Earnings call transcript Q2 2023

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Operator

Good day and thank you for standing by. Welcome to the LumiraDx Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]. today's being that advised be conference recorded. is Please

hand over Vice to would Corporate now speaker conference to like Garcia, I your the today Please begin. Counsel. President, Melissa

Melissa Garcia

welcome earlier today. LumiraDx's and Hello to today's financial issued XXXX discuss everyone results second to quarter call

LeBlanc. LumiraDx's is Dorian posted the Investor section press us on Financial are Zwanziger; company's Chief our of lumiradx.com. and the Chairman Joining release website Ron announcing CEO, and Officer, The results at financial Relations

our caution listeners forward-looking the Before Any any I those as other results Form to report XXXX, risks XXXX in was we Act for may filed like to Please aware than the ended May factors. are be begin, must make year that detailed the of we facts, vary filings light that the of be involve other on we and Reform and that statements which of that uncertainties considered today, Securities Actual the SEC. provisions would X, statements pursuant Litigation December these all SEC such Private XXXX. forward-looking statements with on statements XX, Safe with we such make historical in materially. Harbor made annual in XX-F forward-looking make

be a in Also, a website as non-IFRS today our these is measures substitute financial may on the There for should in measures during can today's information with isolation lumiradx.com. refer showing issued financial IFRS. or call, financial press non-IFRS measures. earlier reconciliation not in financial at Non-IFRS our we to certain which from be compliance schedule considered release of found presented

for over and call the business remarks turn opening general now to Ron update. will Zwanziger I

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

Ron Zwanziger

of morning testing expanding while during long-term in we advantage short-term joining menu everyone thank business Thanks, upcoming States focusing and positioned call. results second our on respiratory our In also Melissa. growth. both to the strategically our take QX, short-term, the the American season United for North quarter you for Good and

We updates. have key three

numerous First, a we margin the the extended testing in for sites our during complementing U.S., testing current CVS encompass the allowing existing operating leverages place volumes with has within since expansion program our CVS base, instrument which strong installed been MinuteClinic, on these new pharmacies across to XXXX. respiratory The our with upcoming partnership season. pharmacy

our valuable, the FDA use engaged authorization, the Second, to successfully been XX of should to UA, ITAP NIH's obtaining portfolio, our regarding addition launched our we're over Globally, already status the test testing the of program, as combo countries. UA application. COVID be our should be flu test a independent in submitted tests U.S. has the assessment part valuable actively having for in emergency discussions current

XX-K receipt to the we reaction Third, the significant The of of way the strip innovative our five pave Ultra unified platform. could on also enhancing volumes for as reported of and higher our press report times our sample to to release, our FDA ultra-test submission design COVID for detection five-minute clearance the excited in we're levels recent more application Ultra for product. our five-day markets precise SARS-CoV-X marks milestone U.S. The for our This approval in a menu FDA our work test. expanding as results. the testing care from LumiraDx for expand the enables

XX% more quarter the 'XX. purchased menu versus seasonal non-COVID XX% the first Non-COVID sequentially. portfolio. of In our expansion. customers our than respiratory Europe, three during assays of in second quarter and of increase on test the XX% our positive impact of focus Highlighting products remains expansion in our excluding platform the acceptance 'XX volumes

at showcasing was the user-friendliness launch opinion to for of key the and able following lab-comparable to test NT-proBNP care, to NT-proBNP our By point of example access to accounts offering dedicated of key clinicians leaders. evaluation. specific test the gain and A NT-proBNP its 'XX test our we're performance unique only January fingertip

the and [ph] in those care Our widespread peer-reviewed including studies, benefits of University NT-proBNP emphasizing by Salah clinical economic the supported and primary efforts of of settings. the been testing have from Heart European Failure, Journal

confirmed benefits performance excellent of the The for time our and strip the venous test the utility of studies of short the tempera of blood, and and room the minutes. plasma, XX test test, the method of whole samples same turnaround capillary storage, blood,

performance globally. Medtronic heart July, results which due to welcome Further, for at being excellent We remain studies failure point tests addition in of run approach of the are with positively. plan care to continues with our community showcasing was to the in Manchester comparable a referred develop committed to follow-up our diagnosis transforming and by the regards expand to for work show impact continues individuals direct and testing in a enabling results. published to NT-proBNP, These A to body immediately early our further elevated of evidence laboratory event collaborative setting. our healthcare

settings, in healthcare further highlights screening hard second also to further of model events, the in result we multi-menu events fall expand successful within expanded effort run is a down HbAXc mobile this scope. We plan to with health have checks our our an our access not checks how which of into Ireland in general the overall this workplace to would plan will a health and with being support 'XX NT-proBNP delivered with to one program in other Medtronic support concept with our to which As It test, only transform globally broaden an needed on in of spun such be community. 'XX benefit is effort overall test but diabetes approach.

