Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2023 | |
Cover [Abstract] | |
Document Type | 6-K |
Entity Registrant Name | LUMIRADX LIMITED |
Amendment Flag | false |
Entity Central Index Key | 0001685428 |
Document Period End Date | Jun. 30, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Current Fiscal Year End Date | --12-31 |
Consolidated Statement of Profi
Consolidated Statement of Profit and Loss and Comprehensive Loss - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue | ||
Revenue | $ 43,177 | $ 171,138 |
Cost of sales | ||
Cost of Sales | (54,836) | (116,275) |
Gross Profit/(Loss) | (11,659) | 54,863 |
Research and development expenses | (35,315) | (88,769) |
Selling, marketing and administrative expenses | (48,671) | (78,001) |
Operating Loss | (95,645) | (111,907) |
Finance income | 36,804 | 5,139 |
Finance expense | (34,185) | (95,315) |
Net finance (expense)/income | 2,619 | (90,176) |
Loss before Tax | (93,026) | (202,083) |
Tax expense for the period | (774) | (1,485) |
Loss for the period | (93,800) | (203,568) |
(Loss)/Gain attributable to non-controlling interest | 149 | 139 |
Net loss attributable to equity holders of parent-basic and diluted | $ (93,949) | $ (203,707) |
Net loss per share attributable to equity holders of parent - basic | $ (0.29) | $ (0.8) |
Net loss per share attributable to equity holders of parent - diluted | $ (0.29) | $ (0.8) |
Weighted-average number of Ordinary and Common Shares used in loss per share - basic | 318,843,574 | 253,945,274 |
Weighted-average number of Ordinary and Common Shares used in loss per share - diluted | 318,843,574 | 253,945,274 |
Items that may be reclassified subsequently to profit or loss | ||
Foreign currency translation differences - foreign operations | $ (25,081) | $ 34,959 |
Total Comprehensive loss for the year | (118,881) | (168,609) |
Total comprehensive income attributable to: | ||
Equity holders of the parent | (119,030) | (168,748) |
Non-controlling interest | 149 | 139 |
Total comprehensive profit/(loss) | $ (118,881) | $ (168,609) |
Unaudited Consolidated Statemen
Unaudited Consolidated Statement of Financial Position - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Non–Current Assets | ||
Intangibles and goodwill | $ 32,331 | $ 32,170 |
Right-of-use assets | 14,035 | 16,580 |
Property, plant and equipment | 106,827 | 113,406 |
Investment in sublease | 11,526 | 11,421 |
Other non-current assets | 798 | 497 |
Total Non-Current Assets | 165,517 | 174,074 |
Current Assets | ||
Inventories | 85,971 | 89,965 |
Tax receivable | 25,207 | 20,987 |
Trade and other receivables | 39,569 | 55,977 |
Cash and cash equivalents | 25,343 | 100,010 |
Total Current Assets | 176,090 | 266,939 |
TOTAL ASSETS | 341,607 | 441,013 |
Non-Current Liabilities | ||
Debt due after more than one year | (70,904) | (366,479) |
Government and other grants | (14,446) | (15,769) |
Instrument Financing Agreement | (57,763) | (49,158) |
Lease liabilities | (21,562) | (22,303) |
Stock warrants | (172) | (339) |
Deferred tax liabilities | (260) | (542) |
Total Non-Current Liabilities | (165,107) | (454,590) |
Current Liabilities | ||
Debt due within one year | (301,444) | (76) |
Government and other grants | (14,163) | (16,296) |
Trade and other payables | (65,993) | (66,277) |
Lease liabilities due within one year | (8,847) | (9,149) |
Total Current Liabilities | (390,447) | (91,798) |
Equity | ||
Share capital and share premium | (858,429) | (858,085) |
Foreign currency translation reserve | 5,055 | (20,026) |
Other reserves | (105,585) | (105,585) |
Accumulated deficit | 1,172,788 | 1,088,804 |
Total equity attributable to equity holders of the parent | 213,829 | 105,108 |
Non-controlling interests | (118) | (267) |
Total Equity | 213,947 | 105,375 |
TOTAL EQUITY AND LIABILITIES | $ (341,607) | $ (441,013) |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statement of Changes in Equity - USD ($) $ in Thousands | Total | Share Capital | Share Premium | Translation Reserves | Other Reserves | Accumulated Deficit | Total | Non-controlling Interest |
Beginning balance at Dec. 31, 2021 | $ 162,596 | $ 0 | $ 754,023 | $ (19,706) | $ 104,957 | $ (676,223) | $ 163,051 | $ (455) |
Loss for the period | (203,568) | (203,707) | (203,707) | 139 | ||||
Other comprehensive loss | ||||||||
Currency translation differences | 34,959 | 34,959 | 34,959 | |||||
Total comprehensive loss for the period | (168,609) | 34,959 | (203,707) | (168,748) | 139 | |||
Equity compensation plans | 17,417 | 17,417 | 17,417 | |||||
Shares issued on exercise of share options | 4,091 | 4,091 | 4,091 | |||||
Transaction with owners, recognized directly in equity | 21,508 | 4,091 | 17,417 | 21,508 | ||||
Ending balance at Jun. 30, 2022 | 15,495 | 0 | 758,114 | 15,253 | 104,957 | (862,513) | 15,811 | (316) |
Beginning balance at Dec. 31, 2022 | (105,375) | 0 | 858,085 | 20,026 | 105,585 | (1,088,804) | (105,108) | (267) |
Loss for the period | (93,800) | (93,949) | (93,949) | 149 | ||||
Other comprehensive loss | ||||||||
Currency translation differences | (25,081) | (25,081) | (25,081) | |||||
Total comprehensive loss for the period | (118,881) | (25,081) | (93,949) | (119,030) | 149 | |||
Equity compensation plans | 9,965 | 9,965 | 9,965 | |||||
Shares issued on employee stock purchase program | 344 | 344 | 344 | |||||
Transaction with owners, recognized directly in equity | 10,309 | 344 | 9,965 | 10,309 | ||||
Ending balance at Jun. 30, 2023 | $ (213,947) | $ 0 | $ 858,429 | $ (5,055) | $ 105,585 | $ (1,172,788) | $ (213,829) | $ (118) |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Cash Flows from Operating Activities | |||
Loss for the period | $ (93,800) | $ (203,568) | |
Adjustments to reconcile loss for the year to net cash used in operating activities: | |||
Depreciation | 14,816 | 15,424 | |
Amortization | 1,019 | 1,023 | |
Net finance expenses | 4,423 | 89,637 | |
Equity based share based payment transactions | 9,965 | 17,417 | |
Increase in research and development tax credit receivable | (3,238) | (2,035) | |
Changes to working capital: | |||
Inventories | 5,896 | (32,292) | |
Trade and other receivables | 15,433 | 43,171 | |
Trade payables and other liabilities | (6,553) | (13,217) | |
Net Cash used in Operating Activities | (52,039) | (84,440) | |
Cash Flows from Investing Activities | |||
Purchases of property, plant, equipment | (2,555) | (16,727) | |
Net Cash used in Investing Activities | (2,555) | (16,727) | |
Cash Flows from Financing Activities | |||
Proceeds from issuance of convertible notes, net of issuance costs | 54,009 | ||
Proceeds from instrument financing agreement | 41,500 | ||
Shares issued on the exercise of share options | 4,091 | ||
Shares issued on employee stock purchase plan | 344 | ||
Receipt of principal portion of lease receivable | 764 | ||
Cash interest paid, net of interest received | (20,062) | (12,251) | |
Repayment of lease liabilities | (3,872) | (2,976) | |
Repayments of debt | (74) | (119) | |
Net Cash generated from (used in) Financing Activities | (22,900) | 84,254 | |
Net Decrease in Cash and Cash Equivalents | (77,494) | (16,913) | |
Movement in Cash and Cash Equivalents | |||
Cash and cash equivalents at the beginning of the year | 100,010 | 132,145 | $ 132,145 |
Exchange loss on cash and cash equivalents | 2,827 | (8,782) | |
Net Increase / (decrease) in cash and cash equivalents | (77,494) | (16,913) | |
Cash and Cash Equivalents at the end of the year | $ 25,343 | $ 106,450 | $ 100,010 |
General Information
General Information | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of General Information [Abstract] | |
General Information | 1. GENERAL INFORMATION These unaudited condensed consolida ted financial statements are the interim financial statements of LumiraDx Limited (“the Company”) and its subsidiaries (“the Group”), for the six-month period ended June 30, 2023 (“the Financial Statements”). The Company is an exempted company limited by shares incorporated in the Cayman Islands (registered number 314391) with registered offices situated at the offices of Ocorian Trust (Cayman) Limited, PO Box 1350, Windward 3, Regatta Office Park, Grand Cayman KY1-1108 . |
Basis of preparation of Financi
Basis of preparation of Financial Statements | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of changes in accounting estimates [abstract] | |
Basis of preparation of Financial Statements | 2. BASIS OF PREPARATION OF FINANCIAL STATEMENTS The principal accounting policies applied in the preparation of these Financial Statements are set out below. These policies have been consistently applied, unless otherwise stated. The Financial Statements of LumiraDx Limited have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These Financial Statements were authorized for issue by the Board on September 29, 2023. The Financial Statements have been prepared under the historical cost convention and in accordance with IAS 34 "Interim Financial Reporting". However, they do not include all of the notes that would be required in a complete set of financial statements. Thus, this interim financial report should be read in conjunction with the consolidated financial statements for the year ended December 31, 2022, included in the Company’s Annual Report on Form 20-F, which was filed with the U.S. Securities and Exchange Commission on May 1, 2023 (the “Annual Report”). The preparation of Financial Statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated Financial Statements, are disclosed in Note 3 of the Annual Report. LumiraDx Limited was incorporated on August 24, 2016. On September 29, 2016, the Company acquired all of the outstanding shares of LumiraDx Holdings Limited in a share for share exchange. LumiraDx Holdings Limited was incorporated on September 1, 2014. The consolidated Financial Statements of LumiraDx Limited have been prepared as if the share exchange had occurred on September 1, 2014 to reflect the continuous operations of the Company. Going concern The financial statements have been prepared on a going concern basis which the directors consider at this time to be appropriate for the following reasons. During the six months ended June 30, 2023, the Group incurred a loss for the period of $ 93,800 and operating cash outflows of $ 52,039 . As of June 30, 2023 the Group had net liabilities of $ 213,947 . The Group has financed its operations principally through issuances of debt and equity securities, and the Group requires ongoing additional funding to continue to develop its commercial operations and research and development projects for future products. The 2021 Senior Secured Loan matures in March 2024 and contains customary covenants including achieving certain revenue levels throughout the term of the loan and maintaining minimum liquidity levels. On September 26, 2023, the Group entered into the twelfth amendment to the 2021 Senior Secured Loan, to provide for, among other things, continued covenant waivers through October 11, 2023. In July 2023, the Company engaged advisors to conduct a strategic review of the business of the Company and its subsidiaries and advise on available options. From July 2023 through October 2023, the Company has had strategic discussions with various parties with no outcome as of the date the Company’s unaudited condensed consolidated financial statements for the six months ended June 30, 2023 are being issued (the “Q2 Financials Issuance Date”). The Group performed an assessment to determine whether there were conditions or events that, considered in the aggregate, raised substantial doubt about the Group's ability to continue as a going concern within one year after the Q2 Financials Issuance Date. In connection with the assessment, the directors have prepared cash flow forecasts for a period of at least 12 months from the Q2 Financials Issuance Date which indicate at this time that the Group does not have sufficient cash flows and will require additional funding to continue as a going concern. In