LumiraDx Reports Third Quarter 2022 Results
LumiraDx Limited (LMDX) announced Q3 2022 revenue of $42.2 million, a decline from $44.7 million in Q2 2022 and $109.1 million in Q3 2021. Despite this, the company implemented a global restructuring plan, achieving $18 million in quarterly cost savings. New CE-marked products launched in Europe include HbA1c and NT-ProBNP tests. Operating losses increased to $57.9 million compared to $55.5 million a year prior, though non-IFRS losses improved to $47.9 million.
- Implemented global restructuring plan achieving $18 million in quarterly cost savings.
- Commercialized new CE-marked products in Europe, increasing market opportunities.
- Significant improvement in non-IFRS operating loss, decreasing from $70.5 million in Q2 2022.
- Q3 2022 revenue decreased significantly to $42.2 million from $109.1 million in Q3 2021.
- Operating loss widened to $57.9 million compared to a loss of $55.5 million in the previous year.
- Gross margins dropped to 20% from 36% in Q3 2021 due to inventory reserves affecting performance.
Progress on Near-Term Growth Opportunities and Cost Savings
LONDON, Nov. 09, 2022 (GLOBE NEWSWIRE) -- LumiraDx Limited (Nasdaq: LMDX), a next-generation point of care (POC) diagnostics company, today announced operational and financial results for the third quarter ended September 30, 2022.
- Q3 2022 revenue of
$42.2 million compared to Q2 2022 revenue of$44.7 million and Q3 2021 revenue of$109.1 million ; strong position in a changing COVID testing market - Global restructuring plan on track with cost-saving initiatives implemented of
$18 million per quarter - Commercializing newly CE marked products in Europe and international markets: HbA1c, NT-ProBNP, SARS-CoV-2 Ag Ultra, Ultra Pool, and SARS-CoV-2 & RSV combo
- Diabetes test shipments commenced, planned rollout of heart failure test
- Expansion of U.S. customer base continues, preparing clinical studies and 510(k) submission for SARS-CoV-2 Ag Ultra 5-minute test and SARS-CoV-2 & Flu combo
“We are commercializing our portfolio of newly authorized products while reducing our cost base significantly,” said LumiraDx Chairman and CEO Ron Zwanziger. “Recently we began shipments of our HbA1c fingerstick assay for diabetes in Europe, a key market for our strategy to enable primary care physicians to consolidate multiple POC diagnostic instruments and tests onto our Platform. We are also on track to launch our NT-ProBNP assay for congestive heart failure by the end of this year in European and international markets. We strengthened our market position by more than doubling the number of customer sites in the U.S. this year and are excited about the diversification of our installed base across health systems, primary care, pharmacy and enterprise settings to support U.S. opportunities beyond COVID testing. Restructuring efforts have enabled us to right-size operations to meet customer needs efficiently and focus R&D and business priorities on near-term growth opportunities.”
2022 Third Quarter Financial Highlights
The global restructuring plan to resize operations to current market requirements was fully implemented in the third quarter, and we have already implemented additional cost reductions to bring the expected savings to approximately
For the three months ended September 30, 2022, LumiraDx delivered revenue of
LumiraDx’s COVID products are recognized for their significant performance and cost advantages over competing POC options. As the overall market for COVID testing has dropped, we have retained revenue through expansion of customer sites and use cases in key markets including the U.S., U.K., Italy and Japan.
Total gross margins for the third quarter of 2022 were
Research and development expenses were
Third quarter 2022 sales, marketing and administrative expenses were
Operating loss for the third quarter of 2022 was
Conference Call
LumiraDx’s senior management team will host a conference call today at 8:00 AM ET to discuss the company’s financial results and business updates. Call in details and a link to view the webcast may be found at investors.lumiradx.com/news-and-events/investor-calendar. A replay of the webcast will be available on the Investors section of the company's website at investors.lumiradx.com shortly after the conclusion of the call. The webcast will be archived for one year.
