Lumos Diagnostics FY21 full year results

Lumos Diagnostics Holdings Limited, a leader in rapid point-of-care (POC) diagnostic technologies, today announced its full year results including Appendix 4E and Annual Report to Shareholders for the fiscal year ending on 30 June 2021.

“Our IPO in July 2021 marked a significant milestone in Lumos’ journey as it establishes itself as a leading global point-of-care diagnostics company,” said Sam Lanyon, Executive Chair of Lumos Diagnostics. “The IPO came on the heels of a record year for the Company in terms of growth and will provide critical support as we leverage our capabilities and infrastructure to drive growth across our services and branded products business units.”

Lumos is a fully integrated developer and manufacturer of rapid POC diagnostic products which allow clinicians and patients to make important medical decisions quickly and accurately. By leveraging its core capabilities, Lumos generates revenue from its portfolio of product, technology and service offerings that include:

• Point-of-care diagnostic products: innovation, development, manufacture and commercial sale of proprietary, Lumos-branded POC diagnostic tests
• Point-of-care readers: reader technologies, products and systems that Lumos has developed or licensed
• Commercial R&D services: development of POC diagnostic tests and related hardware, software and systems conducted for clients
• Manufacturing services: contract manufacturing of components, products and systems for clients

Lumos’ CEO, Rob Sambursky MD commented, “During FY21 the Lumos team achieved major accomplishments across all aspects of our business—growing sales, expanding our R&D programs and manufacturing capacity, and establishing global distribution channels. Looking ahead, we are poised for significant expansion of our rapid diagnostics portfolio, which has the potential to fundamentally change point of care decision-making for clinicians and their patients.”

FY21 Results Commentary
Lumos experienced a record year in FY21 and benefitted from a material acceleration of its growth and commercial activities during the year. This was driven, in part, by the global COVID-19 pandemic, which resulted in an unprecedented demand for POC diagnostic test development services and products. Overall, Lumos revenues for FY21 were A$25.0 million, up 198% from FY20.

Commercial Services business unit revenue of A$22.7 million accounted for 91% of Lumos revenues, up 188% from the previous year. Commercial Services experienced additional strong demand for POC diagnostic test development services during FY21 from new and existing clients pursuing new COVID-19 related products. This resulted in Commercial Services successfully winning 30 proposals for phased work across 10 different programs.

Lumos’ Products business unit generated revenue of A$2.3 million, which was a significant increase over FY20. This primarily came from sales of Lumos’ flagship product, FebriDx® in the UK, Germany and Canada. While FebriDx has primarily been developed to distinguish between bacterial and viral infections, its high sensitivity for detecting COVID-19 viral infections allowed hospitals in approved markets to use FebriDx as a triage tool for the rapid identification of patients with potential COVID-19 infections.

During the year, Lumos completed the U.S. prospective multicentre clinical study (DISRUPT) required to support a 510(k) submission to gain clearance to market FebriDx in the U.S. This submission is currently under active review with an outcome expected during FY22. As FebriDx and additional products achieve regulatory approvals and commercialisation, Lumos’ Products business unit is expected to make greater contributions to the Company’s overall revenues. Business Wire