addition, the covenants on the 2021 Senior Secured Loan will not be met once the waiver expires. Therefore, the Group would be required to obtain further waivers of covenant violations or restructure existing debt obligations. If the Group is unable to obtain further waivers of covenant violations or restructure existing debt obligations, the Group would be in default under the 2021 Senior Secured Loan and the Lender could elect to declare all amounts outstanding thereunder, together with accrued interest, to be immediately due and payable. In such an event, the Group has insufficient liquidity to fund payment of the amounts that would be due under the 2021 Senior Secured Loan and, if the Group would be unsuccessful in raising additional capital on acceptable terms, or at all, there can be no assurance that the Group would continue to be financially viable and continue as a going concern. The Group’s inability to raise additional capital on acceptable terms in the near future, whether for purposes of funding payments required under the 2021 Senior Secured Loan or providing additional liquidity needed for its operations, could have a material adverse effect on its business, prospects, results of operations, liquidity and financial condition. The Group’s unaudited condensed consolidated financial statements for the six months ended June 30, 2023 have been prepared assuming the Company will continue as a going concern, which contemplates continuity of operations, realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following the Q2 Financials Issuance Date. As such, those unaudited condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets and their carrying amounts, or the amount and classification of liabilities that may result should the Group be unable to continue as a going concern. Significant Accounting Policies The accounting policies applied to these interim Financial Statements are the same as those applied in the Group’s last Consolidated Financial Statements as of and for the year ended December 31, 2022. Management judgements and estimates The preparation of the interim Financial Statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of revenues, expenses, assets, liabilities and related disclosures. If in the future such estimates and assumptions, which are based on management’s best judgement at the date of the interim Financial Statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the period in which the circumstances change. The significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty are the same as those applied in the Annual Financial Statements. Adoption of New Accounting Standards There have been no recent new accounting standards that have had an impact on the interim Financial Statements. New accounting standards not listed below were assessed and determined to be either not applicable or did not have a material impact on the interim Financial Statements or processes. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2023 | |
Revenue [abstract] | |
Revenue | 3. REVENUE Disaggregation of Revenue Revenue from diagnostic products is recognized at the time the performance obligations are met. Service revenue is recognized over the contractual term. Revenue from other sources represents lease revenue on instruments. SIX MONTHS ENDED JUNE 30, 2022 2023 REVENUE STREAM REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM OTHER SOURCES TOTAL REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM OTHER SOURCES TOTAL Total Revenue $ 170,807 $ 331 $ 171,138 $ 42,306 $ 871 $ 43,177 Contract Balances Service revenue is typically billed in advance giving rise to a contract liability balance. The deferred balance as of June 30, 2023, and December 31, 2022, is $ 1,437 and $ 999 , resp ectively. As the Company generally recognizes revenue as goods are sold for product revenue, the Company does not have other material contract asset or liability balances as of June 30, 2023. DEFERRED YEAR ENDED DECEMBER 31, 2022 SIX MONTHS ENDED JUNE 30, 2023 Balance at start of the period $ 1,517 $ 999 Recognized revenue from prior years' invoicing ( 1,517 ) ( 779 ) Amounts invoiced to be recognized over time 2,069 2,144 Recognized revenue from current year invoicing ( 1,089 ) ( 980 ) Foreign exchange impact 19 53 Balance at end of the period 999 1,437 Remaining performance obligations in (partially) unsatisfied long-term contracts: Remaining performance obligations in (partially) unsatisfied long-term contracts are included in deferred revenue. For contracts that have an original duration of one year or less, the Group has elected the practical expedient to not disclose the transaction price for remaining performance obligations at the end of each reporting period and at which point in time the Company expects to recognize these sales. |
Segments
Segments | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of operating segments [abstract] | |
Segments | 4. SEGMENTS Basis for segmentation: The CEO is the Group’s chief operating decision maker (“CODM”). The regular internal reporting to the CEO, which fulfills the criteria to constitute a segment, is done for the Group as a whole, and therefore the total Group is the company’s only segment. Revenue from external customers by country, based on the location of the customer is as follows: SIX MONTHS ENDED JUNE 30, ANALYSIS OF REVENUE BY COUNTRY: 2022 2023 United States $ 101,178 $ 19,070 Italy 31,800 8,601 United Kingdom 17,552 3,831 Germany 6,533 2,317 Colombia 5,611 5,571 Sweden 3,233 908 Brazil 1,409 804 Switzerland 1,053 117 Japan 1,038 766 Spain 609 228 Austria 467 — Netherlands 161 124 Denmark 9 45 Other 485 797 Total revenue $ 171,138 $ 43,177 Non-current assets by country are as follows: ANALYSIS OF NON-CURRENT ASSETS BY COUNTRY: AS OF DECEMBER 31, 2022 AS OF JUNE 30, 2023 United Kingdom $ 137,811 $ 135,346 United States 19,986 17,869 Italy 9,324 8,280 Colombia 3,622 669 Spain 716 543 Sweden 605 570 Germany 413 32 Other 1,597 2,208 Total $ 174,074 $ 165,517 |
Finance Income and Finance Expe
Finance Income and Finance Expense | 6 Months Ended |
Jun. 30, 2023 | |
Income, expense, gains or losses of financial instruments [abstract] | |
Finance Income and Finance Expense | 5. FINANCE INCOME AND FINANCE EXPENSE SIX MONTHS ENDED JUNE 30, 2022 2023 Change in fair value of Stock Warrants $ 4,945 $ 167 Interest Income 6 975 Foreign exchange gain - 35,662 Other 188 - Finance income $ 5,139 $ 36,804 Interest expense (cash) $ ( 12,257 ) $ ( 15,037 ) Interest expense (non-cash) ( 3,669 ) ( 5,809 ) Lease liability interest expense (Note 19) ( 1,640 ) ( 2,355 ) Change in fair value of instrument financing arrangement (Note 17) ( 1,612 ) ( 10,966 ) Foreign exchange loss ( 74,721 ) - Financing fees ( 1,416 ) ( 18 ) Finance expense $ ( 95,315 ) $ ( 34,185 ) |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Major components of tax expense (income) [abstract] | |
Income Taxes | 6. INCOME TAXES SIX MONTHS ENDED JUNE 30, TAX CREDIT FOR THE PERIOD 2022 2023 Current income credit / (tax) - Current year $ ( 1,485 ) $ ( 774 ) - Prior years — — Total current income credit / (tax) ( 1,485 ) ( 774 ) Deferred income tax credit - Current year — — - Prior years — — Total deferred income credit — — Total income tax credit/(expense) $ ( 1,485 ) $ ( 774 ) Reconciliation of effective tax rate: SIX MONTHS ENDED JUNE 30, 2022 2023 Loss for the period before taxation $ 202,083 $ 93,026 Tax benefit at standard U.K. rate at 19 % 38,396 17,675 Difference in overseas tax rates 402 206 Expenses not deductible for tax purposes — — Tax losses for which no deferred tax asset was recognized ( 36,974 ) ( 13,960 ) Share-based payment (not deductible for tax purposes) ( 3,309 ) ( 4,695 ) Income tax credit/(expense) $ ( 1,485 ) $ ( 774 ) Effective tax rate - 1 % - 1 % In the March 3, 2021 U.K. budget, it was announced that the U.K. tax rate will increase to 25 % from April 1, 2023. This will not have a consequential effect on the Group’s recognized deferred taxes, however the Group has substantial unrecognized U.K. net operating losses. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings per share [abstract] | |
Earnings Per Share | 7. EARNINGS PER SHARE The calculation of basic and diluted earnings per share has been calculated by dividing the loss for the period attributable to ordinary shareholders of $ 93,949 (2022: $ 203,707 ), by the weighted average number of shares outstanding of 318,843,574 (2022: 253,945,274 ) during the six months ended June 30, 2023: SIX MONTHS ENDED JUNE 30, Loss attributable to ordinary and common shareholders: 2022 2023 BASIC DILUTED BASIC DILUTED Loss for the year, attributable to equity holders of the parent $ ( 203,707 ) $ ( 203,707 ) $ ( 93,949 ) $ ( 93,949 ) Loss attributable to ordinary and common shareholders ( 203,707 ) ( 203,707 ) ( 93,949 ) ( 93,949 ) Weighted-average number of ordinary and common shares: BASIC DILUTED BASIC DILUTED Issued ordinary shares at January 1 252,804,218 252,804,218 318,546,266 318,546,266 Effect of shares issued 1,141,056 1,141,056 297,308 297,308 Weighted-average number of ordinary and common shares 253,945,274 253,945,274 318,843,574 318,843,574 Loss per share: BASIC DILUTED BASIC DILUTED Loss per share $ ( 0.80 ) $ ( 0.80 ) $ ( 0.29 ) $ ( 0.29 ) On February 1, 2021 the Board of Directors of the Company approved a stock split of the issued and outstanding A Ordinary and common shares of the Company on a 220 for 1 basis. In accordance with IAS 33, the earnings per share calculations have been presented for the stock split retrospectively. In connection with the merger with CA Healthcare Acquisition Corp., in order to achieve an exchange ratio of one LMDX common share for each CAH share, the Company effected a subdivision, immediately prior to the merger, of all issued, and authorized but unissued, LMDX ordinary shares and LMDX common shares at a ratio of 1.60806264:1. The denominator has been calculated to reflect the share splits. The Company’s potentially dilutive securities, which include stock options, convertible notes and warrants, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of A Ordinary and common shares outstanding used to calculate both basic and diluted net loss per share attributable to A Ordinary and common shareholders is the same. The Company excluded the following potential A Ordinary shares and common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to ordinary shareholders and common shareholders for the periods indicated because including them would have had an anti-dilutive effect: SIX MONTHS ENDED JUNE 30, 2022 2023 Options to purchase A Ordinary and Common shares 93,531,062 96,725,897 Convertible Debt (as converted to common shares) — 6,126,554 Warrants to purchase A Ordinary shares 5,373,170 5,373,118 Warrants to purchase common shares 7,828,251 13,578,241 106,732,483 121,803,810 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about intangible assets [abstract] | |
