LMDX - Earnings call transcript Q1 2022

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Operator

Hello, and welcome to LumiraDx First Quarter 2022 Earnings Call. All participants will be in the listen-only mode. [Operator Instructions] I would now like to turn the conference over to Colleen McMillen, Vice President of Communications. Please go ahead, ma’am.

Colleen McMillen

Hello, everyone. you financial call results welcome first discuss to XXXX quarter issued like to to today’s LumiraDx’s We’d earlier today. LumiraDx’s LeBlanc; Officer, are Financial us Chairman Ron CEO; With Zwanziger; Officer, Dorian Pathak. and Pooja Product Chief and Chief The on Investor press website LumiraDx.com. Relations posted company’s the the release financial of is our at announcing results section

today, in the earlier opening for turn non-IFRS which showing There to now can results our presented compliance be may make found on should isolation Private made make I than risks press is historical the facts, Form we would XX, over to filings we Litigation may like the other call, today’s those provisions considered Actual we be XX-F non-IFRS other versus and will Before measures as measures. Securities issued in detailed IFRS. XXXX, XX, forward-looking the caution be schedule make the listeners or as course for Ron year that on Harbor with substitute currently not forward-looking our involve of the today be a information of Non-IFRS we SEC Also, statements report December ended remarks. pursuant Act results begin, I that considered IFRS with to a that Safe statements such reconciliation annual these filed April uncertainties for vary XXXX. financial release we was such that aware XXXX, financial available materially. statements factors. to and website. from in Reform are SEC. forward-looking of during Please call must financial statements certain refer light and in of Any Zwanziger the which our the with all in on

will updates provide answering then questions. Ron? and financial before We business

Ron Zwanziger

joining you Thanks, all Colleen, for our today. thank call and

the to on fastest the market to start company with the Our test continued performance. platform lab had year. on to our We’ve comparable deliver innovate a strong results

shipped for we drive care our We and across the believe that the and ended strong in anticipated, vision launches growth transforming instruments to health our us addressable Customer gained approximately will non-COVID term pipeline use countries. product We’ve XX,XXX in health our systems common adoption diagnostics. settings. XXX to As assays of enable of and market cases with progress conditions. of for R&D on deliver momentum platform this receptivity $XX the point revenues medium of for continues billion quarter community-based and also with market drive

revenues COVID lab generated Turning case in our the financial on The for results. the at to cases. well testing Lab as of by especially million customers. Omicron Fast variant $XXX by as This quarter. molecular performance platform was Solutions testing rapid January demand the strong for antigen We in height driven our in the was first surge

in making of diagnostic pipeline disorders. cardiovascular We’re disease, diseases, and common coagulation our health tests conditions, progress infectious for including diabetes, the XX-plus

other to with R&D [ph] we’ve starting for test EUA market-leading product end our shortly hemoglobin and claims and trip with would expected COVID this launches in for for new phase even product in I lab take for saved as or hours to will delivery to point gained COVID reduce care increase like pharmacy further Mark turnaround plan testing. significant diagnosis minutes The result hospitals, CE FDA five plan to XX acute point minutes mean time momentum flu and to which with our moment in to from diagnostics. tests and to and the as for market testing LumiraDx and results competitive this patients our minutes side, XX in and lives to accuracy combo. change, test highlight which and to test with the additional quarter such portfolio in potential time high results AXc advantage for a Ultra high achieve diagnostic D-Dimer, locations our for compared with Five On high volumes. summit Speed as Ultra throughput of could and we summer care well most sensitivity core of sensitivity. minutes the of with CRP, on other transformative new care are markets

platform overall opportunity commercial positive feedback its that and impact. help will applications enhance future. pathways work improve with launched to such features the how them help and the insights addition as more on can had in recently we’ve clinical expand additional their D-Dimer customers our to in on potential the to now That customers CRP side, point care our closely products platform and and includes On understand of experience tests

should a customer Our you resulting and adoption success market validation cases story of providers for the growing care by give our sense platform. use health and