About LumiraDx
LumiraDx Limited (Nasdaq: LMDX) is next-generation point of care diagnostics company that is transforming community-based healthcare. Its actively controlled microfluidic technology provides fast, high performance and accessible diagnostic solutions wherever the patient is for nearly any testing scenario, creating unique testing options at the point of need. The company offers a broad menu of lab comparable tests on a single portable Platform, with more than 30 assays on the market and in the pipeline, covering infectious diseases, cardiovascular diseases, diabetes, and coagulation disorders. The company also supports high-complexity laboratory testing in an accessible high-throughput format to leverage current molecular laboratory operations.
Founded in 2014 and based in the UK, LumiraDx's diagnostic testing solutions are being deployed globally by governments and leading healthcare institutions across laboratories, urgent care, physician offices, pharmacies, schools, and workplaces to help screen, diagnose, and monitor wellness as well as disease. More information on LumiraDx is available at www.lumiradx.com.
Contact:
Colleen McMillen
Colleen.McMillen@lumiradx.com
+1.917.344.9360
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding the effectiveness of our strategy, regulatory progress and the advancement of our pipeline of tests, the timing and results of our clinical trials, the timing of commercial launch of certain products, the benefits and performance of our tests, and the expected timing and results of our cost-saving initiatives and global restructuring activities. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements, including, among others, general economic, political and business conditions; the effect of COVID-19 on LumiraDx's business and financial results; obtaining or maintaining regulatory approval, authorization or clearance for our tests; and those factors discussed under the header "Risk Factors" in our Annual Report on Form 20-F for the year ended December 31, 2021,which was filed with the Securities and Exchange Commission, or SEC on April 13, 2022, in our report on Form 6-K that was filed with the SEC on August 16, 2022, and in other filings that we make with the SEC. Although LumiraDx believes that it has a reasonable basis for each forward-looking statement contained in this press release, LumiraDx cautions you that these statements are based on a combination of facts and factors currently known by it and its projections of the future, about which it cannot be certain. LumiraDx undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.
Non-IFRS Financial Measures
We present non-IFRS financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. We also use these measures internally to establish forecasts, budgets and operational goals to manage and monitor our business, as well as evaluate our underlying historical performance, as we believe that these non-IFRS financial measures depict the true performance of the business by encompassing only relevant and controllable events, enabling us to evaluate and plan more effectively for the future. The non-IFRS financial measures may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS as issued by the IASB. Non-IFRS financial measures and margins are not measurements of our performance, financial condition or liquidity under IFRS as issued by the IASB and should not be considered as alternatives to operating loss, gross margin or net income (loss) or any other performance measures, derived in accordance with IFRS as issued by the IASB or any other generally accepted accounting principles.
We define non-IFRS operating loss and non-IFRS net income (loss) as operating loss and net income (loss), respectively, excluding amortization, share-based payments, IFRS 2 listing expense, change in fair value of financial instruments, foreign exchange (gain)/loss, dividends on preferred shares and non-cash interest. We define non-IFRS expenses as expenses excluding amortization and share-based payments. We recommend that you review the reconciliation of the non-IFRS measure to the most directly comparable IFRS financial measure provided in the financial statement tables included below, and that you not rely on any single financial measure to evaluate our business.