Goodwill and Intangible Assets | 8. GOODWILL AND INTANGIBLE ASSETS GOODWILL PATENTS CUSTOMER SUPPLIER TECHNOLOGY TOTAL Cost At 1 January 2021 $ 15,991 $ 18,671 $ 9,139 $ 2,856 $ 11,333 $ 57,990 Additions — — — — — — Exchange differences ( 385 ) ( 178 ) ( 278 ) — ( 48 ) ( 889 ) At 31 December 2021 15,606 18,493 8,861 2,856 11,285 57,101 Amortization At 1 January 2021 — 3,595 5,047 1,329 7,296 17,267 Charge for the period — 890 1,317 286 334 2,827 Exchange differences — ( 16 ) ( 21 ) — ( 4 ) ( 41 ) At 31 December 2021 — 4,469 6,343 1,615 7,626 20,053 Net Book Value At 31 December 2021 $ 15,606 $ 14,024 $ 2,518 $ 1,241 $ 3,659 $ 37,048 Cost At January 1, 2022 $ 15,606 $ 18,493 $ 8,861 $ 2,856 $ 11,285 $ 57,101 Additions — — — — — — Exchange differences ( 947 ) ( 1,448 ) ( 139 ) — ( 378 ) ( 2,912 ) At December 31, 2022 14,659 17,045 8,722 2,856 10,907 54,189 Amortization At January 1, 2022 — 4,469 6,343 1,615 7,626 20,053 Charge for the period — 803 593 286 303 1,985 Exchange differences — ( 19 ) 7 — ( 7 ) ( 19 ) At December 31, 2022 — 5,253 6,943 1,901 7,922 22,019 Net Book Value At December 31, 2022 $ 14,659 $ 11,792 $ 1,779 $ 955 $ 2,985 $ 32,170 Cost At January 1, 2023 $ 14,659 $ 17,045 $ 8,722 $ 2,856 $ 10,907 $ 54,189 Additions — — — — — — Exchange differences 303 639 68 — 201 1,211 At June 30, 2023 14,962 17,684 8,790 2,856 11,108 55,400 Amortization At January 1, 2023 — 5,253 6,943 1,901 7,922 22,019 Charge for the period — 408 308 148 155 1,019 Exchange differences — 16 6 — 9 31 At June 30, 2023 — 5,677 7,257 2,049 8,086 23,069 Net Book Value At June 30, 2023 $ 14,962 $ 12,007 $ 1,533 $ 807 $ 3,022 $ 32,331 For the six months ended June 30, 2023, and 2022, amortization of $ 939 and $ 942 , respectively, has been charged to Selling, marketing, and administrative expenses. For the six months ended June 30, 2023, and 2022, amortization of $ 80 and $ 81 , respectively, has been charged to Research and development expenses. |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, Plant and Equipment | 9. PROPERTY, PLANT AND EQUIPMENT LAND AND FIXTURES PLANT AND ASSETS UNDER TOTAL Cost At January 1, 2021 $ 7,106 $ 4,146 $ 44,802 $ 45,865 $ 101,919 Additions 28,047 4,144 72,186 1,969 106,346 Transfers — 2,137 ( 2,137 ) — — Disposals ( 67 ) ( 452 ) ( 91 ) — ( 610 ) Exchange differences ( 562 ) ( 322 ) ( 2,084 ) ( 574 ) ( 3,542 ) At December 31, 2021 34,524 9,653 112,676 47,260 204,113 Accumulated Depreciation At January 1, 2021 2,059 2,636 10,142 — 14,837 Charge for the period 2,773 2,204 12,298 — 17,275 Transfers — 1,686 ( 1,686 ) — — Disposals ( 21 ) ( 366 ) ( 91 ) — ( 478 ) Exchange differences ( 106 ) ( 223 ) ( 589 ) — ( 918 ) At December 31, 2021 4,705 5,937 20,074 — 30,716 Carrying Amount At December 31, 2021 $ 29,819 $ 3,716 $ 92,602 $ 47,260 $ 173,397 Cost At January 1, 2022 $ 34,524 $ 9,653 $ 112,676 $ 47,260 $ 204,113 Additions 5,137 2,227 12,960 11,496 31,820 Transfers — — — — — Disposals ( 147 ) ( 702 ) ( 997 ) — ( 1,846 ) Exchange differences ( 3,417 ) ( 762 ) ( 10,480 ) ( 5,075 ) ( 19,734 ) At December 31, 2022 36,097 10,416 114,159 53,681 214,353 Accumulated Depreciation At January 1, 2022 4,705 5,937 20,074 — 30,716 Charge for the period 4,359 1,812 18,995 — 25,166 Transfers — — — — — Disposals ( 13 ) ( 360 ) ( 917 ) — ( 1,290 ) Impairments 26,780 22,657 49,437 Exchange differences ( 506 ) ( 504 ) ( 2,072 ) — ( 3,082 ) At December 31, 2022 8,545 6,885 62,860 22,657 100,947 Carrying Amount At December 31, 2022 $ 27,552 $ 3,531 $ 51,299 $ 31,024 $ 113,406 Cost At January 1, 2023 $ 36,097 $ 10,416 $ 114,159 $ 53,681 $ 214,353 Additions 425 372 1,906 366 3,069 Transfers — — — — — Disposals ( 3 ) ( 130 ) ( 1,600 ) — ( 1,733 ) Exchange differences 1,488 387 4,257 2,318 8,450 At June 30, 2023 38,007 11,045 118,722 56,365 224,139 Accumulated Depreciation At January 1, 2023 8,545 6,885 62,860 22,657 100,947 Charge for the period 2,519 980 8,620 — 12,119 Transfers — — — — — Disposals ( 1 ) — — — ( 1 ) Exchange differences 356 321 3,570 — 4,247 At June 30, 2023 11,419 8,186 75,050 22,657 117,312 Carrying Amount At June 30, 2023 $ 26,588 $ 2,859 $ 43,672 $ 33,708 $ 106,827 For the six months ended June 30, 2023, and 2022, depreciation expense of $ 5,982 and $ 4,811 , respectively has been charged to Research and development expenses and $ 5,982 and $ 7,821 , has been charged to Selling, marketing and administrative expenses. Assets under construction are comprised of manufacturing equipment to be placed in service in in the following year. Commitments related to property, plant and equipment are referenced in Note 19 . |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2023 | |
Classes of current inventories [abstract] | |
Inventory | 10. INVENTORY AS OF DECEMBER 31, 2022 AS OF JUNE 30, 2023 Finished goods $ 68,420 $ 27,474 Raw materials 19,584 55,644 WIP 1,961 2,853 Total Inventory $ 89,965 $ 85,971 |
Trade and Other Receivables
Trade and Other Receivables | 6 Months Ended |
Jun. 30, 2023 | |
Trade and other receivables [abstract] | |
Trade and Other Receivables | 11. TRADE AND OTHER RECEIVABLES AS OF DECEMBER 31, 2022 AS OF JUNE 30, 2023 Trade receivables $ 30,406 $ 16,411 Reserves on trade receivables ( 3,730 ) ( 3,638 ) Prepaids 11,781 12,468 Other receivables 10,732 8,687 VAT receivable 6,788 5,641 Total trade and other receivables $ 55,977 $ 39,569 |
Share Capital, Premium and Othe
Share Capital, Premium and Other Reserves | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of classes of share capital [abstract] | |
Share Capital, Premium and Other Reserves | 12. SHARE CAPITAL, PREMIUM AND OTHER RESERVES Share capital and share premium LumiraDx Limited was incorporated on August 24, 2016 with an authorized share capital of 5,000,000 A Ordinary Shares of par value $ 0.001 each and 5,000,000 Common Shares of par value $ 0.001 each. On September 29, 2016 , the Company acquired 100 % of the issued share capital of LumiraDx Holdings Limited following the agreement of an Exchange Offer, which was effective from September 28, 2016. LumiraDx Limited acquired all shares in LumiraDx Holdings Limited, and in exchange LumiraDx Limited issued to the shareholders of LumiraDx Holdings Limited a corresponding number of shares on a share-for-share basis. SHARES AUTHORIZED, FULLY PAID AND ALLOCATED A ORDINARY A ORDINARY COMMON SHARES COMMON SHARES FOR THE YEAR ENDED DECEMBER 31, 2022 FOR THE SIX MONTHS ENDED JUNE 30, 2023 FOR THE YEAR ENDED DECEMBER 31, 2022 FOR THE SIX MONTHS ENDED JUNE 30, 2023 In issue at start of period 207,562,080 164,321,766 45,241,766 154,224,500 February Subdivision ( 220 :1) — — — — Issued for cash 3,451,917 62,290,503 582,462 Issued in other transactions — — — — Merger Subdivision at the LMDX Conversion Factor ( 1.60806264 :1) — — — — Conversion ( 46,692,231 ) ( 3,298,099 ) 46,692,231 3,298,099 Shares issued upon conversion of financial instruments — — — — In issue at December - fully paid and allocated 164,321,766 161,023,667 154,224,500 158,105,061 On February 1, 2021 the Board of Directors of the Company approved a stock split of the issued and outstanding A Ordinary and common shares of the Company on a 220 for 1 basis. In accordance with IAS 33, the earnings per share calculations have been presented for the stock split retrospectively. In connection with the merger, in order to achieve an exchange ratio of one LMDX common share for each CAH share, the Company effected a subdivision, immediately prior to the merger, of all issued, and authorized but unissued, LMDX ordinary shares and LMDX common shares at a ratio of 1.60806264 :1. During September 2021, the Company completed its merger and all outstanding convertible instruments at the time of the merger converted into A ordinary and Common shares. |
Share Based Payments
Share Based Payments | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share Based Payments | 13. SHARE BASED PAYMENTS Share options are granted to directors, employees and certain service providers. The share options have a vesting period of 1 - 4 years with shares being exercisable pro rata per year from the date of issue. All share options granted have a contractual life of 10 years from the date of grant. Share options are settled in equity. For the employee based share options, if the owner of the share option ceases to be employed by the Company, in most cases the option lapses within a short period of departure of such employ ee. 11,600,056 share options have been forfeited to date. Management has not anticipated any stock options to be forfeited due to termination of employment prior to the assumed exercise date. Movements on number of share options and their related exercise price are as follows: NUMBER OF WEIGHTED Outstanding at January 1, 2021 57,212,650 $ 2.09 Granted 26,557,293 16.45 Exercised ( 104,200 ) ( 1.00 ) Forfeited ( 92,112 ) ( 9.72 ) Outstanding at December 31, 2021 83,573,631 6.72 Granted 22,755,235 5.01 Exercised ( 3,494,254 ) ( 2.43 ) Forfeited/Expired ( 3,632,769 ) ( 5.35 ) Outstanding at December 31, 2022 99,201,843 6.45 Granted 562,977 0.63 Exercised - - Forfeited/Expired ( 3,038,923 ) 5.88 Outstanding at June 30, 2023 96,725,897 6.45 Exercisable at December 31, 2022 71,900,277 6.54 Exercisable at June 30, 2023 76,754,148 $ 6.88 On February 1, 2021 the Board of Directors of the Company approved a stock split of the issued and outstanding A Ordinary and common shares of the Company on a 220 for 1 basis. In accordance with IAS 33, the earnings per share calculations have been presented for the stock split retrospectively. In connection with the merger, in order to achieve an exchange ratio of one LMDX common share for each CAH share, the Company effected a subdivision, immediately prior to the merger, of all issued, and authorized but unissued, LMDX ordinary shares and LMDX common shares at a ratio of 1.60806264:1. On January 15, 2021, the Company granted “founder options” over ordinary shares to each of the three Founder Directors. Each Founder Director was granted a fully vested option over 5,235,851 ordinary shares. On April 15, 2021, the Company granted each Founder Director a further option over 2,819,577 ordinary shares. These options will vest over a two year period subject to the satisfaction of performance conditions. In each instance, the exercise price of these options is equal an exercise price per ordinary share of $ 17.05 . For the six months ended June 30, 2023, nil options were exercised at a weighted average exercise price of $ nil . The options outstanding at June 30, 2023 have an exercise price in the range of $ 0.20 to $ 17.05 and a weighted average contractual life of 5.92 years. Share based compensation expense of $ 839 and $ 1,024 has been charged to Cost of Goods Sold, $ 535 and $ 4,804 to Research and development expenses and $ 8,591 and $ 12,614 to Selling, marketing and administrative expenses for the six months ended June 30, 2023 and 2022, respectively. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2023 | |
Borrowings [abstract] | |
Debt | 14. DEBT This note provides information about the contractual terms of the Group’s interest-bearing loans and borrowings, which are measured at amortized cost. CURRENCY NOMINAL YEAR OF 2022 2022 2022 2023 2023 2023 Unsecured Loan USD 2.00 % 2024 $ 18,000 $ 15,508 $ 14,629 $ 18,000 $ 16,183 $ 15,383 2021 Senior Secured Loans USD 8.00 % 2024 300,000 296,553 275,925 300,000 301,442 290,700 2022 Convertible Notes USD 6.00 % 2027 56,500 54,418 49,476 56,500 54,720 49,773 Instrument Financing Loans EUR 1.70 - 2.60 % 2022 - 2023 76 76 76 36 36 36 Balance at January 1, 2022 $ 301,129 Changes from financing cash flows Proceeds from borrowings, net of issuance costs 2022 Convertible Notes $ 54,010 Repayments of borrowings Instrument Financing Loans ( 174 ) Total changes from financing cash flows 53,836 Amortization of debt discount Unsecured Loan 1,266 2021 Senior Secured Loan 8,454 2022 Convertible Notes 408 Amortization of debt discount arising from debt modifications 2021 Senior Secured Loan 1,284 Foreign exchange impact Instrument Financing Loans ( 13 ) Total other changes 11,399 Balance at December 31, 2022 366,555 Changes from financing cash flows Repayments of borrowings Instrument Financing Loans $ ( 40 ) Total changes from financing cash flows ( 40 ) Amortization of debt discount Unsecured Loan 675 2021 Senior Secured Loan 4,889 2022 Convertible Notes 244 Foreign exchange impact Instrument Financing Loans 25 Total other changes 5,833 Balance at June 30, 2023 372,348 Less: Debt due within one year ( 301,444 ) $ 70,904 |
Lease Liability
Lease Liability | 6 Months Ended |
Jun. 30, 2023 | |
Lease liabilities [abstract] | |
Lease Liability | 15. LEASE LIABILITY AS OF DECEMBER 31, 2022 AS OF JUNE 30, 2023 Due in less than one year $ 8,474 $ 8,847 Due between one and five years 23,543 21,562 Due in more than five years 13,251 - Total $ 45,268 $ 30,409 |
Trade and Other Payables
Trade and Other Payables | 6 Months Ended |
Jun. 30, 2023 | |
Trade and other payables [abstract] | |
