2027 | |||||||||||
Borrowings [Line Items] | |||||||||||
Loan interest rate | 6% | ||||||||||
Loan matures | March 1, 2027 | ||||||||||
Purchase of convertible senior subordinated | $ 56,500 | ||||||||||
Payment description | payable semi-annually in arrears starting September 1, 2022 | ||||||||||
Initial conversion price per share | $ 9.22 | ||||||||||
Minimum | Convertible Senior Subordinated Notes Due 2027 | |||||||||||
Borrowings [Line Items] | |||||||||||
Conversion price per share | $ 7.25 | ||||||||||
2020 Senior Secured Loan | |||||||||||
Borrowings [Line Items] | |||||||||||
Borrowings | $ 100,000 | $ 40,000 | |||||||||
2021 Senior Secured Loan | |||||||||||
Borrowings [Line Items] | |||||||||||
Borrowings term | 3 years | ||||||||||
Loan interest rate | 8% | ||||||||||
Borrowings | $ 300,000,000 | ||||||||||
Exercise price of warrant issued | $ 1.75 | ||||||||||
Repayment of debt | $ 4,500 | $ 100,000 | $ 9,000 | ||||||||
2021 Senior Secured Loan | Warrants | |||||||||||
Borrowings [Line Items] | |||||||||||
Exercise price of warrant issued | $ 1.75 | ||||||||||
2021 Senior Secured Loan | Maximum | |||||||||||
Borrowings [Line Items] | |||||||||||
Warrants issued to purchase of common stock | 1,485,848 | ||||||||||
Unsecured Loan | |||||||||||
Borrowings [Line Items] | |||||||||||
Loan interest rate | 2% | ||||||||||
Loan matures | October 17, 2024 | ||||||||||
Notes issued | $ 18,000 | ||||||||||
[1] Government and other grants have been restated due to a presentational error - see Note 21. |
Debt - Summary of Instrument Fi
Debt - Summary of Instrument Financing Loans are Used to Finance Cost of Installing Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about borrowings [line items] | |||
Beginning Balance | $ 301,320 | $ 286,972 | |
Changes from financing cash flows | |||
Repayments of borrowings | (174) | (140,552) | $ (40,396) |
Total changes from financing cash flows | 53,836 | 221,278 | |
Other changes | |||
Reclassification of Unsecured Loan amounts to grant liability in accordance with IAS 20 | (3,758) | ||
Total other changes | 11,399 | (206,930) | |
Ending Balance | 366,555 | 301,320 | $ 286,972 |
Less: Debt due within one year | (76) | (191) | |
Instrument financing loans excluding current debt | 366,479 | 301,129 | |
Incremental Term Loans | |||
Changes from financing cash flows | |||
Proceeds from borrowings, net of issuance costs | 39,000 | ||
Repayments of borrowings | (40,000) | ||
Other changes | |||
Loss on extinguishment of debt | 1,000 | ||
2020 Senior Secured Loan | |||
Changes from financing cash flows | |||
Proceeds from borrowings, net of issuance costs | 34,125 | ||
Repayments of borrowings | (100,000) | ||
Other changes | |||
Loss on extinguishment of debt | 3,170 | ||
Amortization of debt discount | 366 | ||
Instrument Financing Loans | |||
Changes from financing cash flows | |||
Proceeds from borrowings, net of issuance costs | 192 | ||
Repayments of borrowings | (174) | (552) | |
Other changes | |||
Foreign exchange impact | (13) | (52) | |
2021 Senior Secured Loan | |||
Changes from financing cash flows | |||
Proceeds from borrowings, net of issuance costs | 288,513 | ||
Other changes | |||
Warrants | (5,136) | ||
Amortization of debt discount | 8,454 | 3,438 | |
Amortization of debt discount arising from debt modifications | 1,284 | ||
2021 Convertible Notes | |||
Other changes | |||
Conversion to equity | (125,652) | ||
Change in fair value | (52,267) | ||
Amortization of debt discount | 31,075 | ||
2022 Convertible Notes | |||
Changes from financing cash flows | |||
Proceeds from borrowings, net of issuance costs | 54,010 | ||
Other changes | |||
Amortization of debt discount | 408 | ||
Convertible Notes | |||
Other changes | |||
Conversion to equity | (61,980) | ||
Amortization of debt discount | $ 2,866 | ||
Unsecured Loan | |||
Other changes | |||
Amortization of debt discount | $ 1,266 |
Lease Liability - Summary of Le
Lease Liability - Summary of Lease Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Lease Liabilities [Line Items] | ||
Total | $ 45,268 | $ 46,998 |
Due in Less than One Year | ||
Lease Liabilities [Line Items] | ||
Total | 8,474 | 5,546 |
Due between One and Five Years | ||
Lease Liabilities [Line Items] | ||
Total | 23,543 | 25,151 |