| LUMIRADX LIMITED | ||||||||
| Unaudited Consolidated Statement of Financial Position | ||||||||
| SEPTEMBER 30, 2022 | DECEMBER 31, 2021 | |||||||
| (in thousands) | ||||||||
| ASSETS | ||||||||
| Non–Current Assets | ||||||||
| Other non-current assets | $ | 452 | $ | 569 | ||||
| Intangibles and goodwill | 30,560 | 37,048 | ||||||
| Right-of-use Assets | 21,919 | 27,746 | ||||||
| Property, plant and equipment | 153,792 | 173,397 | ||||||
| Total Non-Current Assets | 206,723 | 238,760 | ||||||
| Current Assets | ||||||||
| Inventories | 158,609 | 149,055 | ||||||
| Tax receivable | 15,172 | 15,022 | ||||||
| Trade and other receivables | 52,940 | 109,798 | ||||||
| Cash and cash equivalents | 135,265 | 132,145 | ||||||
| Total Current Assets | 361,986 | 406,020 | ||||||
| TOTAL ASSETS | $ | 568,709 | $ | 644,780 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Liabilities | ||||||||
| Non-Current Liabilities | ||||||||
| Debt due after more than one year | $ | (358,397 | ) | $ | (301,129 | ) | ||
| Other long term liabilities | (46,488 | ) | - | |||||
| Lease liabilities | (20,476 | ) | (25,514 | ) | ||||
| Stock warrants | (632 | ) | (10,407 | ) | ||||
| Deferred tax liabilities | (408 | ) | (779 | ) | ||||
| Total Non-Current Liabilities | (426,401 | ) | (337,829 | ) | ||||
| Current Liabilities | ||||||||
| Debt due within one year | (109 | ) | (191 | ) | ||||
| Government and other grants | (30,685 | ) | (38,941 | ) | ||||
| Trade and other payables | (87,205 | ) | (99,641 | ) | ||||
| Lease liabilities due within one year | (6,495 | ) | (5,582 | ) | ||||
| Total Current Liabilities | (124,494 | ) | (144,355 | ) | ||||
| Equity | ||||||||
| Share capital and share premium | (853,508 | ) | (754,023 | ) | ||||
| Foreign currency translation reserve | (56,030 | ) | 19,706 | |||||
| Other reserves | (104,957 | ) | (104,957 | ) | ||||
| Accumulated deficit | 996,416 | 676,223 | ||||||
| Total equity attributable to equity holders of the parent | (18,079 | ) | (163,051 | ) | ||||
| Non-controlling interests | 265 | 455 | ||||||
| Total Equity | (17,814 | ) | (162,596 | ) | ||||
| TOTAL EQUITY AND LIABILITIES | $ | (568,709 | ) | $ | (644,780 | ) | ||
| LUMIRADX LIMITED | ||||||||||||||||
| Unaudited Consolidated Statement of Profit and Loss and Comprehensive Income | ||||||||||||||||
| THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| (in thousands, except share and per share data) | ||||||||||||||||
| Revenue | $ | 42,218 | $ | 109,081 | $ | 213,356 | $ | 303,175 | ||||||||
| Cost of sales | (33,585 | ) | (70,241 | ) | (149,860 | ) | (206,155 | ) | ||||||||
| Gross Profit | 8,633 | 38,840 | 63,496 | 97,020 | ||||||||||||
| Research and development expenses | (31,255 | ) | (35,396 | ) | (120,024 | ) | (96,399 | ) | ||||||||
| Selling, marketing and administrative expenses | (35,312 | ) | (28,111 | ) | (113,313 | ) | (93,109 | ) | ||||||||
| Listing expenses | - | (30,809 | ) | - | (30,809 | ) | ||||||||||
| Operating Loss | (57,934 | ) | (55,476 | ) | (169,841 | ) | (123,297 | ) | ||||||||
| Finance income | 4,830 | 226,196 | 9,914 | 166,246 | ||||||||||||
| Finance expense | (88,184 | ) | (37,317 | ) | (183,444 | ) | (103,949 | ) | ||||||||
| Net finance expense | (83,354 | ) | 188,879 | (173,530 | ) | 62,297 | ||||||||||