such needed the of to to pneumonia the our our in results platform, connectivity On and to England transfer are AXc system Platform, number health the they COVID discussed LumiraDx base portability Hospital. for allow year. test a our settings on ideal Recently, installed care. in tests, INR hospital triage of patients flexibility CRP four example Their community streamline community is team their resources. that before respiratory Let our arrive tripled to have and and has community, visits this of and the implement of has their of records. CRP including features patients a minutes. Gloucestershire call, patient to they support Heart we the experience they antigen support have hemoglobin later The to the care last customer examples of using using who LumiraDx near-patient the such One, case care you. of platform to patients and COPD, use D-Dimer, and Health able of Platform in at point been bronchiectasis, Liverpool and their as at CRP planning me within the platform is measure share the test three diagnosis this Chest when The with are part pneumonia,

in Gates Ted the in talk not pandemic. recent at Finally, on you Platform next preventing watched talk those already for TEDXXXX April, its of who LumiraDx Bill featured have

you foundation partnered to As distribute and platforms with expand African treatment LumiraDx at patient testing X,XXX has countries and point diagnosis care. transform know, vastly to in the the of

and primary of We in our health in countries clinics. variety XX have now platform facilities, and made as a fuel settings available occupation clinics, health in settings, such Africa walk-through care airports,

other In now to hand R&D Dorian impact to meaningful pipeline over testing I addition will conditions assays we that HIV/AIDS global performance. to deeper health. things expect our go will financial a our current TB, diabetes, menu, our and have health into in for Dorian? on

Dorian LeBlanc

Ron. Thanks,

instruments, to of delivered care Total of exceed continued guidance. XXXX. a charge support development for the on fully of customer largely margins launch this three compensation, costs, points. January has continuing XX test placed XX% in than the revenue of were with quarter first quarter spend the the We primarily quarter. cost center quarter of and an the utilizing XXXX million recently revenue and placements $XX.X the amortization XX% purchases in increase opening of with impact these research the to in test future to LumiraDx imminent R&D the reported within test first represents million focused new our of customers in X,XXX core wave. tests. menu. percentage Adjusted were of of long-term $XXX.X the Solutions and on decreased first quarter capable year. recognized QX substantial period to Fast COVID-related minimum of of during in For our products for in quarter required months in strips compared quarter the as more QX customers revenues margins remain of of U.S. increased the of and these our with new The exclude Lab which high-quality, instrument were grow Omicron number COVID the This million and gross test height antigen and Glasgow Platform of point the gross margins for shipped costs existing last delivered the $XXX.X first Costs quarter. XXXX, these LumiraDx free contributed by million which instruments for for new R&D long-term was strip $XX.X the first strips. Overall XXXX. compared in the $XX.X million to were more were our several stock-based XX% were

with loss were QX exchange the for period First flat $X.XX no million million losses in company. of for per unadjusted XXXX accounting million $XX.X intercompany was quarter million loan cash for operating share. adjusted net transactions marketing unrealized net QX XXXX to and loss XXXX. of XXXX impacts The loss administrative was and sales, The adjusted QX to related foreign the included the to or the expenses consolidated approximately $XX $XX.X essentially $XX.X

XX, March million. on $XXX balance cash XXXX, Our was

As aggregate April, end manufacturing. financing we before million capital first anticipate closing and previously to additional we announced announced entered a maximum of investment instrument the million in provide We closing agreement of $XX.X fund to working the $XX new in this the quarter.

a announce City. Further morning coming learning Given of and forward our on update Day pleased short New on are of key to the detail. an cover our weeks, York the about Day, announced progress. in Investor LumiraDx, more technology details provide be interest XX strong look our pipeline the to we the Pooja? we June to more some and in around will opportunity Ahead Pooja in Investor will recent topics in