Due in More than Five Years | ||
Lease Liabilities [Line Items] | ||
Total | $ 13,251 | $ 16,301 |
Deferred Tax Asset and Liabil_3
Deferred Tax Asset and Liability - Summary of Deferred Tax Asset and Deferred Tax Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred tax assets and liabilities [abstract] | |||
Deferred taxes: - Liabilities | $ 542 | $ 779 | [1] |
Total net deferred tax liabilities | $ 542 | $ 779 | |
[1] Government and other grants have been restated due to a presentational error - see Note 21. |
Deferred Tax Asset and Liabil_4
Deferred Tax Asset and Liability - Summary of Analysis and Movement of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning balance | $ 779 | $ 1,230 |
Recognized in income | (475) | (186) |
Recognized in equity | 238 | (265) |
Ending balance | 542 | 779 |
Intangible Assets | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning balance | 1,238 | 1,727 |
Recognized in income | (862) | (383) |
Recognized in equity | 238 | (106) |
Ending balance | 614 | 1,238 |
Net Operating Losses and Other Timing Differences | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning balance | (459) | (497) |
Recognized in income | 387 | 197 |
Recognized in equity | (159) | |
Ending balance | $ (72) | $ (459) |
Deferred Tax Asset and Liabil_5
Deferred Tax Asset and Liability - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
U.K. Tax Losses | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred tax assets | $ 108,994 | $ 78,602 |
U.S. Tax Losses | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred tax assets | $ 7,757 | $ 10,615 |
Trade and Other Payables - Summ
Trade and Other Payables - Summary of Trade and Other Payables (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other payables [abstract] | ||
Trade payables | $ 28,897 | $ 59,718 |
Accrued expenses and other liabilities | 23,745 | 26,366 |
Accrued interest | 7,373 | 6,239 |
Restructuring provision | 1,156 | |
Warranty provision | 4,107 | 5,801 |
Deferred revenue | 999 | 1,517 |
Total trade and other payables | $ 66,277 | $ 99,641 |
Government and Other Grants - A
Government and Other Grants - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statements [Line Items] | |||
Reduction in research and development expenses | $ 12,650 | $ 8,602 | $ 1,473 |
Liabilities related to unspent grant funds | 11,077 | 12,730 | |
Grant for manufacturing equipment | 20,988 | 26,211 | |
Grant for manufacturing equipment noncurrent | 15,796 | 20,992 | |
Reduction in manufacturing expenses | 5,219 | $ 3,784 | $ 0 |
Non-current government grants | $ 15,796 |
Financial Risk Management - Add
Financial Risk Management - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) Customer | Dec. 31, 2021 USD ($) | |
Financial Risk Management [Line Items] | ||
Number of customers included in trade receivables | Customer | 1 | |
Percentage of customers accounted for trade receivables | 33% | |
Currency Risk | ||
Financial Risk Management [Line Items] | ||
Percentage of strengthening US Dollars against UK Pound Sterling | 10% | |
Impact of foreign currency risk, increasing the loss before tax | $ 9,383 | |
Credit Risk | ||
Financial Risk Management [Line Items] | ||
Trade receivables | 30,406 | $ 75,207 |
Trade receivables due from customers | $ 700 | $ 1,811 |
Ageing analysis of trade receivables | 3 months and above |
Financial Risk Management - Car
Financial Risk Management - Carrying Amounts of Trade and Other Receivables (Details) € in Thousands, £ in Thousands, kr in Thousands, SFr in Thousands, R$ in Thousands, $ in Thousands, $ in Thousands | 12 Months Ended | |||||||||||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 GBP (£) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 COP ($) | Dec. 31, 2022 BRL (R$) | Dec. 31, 2022 SEK (kr) | Dec. 31, 2022 CHF (SFr) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 GBP (£) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 COP ($) | Dec. 31, 2021 BRL (R$) | Dec. 31, 2021 SEK (kr) | Dec. 31, 2021 CHF (SFr) | |
Financial Risk Management [Line Items] | ||||||||||||||
Carrying amount of trade and other receivables | $ 55,977 | $ 109,798 | ||||||||||||
Other | ||||||||||||||
Financial Risk Management [Line Items] | ||||||||||||||
Carrying amount of trade and other receivables | 1,559 | 957 | ||||||||||||
