LHDX - Lucira slumps 34% as Q3 loss widens on excess inventory
- Lucira Health ( NASDAQ: LHDX ) stock fell ~34% on Tuesday after the company's Q3 results .
- GAAP Gross Loss widened to -$99.56M, compared to -$1.48M in Q3 2021.
- The company said the increases in GAAP gross loss and negative gross margin were mainly due to a charge for excess inventory, non-cancellable purchase commitments and prepaid inventory based on management's assessment of current inventory levels as compared to current net sales forecasts of its COVID-19 test kit and combination COVID-19 and influenza test kit.
- Net loss widened to -$126.86M, compared to -$27.5M in Q3 2021.
- Net sales increased +129.63% Y/Y to $34.39M.
- Non-GAAP net loss was -$15.4M, compared to -$18.4M in the same period a year ago.
- Cash and Cash Equivalents as of Sept. 30 were $39.8M.
For further details see:
Lucira slumps 34% as Q3 loss widens on excess inventory