wards lab admission for cost if desirable strides, need hospital for support have waiting for avoid made achievable improved UK. unwell e-Health the community-based rather decision-making in results. an and in antibiotic savings. The the NHS particularly effort like safety frail, significant real-time real-time from treatment Our has Partnerships acutely was settings the patient and than CRP to value to aim antibiotic on like in in test several resulting test demonstrated hours in treatment, patients in virtual experiences decision-making

LumiraDx reagent simple use benefits and of cost test If substantial and various with across XX% studied pounds CRP broadly, to portable, patient. improved to the the savings benefits to room escalation X,XXX This and The need positive. customer for safety and operational of care were clinical robust, avoid testing. platform battery-operated, the for described lead temperature, of the storage, mobile patients, tested, patients a our healthcare to very up more results to per In care adopted these as could for at systems. help ideal hospital and community saving were small,

multiple menu platform our on deliver offering. to assay continue We

at with other region into example, instruments, the We're leading were bedside. they Vienna in expand sending to with of more started focused looking a on with the initially recently test and assay CRP, broader we in the where Austria, to care indicated our additional they an them our working locations. to a to As them homes hospital of that also patient XX their work future saving have starting currently entire may in patients for D-dimer, operator customer way regions Instead stress. and money immediately reducing Austria. the portfolio, efficient expand, portfolio and they’re geographically They expand throughout may have respiratory and

into any setting. or continue this business it impact we're to platform a have in of respiratory of season, placed nearly grow portfolio. well when a CRP year's example clinic instrument excellent transform one an broader LumiraDx to easy can be the of strategically is believe part single respiratory positive Coming major we community-based how with the portal to This can healthcare as our

setting care antimicrobial infections. aimed As platform between clinical resistance point as by curbing CRP available and we well the COVID solution are that only tests, differentiating the today viral of and turnkey with for important peer flu provided at bacterial as at pathways

symptoms can For and point-of-care the laboratory example, Care into patient Primary and require would wait at desirable entire fulfill experience to of LumiraDx PSC the only that using the flu out which to instrument, recommends clinician feels the alternatives, just results. the one the has more point algorithm to are the having have the or taking Respiratory care with and Society prescriber hours efficient making account both instruments CRP setting multiple algorithms our not platform for if and rule COVID-XX the necessary. UK test, they antibiotics developed other

the reach assay to sales side, our the increased player major and a in for impact Axonlab, have out and shortly. roll with an to agreement we instruments, Switzerland. start placed into aims On in has Germany expanded these order distribution already by commercial and tests of distributor entering industry countries into This initial

regions to also customer additional We distributors increase reach to appoint in local plan other support. and sales

plus has to to non-COVID instruments test been working underutilized well drive platform felt various during access Africa, HbAXc as menu important but countries, Zimbabwe. benefits D-dimer our in Africa LumiraDx the in this testing, a African test and on our with non, enable We've D-dimer our features as X,XXX key broader now The historically shipping clotting marker blood Gates Africa, new started test. with to of the the as also of pandemic. uptake stakeholders Foundation to of installed we've been are

in allow our platform in and reflects tests show deployed note impacted This portable also setting staffing African high-risk tested tests innovations countries instruments they These in due result, benefit to not community. been TB healthcare needed in of being as community. to the overall funding where being hospital traditionally testing in that the restrictions, utility traditional models for are like have the the and We are population. and point-of-care globally HIV a

our delivery to As contribute we continue to innovate and and dedicated worldwide LumiraDx transforming impactful remains portfolio, to such change. healthcare expand

in discuss performance further will the Dorian our Now, first Dorian? financial quarter.