Trade and Other Payables | 16. TRADE AND OTHER PAYABLES AS OF DECEMBER 31, 2022 AS OF JUNE 30, 2023 Trade payables $ 28,897 27,725 Accrued expenses and other liabilities 23,745 30,671 Accrued interest 7,373 2,317 Restructuring provision 1,156 - Warranty provision 4,107 3,843 Deferred revenue 999 1,437 Total trade and other payables $ 66,277 65,993 |
Other Liabilities
Other Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | 17. OTHER LIABILITIES Government and Other Grants The Group has received grants from government and private entities. These include grants in respect of research and development activities, expansion of manufacturing capabilities and deployment of the Group’s products in certain geographical markets. The Group has recorded $ 1,159 and $ 3,863 as a reduction in research and development expenses for the six months ended June 30, 2023 and 2022 respectively, to reflect the usage of grant funds and research and development tax expenditures. The Group had liabilities of $ 28,609 and $ 32,065 as of June 30, 2023, and December 31, 2022, respectively, for these unspent grant funds. As of June 30, 2023, the Group had $ 18,855 (December 31, 2022: $ 20,988 ) related to a grant for manufacturing equipment. The Group will recognize the grant over the useful life of the equipment. In the six months ended June 30, 2022, the Group reduced manufacturing expenses by $ 2,133 (2022: $ 1,999 ). Instrument Financing Agreement On April 27, 2022 the Group consummated the first closing of a private placement offering pursuant to which it received an initial investment of $ 26.1 million in cash and entered into an Instrument Financing Agreement (the "Instrument Financing Agreement") with USB Focus Fund LumiraDx 2A, LLC, USB Focus Fund Lumira Dx 2B, LLC and certain other related investors (collectively, the "Investors"), and Pear Tree Partners, L.P. The terms of the Instrument Financing Agreement provide that the Investors may invest up to an aggregate maximum amount of $ 50 million in the Company, or such higher amount as agreed to by the Group and the Investors (the "Invested Amount"), in one or more closings, in order to fund the purchase of additional LumiraDx instruments, allowing the Group to further expand instrument placements. In consideration of such investment, the Group has agreed to pay to the Investors on a semi-annual basis and over a three-year period (subject to extension in certain events), an i nstrument financing payment that is equal to 20 % of the total gross amount invoiced by the Group in respect of sales of test strips for use in such funded LumiraDx instruments which are allocated to the Invested Amount by the Group in accordance with the terms of the Instrument Financing Agreement (the "Instrument Financing Payments"). If by the end of the applicable three-year term, the Investors have not received, in aggregate, Instrument Financing Payments equal to or in excess of two times the Invested Amount, the Group shall, at its sole discretion, either: (i) issue to the Investors an aggregate amount of the Group's common shares, $ 0.0000028 par value per common share, equal in value to the difference between the Target Return and the total Instrument Financing Payments received by the Investors, at a price per Common Share equal to the volume-weight average price of the Common Shares for the 20 Nasdaq trading day period immediately following the applicable Expiry Date, but subject to a minimum price per Common Share of $ 7.25 ; or (ii) pay to the Investors the applicable Instrument Financing Shortfall in cash. 15.4 million with the Investors. The Investors have agreed to extend the Instrument Financing Payment that was due on May 15, 2023 until the earlier of (i) the completion by the Company of a $ 75 million equity financing or (ii) September 30, 2023. nstrument financing in shares constitutes an embedded derivative as it is a component of the host instrument that would allow for the cash flows of the combined instrument to be changed according to the value of a financial variable. In accordance with IFRS 9, the Company has elected to record the entire instrument at a fair value through profit or loss. The change in fair value of $ 11.0 million has be en charged to finance expense s for the six months ended June 30, 2023 (2022: $ 1.6 million). |
Commitments
Commitments | 6 Months Ended |
Jun. 30, 2023 | |
Capital commitments [abstract] | |
Commitments | 18. COMMITMENTS Capital Commitments Capital expenditure contracted for at the end of the reporting period but not yet incurred is as follows: AS OF DECEMBER 31, 2022 AS OF JUNE 30, 2023 Capital $ 1,311 $ 1,369 Inventory 7,022 189 Total $ 8,333 $ 1,558 The capital commitments relate to contracts to purchase property, plant and equipment. |
Leases-Group as Lessee
Leases-Group as Lessee | 6 Months Ended |
Jun. 30, 2023 | |
Presentation of leases for lessee [abstract] | |
Leases-Group as Lessee | 19. LEASES—GROUP AS LESSEE The Group leases various offices and facilities. The lease terms are between 1 - 10 years . Right-of-use assets Net Carrying Amount December 31, 2022 $ 16,580 June 30, 2023 14,035 Depreciation expense for the period ended June 30, 2022 $ 2,792 June 30, 2023 3,012 During the six months ended June 30, 2023, additions to right of use assets amounted to $ 1,909 . SIX MONTHS ENDED AMOUNTS RECOGNIZED IN PROFIT AND LOSS June 30, 2022 June 30, 2023 Depreciation expense of right-of-use-assets $ 2,792 $ 3,012 Interest expense on lease liabilities 1,640 2,355 $ 4,432 $ 5,367 At June 30, 2023 the Group is no t committed to any material short-term leases. Variable lease payment terms are deemed an insignificant portion of the overall liability on June 30, 2023. The total cash outflows for leases in the six months ended June 30, 2023, and 2022 amount to $ 3,872 and $ 2,976 respectively. |
Events After the Reporting Peri
Events After the Reporting Period | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Events After the Reporting Period | 20. EVENTS AFTER THE REPORTING PERIOD On July 17, 2023, the Group entered into an eighth amendment to 2021 Senior Secured Loan to extend the time that the Group has to comply with certain minimum net sales and minimum liquidity covenants in the Loan Agreement until July 20, 2023. On July 20, 2023, the Group entered into a ninth amendment to 2021 Senior Secured Loan to provide for, among other things, (i) that the minimum liquidity covenant in the Loan Agreement is waived until September 1, 2023; provided that the consolidated liquidity of the Company and its subsidiaries during this waiver period (and tested on a weekly basis) must be at least $ 5 million, (ii) the minimum net sales covenant for the trailing twelve-month period ended June 30, 2023 will be tested on September 1, 2023, and (iii) the lenders have agreed to provide, subject to the terms of the Loan Agreement as amended by the Ninth Amendment, additional term loans to the Company during the waiver period, in an aggregate amount of up to $ 31 million. The additional term loans will be subject to an interest rate of Term SOFR plus 8.0 % per annum, payable in quarterly installments, with the first interest payment due on September 30, 2023. All amounts outstanding under the Loan Agreement, including the additional term loans, will mature on March 29, 2024. In exchange for the amendments described above, the Company has agreed to, among other things, permit the lenders to designate two individuals to serve on the Company’s Board of Directors as observers, with the authority to attend and receive materials relating to (but not vote at) meetings of the Company’s Board of Directors. Each such appointment shall be terminated immediately upon the payment in full of all of the Company’s obligations under the Loan Agreement. The Company has also agreed to engage advisors to conduct a strategic review of the business of the Company and its subsidiaries and advise on available options. On August 28, 2023, the Group entered into a tenth amendment to 2021 Senior Secured Loan to (i) the minimum liquidity covenant in the Loan Agreement is waived until September 18, 2023; provided that the consolidated liquidity of the Company and its subsidiaries during this waiver period (and tested on a weekly basis) must be at least $ 5 million, and (ii) the minimum net sales covenant for the trailing twelve-month period ended June 30, 2023 will be tested on September 18, 2023. On September 18, 2023, the Group entered into an eleventh amendment to 2021 Senior Secured Loan, pursuant to which (i) the minimum liquidity covenant in the Loan Agreement is waived until September 29, 2023; provided that the consolidated liquidity of the Company and its subsidiaries during this waiver period (and tested on a weekly basis) must be at least $ 5 million, and (ii) the minimum net sales covenant for the trailing twelve-month period ended June 30, 2023 will be tested on September 29, 2023. On September 25, 2023, the Group entered into an twelfth amendment to 2021 Senior Secured Loan pursuant to which (i) the minimum liquidity covenant in the Loan Agreement is waived until October 11, 2023, provided that the consolidated liquidity of the Company and its subsidiaries during this waiver period (and tested on a weekly basis) must be at least $ 5 million, (ii) the minimum net sales covenant for the trailing twelve-month period ended June 30, 2023 is waived, (iii) the minimum net sales covenant for the trailing twelve-month period ended September 30, 2023 will be tested on October 11, 2023, (iv) subject to certain conditions, the interest on the principal amount outstanding under the Tranche A, Tranche B and Tranche C term loans for the interest period ending September 30, 2023, shall be PIK Interest (as defined in the Loan Agreement) instead of being paid in cash, and (v) the lenders have agreed to provide, subject to the terms of the Loan Agreement as amended by the Twelfth Amendment, additional term loans to the Company, in an aggregate amount of up to $ 15 million. The additional term loans will be subject to an interest rate of Term SOFR plus 8.0 % per annum, payable in quarterly installments. All amounts outstanding under the Loan Agreement, including the additional term loans, will mature on March 29, 2024. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue [abstract] | |
Summary of Disaggregation of Revenue | SIX MONTHS ENDED JUNE 30, 2022 2023 REVENUE STREAM REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM OTHER SOURCES TOTAL REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM OTHER SOURCES TOTAL Total Revenue $ 170,807 $ 331 $ 171,138 $ 42,306 $ 871 $ 43,177 |
Summary of Remaining Performance Obligations in (Partially) Unsatisfied Long-term Contracts | DEFERRED YEAR ENDED DECEMBER 31, 2022 SIX MONTHS ENDED JUNE 30, 2023 Balance at start of the period $ 1,517 $ 999 Recognized revenue from prior years' invoicing ( 1,517 ) ( 779 ) Amounts invoiced to be recognized over time 2,069 2,144 Recognized revenue from current year invoicing ( 1,089 ) ( 980 ) Foreign exchange impact 19 53 Balance at end of the period 999 1,437 |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of operating segments [abstract] | |
Schedule of Revenue from External Customers by Country | Revenue from external customers by country, based on the location of the customer is as follows: SIX MONTHS ENDED JUNE 30, ANALYSIS OF REVENUE BY COUNTRY: 2022 2023 United States $ 101,178 $ 19,070 Italy 31,800 8,601 United Kingdom 17,552 3,831 Germany 6,533 2,317 Colombia 5,611 5,571 Sweden 3,233 908 Brazil 1,409 804 Switzerland 1,053 117 Japan 1,038 766 Spain 609 228 Austria 467 — Netherlands 161 124 Denmark 9 45 Other 485 797 Total revenue $ 171,138 $ 43,177 |
Schedule of Non-current Assets by Country | Non-current assets by country are as follows: ANALYSIS OF NON-CURRENT ASSETS BY COUNTRY: AS OF DECEMBER 31, 2022 AS OF JUNE 30, 2023 United Kingdom $ 137,811 $ 135,346 United States 19,986 17,869 Italy 9,324 8,280 Colombia 3,622 669 Spain 716 543 Sweden 605 570 Germany 413 32 Other 1,597 2,208 Total $ 174,074 $ 165,517 |
