U.S.-listed shares of LumiraDx slump on fall in revenue

LumiraDx

16/05/2023 17:26

** U.S.-listed shares of diagnostics company LumiraDx Ltd
 LMDX.O  down 6.4% at 50 cents
    ** Co reports a fall in Q1 rev to $22.2 mln, from $126.4 mln
a year ago, reflecting a transition to a post COVID era
        ** In the year-ago quarter the co had benefited from a
surge in testing demand due to the Omicron wave
  
    ** Adds additional restructuring activities announced in
April is expected to reduce co's global workforce by 40%
    ** Restructuring to recognize expense reductions of $36 mln
per annum with full impact to reflect from June 2023 onward - co
    ** U.S.-listed shares of LMDX down about 45% YTD

 (Reporting by Saikeerthi in Bengaluru)
 ((Saikeerthi@thomsonreuters.com;))