Pooja Pathak

Dorian. Thanks,

precision high we’re results sensitivity for design minutes. mentioned, Ron really Ultra five greater test the antigen and allows that deliver new excited about to test strip faster times in reaction As

a [ph], QX. product as plan COVID CE point minutes. current significant and impact Ultra submit Ultra enables Mark patient minutes FDA we workflow. to achieve XX of XX in time an market to category our from EUA product to in the and in turnaround five of customers to minutes this improvement rest the shortly first results huge in which is Our a to has COVID for move care This

and where get test test results waiting pharmacy to prescription. individuals program are treat for the example, For their

health we will declines, and believe testing cases. Ultra effectively enduring overall use As testing COVID system compete

as product Second, fast the line entire to [indiscernible]. developing respiratory the market antigen to the has opportunity move high-sensitivity including testing, fully Ultra and

the used acute early the in to assays contributions made development important Ultra such aid test the [ph] has of rule-out design Finally, strip troponin myocardial the detection innovation of as and infarction. physicians high-sensitivity to of

new also in We of number our have pipeline. overall developments a

primary care is offering well. our First, progressing

recently treat over well the offering respiratory point Europe, accurately CRP children to conditions platform of as our diagnose For as flu, RSV expanded on the in to same COVID, include and testing use and care. two, the at we as quickly children in the of test age intended test in aid physicians this

care, where rapid unnecessary offers Our focus a CRP portfolio antimicrobial of on toolkit on primary reducing the growing. assays platform is one and for prescribing strong stewardship antimicrobial pathogen-specific

in have rapid and and for well-positioned point post-pandemic prescribed example, children. world the demand and for results respiratory impact our and viruses to is point expect assays of unnecessary our finger The required. in six we diabetes this in launch at that a from COVID-XX meets Care are COVID-XX minutes. inappropriate. both XX% test as testing shown of of co-circulate treatment where to with For in Platform already stick be in testing of studies aid across care and will to seeing primary we’re The outside we additional of with a approximately sample, enable Europe prescribing care growing a differentiation traditional the physicians least assessment hemoglobin market, Europe reduce potential addition to England antibiotics of in test some respiratory is in LumiraDx AXC customers. HbAXc and and move large This launch their of the patients decisions adults monitoring care of Primary which high-growth also rapid summer, diagnostics will

installed pharmacy for of our For XXX-plus is currently offering used patients of example, COVID with testing to rising start a base the keen one customers to HbAXc number due diabetes. with

care primary With Europe. a offer the at menu, point majority pharmacy used care the LumiraDx of we on Platform, of HbAXC currently addition test to and of the across the in assays

our connected single and a it For three workflow. to enable consolidation instruments customers, will of the platform

to acute hospital Moving the or segment.

is Our cardiac initial testing. in focus

symptomatic has of LumiraDx demonstrated has value knowledge, with laboratory Germany, used clinic and and ambulatory a reference XXX% correlation pretest liter with also For micrograms To strong support XXX our venous at test, DVT based prospectively this D-Dimer of on symptomatic a the have and improve XXX use to department D-Dimer at physicians in and cut-off follow-up improve test patients quantitative in that cost we the UK D-Dimer presenting assessment of when test the point in combination as point primary is in or also per the probability stick Interim patient by to potential which ruling the to outcomes predictive analysis study opportunity emergency potentially of reduce testing the prospective patients, to out ongoing and the thromboembolism, significantly setting, finger the study as negative study the VTE to VTE. first Hamburg has score. well scan. visits rule out clinical, for has the in method time a our the D-Dimer VTE care use care and demonstrate pathway. operational hospital The of a test

progressing high-sensitivity and and development tests NT-proBNP Our well. are troponin are in

test although with in updates was January, further to prevalence on We mentioned. will portfolio, investor volumes due low in COVID combination just commercially have low launched flu and the Continuing the Dorian updates this flu month’s respiratory provide been Europe during next season. meeting

year communicated, did XXXX plan samples submit submitted CE is the and data previously at EUA to and we we of season EUA RSV data this year. banked retrospective The beginning XXXX We clinical prospective COVID shortly. an half in the the of Flu this to authorize study and expect FDA from that of second not the A/B updated test on development, the FDA a additional provide combination late-stage that comprise in commenced based last to As mark to new an fall. flu

test molecular will and applications to the end will in Flu still Ultra, on EUA combination and and year. RSV XXX(k) product under planning COVID Strep offered submit your questions. are Operator? verification and A COVID line happy Ultra single HbAXc, We take completed. work be and to studies of for are XXX(k) transition INR, as with that, With assays to would development validation we be by