Finance Income and Finance Ex_2
Finance Income and Finance Expense (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Income, expense, gains or losses of financial instruments [abstract] | |
Summary of Finance Income and Finance Expense | SIX MONTHS ENDED JUNE 30, 2022 2023 Change in fair value of Stock Warrants $ 4,945 $ 167 Interest Income 6 975 Foreign exchange gain - 35,662 Other 188 - Finance income $ 5,139 $ 36,804 Interest expense (cash) $ ( 12,257 ) $ ( 15,037 ) Interest expense (non-cash) ( 3,669 ) ( 5,809 ) Lease liability interest expense (Note 19) ( 1,640 ) ( 2,355 ) Change in fair value of instrument financing arrangement (Note 17) ( 1,612 ) ( 10,966 ) Foreign exchange loss ( 74,721 ) - Financing fees ( 1,416 ) ( 18 ) Finance expense $ ( 95,315 ) $ ( 34,185 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Major components of tax expense (income) [abstract] | |
Summary of Tax Credit | SIX MONTHS ENDED JUNE 30, TAX CREDIT FOR THE PERIOD 2022 2023 Current income credit / (tax) - Current year $ ( 1,485 ) $ ( 774 ) - Prior years — — Total current income credit / (tax) ( 1,485 ) ( 774 ) Deferred income tax credit - Current year — — - Prior years — — Total deferred income credit — — Total income tax credit/(expense) $ ( 1,485 ) $ ( 774 ) |
Summary of Reconciliation of Effective Tax Rate | Reconciliation of effective tax rate: SIX MONTHS ENDED JUNE 30, 2022 2023 Loss for the period before taxation $ 202,083 $ 93,026 Tax benefit at standard U.K. rate at 19 % 38,396 17,675 Difference in overseas tax rates 402 206 Expenses not deductible for tax purposes — — Tax losses for which no deferred tax asset was recognized ( 36,974 ) ( 13,960 ) Share-based payment (not deductible for tax purposes) ( 3,309 ) ( 4,695 ) Income tax credit/(expense) $ ( 1,485 ) $ ( 774 ) Effective tax rate - 1 % - 1 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings per share [abstract] | |
Schedule of Loss Attributable to Ordinary Shareholders | SIX MONTHS ENDED JUNE 30, Loss attributable to ordinary and common shareholders: 2022 2023 BASIC DILUTED BASIC DILUTED Loss for the year, attributable to equity holders of the parent $ ( 203,707 ) $ ( 203,707 ) $ ( 93,949 ) $ ( 93,949 ) Loss attributable to ordinary and common shareholders ( 203,707 ) ( 203,707 ) ( 93,949 ) ( 93,949 ) Weighted-average number of ordinary and common shares: BASIC DILUTED BASIC DILUTED Issued ordinary shares at January 1 252,804,218 252,804,218 318,546,266 318,546,266 Effect of shares issued 1,141,056 1,141,056 297,308 297,308 Weighted-average number of ordinary and common shares 253,945,274 253,945,274 318,843,574 318,843,574 Loss per share: BASIC DILUTED BASIC DILUTED Loss per share $ ( 0.80 ) $ ( 0.80 ) $ ( 0.29 ) $ ( 0.29 ) |
Schedule of Computation of Diluted Net loss Per Share Attributable to Ordinary Shareholders and Common Shareholders | The Company excluded the following potential A Ordinary shares and common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to ordinary shareholders and common shareholders for the periods indicated because including them would have had an anti-dilutive effect: SIX MONTHS ENDED JUNE 30, 2022 2023 Options to purchase A Ordinary and Common shares 93,531,062 96,725,897 Convertible Debt (as converted to common shares) — 6,126,554 Warrants to purchase A Ordinary shares 5,373,170 5,373,118 Warrants to purchase common shares 7,828,251 13,578,241 106,732,483 121,803,810 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about intangible assets [abstract] | |
Summary of Goodwill and Intangible Assets | GOODWILL PATENTS CUSTOMER SUPPLIER TECHNOLOGY TOTAL Cost At 1 January 2021 $ 15,991 $ 18,671 $ 9,139 $ 2,856 $ 11,333 $ 57,990 Additions — — — — — — Exchange differences ( 385 ) ( 178 ) ( 278 ) — ( 48 ) ( 889 ) At 31 December 2021 15,606 18,493 8,861 2,856 11,285 57,101 Amortization At 1 January 2021 — 3,595 5,047 1,329 7,296 17,267 Charge for the period — 890 1,317 286 334 2,827 Exchange differences — ( 16 ) ( 21 ) — ( 4 ) ( 41 ) At 31 December 2021 — 4,469 6,343 1,615 7,626 20,053 Net Book Value At 31 December 2021 $ 15,606 $ 14,024 $ 2,518 $ 1,241 $ 3,659 $ 37,048 Cost At January 1, 2022 $ 15,606 $ 18,493 $ 8,861 $ 2,856 $ 11,285 $ 57,101 Additions — — — — — — Exchange differences ( 947 ) ( 1,448 ) ( 139 ) — ( 378 ) ( 2,912 ) At December 31, 2022 14,659 17,045 8,722 2,856 10,907 54,189 Amortization At January 1, 2022 — 4,469 6,343 1,615 7,626 20,053 Charge for the period — 803 593 286 303 1,985 Exchange differences — ( 19 ) 7 — ( 7 ) ( 19 ) At December 31, 2022 — 5,253 6,943 1,901 7,922 22,019 Net Book Value At December 31, 2022 $ 14,659 $ 11,792 $ 1,779 $ 955 $ 2,985 $ 32,170 Cost At January 1, 2023 $ 14,659 $ 17,045 $ 8,722 $ 2,856 $ 10,907 $ 54,189 Additions — — — — — — Exchange differences 303 639 68 — 201 1,211 At June 30, 2023 14,962 17,684 8,790 2,856 11,108 55,400 Amortization At January 1, 2023 — 5,253 6,943 1,901 7,922 22,019 Charge for the period — 408 308 148 155 1,019 Exchange differences — 16 6 — 9 31 At June 30, 2023 — 5,677 7,257 2,049 8,086 23,069 Net Book Value At June 30, 2023 $ 14,962 $ 12,007 $ 1,533 $ 807 $ 3,022 $ 32,331 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Summary of Property, Plant and Equipment | LAND AND FIXTURES PLANT AND ASSETS UNDER TOTAL Cost At January 1, 2021 $ 7,106 $ 4,146 $ 44,802 $ 45,865 $ 101,919 Additions 28,047 4,144 72,186 1,969 106,346 Transfers — 2,137 ( 2,137 ) — — Disposals ( 67 ) ( 452 ) ( 91 ) — ( 610 ) Exchange differences ( 562 ) ( 322 ) ( 2,084 ) ( 574 ) ( 3,542 ) At December 31, 2021 34,524 9,653 112,676 47,260 204,113 Accumulated Depreciation At January 1, 2021 2,059 2,636 10,142 — 14,837 Charge for the period 2,773 2,204 12,298 — 17,275 Transfers — 1,686 ( 1,686 ) — — Disposals ( 21 ) ( 366 ) ( 91 ) — ( 478 ) Exchange differences ( 106 ) ( 223 ) ( 589 ) — ( 918 ) At December 31, 2021 4,705 5,937 20,074 — 30,716 Carrying Amount At December 31, 2021 $ 29,819 $ 3,716 $ 92,602 $ 47,260 $ 173,397 Cost At January 1, 2022 $ 34,524 $ 9,653 $ 112,676 $ 47,260 $ 204,113 Additions 5,137 2,227 12,960 11,496 31,820 Transfers — — — — — Disposals ( 147 ) ( 702 ) ( 997 ) — ( 1,846 ) Exchange differences ( 3,417 ) ( 762 ) ( 10,480 ) ( 5,075 ) ( 19,734 ) At December 31, 2022 36,097 10,416 114,159 53,681 214,353 Accumulated Depreciation At January 1, 2022 4,705 5,937 20,074 — 30,716 Charge for the period 4,359 1,812 18,995 — 25,166 Transfers — — — — — Disposals ( 13 ) ( 360 ) ( 917 ) — ( 1,290 ) Impairments 26,780 22,657 49,437 Exchange differences ( 506 ) ( 504 ) ( 2,072 ) — ( 3,082 ) At December 31, 2022 8,545 6,885 62,860 22,657 100,947 Carrying Amount At December 31, 2022 $ 27,552 $ 3,531 $ 51,299 $ 31,024 $ 113,406 Cost At January 1, 2023 $ 36,097 $ 10,416 $ 114,159 $ 53,681 $ 214,353 Additions 425 372 1,906 366 3,069 Transfers — — — — — Disposals ( 3 ) ( 130 ) ( 1,600 ) — ( 1,733 ) Exchange differences 1,488 387 4,257 2,318 8,450 At June 30, 2023 38,007 11,045 118,722 56,365 224,139 Accumulated Depreciation At January 1, 2023 8,545 6,885 62,860 22,657 100,947 Charge for the period 2,519 980 8,620 — 12,119 Transfers — — — — — Disposals ( 1 ) — — — ( 1 ) Exchange differences 356 321 3,570 — 4,247 At June 30, 2023 11,419 8,186 75,050 22,657 117,312 Carrying Amount At June 30, 2023 $ 26,588 $ 2,859 $ 43,672 $ 33,708 $ 106,827 |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Classes of current inventories [abstract] | |
Summary of Inventory | AS OF DECEMBER 31, 2022 AS OF JUNE 30, 2023 Finished goods $ 68,420 $ 27,474 Raw materials 19,584 55,644 WIP 1,961 2,853 Total Inventory $ 89,965 $ 85,971 |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Trade and other receivables [abstract] | |
Summary of Trade and Other Receivables | AS OF DECEMBER 31, 2022 AS OF JUNE 30, 2023 Trade receivables $ 30,406 $ 16,411 Reserves on trade receivables ( 3,730 ) ( 3,638 ) Prepaids 11,781 12,468 Other receivables 10,732 8,687 VAT receivable 6,788 5,641 Total trade and other receivables $ 55,977 $ 39,569 |
Share Capital, Premium and Ot_2
Share Capital, Premium and Other Reserves (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of classes of share capital [abstract] | |
Summary of Shares Authorized, Fully Paid and Allocated | SHARES AUTHORIZED, FULLY PAID AND ALLOCATED A ORDINARY A ORDINARY COMMON SHARES COMMON SHARES FOR THE YEAR ENDED DECEMBER 31, 2022 FOR THE SIX MONTHS ENDED JUNE 30, 2023 FOR THE YEAR ENDED DECEMBER 31, 2022 FOR THE SIX MONTHS ENDED JUNE 30, 2023 In issue at start of period 207,562,080 164,321,766 45,241,766 154,224,500 February Subdivision ( 220 :1) — — — — Issued for cash 3,451,917 62,290,503 582,462 Issued in other transactions — — — — Merger Subdivision at the LMDX Conversion Factor ( 1.60806264 :1) — — — — Conversion ( 46,692,231 ) ( 3,298,099 ) 46,692,231 3,298,099 Shares issued upon conversion of financial instruments — — — — In issue at December - fully paid and allocated 164,321,766 161,023,667 154,224,500 158,105,061 |
Share Based Payments (Tables)
Share Based Payments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Summary of Movements on Number of Share Options and Exercise Price | Movements on number of share options and their related exercise price are as follows: NUMBER OF WEIGHTED Outstanding at January 1, 2021 57,212,650 $ 2.09 Granted 26,557,293 16.45 Exercised ( 104,200 ) ( 1.00 ) Forfeited ( 92,112 ) ( 9.72 ) Outstanding at December 31, 2021 83,573,631 6.72 Granted 22,755,235 5.01 Exercised ( 3,494,254 ) ( 2.43 ) Forfeited/Expired ( 3,632,769 ) ( 5.35 ) Outstanding at December 31, 2022 99,201,843 6.45 Granted 562,977 0.63 Exercised - - Forfeited/Expired ( 3,038,923 ) 5.88 Outstanding at June 30, 2023 96,725,897 6.45 Exercisable at December 31, 2022 71,900,277 6.54 Exercisable at June 30, 2023 76,754,148 $ 6.88 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Borrowings [abstract] | |
Summary of Information About Contractual Terms of Interest-bearing Loans and Borrowings | This note provides information about the contractual terms of the Group’s interest-bearing loans and borrowings, which are measured at amortized cost. CURRENCY NOMINAL YEAR OF 2022 2022 2022 2023 2023 2023 Unsecured Loan USD 2.00 % 2024 $ 18,000 $ 15,508 $ 14,629 $ 18,000 $ 16,183 $ 15,383 2021 Senior Secured Loans USD 8.00 % 2024 300,000 296,553 275,925 300,000 301,442 290,700 2022 Convertible Notes USD 6.00 % 2027 56,500 54,418 49,476 56,500 54,720 49,773 Instrument Financing Loans EUR 1.70 - 2.60 % 2022 - 2023 76 76 76 36 36 36 |
Summary of Instrument Financing Loans are Used to Finance Cost of Installing Instruments | Balance at January 1, 2022 $ 301,129 Changes from financing cash flows Proceeds from borrowings, net of issuance costs 2022 Convertible Notes $ 54,010 Repayments of borrowings Instrument Financing Loans ( 174 ) Total changes from financing cash flows 53,836 Amortization of debt discount Unsecured Loan 1,266 2021 Senior Secured Loan 8,454 2022 Convertible Notes 408 Amortization of debt discount arising from debt modifications 2021 Senior Secured Loan 1,284 Foreign exchange impact Instrument Financing Loans ( 13 ) Total other changes 11,399 Balance at December 31, 2022 366,555 Changes from financing cash flows Repayments of borrowings Instrument Financing Loans $ ( 40 ) Total changes from financing cash flows ( 40 ) Amortization of debt discount Unsecured Loan 675 2021 Senior Secured Loan 4,889 2022 Convertible Notes 244 Foreign exchange impact Instrument Financing Loans 25 Total other changes 5,833 Balance at June 30, 2023 372,348 Less: Debt due within one year ( 301,444 ) $ 70,904 |
Lease Liability (Tables)
Lease Liability (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Lease liabilities [abstract] | |
Summary of Lease Liability | AS OF DECEMBER 31, 2022 AS OF JUNE 30, 2023 Due in less than one year $ 8,474 $ 8,847 Due between one and five years 23,543 21,562 Due in more than five years 13,251 - Total $ 45,268 $ 30,409 |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Trade and other payables [abstract] | |