Dorian LeBlanc

gross These Quarterly million of non-COVID revenues marking restructuring million revenues our for the Adjusted revenues. Thanks, loss from our a million. business. non-COVID and compensation, $X.X $X.X total adjusted margins were Total net from solutions, or amortization, stock-based our Ron. included quarter highest million, quarter QX gross $X.X charges. technologies revenues of depreciation, for XX% $X.X margins were distribution specific from and $XX our million were LumiraDx for exclude

due QX The testing these decline to more placements respiratory to retail margin for X,XXX instrument largely of taken new season. cost the The full of capacity instruments upcoming within primarily from QX. than build the in with U.S. our a placement gross in charge partner was as the were

low base significant our costs to investments seasonal manufacturing revenues a QX, our prior respiratory margin and our enable strong revenues. to the variable have anticipate will operating the and our season do to current We our margins capacity gross contribution fixed to cost our at from of flows. pressure upcoming cash Similar margin overall

respiratory As testing. approach for seen preference and upcoming COVID the we season, solutions multiplex shift flu customer to our have over we COVID-only

offering. our seen our revenues have of flu COVID to labs fast the We migrate majority

fast and result, the for in million. specific components, COVID inventory test COVID we to were take fast labs $X.X materials related million instrument the materials in inventory with a raw reserves raw reserves tests $X.X contributing on quarter Total did returns, As labs strips, further inventory period. instrument reserves

placements instrument gross in been XX%. these Excluding would've adjusted inventory margins reserves, approximately

five when reduced quarters expenses more reduction cost exited front QX transitioned have our we than over programs, programs wave prior consecutive sequentially our by million restructuring Our the annualized line with decreased our in the to operating since omni cost we endemic Since base COVID. last and initiated we XXXX our $XXX have guidance.

were QX $XX.X to this $XX.X XXXX. million Our expenses QX in to million million of in second and R&D adjusted year, to quarter compared compared $XX.X

and related stock-based second $XX million operating to million QX to operating QX adjusted $XX.X compensation, primarily million employee XXXX. amortization, were depreciation, charges. wages and to 'XX are QX expenses in Our from restructuring exclude SG&A QX of expenses decreased 'XX quarter compared expenses. reductions Adjusted adjusted and expense The other $XX.X in

both million with XXXX, cost $XX.X reduction of interest a QX cost additional latest savings our paid debt and within in we cash costs on most these the June, program anticipate incurred QX changes. in the quarterly quarter cash of finalize the as the restructuring We million. full of payment of benefit our XX, our is balance our quarter. $X.X senior cash base, interest in On the and second reflects QX June cash At

million we B with drew increase debt. $XX from our the of liquidity to XXst, ninth tranche a August the $XX senior down loan our On of the before XX, agreement loan down July we executed facility C new end We amendment million. anticipate as which amendment the to funding drawing July with tranches manage of two lender, for included continue position. an tranche funding XXXX, senior the we agreement On to

pause We any the will now Operator? gather operator questions. for

Operator

[Operator Instructions].

Sykes Matt First question comes Sachs. from of line the with Goldman

is line now Your open.

Matt Sykes

that sense question. morning. would in you you good be them. with Maybe in for Hi, some just my ITAP taking the had flu Do you respiratory having think U.S. timing? conversations Thanks market. U.S.? us the mentioned submission a the were one, first for give season COVID for ready Could the you the And the combo for

going how helpful. color of and are be would those Just on kind any timing

Ron Zwanziger

intent always that's the question. tricky the of we Well, at certainly the folks a That's are ITAP. dealing

is that we on And customers of quarter but course, basis. there time so an expectation we've will is it up the can that never assurance and that in certainly, the that. lined for But of expectation, the be got that have

Matt Sykes

quick Got it. the from have And just One, cash release, was INRstar divestiture had any maybe the you follow-ups. of of disclosed? there two And then the guys realized kind mentioned business. that you press

Ron Zwanziger

Dorian?

Dorian LeBlanc

the was patient no business decline maintain warfarin the the that transition. that we warfarin the for disclosed dosing. cash we've that in investment with declining helps monitoring did that it provide algorithm software. That's patients significant we've to some on for and that No, is population require business realized the seen a What and software to

was it of future proceeds. avoidance an investment more to realize So, than of

Matt Sykes

the last the the what just non-COVID talk of going rollout? with it. go And maybe in end talk like relationship sort some for as year, a about assume of into of just of expansion with this that could well of expectations kind about which from you the of we Got capture lot your but I mean just QX, 'XX? placements. respiratory my question, Could relationship into and standpoint maybe sounds a the to early that's season CVS, timing it additional it's of

