- Cue Health Inc (NASDAQ: HLTH) reported Q2 sales of $87.7 million, down 36% Y/Y, but exceeded guidance due to stronger than anticipated COVID-19 testing orders from existing customers. The analysts estimated sales of $52.90 million.
- Product revenues were $84.4 million compared to $137.4 million in Q2 2021.
- Cue posted $80.5 million in private sector revenue, up from $32.4 million a year ago.
- Disposable test cartridge revenue in Q2 2022 was $82.9 million.
- The company noted plans to submit its standalone test for influenza to the FDA for de novo approval in Q3 for at-home and point-of-care use.
- The firm's multiplex COVID-19 and influenza test are also on track for FDA submission for Emergency Use Authorization in Q3.
- The company also plans to begin clinical trials for its respiratory syncytial virus test in Q3.
- Cue Health said studies for the multiplex chlamydia and gonorrhea test are planned for the second half of 2022.
- Cue Health posted an adjusted EPS loss of $(0.37), beating the consensus Wall Street estimate of $(0.46).
- Cue Health exited the third quarter with $363.1 million in cash and cash equivalents and entered a $100 million secured revolving credit facility on June 30.
- The company said Q3 revenues are expected to be $55-$60 million, compared to the consensus of $54.59 million.
- Price Action: HLTH shares closed 16.8% higher at $5.70 during after-hours trading on Wednesday.
Read at Benzinga