Summary of Trade and Other Payables | AS OF DECEMBER 31, 2022 AS OF JUNE 30, 2023 Trade payables $ 28,897 27,725 Accrued expenses and other liabilities 23,745 30,671 Accrued interest 7,373 2,317 Restructuring provision 1,156 - Warranty provision 4,107 3,843 Deferred revenue 999 1,437 Total trade and other payables $ 66,277 65,993 |
Commitments (Tables)
Commitments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Capital commitments [abstract] | |
Summary of Capital Expenditure Contracted But Not Yet Incurred | Capital expenditure contracted for at the end of the reporting period but not yet incurred is as follows: AS OF DECEMBER 31, 2022 AS OF JUNE 30, 2023 Capital $ 1,311 $ 1,369 Inventory 7,022 189 Total $ 8,333 $ 1,558 |
Leases-Group as Lessee (Tables)
Leases-Group as Lessee (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Presentation of leases for lessee [abstract] | |
Summary of Leases | The Group leases various offices and facilities. The lease terms are between 1 - 10 years . Right-of-use assets Net Carrying Amount December 31, 2022 $ 16,580 June 30, 2023 14,035 Depreciation expense for the period ended June 30, 2022 $ 2,792 June 30, 2023 3,012 |
Summary of Amounts Recognized in Profit and Loss | During the six months ended June 30, 2023, additions to right of use assets amounted to $ 1,909 . SIX MONTHS ENDED AMOUNTS RECOGNIZED IN PROFIT AND LOSS June 30, 2022 June 30, 2023 Depreciation expense of right-of-use-assets $ 2,792 $ 3,012 Interest expense on lease liabilities 1,640 2,355 $ 4,432 $ 5,367 |
General Information - Additiona
General Information - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of General Information [Abstract] | |
Name of reporting entity | LumiraDx Limited |
Country of incorporation | Cayman Islands |
Address of entity's registered office | Ocorian Trust (Cayman) Limited, PO Box 1350, Windward 3, Regatta Office Park, Grand Cayman KY1-1108 |
Basis of Preparation of Finan_2
Basis of Preparation of Financial Statements - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure Of Changes In Accounting Estimates [Line Items] | ||
Profit (loss) | $ 93,800 | $ 203,568 |
Net cash flows from (used in) operating activities | (52,039) | $ (84,440) |
Net liabilities | $ 213,947 |
Critical Accounting Estimates a
Critical Accounting Estimates and Judgements - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Inventory [Line Items] | |||
Net book value on property plant and equipment | $ 106,827 | $ 113,406 | $ 173,397 |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | ||
REVENUE FROM CONTRACTS WITH CUSTOMERS | $ 42,306 | $ 170,807 |
REVENUE FROM OTHER SOURCES | 871 | 331 |
TOTAL | $ 43,177 | $ 171,138 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Revenue [abstract] | ||
Deferred balance | $ 1,437 | $ 999 |
Revenue - Summary of Remaining
Revenue - Summary of Remaining Performance Obligations in (Partially) Unsatisfied Long-term Contracts (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Disclosure of transaction price allocated to remaining performance obligations [abstract] | ||
Balance at start of the period | $ 999 | $ 1,517 |
Recognized revenue from prior years' invoicing | (779) | (1,517) |
Amounts invoiced to be recognized over time | 2,144 | 2,069 |
Recognized revenue from current year invoicing | (980) | (1,089) |
Foreign exchange impact | 53 | 19 |
Balance at end of the period | $ 1,437 | $ 999 |
Segments - Schedule of Revenue
Segments - Schedule of Revenue from External Customers by Country (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure Of Operating Segments [Line Items] | ||
Total Revenue | $ 43,177 | $ 171,138 |
United States | ||
Disclosure Of Operating Segments [Line Items] | ||
Total Revenue | 19,070 | 101,178 |
Italy | ||
Disclosure Of Operating Segments [Line Items] | ||
Total Revenue | 8,601 | 31,800 |
United Kingdom | ||
Disclosure Of Operating Segments [Line Items] | ||
Total Revenue | 3,831 | 17,552 |
Germany | ||
Disclosure Of Operating Segments [Line Items] | ||
Total Revenue | 2,317 | 6,533 |
Colombia | ||
Disclosure Of Operating Segments [Line Items] | ||
Total Revenue | 5,571 | 5,611 |
Sweden | ||
Disclosure Of Operating Segments [Line Items] | ||
Total Revenue | 908 | 3,233 |
Brazil | ||
Disclosure Of Operating Segments [Line Items] | ||
Total Revenue | 804 | 1,409 |
Switzerland | ||
Disclosure Of Operating Segments [Line Items] | ||
Total Revenue | 117 | 1,053 |
Japan | ||
Disclosure Of Operating Segments [Line Items] | ||
Total Revenue | 766 | 1,038 |
Spain | ||
Disclosure Of Operating Segments [Line Items] | ||
Total Revenue | 228 | 609 |
Austria | ||
Disclosure Of Operating Segments [Line Items] | ||
Total Revenue | 0 | 467 |
Netherlands | ||
Disclosure Of Operating Segments [Line Items] | ||
Total Revenue | 124 | 161 |
Denmark | ||
Disclosure Of Operating Segments [Line Items] | ||
Total Revenue | 45 | 9 |
Other | ||
Disclosure Of Operating Segments [Line Items] | ||
Total Revenue | $ 797 | $ 485 |
Segments - Schedule of Non-curr
Segments - Schedule of Non-current Assets by Country (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure Of Operating Segments [Line Items] | ||
Total | $ 165,517 | $ 174,074 |
United Kingdom | ||
Disclosure Of Operating Segments [Line Items] | ||
Total | 135,346 | 137,811 |
United States | ||
Disclosure Of Operating Segments [Line Items] | ||
Total | 17,869 | 19,986 |
Italy | ||
Disclosure Of Operating Segments [Line Items] | ||
Total | 8,280 | 9,324 |
Colombia | ||
Disclosure Of Operating Segments [Line Items] | ||
Total | 669 | 3,622 |
Spain | ||
Disclosure Of Operating Segments [Line Items] | ||
Total | 543 | 716 |
Sweden | ||
Disclosure Of Operating Segments [Line Items] | ||
Total | 570 | 605 |
Germany | ||
Disclosure Of Operating Segments [Line Items] | ||
Total | 32 | 413 |
Other | ||
Disclosure Of Operating Segments [Line Items] | ||
Total | $ 2,208 | $ 1,597 |
Finance Income and Finance Ex_3
Finance Income and Finance Expense - Summary of Finance Income and Finance Expense (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income, expense, gains or losses of financial instruments [abstract] | ||
Change in fair value of Stock Warrants | $ 167 | $ 4,945 |
Interest Income | 975 | 6 |
Foreign exchange gain | 35,662 | 0 |
Other | 188 | |
Finance income | 36,804 | 5,139 |
Interest expense (cash) | (15,037) | (12,257) |
Interest expense (non-cash) | (5,809) | (3,669) |
Lease liability interest expense (Note 19) | (2,355) | (1,640) |
Change in fair value of instrument financing arrangement (Note 17) | (10,966) | (1,612) |
Foreign exchange loss | 0 | (74,721) |
Financing fees | (18) | (1,416) |
Finance expense | $ (34,185) | $ (95,315) |
Income Taxes - Summary of Tax C
Income Taxes - Summary of Tax Credit (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Current income credit / (tax) | ||
- Current year | $ (774) | $ (1,485) |
Total current income credit / (tax) | (774) | (1,485) |
Deferred income tax credit | ||
- Current year | 0 | 0 |
- Prior years | 0 | 0 |
Total deferred income credit | 0 | 0 |
Total income tax credit/(expense) | $ (774) | $ (1,485) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - United Kingdom | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Major Components Of Tax Expense Income [Line Items] | ||
Corporation tax rate | 19% | 19% |
From April 1, 2023 | ||
Major Components Of Tax Expense Income [Line Items] | ||
Corporation tax rate | 25% |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Effective Tax Rate (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Reconciliation of average effective tax rate and applicable tax rate [abstract] | ||
Loss for the period before taxation | $ 93,026 | $ 202,083 |
Tax benefit at standard U.K. rate at 19% | 17,675 | 38,396 |
Difference in overseas tax rates | 206 | 402 |
Expenses not deductible for tax purposes | 0 | 0 |
Tax losses for which no deferred tax asset was recognized | (13,960) | (36,974) |
Share-based payment | (4,695) | (3,309) |
Total income tax credit/(expense) | $ (774) | $ (1,485) |
Effective tax rate | (1.00%) | (1.00%) |
Income Taxes - Summary of Rec_2
Income Taxes - Summary of Reconciliation of Effective Tax Rate (Parenthetical) (Details) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
United Kingdom | ||
Major Components Of Tax Expense Income [Line Items] | ||
Tax rate | 19% | 19% |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Line Items] | ||
Loss attributable to ordinary shareholders, basic | $ 93,949 | $ 203,707 |
Loss attributable to ordinary shareholders, diluted | $ 93,949 | $ 203,707 |
Weighted average number ordinary shares outstanding in calculation of earnings per share, basic | 318,843,574 | 253,945,274 |
Weighted average number ordinary shares outstanding in calculation of earnings per share, diluted | 318,843,574 | 253,945,274 |
Stock split description | On February 1, 2021 the Board of Directors of the Company approved a stock split of the issued and outstanding A Ordinary and common shares of the Company on a 220 for 1 basis. | |
Class A Ordinary Shares and Common Shares | ||
Earnings Per Share [Line Items] | ||
Weighted average number ordinary shares outstanding in calculation of earnings per share, basic | 318,843,574 | 253,945,274 |
Weighted average number ordinary shares outstanding in calculation of earnings per share, diluted | 318,843,574 | 253,945,274 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Loss Attributable to Ordinary Shareholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Loss attributable to ordinary and common shareholders: | ||
Loss for the year, attributable to equity holders of the parent, Basic | $ (93,949) | $ (203,707) |
Loss attributable to ordinary and common shareholders basic | (93,949) | (203,707) |
Loss for the year, attributable to equity holders of the parent, Diluted | (93,949) | (203,707) |
Loss attributable to ordinary and common shareholders diluted | $ (93,949) | $ (203,707) |
Weighted-average number of ordinary and common shares: | ||
Issued ordinary shares at January 1, Basic | 318,546,266 | 252,804,218 |
Effect of shares issued, Basic | 297,308 | 1,141,056 |
Weighted-average number of ordinary and common shares, Basic | 318,843,574 | 253,945,274 |
Issued ordinary shares at January 1, Diluted | 318,546,266 | 252,804,218 |
Effect of shares issued, Diluted | 297,308 | 1,141,056 |
Weighted-average number of ordinary and common shares, Diluted | 318,843,574 | 253,945,274 |
Loss per share: | ||
Loss per share, Basic | $ (0.29) | $ (0.8) |
Loss per share: | ||
Loss per share, Diluted | $ (0.29) | $ (0.8) |
Earnings Per Share - Schedule_2
Earnings Per Share - Schedule of Computation of Diluted Net loss Per Share Attributable to Ordinary Shareholders and Common Shareholders (Details) - shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Line Items] | ||
Number of shares excluded from diluted net loss per share | 121,803,810 | 106,732,483 |
Options to purchase A Ordinary and Common shares | ||
Earnings Per Share [Line Items] | ||
Number of shares excluded from diluted net loss per share | 96,725,897 | 93,531,062 |
Convertible Debt (as Converted to Common Shares) | ||
Earnings Per Share [Line Items] | ||
Number of shares excluded from diluted net loss per share | 6,126,554 | |
Warrants to Purchase A Ordinary Shares | ||
Earnings Per Share [Line Items] | ||
Number of shares excluded from diluted net loss per share | 5,373,118 | 5,373,170 |
Warrants to Purchase Common Shares | ||
Earnings Per Share [Line Items] | ||
Number of shares excluded from diluted net loss per share | 13,578,241 | 7,828,251 |
Investments - Summary of the Gr
Investments - Summary of the Group's Subsidiaries with Non-controlling Interests (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |||
Non-current assets | $ 165,517 | $ 174,074 | |
Current assets | 176,090 | 266,939 | |
Non-current liabilities | (165,107) | (454,590) | |
Current liabilities | (390,447) | (91,798) | |
Carrying amount of Non-controlling interest | (118) | $ (267) | |