Operator

question with comes Thank first ISI. Vijay Kumar Evercore And the you. [Operator Instructions] from

Vijay Kumar

code, we around you turning there’s is What couple congrats more of endemic think the to COVID revenue five any Maybe How what lot front? base the Ultra XX what about about COVID you and is thanks – when point think on are either revenue that perhaps prior here is thoughts to us suspect debate quarter. opportunity question combo – is having the the the Hi, for that I what is turn standalone? been you solutions just also PCR the the test? tail. longer around the taking can on related is but side test – an you XX One, announced, that test Or that my a revenue or a minutes sustainable of antigen-based on Have here. should revenues? on a care antigen base guys is the minutes? on that minutes when these ex as you to given versus say many of a And

Ron Zwanziger

we It had Well, the dealing – is expect It antigen with to second. the test. performance be outstanding. five-minute a

have increasingly customers same many cases over very that to we use the been us. our PCR systems way in so switching much that And in from

obviously very throughput get doctors’ is the test, facilities, looking state even the and transition already performance rooms wait in or faster. when We range to to the well product greater actually state, of on locations a transition the and test the whether PCR And infectious the they has with valuable. it’s it’s other which impact understatement where in PCR say equivalent and helpful we’ve will workflow it medical discussed an to you’re in incredibly five-minute And be a how offices. can’t the because And can quite it expect someone’s customers. efficiencies emergency also comment that obviously of in performs get

the that – and to share we we and also very us gain it’s expect moving – think knew use it? Ultra customers, about enable cases through. to we’d you, see hard if linking input of first lot to And but a we which hard can demand from it’s should also to hard of down. and to very product and sort tell. your question, various So, Well, tell how it’s base of the up your get part that frankly, is is significant think and what We

hard So impact the the hard so obviously Flu it’s still A/B includes also it’s to tests, on. RSV and tell. whether it’s And pretty to combination or whether tell of it

recent So we to tell. had a it’s we probably – if very moment, be than guess, the But frankly, probably hard average seasons. think to – it baseload higher is it the will at our and be will flu guess,

be probably higher. will it So

be probably it that. than a on estimate give It’s data. recent is bit guess better will Our hard higher based to a

hard a that it at seen and aren’t because a we’ve that out the base might it’s lot to the it the fact sorting moment revenues and moment be into future around at – what’s the read falloff the still continuing, So pandemic. happening that might conclusion the of

not So base. an the indication be of it may

So I’m other part to than than afraid, say it’s going to annual of of basis I sales first current flu. on than probably haven’t an higher answered be your the question,

Vijay Kumar

It’s hard. that’s And response, fair Ron. a

at hard played But to twists question. way business of the it’s turns. kind come there figure another and pandemic, maybe It’s to different at back Just the how out. been are out; base

prospective say Pooja D-Dimer mentioned or think was kinds study, at was of case-controlled value. these a frankly, negative looked we’ve predictive When a this study never you the I XXX% tests. that

so customers it adopting momentum other I tests, like when bit. think it now say for don’t customer mean? us numbers do for know I what Maybe how So your put negative into you AXc, looks predict you Similarly, non-COVID mean has these what about a a XXX% – these some numbers HbAXc said building pharmacy talk What when reaction? that maybe context is been there value.

Ron Zwanziger

the D-Dimer. Pooja, want you do on question to answer

Pooja Pathak

Sure. Yes.

