Cue Health (US:HLTH)2023-05-10 20:58Financial Performance - Total revenue for Q1 2023 was $24.765 million, a decrease of 86.2% compared to $179.410 million in Q1 2022[120] - Product revenue for Q1 2023 was $24.494 million, down 86.2% from $177.454 million in the same period last year[120] - The net loss for Q1 2023 was $94.198 million, compared to a net income of $2.803 million in Q1 2022[120] - Total revenue for the three months ended March 31, 2023, was $24.8 million, a decrease of 86% from $179.4 million in the same period of 2022[122] - Product revenue was $24.5 million, down 86% from $177.5 million year-over-year, primarily due to reduced COVID-19 testing demand[122] - The net loss for the three months ended March 31, 2023, was $94.2 million, compared to a net income of $2.8 million in the same period of 2022, representing a change of 3,461%[121] Operating Costs - Operating costs and expenses for Q1 2023 totaled $120.615 million, compared to $176.562 million in Q1 2022[120] - Operating costs and expenses totaled $120.6 million, a decrease of 32% from $176.6 million in the prior year[121] Research and Development - Research and development expenses increased to $44.733 million in Q1 2023, up from $28.787 million in Q1 2022[120] - Research and Development expenses increased by 55% to $44.7 million, driven by higher material, personnel, and regulatory costs[125] Cash Position - Cash and cash equivalents as of March 31, 2023, were $178.2 million, with significant cash needs for operations and capital investments[129] - Net cash used in operating activities was $53.9 million for the three months ended March 31, 2023, primarily due to the net loss[136] - The company had an accumulated deficit of $312.3 million as of March 31, 2023, with ongoing losses expected for at least the next twelve months[133] - The company expects to fund its commitments of $50.6 million related to real estate leases and $2.6 million for finance leases using existing cash[143] - The company has a $100 million secured revolving credit facility, with $99 million available for borrowing as of March 31, 2023[130] Product Development and Market Strategy - The company launched thirteen at-home test kits in February 2023, expanding its product offerings to include general health and wellness conditions[113] - The Cue Integrated Care Platform aims to provide lab-quality diagnostics at home, enhancing user experience and efficiency in healthcare[107] - The company is focusing on expanding its customer base beyond the U.S. government to include enterprise employers and healthcare providers[114] - The company has filed for FDA clearance for multiple tests, including a multiplex molecular test for Flu A/B + COVID[115] - The company anticipates higher sales of COVID-19 tests during fall and winter seasons, similar to influenza trends[118]