Total Revenue | 43,177 | $ 171,138 | |
Profit/(loss) | (93,949) | (203,707) | |
Total comprehensive profit/(loss) | (118,881) | (168,609) | |
Profit/(loss) allocated to non-controlling interest | 149 | 139 | |
Cash flows from operating activities | (52,039) | (84,440) | |
Cash flows from investment activities | (2,555) | (16,727) | |
Cash flows from financing activities | $ (22,900) | $ 84,254 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Summary of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Beginning balance | $ 32,170 | ||
Ending balance | 32,331 | $ 32,170 | |
Cost | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Beginning balance | 54,189 | 57,101 | $ 57,990 |
Exchange differences | 1,211 | (2,912) | (889) |
Ending balance | 55,400 | 54,189 | 57,101 |
Amortization | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Beginning balance | 22,019 | 20,053 | 17,267 |
Charge for the period | 1,019 | 1,985 | 2,827 |
Exchange differences | 31 | (19) | (41) |
Ending balance | 23,069 | 22,019 | 20,053 |
Net Book Value | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Beginning balance | 32,170 | 37,048 | |
Ending balance | 32,331 | 32,170 | 37,048 |
Goodwill | Cost | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Beginning balance | 14,659 | 15,606 | 15,991 |
Exchange differences | 303 | (947) | (385) |
Ending balance | 14,962 | 14,659 | 15,606 |
Goodwill | Net Book Value | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Beginning balance | 14,659 | 15,606 | |
Ending balance | 14,962 | 14,659 | 15,606 |
Patents | Cost | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Beginning balance | 17,045 | 18,493 | 18,671 |
Exchange differences | 639 | (1,448) | (178) |
Ending balance | 17,684 | 17,045 | 18,493 |
Patents | Amortization | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Beginning balance | 5,253 | 4,469 | 3,595 |
Charge for the period | 408 | 803 | 890 |
Exchange differences | 16 | (19) | (16) |
Ending balance | 5,677 | 5,253 | 4,469 |
Patents | Net Book Value | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Beginning balance | 11,792 | 14,024 | |
Ending balance | 12,007 | 11,792 | 14,024 |
Customer Intangibles | Cost | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Beginning balance | 8,722 | 8,861 | 9,139 |
Exchange differences | 68 | (139) | (278) |
Ending balance | 8,790 | 8,722 | 8,861 |
Customer Intangibles | Amortization | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Beginning balance | 6,943 | 6,343 | 5,047 |
Charge for the period | 308 | 593 | 1,317 |
Exchange differences | 6 | 7 | (21) |
Ending balance | 7,257 | 6,943 | 6,343 |
Customer Intangibles | Net Book Value | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Beginning balance | 1,779 | 2,518 | |
Ending balance | 1,533 | 1,779 | 2,518 |
Supplier Relationships | Cost | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Beginning balance | 2,856 | 2,856 | 2,856 |
Ending balance | 2,856 | 2,856 | 2,856 |
Supplier Relationships | Amortization | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Beginning balance | 1,901 | 1,615 | 1,329 |
Charge for the period | 148 | 286 | 286 |
Ending balance | 2,049 | 1,901 | 1,615 |
Supplier Relationships | Net Book Value | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Beginning balance | 955 | 1,241 | |
Ending balance | 807 | 955 | 1,241 |
Technology and Software | Cost | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Beginning balance | 10,907 | 11,285 | 11,333 |
Exchange differences | 201 | (378) | (48) |
Ending balance | 11,108 | 10,907 | 11,285 |
Technology and Software | Amortization | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Beginning balance | 7,922 | 7,626 | 7,296 |
Charge for the period | 155 | 303 | 334 |
Exchange differences | 9 | (7) | (4) |
Ending balance | 8,086 | 7,922 | 7,626 |
Technology and Software | Net Book Value | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Beginning balance | 2,985 | 3,659 | |
Ending balance | $ 3,022 | $ 2,985 | $ 3,659 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Selling, Marketing and Administrative Expenses | ||
Disclosure Of Intangible Assets [Line Items] | ||
Amortization | $ 939 | $ 942 |
Research and Development Expenses | ||
Disclosure Of Intangible Assets [Line Items] | ||
Amortization | $ 80 | $ 81 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | $ 113,406 | $ 173,397 | |
Ending balance | 106,827 | 113,406 | $ 173,397 |
Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 214,353 | 204,113 | 101,919 |
Additions | 3,069 | 31,820 | 106,346 |
Disposals | (1,733) | (1,846) | (610) |
Exchange differences | 8,450 | (19,734) | (3,542) |
Ending balance | 224,139 | 214,353 | 204,113 |
Accumulated Depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | (100,947) | (30,716) | (14,837) |
Charge for the period | 12,119 | 25,166 | 17,275 |
Disposals | 1 | 1,290 | 478 |
Impairments | (49,437) | ||
Exchange differences | 4,247 | (3,082) | (918) |
Ending balance | (117,312) | (100,947) | (30,716) |
Land and Buildings | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 27,552 | 29,819 | |
Ending balance | 26,588 | 27,552 | 29,819 |
Land and Buildings | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 36,097 | 34,524 | 7,106 |
Additions | 425 | 5,137 | 28,047 |
Disposals | (3) | (147) | (67) |
Exchange differences | 1,488 | (3,417) | (562) |
Ending balance | 38,007 | 36,097 | 34,524 |
Land and Buildings | Accumulated Depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | (8,545) | (4,705) | (2,059) |
Charge for the period | 2,519 | 4,359 | 2,773 |
Disposals | 1 | 13 | 21 |
Exchange differences | 356 | (506) | (106) |
Ending balance | (11,419) | (8,545) | (4,705) |
Fixtures and Fittings | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 3,531 | 3,716 | |
Ending balance | 2,859 | 3,531 | 3,716 |
Fixtures and Fittings | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 10,416 | 9,653 | 4,146 |
Additions | 372 | 2,227 | 4,144 |
Transfers | 2,137 | ||
Disposals | (130) | (702) | (452) |
Exchange differences | 387 | (762) | (322) |
Ending balance | 11,045 | 10,416 | 9,653 |
Fixtures and Fittings | Accumulated Depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | (6,885) | (5,937) | (2,636) |
Charge for the period | 980 | 1,812 | 2,204 |
Transfers | 1,686 | ||
Disposals | 360 | 366 | |
Exchange differences | 321 | (504) | (223) |
Ending balance | (8,186) | (6,885) | (5,937) |
Plant and Equipment | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 51,299 | 92,602 | |
Ending balance | 43,672 | 51,299 | 92,602 |
Plant and Equipment | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 114,159 | 112,676 | 44,802 |
Additions | 1,906 | 12,960 | 72,186 |
Transfers | (2,137) | ||
Disposals | (1,600) | (997) | (91) |
Exchange differences | 4,257 | (10,480) | (2,084) |
Ending balance | 118,722 | 114,159 | 112,676 |
Plant and Equipment | Accumulated Depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | (62,860) | (20,074) | (10,142) |
Charge for the period | 8,620 | 18,995 | 12,298 |
Transfers | (1,686) | ||
Disposals | 917 | 91 | |
Impairments | (26,780) | ||
Exchange differences | 3,570 | (2,072) | (589) |
Ending balance | (75,050) | (62,860) | (20,074) |
Assets Under Construction | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 31,024 | 47,260 | |
Ending balance | 33,708 | 31,024 | 47,260 |
Assets Under Construction | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | 53,681 | 47,260 | 45,865 |
Additions | 366 | 11,496 | 1,969 |
Exchange differences | 2,318 | (5,075) | (574) |
Ending balance | 56,365 | 53,681 | $ 47,260 |
Assets Under Construction | Accumulated Depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Beginning balance | (22,657) | ||
Impairments | (22,657) | ||
Ending balance | $ (22,657) | $ (22,657) |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Research and Development Expenses | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Depreciation expense | $ 5,982 | $ 4,811 |
Selling, Marketing and Administrative Expenses | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Depreciation expense | $ 5,982 | $ 7,821 |
Inventory - Summary of Inventor
Inventory - Summary of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Classes of current inventories [abstract] | ||
Finished goods | $ 27,474 | $ 68,420 |
Raw materials | 55,644 | 19,584 |
WIP | 2,853 | 1,961 |
Total Inventory | $ 85,971 | $ 89,965 |
Trade and Other Receivables - S
Trade and Other Receivables - Summary of Trade and Other Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Trade and other receivables [abstract] | ||
Trade receivables | $ 16,411 | $ 30,406 |
Reserves on trade receivables | (3,638) | (3,730) |
Prepaids | 12,468 | 11,781 |
Other receivables | 8,687 | 10,732 |
VAT receivable | 5,641 | 6,788 |
Total trade and other receivables | $ 39,569 | $ 55,977 |
Share Capital, Premium and Ot_3
Share Capital, Premium and Other Reserves - Additional Information (Details) | 6 Months Ended | ||||
Sep. 29, 2016 | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 24, 2016 $ / shares shares | |
Disclosure of classes of share capital [line items] | |||||
Date of incorporation | Aug. 24, 2016 | ||||
Par value per share | $ / shares | $ 0.001 | ||||
Date of acquisition | Sep. 29, 2016 | ||||
Description of how acquirer obtained control of acquiree | Board of Directors of the Company approved a stock split of the issued and outstanding A Ordinary and common shares of the Company on a 220 for 1 basis. | ||||
Merger subdivision at the LMDX conversion factor | 1.60806264 | 1.60806264 | |||
A Ordinary Shares | |||||
Disclosure of classes of share capital [line items] | |||||
Authorized share capital | shares | 5,000,000 | ||||
Common Shares | |||||
Disclosure of classes of share capital [line items] | |||||
Authorized share capital | shares | 5,000,000 | ||||
Par value per share | $ / shares | $ 0.001 | ||||
LumiraDx Holdings Limited | |||||
Disclosure of classes of share capital [line items] | |||||
Percentage of voting equity interests acquired | 100% |
Share Capital, Premium and Ot_4
Share Capital, Premium and Other Reserves - Summary of Shares Authorized, Fully Paid and Allocated (Details) - shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
A Ordinary Shares | ||
Disclosure Of Classes Of Share Capital [Line Items] | ||
In issue at start of period | 164,321,766 | 207,562,080 |
Issued for cash | 3,451,917 | |
Conversion | (3,298,099) | (46,692,231) |
In issue at December - fully paid and allocated | 161,023,667 | 164,321,766 |
Common Shares | ||
Disclosure Of Classes Of Share Capital [Line Items] | ||
In issue at start of period | 154,224,500 | 45,241,766 |
Issued for cash | 582,462 | 62,290,503 |
Conversion | 3,298,099 | 46,692,231 |
In issue at December - fully paid and allocated | 158,105,061 | 154,224,500 |
Share Capital, Premium and Ot_5
Share Capital, Premium and Other Reserves - Summary of Shares Authorized, Fully Paid and Allocated (Parenthetical) (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of classes of share capital [abstract] | ||
February Subdivision | 220 | |
Merger Subdivision Conversion Ratio | 1.60806264 | 1.60806264 |
Share Based Payments - Addition
Share Based Payments - Additional Information (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Apr. 15, 2021 shares $ / shares | Jan. 15, 2021 shares Director $ / shares | Jun. 30, 2023 USD ($) shares yr $ / shares | Jun. 30, 2022 USD ($) $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||
Expected life of share option (years) | yr | 10 | |||||
Number of share options, forfeited | 3,038,923 | 3,632,769 | 92,112 | |||
Stock split description | On February 1, 2021 the Board of Directors of the Company approved a stock split of the issued and outstanding A Ordinary and common shares of the Company on a 220 for 1 basis. | |||||
Description of merger subdivision conversion | In connection with the merger, in order to achieve an exchange ratio of one LMDX common share for each CAH share, the Company effected a subdivision, immediately prior to the merger, of all issued, and authorized but unissued, LMDX ordinary shares and LMDX common shares at a ratio of 1.60806264:1. | |||||
