Post by icemandios on Mar 14, 2024 15:21:20 GMT
Cue Health Reports Fourth Quarter 2023 Financial Results
March 13, 2024 04:01 PM Eastern Daylight Time
SAN DIEGO--(BUSINESS WIRE)--Cue Health Inc. ("Cue" or the “Company”) (Nasdaq: HLTH), a healthcare technology company, today reported financial results for the fourth quarter and full-year 2023.
“We believe that these successes have positioned us well for 2024.”
Post this
Recent Highlights
Reported fourth quarter total revenue of $18.8 million. Full-year 2023 total revenue was $70.9 million
Submitted additional clinical samples and stability data for RSV to the FDA in support of de novo submission
Submitted additional clinical samples and gathering additional stability data for Flu A/B to the FDA in support of de novo submission
In late stage development of Herpes + Mpox Multiplex Molecular Test with plan to submit for EUA in 2Q24
Executed cost reduction plans, resulting in cash savings of approximately $200 million on an annualized basis, while prioritizing near-term revenue generating opportunities
Reported cash and cash equivalents of $80.9 million as of December 31, 2023
“We made progress executing on our strategic priorities in 2023. We obtained two FDA authorizations including a de novo approval for our COVID-19 Molecular Test and an EUA for our Mpox Molecular Test, and made two de novo submissions for our RSV and Flu standalone molecular tests. We also drove significant development progress on our all-in-one Flu + COVID-19 + RSV test, our Herpes + Mpox multiplex test, and we expanded our Integrated Care Platform with a new suite of at-home diagnostics tests and treatments, all while streamlining our cost structure,” said Ayub Khattak, Chairman and CEO of Cue. “We believe that these successes have positioned us well for 2024.”
Fourth Quarter 2023 Financial Results
Revenue was $18.8 million for the fourth quarter of 2023. Private sector revenue was $17.0 million or 91% of total revenue with strong ordering from existing customers. Public sector revenue was $1.8 million and disposable test cartridge revenue was $15.5 million.
GAAP product gross profit was a loss of $18.4 million in the fourth quarter of 2023. Adjusted product gross profit was a loss of $2.7 million after excluding one-time $15.7 million inventory charges.
GAAP operating costs and expenses in the fourth quarter of 2023 were $132.0 million, excluding cost of product revenue. GAAP operating costs and expenses includes $83.6 million of impairment of long-lived assets. Adjusted operating costs and expenses were $48.3 million in the fourth quarter of 2023, a 49% decrease from $94.6 million in the fourth quarter of 2022.
GAAP net loss in the fourth quarter of 2023 was $148.4 million and earnings per diluted share was a loss of $0.96. Cue's adjusted net loss, which excludes the one-time inventory and impairment charges, was $49.1 million and adjusted earnings per diluted share was a loss of $0.32. Adjusted EBITDA was a loss of $24.4 million.
Full-Year 2023 Financial Results
Revenue was $70.9 million for the full year of 2023. Private sector revenue was $63.0 million, or 89% of total revenue. Public sector revenue was 11% of total revenue or $7.9 million. Disposable test cartridge revenue was $58.5 million for the full year 2023.
GAAP product gross profit was a loss of $62.9 million for the full year 2023. Adjusted product gross profit was a loss of $35.2 million after excluding a $12.0 million disputed vendor payment and the one-time inventory charges of $15.7 million.
GAAP operating costs and expenses for the full year 2023 were $338.7 million, excluding cost of product revenue. GAAP operating costs and expenses includes $83.6 million of impairment of long-lived assets and $14.5 million of restructuring expense. Adjusted operating costs and expenses for the full year 2023 were $240.6 million.
GAAP net loss for the full year 2023 was $373.5 million and earnings per diluted share was a loss of $2.44. Cue's Adjusted net loss was $267.2 million and adjusted earnings per diluted share was a loss of $1.75. Adjusted EBITDA was a loss of $163.8 million.
Cash and cash equivalents were $80.9 million as of December 31, 2023 and Cue continues to operate with no debt obligations.
Guidance
Cue expects first quarter 2024 revenues in the range of $9 million to $11 million.
Webcast and Conference Call Information
Cue will host a conference call to discuss the fourth quarter and full year 2023 financial results, after market close on Wednesday, March 13, 2024, at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time.
To access the live call via telephone, please register in advance using the link here. Upon registering, each participant will receive an email confirmation with dial-in numbers and a unique personal PIN that can be used to join the call.
The live webinar may be accessed by visiting the “Events” section of the Company’s website at investors.cuehealth.com. A replay of the webinar will be available on the Company’s website shortly after the conclusion of the call.
About Cue
March 13, 2024 04:01 PM Eastern Daylight Time
SAN DIEGO--(BUSINESS WIRE)--Cue Health Inc. ("Cue" or the “Company”) (Nasdaq: HLTH), a healthcare technology company, today reported financial results for the fourth quarter and full-year 2023.
“We believe that these successes have positioned us well for 2024.”