of it was study -- will over D-Dimer, for X,XXX over a study, the patients at so to probably a the first explain and just enroll XXX% the high level So time. this

the now. mark at We’re interim right

So D-Dimer, are are is then typically with then care, as scanning. clinical with enrolling a they such a leg score, be usually on present they swollen following pre their so and for symptoms individuals also other of this And could symptoms combines standard which that so test, and VTE-like tested probability example. based well there

they’re So to have AVTE. diagnosed clinically

And that had with clinical refers probability correlation test that XXX% the a the negative with the to rule decision. D-Dimer so fact score pre XXX% the out used

requested studies have number and of been this primary adds that So the setting D-Dimer care tests the way – is And cost a published in of clinical care is a a a a the in individuals setting. number have and VTE. top one, one because have of or there a they been value setting, primary that add there’s reason the to these that having lot of downside a can lot

to number to a has to in defining. So newer of ED. terms rule that lot some lot first being reducing nonspecific symptoms the also out of able the system a a versus in value have quickly that. lot This cost a that that the VTE savings of up referred triage patient can of show – and I other of the need done clinical is and would think we’ve in to of I we patients work it’s the and say

see primary a to relatively So an in opportunity emergency lot but we do more value. care. in clinical done D-Dimer that build underpenetrated departments, is has as It

Ron Zwanziger

setting, be in physician in the with that, Just back in the the that but very way went could on D-Dimer tried lab they very physicians community the D-Dimer relying they to couldn’t any on towel because much use major various are community-based find to for thrilled of and the testing had wanted our occasions absolutely area Vijay. test to – in and they laborious used product. rapid to reliable tests add and community threw Europe One it,

expect and see typical So lot that in very future. the of awful we an that’s to

Vijay Kumar

If one QX perspective, position at helpful your clearly, progression may in sub gross for maybe $XX margin was talk That’s cash and bit, burn. market it in a concern now, squeeze what margins come I at QX burn with more to of right about about spend a – been just question looking Ron. that’s looks Dorian, million cash means your the cash levels, Dorian

Dorian LeBlanc

And think know since the overall given you some just have the fact in made our Omicron quarter discussed strength the obligations. before used those CapEx the cash of is was operations we’ve that fairly just in was I quarter XXXX, Sure. the from the coming of spend in investment that the of most peak. And early we in the with light tail and down end revenue

this side. quarter, So think is CapEx that on we slowing. and operationally overall, cash it’s slowing the burn do It the slowed

On inventory and I’m the balance still by the that’s very strong inventory. components. see instrument we that a a over sheet see we to sure instrument the placing have you’ll inventory and of strong obviously, margin instruments, side, half And impacted but position that have instrument is

build So our is to us well, requirement behind as to largely. continue inventory finance

going have So working opportunity see growth, fund to on previously. I in cash side. better as think the continue coming utilization capital we quarters the to said some for we’re to we’ve But business the

Vijay Kumar

million, free see number do QX up? sustainable cash Dorian? $XX of flow you that million, of stepping Or going sort That forward, $XX that is a

Dorian LeBlanc

cash that free $XX of overall the number Sorry, million? flow

Vijay Kumar

around Yes, think I Yes. XX...

Dorian LeBlanc

Yes.

$X based operating, the but the we on So million revenue early used in large in quarter. that’s

see the higher COVID second cash we quarter. contribution I will less a and see case burn expect we So as will counts in from that we coming revenue, down do on see

Vijay Kumar

Understood. Thanks guys.

Ron Zwanziger

be we’ve pipeline. want coming to slow to to new minimize going want because we doing momentum tests fill we’re be to Vijay, from Well, And for to be in And cash was out we’ll of I year. we’ll want very general? because this to later it the that, your the we dilution. possible mind don’t careful raise it’s mean again, want did we’re before because want you the dilution, to minimize by asking to early our and rest what’s through do go money we’re year. careful a away, about or dilution. to certainly in next careful going If about question a we quite specifically to quarter this of minimize. since financing our minimize usage But year obviously, going we that got obviously slew

Vijay Kumar

Ron. Understood,

Operator

the you. Thank good. Very Thalmann. question comes with from And Jeffrey next Cohen Ladenburg

Jeffrey Cohen

Dorian, Pooja, are Hi, you? Ron, how

Ron Zwanziger

are How you? Good.