Currency Risk | ||||||||||||||
Financial Risk Management [Line Items] | ||||||||||||||
Carrying amount of trade and other receivables | $ 17,126 | £ 21,493 | € 10,983 | $ 3,547 | R$ 710 | kr 432 | SFr 127 | $ 51,568 | £ 27,089 | € 24,057 | $ 3,398 | R$ 783 | kr 954 | SFr 992 |
Financial Risk Management - Mov
Financial Risk Management - Movement in Loss Allowances Against Trade Receivables (Details) - Credit Risk - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Risk Management [Line Items] | ||
Loss allowance beginning balance | $ 1,681 | $ 661 |
Loss allowance recognized during the year | 6,207 | 1,253 |
Balances written off during the year | (3,740) | (222) |
Balances recovered during the year | (418) | (11) |
Loss allowance ending balance | $ 3,730 | $ 1,681 |
Financial Risk Management - Sum
Financial Risk Management - Summary of Undiscounted Contracted Maturities of Financial Liabilities (Details) - Liquidity Risk - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Carrying Amount | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS | $ 464,284 | $ 432,057 |
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS, Lease liabilities | 31,452 | 31,096 |
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS, Trade and other payables | 66,277 | 99,641 |
Contractual Cash Flows | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS | 539,883 | 516,077 |
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS, Lease liabilities | 45,268 | 46,998 |
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS, Trade and other payables | 66,277 | 99,641 |
Less Than 1 Year | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS | 102,957 | 129,996 |
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS, Lease liabilities | 8,474 | 5,546 |
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS, Trade and other payables | 66,277 | 99,641 |
1—2 Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS | 343,981 | 32,323 |
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS, Lease liabilities | 7,788 | 7,633 |
2—5 Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS | 79,694 | 337,456 |
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS, Lease liabilities | 15,755 | $ 17,518 |
Due in More than 5 Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS | 13,251 | |
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS, Lease liabilities | $ 13,251 | |
Unsecured Loan | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, EFFECTIVE INTEREST RATE | 10.55% | 10.55% |
NON-DERIVATIVE FINANCIAL LIABILITY, YEAR OF MATURITY | 2024 | 2024 |
Unsecured Loan | Carrying Amount | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS | $ 15,508 | $ 14,242 |
Unsecured Loan | Contractual Cash Flows | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS | 18,649 | 15,041 |
Unsecured Loan | Less Than 1 Year | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS | 360 | 285 |
Unsecured Loan | 1—2 Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS | $ 18,289 | 285 |
Unsecured Loan | 2—5 Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS | $ 14,471 | |
2021 Senior Secured Loan | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, EFFECTIVE INTEREST RATE | 11.48% | 10.02% |
NON-DERIVATIVE FINANCIAL LIABILITY, YEAR OF MATURITY | 2024 | 2024 |
2021 Senior Secured Loan | Carrying Amount | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS | $ 296,553 | $ 286,815 |
2021 Senior Secured Loan | Contractual Cash Flows | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS | 338,800 | 354,133 |
2021 Senior Secured Loan | Less Than 1 Year | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS | 24,333 | 24,333 |
2021 Senior Secured Loan | 1—2 Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS | $ 314,467 | 24,333 |
2021 Senior Secured Loan | 2—5 Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS | $ 305,467 | |
2022 Convertible Notes | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, EFFECTIVE INTEREST RATE | 6.90% | |
NON-DERIVATIVE FINANCIAL LIABILITY, YEAR OF MATURITY | 2027 | |
2022 Convertible Notes | Carrying Amount | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS | $ 54,418 | |
2022 Convertible Notes | Contractual Cash Flows | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS | 70,813 | |