| Gain/(Loss) before Tax | (141,288 | ) | 133,403 | (343,371 | ) | (61,000 | ) | |||||||||
| Tax (provision)/credit for the period | (2,143 | ) | (994 | ) | (3,628 | ) | (2,551 | ) | ||||||||
| Gain/(Loss) for the period | $ | (143,431 | ) | $ | 132,409 | $ | (346,999 | ) | $ | (63,551 | ) | |||||
| Gain attributable to non-controlling interest | 51 | - | 190 | 322 | ||||||||||||
| Net gain/(loss) attributable to equity holders of parent—basic and diluted | $ | (143,482 | ) | $ | 132,409 | $ | (347,189 | ) | $ | (63,873 | ) | |||||
| Net gain/(loss) per share attributable to equity holders of parent—basic | $ | (0.47 | ) | $ | 0.99 | $ | (1.28 | ) | $ | (0.48 | ) | |||||
| Net gain/(loss) per share attributable to equity holders of parent—diluted | $ | (0.47 | ) | $ | 0.72 | $ | (1.28 | ) | $ | (0.48 | ) | |||||
| Weighted-average number of Ordinary Shares used in loss per share—basic | 304,414,189 | 133,546,183 | 270,844,070 | 132,649,878 | ||||||||||||
| Weighted-average number of Ordinary Shares used in loss per share—diluted | 304,414,189 | 183,227,228 | 270,844,070 | 132,649,878 | ||||||||||||
| LUMIRADX LIMITED | ||||||||||||||||||||||||||||||||
| Unaudited Reconciliation of IFRS Financial Measures to Non-IFRS Financial Measures | ||||||||||||||||||||||||||||||||
| THREE MONTHS ENDED SEPTEMBER 30, | ||||||||||||||||||||||||||||||||
| Cost of Goods Sold | Research and Development | Selling, Marketing and Administrative | ||||||||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||||||||||||
| IFRS Financial Measure | $ | (33,585 | ) | $ | (70,241 | ) | $ | (31,255 | ) | $ | (35,396 | ) | $ | (35,312 | ) | $ | (28,111 | ) | ||||||||||||||
| Amortization | - | - | 37 | 43 | 432 | 673 | ||||||||||||||||||||||||||
| Share-based payments | 553 | - | 2,028 | 422 | 6,998 | 3,674 | ||||||||||||||||||||||||||
| Non-IFRS Adjusted Financial Measure | $ | (33,032 | ) | $ | (70,241 | ) | $ | (29,190 | ) | $ | (34,931 | ) | $ | (27,882 | ) | $ | (23,764 | ) | ||||||||||||||
| THREE MONTHS ENDED SEPTEMBER 30, | ||||||||||||||||||||||||||||||||
| Gross Margin | Operating Loss | Net Loss | Diluted EPS | |||||||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||||||||||||||||||
| IFRS Financial Measure | $ | 8,633 | $ | 38,840 | $ | (57,934 | ) | $ | (55,476 | ) | $ | (143,431 | ) | $ | 132,409 | $ | (0.47 | ) | $ | 0.99 | ||||||||||||
| Amortization | - | - | 469 | 716 | 469 | 716 | - | 0.02 | ||||||||||||||||||||||||
| Share-based payments | 553 | - | 9,579 | 4,096 | 9,579 | 4,096 | 0.03 | 0.03 | ||||||||||||||||||||||||
| Listing Charge1 | - | - | - | 30,809 | - | 30,809 | - | 0.23 | ||||||||||||||||||||||||
| Change in fair value of financial instruments | - | - | - | - | (4,830 | ) | (226,460 | ) | (0.01 | ) | (1.70 | ) | ||||||||||||||||||||
| Foreign exchange loss/(gain)2 | - | - | - | - | 71,284 | 18,095 | 0.23 | 0.13 | ||||||||||||||||||||||||
| Dividends on preferred shares | - | - | - | - | - | 5,445 | - | 0.04 | ||||||||||||||||||||||||
| Non-cash interest | - | - | - | - | 4,156 | 4,002 | 0.01 | 0.03 | ||||||||||||||||||||||||
| Non-IFRS Adjusted Financial Measure | $ | 9,186 | $ | 38,840 | $ | (47,886 | ) | $ | (19,855 | ) | $ | (62,773 | ) | $ | (30,888 | ) | $ | (0.21 | ) | $ | (0.23 | ) | ||||||||||
| Adjusted Gross Profit Margin | 22 | % | 36 | % | ||||||||||||||||||||||||||||
