Lucira Health Inc (NASDAQ: LHDX) has quickly transformed into the most exciting situation in small caps after the Company reported on Monday the FDA granted emergency use authorization (EUA) for its Lucira COVID-19 & Flu Home Test for over the counter (OTC) use at home and other non-laboratory sites. This comes just days after Lucira filed for Voluntary Chapter 11 seeking a strategic or financial partner. With an FDA approved product that serves an enormous market of over 30 million Americans that get the flu every year Lucira appears to a potential buyout target as well.
LHDX has huge attention from investors and there is some heavy buying going on; on Monday LHDX rocketed up the charts hitting a high of $0.75 and closing on the way back up at $0.51 up 264% on the day. The Lucria OVID-19 & Flu Home Test is the first at home Flu test in US history. Until today, American consumers have never before been able to self-diagnose Flu at home. Adding to the mix is a significant skittish short position in LHDX vs a massive influx of new investors heavily accumulating here. According to the 8k Lucira has assets of $146 million vs liabilities of about $75 million and has enough cash on hand to keep operations going until they find a buyer. We will be updating on LHDX when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.
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Lucira Health Inc
(NASDAQ: LHDX) is a medical technology company focused on the development and commercialization of innovative infectious disease tests to make lab-quality diagnostics more accessible. Lucira designed its test platform to provide accurate, reliable, lab-quality test results anywhere and at any time. Beyond its already commercialized molecular COVID-19 and COVID-19 & Flu tests, Lucira is working on new diagnostic tests for respiratory infections and other categories including women’s health and sexually transmitted infections (STIs).
Lucira was up 264% on Monday after the Company announced the FDA granted emergency use authorization (EUA) for its Lucira COVID-19 & Flu Home Test for over the counter (OTC) use at home and other non-laboratory sites. Lucira’s COVID-19 & Flu Home Test represents a breakthrough in diagnostic testing as the first at-home combination COVID-19 and Flu test, and as the first Flu test for OTC use at home in the United States in history. Until today, American consumers have never before been able to self-diagnose Flu at home.
The Lucira COVID-19 & Flu Home Test is not an antigen test. It is a molecular, nucleic acid amplification (NAAT) test that utilizes the same platform and device design as both of Lucira’s commercialized FDA authorized COVID-19 tests to provide independent diagnoses for COVID-19, Flu A and Flu B. The lab-quality single-use test fits in the palm of your hand, runs on 2 AA batteries, and with one shallow nasal swab provides a positive or negative result for COVID-19, Flu A and Flu B in 30 minutes or less. Each Lucira test contains everything needed to run a single test. There is no separate reader or instrument to purchase and maintain. The easy-to-use, all-in-one combination test delivers results in 30 minutes or less from one shallow nasal swab.
Lucira believes that a single test for both COVID-19 and Flu can be a powerful tool given how similar the two viruses appear. “COVID-19 and Flu look the same, feel the same, spread the same and, unfortunately, can still kill the same,” underscored Dr. Davey Smith, Head of the Division of Infectious Disease and Global Public Health at the University of California – San Diego. “Having an at-home molecular test now available should really help people know how to keep their families safe and seek appropriate treatment when they’re ill.”
$LHDX Without a doubt! They have cash & paid debt in December. Per Feb 22, 2023 per Bankruptcy filing
Common stock: 40,974,094 shares as of Feb 15, 2023/
Below numbers from Dec 31, 2022
Assets: almost $146 million
Liabilities/debt: under $75 million / FDA approval is huge! pic.twitter.com/XLcxY36HOp— TreasureCoastTraders (@CoastTraders) February 26, 2023
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Last week Lucia filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Company further disclosed that it intends to pursue a sale of its business under Section 363 of the Bankruptcy Code, while continuing to support its customers during the Chapter 11 process. The Company expects to continue operations during the Chapter 11 process and seeks to complete an expedited sale process with Bankruptcy Court approval. Lucira intends to use available cash on hand to fund post-petition operations and costs in the ordinary course. The Company has assets of $146 million vs liabilities of about $75 million.
Lucia CEO Erik Engelson stated: “Our small but experienced team at Lucira has again demonstrated the versatility of our technology platform by introducing this first-of-its-kind innovation in clinically relevant at-home diagnostics to the marketplace. The authorization of the COVID-19 & Flu Home Test with OTC label is another example of how Lucira is helping to transform the future promise of home-based, fast, accurate diagnostics into a reality. Many people are not aware that prescription antiviral medications exist for the treatment of Flu as well as for Covid. But we believe an accurate diagnosis, early in the course of infection is mandatory for effective use of such medications. Prescription and fulfillment over telehealth is convenient and safe, especially when at-home diagnoses take place using a test such as the Lucira COVID-19 & Flu Home Test. We regret that we had no option but to file for Chapter 11 bankruptcy and that this occurred days before we received regulatory authorization. Unfortunately we were unable to bridge what became a protracted authorization cycle time within our current capital structure and it remained unclear to us when the regulatory authorization would come through, despite working closely with FDA. The Lucira COVID-19 & Flu Home Test would have been especially useful during the recent, severe respiratory season, and we had produced inventory for an anticipated autumn 2022 launch. We remain confident in the role that the new test can play in future respiratory seasons and are honored to have received the first authorization for such a home test. We appreciate the diligent work of the FDA team as they refined requirements during the review cycle.”
$LHDX – Thru VWAP looking strong into AH. https://t.co/o8mR0qpKo0 pic.twitter.com/BKkTK81KSw
— Mitch Picks (@Mitch___Picks) February 27, 2023
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Currently trading at a $5.5 million market valuation LHDX os is 40.5 million shares outstanding. The Company has $146 million in assets vs about $75 million in liabilities. As we said Lucia has quickly transformed into the most exciting situation in small caps after the Company reported on Monday the FDA granted emergency use authorization (EUA) for its Lucira COVID-19 & Flu Home Test for over the counter (OTC) use at home and other non-laboratory sites. This comes just days after Lucira filed for Voluntary Chapter 11 seeking a strategic or financial partner. With an FDA approved product that serves an enormous market of over 30 million Americans that get the flu every year Lucira appears to a potential buyout target as well. On Monday LHDX traded 275 million shares and is at the top of speculators’ watch lists who are looking for another enormous day on Tuesday. Adding to the mix is a significant skittish short position We will be updating on LHDX when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.
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Disclosure: we hold no position in LHDX either long or short and we have not been compensated for this article.