Ron Zwanziger

we're with that in course launching CVS to of which it's many and agreed of with order selection preceded the best test before them the there relationship this long we the the we're was Then well a and you of coming remind non-COVID probably hiatus, a where the with was to plan it. now pandemic. back pandemic that had had we them, Well, product

first to was and So, means both through asked, course respiratory, And there's intended sort of then that the originally course, we're non-respiratory. question really and back evolving will of pre-pandemic. coming of the respiratory in that what short-term, simply the tests, other you be

tests relationship. So, into that there's we a to program expect of whole go that

instruments have going into large and a Now, if the beyond MinuteClinic been it of regular significance of the done you've but and what's I pharmacies, sort traditionally on picked the that quarter taken the MinuteClinic, we've now expansion it up, where the which know relationship don't the in we've of is go not the pharmacy. do not so tests are in had a regular number of second

the behavior So, are can where it's well of more we to go want and want more just community to, speaking you where the There's them force every that future. which don't quite think for CVS are go a in really crudely a to tests the change to and you needed MinuteClinics have be to which people to in quite lot bods be, reach able to XXth stores. into

change. had change positive a So, significant it's we've substantially quite it's a quite, that

Operator

from comes line with question Ladenburg. the Cohen next Our of Jeffrey

now is line open. Your

Jeffrey Cohen

guess Good about Medtronic our Dorian. as us far deeper what diabetes your with Ron, questions I specific and Couple health and as expand cardiovascular? and could as end. firstly, little commentary on talk coagulation channels and what morning, checks upon tests you Ron, far from as of a

Ron Zwanziger

course, there community-based the And with the to is they and have is Well heart screen into test. community try of that, people issue NT-proBNP Sure. finger a with failure. stick Medtronic out program no

channel which is and programs, have we're people mobile they the community literally that forms, these one into have the they but when So, goes through. various involved in a them but with they

as repeated people in groups, itself to it they identify a impact the test. and about the into straight has used heard three our soon as this second and So was they test, away

this diabetes, it at could but you to referred particular the moment So, is program, NT-proBNP, off started but it expand.

course, there So testing immediately room, yet emergency state. to severe initial of early showed was which elevated, out And the critical else. had are and primary going to that results, there's in their physician the care these they in not sent from to that, there's then even a because walking other sent then person of bunch were so fortunately decompensate. people everyone directly the And people that it were but there they're we've an

of the So, reduce obviously triage in case deteriorate. that actually to and in being in, went community hospitalization it the showed patients therefore the the person enormous the really person or in much able the they benefit earlier of get before

you congestive So, the now. that deal can far it point than with shows more about heart they're effectively this program you running how is are failure

prepared And I other opinion down That's it upon that lot identified why how just should that Fingerstick having key a remarks where the dwelt already they leaders there's host in in say path a a different test on quite same the countries. in of program countries, we're we've in Medtronic. working of we do the of going on are And early number everywhere. a so this can what can community see countries with with,

So, it shows the of platform. our really power

Jeffrey Cohen

Medtronic ordering are And you? their goods this driving distributed Ron, just… and from process they is They're

Ron Zwanziger

in There's no Medtronic. with gear distribution

Just to and allows congestive earlier earlier much tests. and products, avoid own tremendous to Because catching just congestive they treatment, failure which for and products have their be those based no the system. of happen failure, people heart therefore in a be they identification own also We deterioration, both have to clear, their there's heart for saving advantage not catching folks' people health money mechanism people for distribution. on early of

Jeffrey Cohen

got now? doing are this or across they it. they're the And this U.S. Okay, piloting

Ron Zwanziger

have registration. where this No, because is all Europe, in the we

B, the then the early instrument the into future bring then do obviously our cycle And we've and into submission first to our the that we're the that flu remarks U.S. covers A we're obviously going product got NT-pro We and the of will and highlighted strips, prepared is this which the We and U.S. only strips. going in but tests very flu to cover submissions bring XXX-K

Jeffrey Cohen

could give for $X.X the Secondly, COVID touch million then And distribution us million on that we And you as you commentary half tests distribution? of As upon if the you $X.X could well far? the and million then half for as far composition technologies perfect. goes, the end Okay, back the what are go, as technologies and flavor the a driving expect just or us, with $X.X could three, thus out two, back that revenue? perhaps would any COVID call four