| 1 - Includes an IFRS 2 charge of 2 - Net foreign currency exchange losses relate to transactions and asset and liability balances denominated in currencies other than the U.S. dollar, primarily related to the revaluation of long term balances between group subsidiaries of different functional currencies | ||||||||||||||||||||||||||||||||
| NINE MONTHS ENDED SEPTEMBER 30, | ||||||||||||||||||||||||||||||||
| Cost of Goods Sold | Research and Development | Selling, Marketing and Administrative | ||||||||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||||||||||||
| IFRS Financial Measure | $ | (149,860 | ) | $ | (206,155 | ) | $ | (120,024 | ) | $ | (96,399 | ) | $ | (113,313 | ) | $ | (93,109 | ) | ||||||||||||||
| Amortization | - | - | 117 | 131 | 1,374 | 1,753 | ||||||||||||||||||||||||||
| Share-based payments | 1,577 | - | 5,808 | 1,469 | 19,611 | 27,908 | ||||||||||||||||||||||||||
| Non-IFRS Adjusted Financial Measure | $ | (148,283 | ) | $ | (206,155 | ) | $ | (114,099 | ) | $ | (94,799 | ) | $ | (92,328 | ) | $ | (63,448 | ) | ||||||||||||||
| NINE MONTHS ENDED SEPTEMBER 30, | ||||||||||||||||||||||||||||||||
| Gross Margin | Operating Loss | Net Loss | Diluted EPS | |||||||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||||||||||||||||||
| IFRS Financial Measure | $ | 63,496 | $ | 97,020 | $ | (169,841 | ) | $ | (123,297 | ) | $ | (346,999 | ) | $ | (63,551 | ) | (1.28 | ) | (0.48 | ) | ||||||||||||
| Amortization | - | - | 1,491 | 1,884 | 1,491 | 1,884 | 0.01 | 0.01 | ||||||||||||||||||||||||
| Share-based payments | 1,577 | - | 26,996 | 29,377 | 26,996 | 29,377 | 0.10 | 0.22 | ||||||||||||||||||||||||
| Listing Charge1 | - | - | - | 30,809 | - | 30,809 | - | 0.24 | ||||||||||||||||||||||||
| Change in fair value of financial instruments | - | - | - | - | (9,775 | ) | (166,208 | ) | (0.05 | ) | (1.25 | ) | ||||||||||||||||||||
| Foreign exchange loss/(gain)2 | - | - | - | - | 146,005 | 13,267 | 0.55 | 0.10 | ||||||||||||||||||||||||
| Dividends on preferred shares | - | - | - | - | - | 16,156 | - | 0.12 | ||||||||||||||||||||||||
| Non-cash interest | - | - | - | - | 7,825 | 46,654 | 0.03 | 0.35 | ||||||||||||||||||||||||
| Non-IFRS Adjusted Financial Measure | $ | 65,073 | $ | 97,020 | $ | (141,354 | ) | $ | (61,227 | ) | $ | (174,457 | ) | $ | (91,612 | ) | $ | (0.64 | ) | $ | (0.69 | ) | ||||||||||
| Adjusted Gross Profit Margin | 30 | % | 32 | % | ||||||||||||||||||||||||||||
| 1 - Includes an IFRS 2 charge of 2 - Net foreign currency exchange losses relate to transactions and asset and liability balances denominated in currencies other than the U.S. dollar, primarily related to the revaluation of long term balances between group subsidiaries of different functional currencies | ||||||||||||||||||||||||||||||||
| LUMIRADX LIMITED | ||||||||||||||||
| Unaudited Consolidated Statement of Cash Flows | ||||||||||||||||
| THREE MONTHS ENDED | NINE MONTHS ENDED | |||||||||||||||
| SEPTEMBER 30, | SEPTEMBER 30, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| (in thousands, except share and per share data) | ||||||||||||||||
| Cash Flows from Operating Activities | ||||||||||||||||
| Income/(Loss) for the period | $ | (143,431 | ) | $ | 132,409 | $ | (346,999 | ) | $ | (63,551 | ) | |||||
