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Benzinga
Benzinga
Business
Vandana Singh

Cue Health Clocks $193M In Q4 Sales Buoyed By Solid Customer Base

Cue Health Inc (NASDAQ:HLTH) reported Q4 sales of $192.5 million, compared to $13.3 million in Q4 FY20, beating the consensus of $185.29 million.

  • The growth was driven by production capacity ramp through 2021, U.S. Department of Defense contract delivery, and expansion of customer base across all customer categories.
  • Cue Health shipped over 230,000 Cue Readers to date, almost doubling the number of readers shipped through Q3 FY21.
  • It has over 220 directly contracted organizations as customers, up from more than 80 at the end of Q3 FY21.
  • For the first time, Private Sector revenues of $104 million surpassed the Public Sector, reflecting growth in customer base.
  • Public Sector revenue was $88.5 million. Disposable test cartridge revenue was $165.4 million.
  • Product gross margin improved to 46.3% due to the scale-up production and related efficiencies, resulting in more favorable absorption of fixed costs on a per-unit basis in 2021.
  • The company reported EPS of $0.22, a shift from a $(1.16) loss, beating the consensus of $0.10.
  • The company held cash and equivalents of $409.9 million as of December 31, 2021.
  • Guidance: Cue Health expects Q1 FY22 revenues of $170 million - $180 million, higher than the consensus of $145.71 million.
  • Price Action: HLTH shares traded 7.01% higher at $7.17 during pre-market on the last check Wednesday.
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