Ron Zwanziger

even a A and We non-flu Dorian, season, testing Well, But B flu flu almost the can had lot a you it quarter the of maybe was QX. question. though in quarter. answer

Dorian LeBlanc

did. we Yes,

So, flu-COVID for and the you of organizations. half sales our that the of products testing just that that's technologies, the of distribution large revenues [ph] still that to of respiratory on the portion that the testing. business, may outside LumiraDx revenues, as America distribution Europe and majority And as including in manufacture don't the that being about the Fast Lab's is transitioning mentioned, within business have we agreements U.S. recall, Latin for we X.X primarily for a we

Operator

of from James. Next the comes Andrew question Raymond Cooper with line

open. now is line Your

Andrew Cooper

more this expected Maybe And in if year. this the said, you with troponin think Ron, of a be troponin. you strep potentially in to give strep you terms that's in and little at detail, later quarter year. through of had first, could UK least the and And trial market, I commented phase in you on just I kind trials then been bit the think the made some of progress and

has last great. could would what update offer since the happened and else be anything just So there you

Ron Zwanziger

Well, actually both.

still the we well. move comment and various fourth specifically probably in of troponin our market strep. And UK. I'm in XXX-K. or in self-registration that we we're to looking to UK. end the of in whether previous might continues and clinical trials for in products, the the the And molecular towards to terms get we needed talking I at IVDR expect that's So, was troponin the be in it's out Molecular And of about it terms also the case. very quarter, able quite it the think expect get strep, year, new

Andrew Cooper

commentary out Can for of flavor XQ the just sort be Dorian, you of the for give XQ then of a kind wasn't recognized and on to expenses. And in maybe baked us run trajectory some about in what fully still from what's the here rate margins that then type we reserve more you the we look as normalized should that what we of gross XQ X saw similar think sort XX% expect And like there? in just should instrument piece level that or to XQ now? that inventory more called

Dorian LeBlanc

piece for what margin through approval gross the depend respiratory the first. the United flu a take ITAP the timing season with around test happens I'll of and of heavily COVID so start the potential does It Yes, in the States. on

high strong high where the could that through your So stand. contribution levels obviously at around in the value, level coming revenue from impact mark. end the of respiratory quarter a XX% is margin product comment on material these then on that yes, Absent have the we

Andrew Cooper

I so the say, the from drag the going then after reflected we and normalized instrument write-offs? you was to piece of perspective levels kind is well just pretty should inventory last expect feel more like

Dorian LeBlanc

that, And the would We yes. expenses, expect on yes.

So, we quarter. of of those million did close around the the that's left $X in And for workforce. reduction largely the June. employees Most in charges May, in to severance restructuring incur

we'd be in regulatory third in the quarter. mentioned But on previously, there's clinical so, that the savings U.S. will as offset of employee further And expenses. an increase some expense costs and by

additional and to will we on the So, bring the U.S. the respiratory QX, community-based but portfolio on U.S. start the products we on clinicals, in marginal as the some savings products, into European work get the

that savings trial We clinical using some be cost will costs. of the for

Operator

Our question BTIG. Massaro the next Mark line with Instructions] comes [Operator of from

Your open. now line is

Mark Massaro

ITAP as of degree Obviously, to regular test the thoughts the thank program. I'm of for And the, have around pathway flu if uh, for but test? to any through COVID just on COVID as will is ITAP flu opposed for timing be ITAP. to the the available you the Hey question questions. guys, NIH you expectations a submitted COVID EUA the I'm Ron, you. as XXX-K, way duration is through curious, submitting your EUA the visibility, confidence how curious XXX-Ks. first your your the you ultra long

Ron Zwanziger

your we tremendous been Well, probably there's know for multiplex is ours question, high-performance don't the but available. the first to be, because continues on only probably, engagement sure, test this and

suspect And flu season. of the a the around we so, there's that's reason. And of of lot course, anxiety because

the interact ITAP this with but continued So, even program there's to that U.S., yes, us though be sharp in application obviously to particular general, so still for a in there. reduction seems

so that assurance, hoping. hence with the before And the being our hoping for Well, that there's are customers time no we're in patient situation be to we're working but the comments and able to we're it get season, know to who flu happen. for