| Adjustments to reconcile loss for the period to net cash used in operating activities: | ||||||||||||||||
| Depreciation | 7,459 | 7,134 | 22,883 | 14,673 | ||||||||||||
| Amortization | 469 | 716 | 1,491 | 1,884 | ||||||||||||
| Net finance (income)/expenses | 83,022 | (194,443 | ) | 172,659 | (78,384 | ) | ||||||||||
| Equity based share based payment transactions | 9,579 | 4,096 | 26,996 | 29,377 | ||||||||||||
| Increase in tax receivable | (742 | ) | (1,466 | ) | (2,777 | ) | (2,839 | ) | ||||||||
| Accrued preferred shares dividends | - | 5,445 | - | 16,156 | ||||||||||||
| Listing charge | 22,214 | - | 22,214 | |||||||||||||
| Changes to working capital: | ||||||||||||||||
| Inventories | (2,267 | ) | (4,188 | ) | (34,558 | ) | (92,995 | ) | ||||||||
| Trade and other receivables | 5,694 | (26,093 | ) | 48,865 | 27,526 | |||||||||||
| Trade payables and other liabilities | (9,899 | ) | 29,825 | (23,116 | ) | 43,688 | ||||||||||
| Net Cash used in Operating Activities | (50,116 | ) | (24,351 | ) | (134,556 | ) | (82,251 | ) | ||||||||
| Cash Flows from Investing Activities | ||||||||||||||||
| Purchases of property, plant, equipment | (5,879 | ) | (19,678 | ) | (22,606 | ) | (81,419 | ) | ||||||||
| Cash paid for business acquisitions, net of cash received | - | 38,244 | - | 36,276 | ||||||||||||
| Net Cash generated from/(used in) Investing Activities | (5,879 | ) | 18,566 | (22,606 | ) | (45,143 | ) | |||||||||
| Cash Flows from Financing Activities | ||||||||||||||||
| Proceeds from issuance of convertible notes, net of issuance costs | - | - | 54,009 | - | ||||||||||||
| Proceeds from issuance of common stock, net of issuance costs | 98,033 | - | 98,033 | - | ||||||||||||
| Proceeds from instrument financing agreement | - | - | 41,500 | - | ||||||||||||
| Proceeds from debt issuance, net of issuance costs | - | - | - | 361,729 | ||||||||||||
| Shares issued on the exercise of share options | 1,885 | - | 5,976 | - | ||||||||||||
| Repayment of principal portion of lease liabilities | (1,357 | ) | (2,572 | ) | (4,333 | ) | (4,830 | ) | ||||||||
| Cash interest paid, net of interest received | (8,173 | ) | (9,035 | ) | (20,424 | ) | (23,662 | ) | ||||||||
| Early extinguishment of debt | - | (37 | ) | - | (2,387 | ) | ||||||||||
| Repayments of debt | 28 | (66 | ) | (91 | ) | (140,286 | ) | |||||||||
| Net Cash (used in)/generated from Financing Activities | 90,416 | (11,710 | ) | 174,670 | 190,564 | |||||||||||
| Net (Decrease)/Increase in Cash and Cash Equivalents | $ | 34,421 | $ | (17,495 | ) | $ | 17,508 | $ | 63,170 | |||||||
| Movement in Cash and Cash Equivalents | ||||||||||||||||
| Cash and cash equivalents at the beginning of the period | 106,450 | 246,455 | 132,145 | 161,172 | ||||||||||||
| Exchange gain/(loss) on cash and cash equivalents | (5,606 | ) | (11,233 | ) | (14,388 | ) | (6,615 | ) | ||||||||
| Net increase/(decrease) in cash and cash equivalents | 34,421 | (17,495 | ) | 17,508 | 63,170 | |||||||||||
| Cash and Cash Equivalents at the end of the period | $ | 135,265 | $ | 217,727 | $ | 135,265 | $ | 217,727 | ||||||||
FAQ
What were LumiraDx's Q3 2022 revenues?
How much cost savings did LumiraDx achieve in Q3 2022?
What is the operating loss for LumiraDx in Q3 2022?
What new products did LumiraDx launch in Europe?
How did LumiraDx's revenue in Q3 2022 compare to Q3 2021?