2022 Convertible Notes | Less Than 1 Year | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS | 3,437 | |
2022 Convertible Notes | 1—2 Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS | 3,437 | |
2022 Convertible Notes | 2—5 Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS | $ 63,939 | |
Instrument Financing Loans | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, YEAR OF MATURITY | 2023 | |
Instrument Financing Loans | Minimum | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, EFFECTIVE INTEREST RATE | 1.70% | 1.70% |
NON-DERIVATIVE FINANCIAL LIABILITY, YEAR OF MATURITY | 2022 | |
Instrument Financing Loans | Maximum | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, EFFECTIVE INTEREST RATE | 2.60% | 2.60% |
NON-DERIVATIVE FINANCIAL LIABILITY, YEAR OF MATURITY | 2023 | |
Instrument Financing Loans | Carrying Amount | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS | $ 76 | $ 263 |
Instrument Financing Loans | Contractual Cash Flows | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS | 76 | 263 |
Instrument Financing Loans | Less Than 1 Year | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS | $ 76 | 191 |
Instrument Financing Loans | 1—2 Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
NON-DERIVATIVE FINANCIAL LIABILITY, CONTRACTUAL CASH FLOWS | $ 72 |
Commitments - Summary of Capita
Commitments - Summary of Capital Expenditure Contracted But Not Yet Incurred (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Capital commitments [abstract] | ||
Capital | $ 1,311 | $ 15,641 |
Inventory | 7,022 | 43,573 |
Total | $ 8,333 | $ 59,214 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Additions to right-of-use assets | $ 4,888,000 | $ 23,038,000 | |
Lease commitments for short-term leases for which recognition exemption has been used | 0 | ||
Cash outflow for leases | 6,863,000 | 5,429,000 | $ 3,054,000 |
Interest expense on lease liabilities | $ 4,464,000 | 2,501,000 | $ 751,000 |
Sublease term | 8 years 6 months | ||
Gain on sublease | $ 3,608,000 | ||
Lease interest income | 626,000 | 0 | |
Investment in sublease | $ 11,421,000 | $ 0 | |
Minimum | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Lease term | 1 year | ||
Maximum | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Lease term | 10 years |
Leases - Summary of Leases (Det
Leases - Summary of Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Presentation of leases for lessee [abstract] | ||||
Right-of-use assets | $ 16,580 | $ 27,746 | [1] | |
Depreciation expense of right-of-use-assets | $ 6,137 | $ 5,593 | $ 2,810 | |
[1] Government and other grants have been restated due to a presentational error - see Note 21. |
Leases - Summary of Amounts Rec
Leases - Summary of Amounts Recognized in Profit and Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Presentation of leases for lessee [abstract] | |||
Depreciation expense of right-of-use-assets | $ 6,137 | $ 5,593 | $ 2,810 |
Interest expense on lease liabilities | 4,464 | 2,501 | 751 |
Amounts recognized in profit and loss | $ 10,601 | $ 8,094 | $ 3,561 |
Leases - Summary of Maturity of
Leases - Summary of Maturity of Lease Receivables (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Total | $ 14,588 |
Due in Less than One Year | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Total | 1,255 |
Due between One and Five Years | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Total | 7,529 |
Due in More than Five Years | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Total | $ 5,804 |
Instrument Financing Agreement
Instrument Financing Agreement - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Aug. 27, 2022 | Apr. 27, 2022 | Jun. 30, 2022 | Dec. 31, 2022 | Sep. 28, 2021 | Jul. 31, 2018 | Aug. 24, 2016 | |
Instrument Financing Agreement [Line Items] | |||||||
Settlement expiration of Investment Financing | three-year | ||||||
Par value per share | $ 9.89 | $ 0.0000028 | |||||
Number of trading day immediately following the Expiry Date | 20 days | ||||||
Fair value charged to finance expenses | $ 9,950 | ||||||
Interest rate | 12% | ||||||
Bottom of range [member] | Ordinary shares [Member] | |||||||
Instrument Financing Agreement [Line Items] | |||||||
Par value per share | $ 0.0000028 | ||||||
Top of range [member] | Ordinary shares [Member] | |||||||