Post this
Recent Highlights
Reported fourth quarter total revenue of $18.8 million. Full-year 2023 total revenue was $70.9 million
Submitted additional clinical samples and stability data for RSV to the FDA in support of de novo submission
Submitted additional clinical samples and gathering additional stability data for Flu A/B to the FDA in support of de novo submission
In late stage development of Herpes + Mpox Multiplex Molecular Test with plan to submit for EUA in 2Q24
Executed cost reduction plans, resulting in cash savings of approximately $200 million on an annualized basis, while prioritizing near-term revenue generating opportunities
Reported cash and cash equivalents of $80.9 million as of December 31, 2023
“We made progress executing on our strategic priorities in 2023. We obtained two FDA authorizations including a de novo approval for our COVID-19 Molecular Test and an EUA for our Mpox Molecular Test, and made two de novo submissions for our RSV and Flu standalone molecular tests. We also drove significant development progress on our all-in-one Flu + COVID-19 + RSV test, our Herpes + Mpox multiplex test, and we expanded our Integrated Care Platform with a new suite of at-home diagnostics tests and treatments, all while streamlining our cost structure,” said Ayub Khattak, Chairman and CEO of Cue. “We believe that these successes have positioned us well for 2024.”
Fourth Quarter 2023 Financial Results
Revenue was $18.8 million for the fourth quarter of 2023. Private sector revenue was $17.0 million or 91% of total revenue with strong ordering from existing customers. Public sector revenue was $1.8 million and disposable test cartridge revenue was $15.5 million.
GAAP product gross profit was a loss of $18.4 million in the fourth quarter of 2023. Adjusted product gross profit was a loss of $2.7 million after excluding one-time $15.7 million inventory charges.
GAAP operating costs and expenses in the fourth quarter of 2023 were $132.0 million, excluding cost of product revenue. GAAP operating costs and expenses includes $83.6 million of impairment of long-lived assets. Adjusted operating costs and expenses were $48.3 million in the fourth quarter of 2023, a 49% decrease from $94.6 million in the fourth quarter of 2022.
GAAP net loss in the fourth quarter of 2023 was $148.4 million and earnings per diluted share was a loss of $0.96. Cue's adjusted net loss, which excludes the one-time inventory and impairment charges, was $49.1 million and adjusted earnings per diluted share was a loss of $0.32. Adjusted EBITDA was a loss of $24.4 million.
Full-Year 2023 Financial Results
Revenue was $70.9 million for the full year of 2023. Private sector revenue was $63.0 million, or 89% of total revenue. Public sector revenue was 11% of total revenue or $7.9 million. Disposable test cartridge revenue was $58.5 million for the full year 2023.
GAAP product gross profit was a loss of $62.9 million for the full year 2023. Adjusted product gross profit was a loss of $35.2 million after excluding a $12.0 million disputed vendor payment and the one-time inventory charges of $15.7 million.
GAAP operating costs and expenses for the full year 2023 were $338.7 million, excluding cost of product revenue. GAAP operating costs and expenses includes $83.6 million of impairment of long-lived assets and $14.5 million of restructuring expense. Adjusted operating costs and expenses for the full year 2023 were $240.6 million.
GAAP net loss for the full year 2023 was $373.5 million and earnings per diluted share was a loss of $2.44. Cue's Adjusted net loss was $267.2 million and adjusted earnings per diluted share was a loss of $1.75. Adjusted EBITDA was a loss of $163.8 million.
Cash and cash equivalents were $80.9 million as of December 31, 2023 and Cue continues to operate with no debt obligations.
Guidance
Cue expects first quarter 2024 revenues in the range of $9 million to $11 million.
Webcast and Conference Call Information
Cue will host a conference call to discuss the fourth quarter and full year 2023 financial results, after market close on Wednesday, March 13, 2024, at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time.
To access the live call via telephone, please register in advance using the link here. Upon registering, each participant will receive an email confirmation with dial-in numbers and a unique personal PIN that can be used to join the call.
The live webinar may be accessed by visiting the “Events” section of the Company’s website at investors.cuehealth.com. A replay of the webinar will be available on the Company’s website shortly after the conclusion of the call.
About Cue
Cue Health Inc. (Nasdaq: HLTH) is a healthcare technology company that uses diagnostic-enabled care to empower people to live their healthiest lives. Cue’s platform offers individuals and healthcare providers convenient and personalized access to lab-quality diagnostic tests at home and at the point-of-care, as well as on-demand telehealth consultations and treatment options for a wide range of health and wellness needs. Cue’s customers include federal and state public sector agencies and the private sector, which includes healthcare providers, enterprises, and individual consumers. Cue received De Novo authorization from the U.S. Food and Drug Administration (FDA) for its COVID-19 test, which became the first home use respiratory test to receive this FDA approval. Cue also received Emergency Use Authorization from the FDA for its molecular Mpox test at the point-of-care and, to expand its test menu, Cue has a number of other submissions under review by the FDA. Cue, founded in 2010, owns over 100 patents and is headquartered in San Diego. For more information, please visit www.cuehealth.com.