Cue Health Reports Preliminary Fourth Quarter and Full Year 2021 Revenue

Rhea-AI Summary

Cue Health Inc. (NASDAQ: HLTH) announced preliminary unaudited revenue for Q4 and full year 2021. Q4 revenue was between $188 million and $193 million, up from $13 million in Q4 2020. Full year revenue reached $613 million to $618 million, compared to $23 million in 2020. The company reported cash equivalents of $412 million as of December 31, 2021. Significant partnerships were established, including collaborations with Cardinal Health and McKesson, and Cue expanded diagnostics offerings.

Positive

• Q4 2021 revenue increased to $188-$193 million from $13 million in Q4 2020.
• Full year 2021 revenue rose to $613-$618 million compared to $23 million in 2020.
• Cash and cash equivalents reached approximately $412 million as of December 31, 2021.
• Launched Cue+ Membership for 24/7 in-app primary virtual care.
• Established partnerships with Cardinal Health and McKesson.
• Expanded international market presence with COVID-19 test authorization in Singapore.

Negative

• None.

SAN DIEGO--(BUSINESS WIRE)-- Cue Health Inc. (Nasdaq: HLTH), a healthcare technology company, (“Cue’) today reported preliminary unaudited revenue for fourth quarter and full year 2021.

Preliminary Fourth Quarter and Full Year Highlights

• Preliminary fourth quarter 2021 revenue of $188 million to $193 million, compared with $13 million in fourth quarter 2020
• Preliminary fourth quarter 2021 revenue reflects increased customer diversification, with total private sector revenue outpacing total public sector revenue
• Preliminary full year 2021 revenue of $613 million to $618 million, compared with $23 million in full year 2020
• Cash and cash equivalents of approximately $412 million as of December 31, 2021
• Launched Cue+ Membership with access to 24/7 in-app primary virtual care

“Our strong performance in the fourth quarter was driven by continued market adoption across all four of Cue’s customer categories. In the quarter, we continued to add major healthcare institutions, hospital systems and providers as well as onboarded Cardinal Health and McKesson as authorized distributors of Cue. We launched several major enterprise partnerships such as our partnership with Air Canada, providing customers with not only the most accurate* home self-test but also one that is accepted for cross-border travel thanks to Cue’s in-app Supervised Test for Travel. We also launched our direct-to-consumer offering, available online, including our Cue+ Memberships with access to 24/7 in-app primary virtual care,” said Ayub Khattak, co-founder and CEO of Cue. “We made further regulatory and commercial inroads into the international market, with recent authorization of our COVID-19 test in Singapore and the start of Canadian sales. Additionally, in the fourth quarter, we made significant progress on expanding Cue’s menu of future diagnostic solutions, continuing parallel development of additional Cue diagnostic assays and initiating enrollment for our influenza study. Lastly, enabled by our platform-based architecture, we recently announced that we are developing a new Omicron-specific genotyping Cue test, in partnership with the U.S. Department of Health and Human Services’ Biomedical Advanced Research and Development Authority, to support healthcare providers with COVID-19 therapy selection depending on variant type.”

*Based on clinical study results submitted to FDA for other EUA molecular home tests.

The above information is preliminary and subject to Cue Health’s normal quarter and year-end accounting procedures and external audit by the company's independent registered public accounting firm.

About Cue Health

Cue Health (Nasdaq: HLTH) is a healthcare technology company that makes it easy for individuals to access health information and places diagnostic information at the center of care. Cue Health enables people to manage their health through real-time, actionable, and connected health information, offering individuals and their healthcare providers easy access to lab-quality diagnostics anywhere, anytime, in a device that fits in the palm of the hand. Cue Health's first-of-its-kind COVID-19 test was the first FDA-authorized molecular diagnostic test for at-home and over-the-counter use without a prescription and physician supervision. Outside the United States, Cue Health has received the CE mark in the European Union, Interim Order authorization from Health Canada, regulatory approval from India's Central Drugs Standard Control Organization, and PSAR authorization from Singapore’s Health Sciences Authority. Cue was founded in 2010 and is headquartered in San Diego. For more information, please visit www.cuehealth.com.

Forward-Looking Statements

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements". The words, without limitation, "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would," “develop” “progress,” “expand” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these or similar identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including those related to the expected capabilities of the new Omicron-specific genotyping Cue test, our ability to maintain customer growth rates, our ability to increase private sector revenue, and the factors discussed in the "Risk Factors" section of the Form 10-Q dated November 10, 2021 filed by Cue with the SEC. Any forward-looking statements contained in this press release are based on the current expectations of Cue's management team and speak only as of the date hereof, and Cue specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220111005590/en/

ICR Westwicke

Caroline Corner

ir@cuehealth.com

(415) 202-5678

Cue Health

press@cuehealth.com

Source: Cue Health Inc.

FAQ

What was Cue Health's revenue for Q4 2021?

Cue Health's preliminary revenue for Q4 2021 was between $188 million and $193 million.

How did Cue Health's full year 2021 revenue compare to 2020?

Cue Health's full year 2021 revenue was between $613 million and $618 million, significantly higher than $23 million in 2020.

What is the cash position of Cue Health as of the end of 2021?

As of December 31, 2021, Cue Health reported approximately $412 million in cash and cash equivalents.

What new services did Cue Health launch?

Cue Health launched the Cue+ Membership, providing 24/7 in-app primary virtual care.

Which companies did Cue Health partner with recently?

Cue Health established partnerships with Cardinal Health and McKesson.

What recent international market activities did Cue Health engage in?

Cue Health received authorization for its COVID-19 test in Singapore and started sales in Canada.