Instrument Financing Agreement [Line Items] | |||||||
Par value per share | $ 7.25 | ||||||
Investor [Member] | Instrument Financing Agreement [Member] | |||||||
Instrument Financing Agreement [Line Items] | |||||||
Initial investment received in cash | $ 26.1 | ||||||
Maximum limit of investment | $ 50 | ||||||
Percentage of royalty payments | 20% | ||||||
Interest rate | 33% | ||||||
Notional amount | $ 41.5 | ||||||
Investor [Member] | Royalty Agreement [Member] | |||||||
Instrument Financing Agreement [Line Items] | |||||||
Additional investment made by investors | $ 15.4 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Accrued interest | $ 7,373 | $ 6,239 | |
Total Director’s emoluments | 1,311 | 30,197 | $ 661 |
Stock compensation expense | 0 | 28,376 | $ 62 |
Zwanziger Family Ventures Note 2022 | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Accrued interest | $ 41 | $ 0 |
Related Party Transactions - Su
Related Party Transactions - Summary of Remuneration (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [abstract] | |||
Salaries and wages | $ 1,267 | $ 1,743 | $ 537 |
Stock compensation expense | 0 | 28,376 | 62 |
Pension and other post-employment benefits | 27 | 60 | 33 |
Other employee benefits | 17 | 18 | 29 |
Total | $ 1,311 | $ 30,197 | $ 661 |
Ultimate Controlling Party - Ad
Ultimate Controlling Party - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 PartyOrShareholder | |
Ultimate Controlling Party [Abstract] | |
Controlling interest by party or company of shareholders | 0 |
Listing Expenses - Additional I
Listing Expenses - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 28, 2021 | Dec. 31, 2021 | Aug. 24, 2016 | |
Disclosure of detailed information about business combination [line items] | |||
Fair value of issued shares | $ 52,492 | ||
Par value per share | $ 9.89 | $ 0.0000028 | |
Listing charge | $ 27,600 | $ 27,607 | |
Other transaction expenses | 8,600 | ||
CA Healthcare Acquisition Corp [member] | |||
Disclosure of detailed information about business combination [line items] | |||
Fair value of issued shares | $ 52,500 | ||
Par value per share | $ 9.89 | ||
Identifiable net assets | $ 24,900 |
Listing Expenses - Disclosure o
Listing Expenses - Disclosure of Listing Expenses (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Sep. 28, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2018 | Aug. 24, 2016 | |
Disclosure of detailed information about business combination [line items] | |||||
Shares issued to CAH shareholders | 212,718 | ||||
Opening price of LMDX shares on NASDAQ as of September 29, 2021 | $ 9.89 | $ 0.0000028 | |||
Fair value of LMDX shares issued to CAH shareholders | $ 52,492 | ||||
Assets (liabilities), Total | $ 162,596 | $ 105,375 | |||
IFRS 2 listing expense (c-g) | $ 36,202 | ||||
CA Healthcare Acquisition Corp [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Shares issued to CAH shareholders | 5,307,607 | ||||
Opening price of LMDX shares on NASDAQ as of September 29, 2021 | $ 9.89 | ||||
Fair value of LMDX shares issued to CAH shareholders | $ 52,500 | ||||
CAH cash in trust | 38,244 | ||||
CAH other assets | 325 | ||||
CAH liabilities | (13,683) | ||||
Assets (liabilities), Total | 24,886 | ||||
IFRS 2 listing expense (c-g) | $ 27,606 |
Restructuring and Impairment Ch
Restructuring and Impairment Charges - Summary of Restructuring and Impairment Charges (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Restructuring and Impairment Charges [ Line Items] | |
Impairments | $ 49,437 |
Restructurings | 3,419 |
Excess Inventories | 46,887 |
Total | 99,743 |
Cost of Sales | |
Restructuring and Impairment Charges [ Line Items] | |
Impairments | 49,437 |
Restructurings | 787 |
Excess Inventories | 46,887 |
Total | 97,111 |
Research and Development Expenses | |
Restructuring and Impairment Charges [ Line Items] | |
Restructurings | 1,599 |
Total | 1,599 |
Selling, Marketing and Administrative Expenses | |
Restructuring and Impairment Charges [ Line Items] | |
Restructurings | 1,033 |
Total | $ 1,033 |
Event After the Reporting Per_2
Event After the Reporting Period - Additional Information (Details) | Apr. 06, 2023 |
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |
Percentage of global workforce reduction | 40% |