Lumos Diagnostics Q3 FY24 Activity Statement and Cash Flow Report

Lumos Diagnostics (ASX: $LDX) has released its Quarterly Activity Statement and Appendix 4C Cash Flow Report for the third quarter of FY24, ending on 31 March 2024. The company reported unaudited revenue of US$4.0 million, up 135% from the prior quarter, and positive cash flow of US$2.0 million, with a cash balance of US$3.4 million as at 31 March 2024.

Executive Commentary on Q3 FY24 Performance

With the benefit of significant and transformative milestones in the Services and Product businesses during 1H FY24, the foundations are in place to enable Lumos to accelerate building and growth of the company. The Company remains on track to see revenue growth through 2H FY24 on the prior half year, led by the Hologic IP payments, Services revenue, and Product sales. In addition, overall cash flow is on track to improve, underpinned by growing revenue streams and prudent cost management.

Summary of Q3 FY24 and Outlook

Lumos Diagnostics reported unaudited revenue of US$4.0 million, up 135% from the prior quarter, and positive cash flow of US$2.0 million for the third quarter of FY24. The company's cash balance stood at US$3.4 million as at 31 March 2024. Lumos signed transformative Development and IP Agreements with Hologic, receiving a non-refundable payment of US$5.0 million, with the second US$5.0 million payment expected by 30 June 2024. The company continues to focus on building sustainable revenue streams from its development services and contract manufacturing businesses. With recent FDA clearances for FebriDx and ViraDx, Lumos is moving into the production, marketing, and sales phase, aiming for continued revenue growth and improved overall cash flow. Lumos is confident in its ability to meet its business objectives and expects to continue its operations with the funds available.