LHDX - Lucira Health to sell business and file Chapter 11 bankruptcy; shares down 7%
- Lucira Health ( NASDAQ: LHDX ) will sell its business assets as it files for Chapter 11 bankruptcy.
- Shares are down 7% in after-hours trading.
- The infectious diseases test kits company's fortunes just a few years ago were buoyed by the COVID-19 pandemic and demand for its tests. However, as the disease's impact has greatly eased over the last year, so has demand for COVID tests.
- Lucira Health ( LHDX ) was also negatively impacted by a delay in authorization of its combination test for flu and COVID. The company manufactured kits in anticipation of authorization but has had no revenue from them for the 2022-23 flu season.
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Lucira Health to sell business and file Chapter 11 bankruptcy; shares down 7%