Your path submitting the an one deal think question. your it's and on review regular follow as instruments process new particular where stripping XXX-K, hard very XXX-K, are to of a other the other acute well will on that our includes both first about estimate the the always focus first platform as the comment, particularly I and you question great

you a amount submitted submit. package. test it's greater we of But So, a complete much the than work second and detailed very

so, think into not I there'll think FDA year. It's be forth of and next not the far the back and away. might be optimistic the think the with year, that it's too otherwise I far a And I But before end away. view

Mark Massaro

you, then maybe one Dorian. great. for And Okay,

be for but it QX, primarily us in the sense think million you are low tracking give I typically can ballpark, that lighter, you could now guide will there do $XX you the or down think, two a of to quarters seasonally other I for offsets year. is due seasonality first heard QX you flattish? sequentially, little keep bit a don't You're

Dorian LeBlanc

in such tricky XX-minute of mark, on the material test. around because U.S. U.S. question in flu-COVID utilize that, test timing on customers the Well, waiting and the on of approval antigen they'll the purchases the potentially answer to COVID flu-COVID or timing it's impact a a the whether the

And go and So we portfolio exactly because plays as timing. a through of to, non-COVID well land customers contributor, that from respiratory of Because tricky as a the really non-respiratory the guide to see of We is around what just timing. in quarter-on-quarter. us to year to and that that, hard talk and are will such we the to multiple drive Europe of to menu to uncertainty taking such trend Outside the guide carry rest will the the will material growth. with tests that grow. the continue impact expansion number continue see big the QX

Mark Massaro

on sheet, Dorian, think to the next And draw million I you then the week. balance end $XX expect by of

we about I $XX million in of take end maybe runway? just of get through you view think that that'll and cash September how your Is sufficient to the to cash. should think cash

Dorian LeBlanc

particularly Yes, absolutely. on a The but tax have trade to receivables. number do not runway the one on other books piece we cash is receivables, maybe think receivables about of the

through million we on before year end quarter, R&D We through will for with do anticipate And So, but then coming us draw liquidity. through work will amendments Pharmakon we and million the working fourth the tax overall the QX we are have where UK liquidity from September. the $XX future significantly take in of $XX.X certainly of at the of end and to that in tax contributing largely receivables credits.

Mark Massaro

for Amendment? what Ninth What maybe statement Can covenant pertains question that explain I'm details there. measurement about the Last me. you and measurement the around a of trying the to? some the the sense of to for Just, the get

Dorian LeBlanc

the of Ninth liquidity covenant term the is the of only during now, covenant the Amendment, right minimum applies So, $X million. that

negotiated revenue that to Then had would us, during no be are with lender. original have the the to And the other a that covenants when in pandemic. we effect would ends. Ninth Amendment return set covenants We need were that therefore, outdated

Ron Zwanziger

add revenues. question just I'll to the respiratory Mark, first and about

making to tends flu any season, comment because but than obviously, to of stocking we ITAP complicates tends quarter complication the in weaker the one, comments the QX to be of be flu we Europe initial for often sometimes then that that the particularly very QX stand but fourth gets and the be the program, respiratory don't tricky. made But weak also U.S. QX matters. the Japan you well, season the weaker one So, the there's the tends general actually, because as know QX where orders in with

Operator

Thank to to Ron turn this no at you. conference I Mr. further am currently the back Zwanziger time. showing I'd closing questions remarks. like for

Ron Zwanziger

Okay, thanks.

by So, the our Especially the commercial clinical HbAXc the NT-proBNP continue of be positive, progress. to test launches product portfolio to on responses continues and non-COVID validations. transition to test our supported platform. a Customer with external

transformation So equivalent performance together a easy-to-use assays instrument again, a enabling of ownership with single a cost multiple in is bringing and on laboratory community-based low care.

which expansion, our continue advisors test disclosed with Now, business our various focus review about strategic loan previously with the work support and scheduled the in parallel on covenants the to of the senior on our with we to Ninth measured engaged September Amendment, of business the including amended in discussions of strategic lender, first. is the on the to the to be in we're terms them date, as which agreement

support you commercial our there'd on business to our the the about tests while lender. continue terms Bye. be with preserving product into remain for loan expansion or ability approved aim protecting outcome and We no deliver senior growth of internationally. our to of we time Thank to for your and While committed our guarantees process, the of agreement strategic value review the of of renegotiate your LumiraDx. to U.S. and the

Operator

concludes conference participation. you today's for your This call. Thank

You may wonderful now a day. disconnect. Everyone have

LumiraDx (LMDWF) 24 Aug 232023 Q2 Earnings call transcript