Jeffrey Cohen

questions A of couple from our end.

the talk throughput bit about bit lines So Ultra logistical manufacturing from could And manufacturing and on throughput any front us COVID antigen for cost through and about only little test? and perhaps a specifically margins, cetera. further the difference that the is the walk some you a and or and little et

Ron Zwanziger

so with Well, they is of And all Ultra the configuration same the of consistent made that’s beauty the – Ultra. obviously test the regardless equipment. they’re on

what some platform. done with the and And is to so our doing performance, of we’ve the Ultra up We the the able, performance. the compromise time by is being wouldn’t played to ended obviously maintaining reduce test with that, geometry drastically which around key of the we’ve while

And implication against five PCR. performance a is on see is we’re is COVID point the to kind look Pooja is to that think the at making in way can expect on RSV it – respiratory to making was this of to performance because and antigen of Flu that this covers have sort of antigen the and the that COVID A, that Flu already already that have you that tremendous is of one whole expect success it then the the on – a about so minutes. And the business B, side we on and now can we

why in and in busy tests with this why aiming customers, in who reality, convert of test to the should portion And process five of trying settings, antigen patients so would are they market minutes. they we’re five to the deal performance kind minute use when can because substantial work other with to the COVID

So the gives Ultra COVID strip tremendous advantages. us competitive

Jeffrey Cohen

that about then talk have medium-term? was the funding in commentary could to gross number run for earlier, short in short of that the speaking far And any little the right the and on out there, in term you instruments Thanks. the What’s least and outlook you’d medium-term? it. in as the with that instrumentation bit of and at and a future also about Dorian as tie Got margins Okay. the as some perhaps like

Ron Zwanziger

from that good the quality others placements, D-Dimer products we pretty Well, have others and suggests on in the already the pickup instrument AXc CRP just never we’re discussions in and from instruments year, well. the – that of mentioned these The pickup just the we’ve are level second around the answering question a in the around alone, mind coming and and getting the the should around as – half instruments. and the feedback introduction the customers of

see we in the of the in of the And margins? second in question half your should So gross instrument a pickup half about placement was – what the second year.

Jeffrey Cohen

I How that suppose manufacturing balance instruments, margins and Dorian it for manufacturing to think about out for more year? inventory. might this and play the of

Dorian LeBlanc

to manufacturing exceed has largest long-term basis. competitors capitalized cost matured, through really on the sheet the And guidance instrument continue taken to gross gross margins the consumables. that we the continuing periods. see you’ll get have the that’s to as on high continue the quarter So focus to margin margins what process for the gross on P&L we in as the is placements often previous the space, the drives on really three drive in the on and testers other five quarters, couple period those And a in balance company running The accounting go-forward and value the for a over themselves. the as year in of

call is expenses over CRP, and bread the AXc one then of and to do to wanted we What proper you move period something accounting now we those similar in customers and place remarks. full quarter, up the those of in more to commit till it and that the over time. burden to instruments time, of INR which in prepared a expense can like As take we’ve COVID volumes period just butter point-of-care take a done is out for we why environment the to is test where of contractually the

what’s is expect So disposables But to the a trend and high. is the having on very on continue really margin as important margin. for us if we that impact exactly negative our and those

Jeffrey Cohen

quarter? the any us then it. there? And Got to Was for there for briefly. Amira Anything or Okay. real commentary lastly call out on

Dorian LeBlanc

did call to out you Amira, Anything say? the on

Jeffrey Cohen

Yes.

Dorian LeBlanc

Well, to also file CE it. Mark we’re do a hoping we’re for, to EUA hoping shortly on shortly relatively an we’re that. relatively Yes. also And to get expecting

Jeffrey Cohen

questions. Thanks it. our taking Got for

Operator

you. question last comes Cooper Raymond And Thank the James. from with Andrew

Andrew Cooper

what bigger Hi, charge, thinking and did guys. back I of dynamics. If instrument them about was start, be there’d to it the while Thanks is Maybe maybe ago, this thought no questions purchase all a the instruments kind for of here. quarter. think you I of at a think which we placing not seems the just mix like

get of want a transition think back structures that? just looks of expect what Should changed for Just I the of to sense view the instrument about all? how at we sort to do for structure long-term mix we the So a to has like, placements?

Dorian LeBlanc

Andrew, really geography. a of it’s just No, reflection

I placed in so the a purchased see is market. since expenditure were that lion’s some and the of and no in that U.S. typically capital geographies, rental geographies, in you the instruments reagent share are some model more think that’s quarter customers, we – instruments the prevalent with first

alongside reagent a do case, with that typically that the rental contractual an our purchase obligation model had the free just we getting with instrument. you in went So or upfront

of reflection a of geographic more just mix. So

Andrew Cooper

Okay, helpful.

Dorian LeBlanc

the the But to in strips geographies, we that’s where XX% a shipping general, mean, to reality the the antigen X% – I vast or Japan And reality we did COVID free being exception everybody is but the But the that charging for you the of in early needed of of that was placed XX%. there this immediate when we say an to countries, do is but market, instruments. charge on they’ve because of originally few the that orders the X% started basis for the because other were pandemic XX% way. are to XX% product. to close it’s for the the sell and tune – of probably alongside majority an example XX% instruments,

that long term. the So really is

Andrew Cooper

as Okay. Maybe on one the a Helpful. just quick pipeline well.

had the I sort pipeline. I at was those are the through potassium running submitted, sodium should Pooja think say, of caught coming referenced being to last you – I don’t when think XXXX. also update, in and I

about? that could be the to the the we then are the that speed biggest as And advantage. So it ported like could to I where terms you on be want is seems I new Amira something of to geometry place do single talked to some screening platform those see just degree, well Because track. think degree maybe in Ultra if

know just that’s potentially kind well. affordable as whether that’s something would love to So of

Ron Zwanziger

actually, – of from the came Well, actually. of features COVID-Ultra some in the Amira,

it’s So are similarities – already. some there

– very Pooja, but comment? you think we it’s actually, observation. update, So a good an to very, track. On that’s sodium I didn’t they’re do potassium, very, good and give on a want very

Pooja Pathak

to have so month’s didn’t Andrew, Yes. on shared we but Difficulty] agenda track. [Technical haven’t No, anything just can we add call. the We an on, that update, they’re in next Remember...

Andrew Cooper

ahead, Go Ron.

Ron Zwanziger

about this we in additional going then... cover did You we we’ll products to potassium sodium and notice certainly Day, on talk June said were Investor and

Andrew Cooper

can sort some Dorian you could looking terms be framework Maybe you Yes, of one-time run one SG&A, Any to just Great. quarter should know, think that rates and may in add? that R&D the about year? the event. the color of forward the of one the any on as expenses I But of things are these rest sort last give in we the are Obviously, through quarter. there don’t us? in building how

Dorian LeBlanc

Yes.

off may SG&A investments R&D you’ve of of from with launch don’t the the think suite covered made support the in couple the changing Pooja choose the set update. seen products, there. launch really base. have R&D, that of And products we support we’ll that an the to those increase the level imminent new commercial make is to quarters. next and the we anticipate investment the seen of in we of next that to expenses as Obviously, in the infrastructure COVID get customer I I we think to

quarter, will so through likely we’ll we the invest on and think here into second carry pipeline. And that to the continue

Andrew Cooper

Great. stop Thanks the I’ll questions. there. for

Operator

Thank you. for would session. question-and-answer the to comments. like Ron does turn floor conclude any the closing And Zwanziger that to I

Ron Zwanziger

has market well and in diagnostic the journey technology, launching like been leg care again much. to point of thank strategic of to very of of gaining growth, introductions. for rate revenue platform, platform are for moment the We’d pipeline What future. role the and the Thanks achieve increased helping we’re the in product frankly, to the of a to product I us diagnostics. transform on the new I’d you we to drive acceleration as coming to joining do questions and our with readiness of menu proven, quarters, very today. our objectives the into to is the terms reinforce an of allows for your at much. with like our Thanks the call our are just to really traction new mean, of customers The which come the progress the represents capability of and rollout next the tests

Operator

Thank you. Thank concluded. The you now for conference presentation. today’s attending has

your You lines. now disconnect may

LumiraDx (LMDWF) 12 May 222022 Q1 Earnings call transcript