Number of founder directors | Director | 3 | |||||
Number of options, granted | 562,977 | 22,755,235 | 26,557,293 | |||
Number of options, exercised | 0 | 3,494,254 | 104,200 | |||
Weighted-average exercise price, exercised | $ / shares | $ 0 | $ 2.43 | $ 1 | |||
Weighted average contractual life | 5 years 11 months 1 day | |||||
Employee based Share Options | ||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||
Number of share options, forfeited | 11,600,056 | |||||
Founder Options | ||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||
Vesting period | two year | |||||
Number of options, granted | 2,819,577 | 5,235,851 | ||||
Exercise price | $ / shares | $ 17.05 | $ 17.05 | ||||
Minimum | ||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||
Vesting period | 1 year | |||||
Exercise price, options outstanding | $ / shares | $ 0.2 | |||||
Maximum | ||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||
Vesting period | 4 years | |||||
Exercise price, options outstanding | $ / shares | $ 17.05 | |||||
Research and Development Expenses | ||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||
Share based compensation expense | $ | $ 535 | $ 4,804 | ||||
Selling, Marketing and Administrative Expenses | ||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||
Share based compensation expense | $ | 8,591 | 12,614 | ||||
Cost of Goods Sold | ||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||
Share based compensation expense | $ | $ 839 | $ 1,024 |
Share Based Payments - Summary
Share Based Payments - Summary of Movements on Number of Share Options and Exercise Price (Details) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |||
Number of options, Outstanding at beginning of the year | shares | 99,201,843 | 83,573,631 | 57,212,650 |
Number of options, granted | shares | 562,977 | 22,755,235 | 26,557,293 |
Number of options, Exercised | shares | 0 | (3,494,254) | (104,200) |
Number of options, Forfeited/Expired | shares | (3,038,923) | (3,632,769) | (92,112) |
Number of options, Outstanding at end of the year | shares | 96,725,897 | 99,201,843 | 83,573,631 |
Number of options, Exercisable at end of the year | shares | 76,754,148 | 71,900,277 | |
Weighted-average exercise price, Outstanding at beginning of the year | $ / shares | $ 6.45 | $ 6.72 | $ 2.09 |
Weighted-average exercise price, Granted | $ / shares | 0.63 | 5.01 | 16.45 |
Weighted-average exercise price, Exercised | $ / shares | 0 | (2.43) | (1) |
Weighted-average exercise price, Forfeited/Expired | $ / shares | (5.88) | (5.35) | (9.72) |
Weighted-average exercise price, Outstanding at end of the year | $ / shares | 6.45 | 6.45 | $ 6.72 |
Weighted-average exercise price, Exercisable at end of the year | $ / shares | $ 6.88 | $ 6.54 |
Debt - Summary of Information a
Debt - Summary of Information about Contractual Terms of Interest-Bearing Loans and Borrowings (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Unsecured Loan | ||
Borrowings [Line Items] | ||
CURRENCY | USD | |
NOMINAL INTEREST RATE | 2% | |
YEAR OF MATURITY | 2024 | |
FACE VALUE | $ 18,000 | $ 18,000 |
CARRYING AMOUNT | 16,183 | 15,508 |
FAIR VALUE | $ 15,383 | 14,629 |
2021 Senior Secured Loans | ||
Borrowings [Line Items] | ||
CURRENCY | USD | |
NOMINAL INTEREST RATE | 8% | |
YEAR OF MATURITY | 2024 | |
FACE VALUE | $ 300,000 | 300,000 |
CARRYING AMOUNT | 301,442 | 296,553 |
FAIR VALUE | $ 290,700 | 275,925 |
2022 Convertible Notes | ||
Borrowings [Line Items] | ||
CURRENCY | USD | |
NOMINAL INTEREST RATE | 6% | |
YEAR OF MATURITY | 2027 | |
FACE VALUE | $ 56,500 | 56,500 |
CARRYING AMOUNT | 54,720 | 54,418 |
FAIR VALUE | $ 49,773 | 49,476 |
Instrument Financing Loans | ||
Borrowings [Line Items] | ||
CURRENCY | EUR | |
FACE VALUE | $ 36 | 76 |
CARRYING AMOUNT | 36 | 76 |
FAIR VALUE | $ 36 | $ 76 |
Instrument Financing Loans | Minimum | ||
Borrowings [Line Items] | ||
NOMINAL INTEREST RATE | 1.70% | |
YEAR OF MATURITY | 2022 | |
Instrument Financing Loans | Maximum | ||
Borrowings [Line Items] | ||
NOMINAL INTEREST RATE | 2.60% | |
YEAR OF MATURITY | 2023 |
Debt - Summary of Instrument Fi
Debt - Summary of Instrument Financing Loans are Used to Finance Cost of Installing Instruments (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [line items] | |||
Beginning Balance | $ 366,555 | $ 301,129 | $ 301,129 |
Changes from financing cash flows | |||
Repayments of borrowings | (74) | $ (119) | |
Total changes from financing cash flows | (40) | 53,836 | |
Other changes | |||
Total other changes | 5,833 | 11,399 | |
Ending Balance | 372,348 | 366,555 | |
Less: Debt due within one year | (301,444) | ||
Instrument financing loans excluding current debt | 70,904 | ||
Unsecured Loan | |||
Other changes | |||
Amortization of debt discount | 675 | 1,266 | |
2021 Senior Secured Loan | |||
Other changes | |||
Amortization of debt discount | 4,889 | 8,454 | |
Amortization of debt discount arising from debt modifications | 1,284 | ||
2022 Convertible Notes | |||
Changes from financing cash flows | |||
Proceeds from borrowings, net of issuance costs | 54,010 | ||
Other changes | |||
Amortization of debt discount | 244 | 408 | |
Instrument Financing Loans | |||
Changes from financing cash flows | |||
Repayments of borrowings | (40) | (174) | |
Other changes | |||
Foreign exchange impact | $ 25 | $ (13) |
Lease Liability - Summary of Le
Lease Liability - Summary of Lease Liability (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Lease Liabilities [Line Items] | ||
Total | $ 30,409 | $ 45,268 |
Due in Less than One Year | ||
Lease Liabilities [Line Items] | ||
Total | 8,847 | 8,474 |
Due between One and Five Years | ||
Lease Liabilities [Line Items] | ||
Total | $ 21,562 | 23,543 |
Due in More than Five Years | ||
Lease Liabilities [Line Items] | ||
Total | $ 13,251 |
Trade and Other Payables - Summ
Trade and Other Payables - Summary of Trade and Other Payables (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Trade and other payables [abstract] | ||
Trade payables | $ 27,725 | $ 28,897 |
Accrued expenses and other liabilities | 30,671 | 23,745 |
Accrued interest | 2,317 | 7,373 |
Restructuring provision | 1,156 | |
Warranty provision | 3,843 | 4,107 |
Deferred revenue | 1,437 | 999 |
Total trade and other payables | $ 65,993 | $ 66,277 |
Other Liabilities - Additional
Other Liabilities - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |||||
Aug. 27, 2022 | Apr. 27, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Aug. 24, 2016 | |
Statements [Line Items] | ||||||
Reduction in research and development expenses | $ 1,159 | $ 3,863 | ||||
Liabilities related to unspent grant funds | 28,609 | $ 32,065 | ||||
Grant for manufacturing equipment | 18,855 | $ 20,988 | ||||
Reduction in manufacturing expenses | 2,133 | 1,999 | ||||
Settlement expiration of Investment Financing | three-year | |||||
Par value per share | $ 0.001 | |||||
Number of trading day immediately following the Expiry Date | 20 days | |||||
Fair value charged to finance expenses | $ 11,000 | 1,600 | ||||
Bottom of range [member] | Ordinary shares [Member] | ||||||
Statements [Line Items] | ||||||
Par value per share | $ 0.0000028 | |||||
Top of range [member] | Ordinary shares [Member] | ||||||
Statements [Line Items] | ||||||
Par value per share | $ 7.25 | |||||
Investor [Member] | Instrument Financing Agreement [Member] | ||||||
Statements [Line Items] | ||||||
Initial investment received in cash | $ 26,100 | |||||
Maximum limit of investment | $ 50,000 | |||||
Percentage of royalty payments | 20% | |||||
Investor [Member] | Royalty Agreement [Member] | ||||||
Statements [Line Items] | ||||||
Additional investment made by investors | $ 15,400 | |||||
Investors payment due description | The Investors have agreed to extend the Instrument Financing Payment that was due on May 15, 2023 until the earlier of (i) the completion by the Company of a $75 million equity financing or (ii) September 30, 2023. | |||||
Equity financing | $ 75,000 |
Commitments - Summary of Capita
Commitments - Summary of Capital Expenditure Contracted But Not Yet Incurred (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Capital commitments [abstract] | ||
Capital | $ 1,369 | $ 1,311 |
Inventory | 189 | 7,022 |
Total | $ 1,558 | $ 8,333 |
Leases-Group as Lessee - Additi
Leases-Group as Lessee - Additional Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Additions to right-of-use assets | $ 1,909,000 | |
Lease commitments for short-term leases for which recognition exemption has been used | 0 | |
Cash outflows for leases | $ 3,872,000 | $ 2,976,000 |
Minimum | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Lease term | 1 year | |
Maximum | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Lease term | 10 years |
Leases-Group as Lessee - Summar
Leases-Group as Lessee - Summary of Leases (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Presentation of leases for lessee [abstract] | |||
Right-of-use assets | $ 14,035 | $ 16,580 | |
Depreciation expense of right-of-use-assets | $ 3,012 | $ 2,792 |
Leases-Group as Lessee - Summ_2
Leases-Group as Lessee - Summary of Amounts Recognized in Profit and Loss (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Presentation of leases for lessee [abstract] | ||
Depreciation expense of right-of-use-assets | $ 3,012 | $ 2,792 |
Interest expense on lease liabilities | 2,355 | 1,640 |
Amounts recognized in profit and loss | $ 5,367 | $ 4,432 |
Instrument Financing Agreement
Instrument Financing Agreement - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | ||||
Aug. 27, 2022 | Apr. 27, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Aug. 24, 2016 | |
Instrument Financing Agreement [Line Items] | |||||
Settlement expiration of Investment Financing | three-year | ||||
Par value per share | $ 0.001 | ||||
Number of trading day immediately following the Expiry Date | 20 days | ||||
Fair value charged to finance expenses | $ 11 | $ 1.6 | |||
Bottom of range [member] | Ordinary shares [Member] | |||||
Instrument Financing Agreement [Line Items] | |||||
Par value per share | $ 0.0000028 | ||||
Top of range [member] | Ordinary shares [Member] | |||||
Instrument Financing Agreement [Line Items] | |||||
Par value per share | $ 7.25 | ||||
Investor [Member] | Instrument Financing Agreement [Member] | |||||
Instrument Financing Agreement [Line Items] | |||||
Initial investment received in cash | $ 26.1 | ||||
Maximum limit of investment | $ 50 | ||||
Percentage of royalty payments | 20% | ||||
Investor [Member] | Royalty Agreement [Member] | |||||
Instrument Financing Agreement [Line Items] | |||||
Additional investment made by investors | $ 15.4 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Accrued interest | $ 2,317 | $ 7,373 |
Listing Expenses - Additional I
Listing Expenses - Additional Information (Details) | Aug. 24, 2016 $ / shares |
Disclosure of detailed information about business combination [line items] | |
Par value per share | $ 0.001 |
Listing Expenses - Disclosure o
Listing Expenses - Disclosure of Listing Expenses (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 30, 2023 | Aug. 24, 2016 |
Disclosure of detailed information about business combination [line items] | ||
Opening price of LMDX shares on NASDAQ as of September 29, 2021 | $ 0.001 | |
Assets (liabilities), Total | $ 213,947 |
Events After the Reporting Pe_2
Events After the Reporting Period - Additional Information (Details) - USD ($) | Sep. 25, 2023 | Sep. 18, 2023 | Aug. 28, 2023 | Jul. 20, 2023 |
2021 Senior Secured Loan | Minimum | ||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||
Consolidated liquidity requirement | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 |
Additional Term Loans | SOFR [Member] | ||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||
Loan interest rate | 8% | 8% | ||
Additional Term Loans | Maximum | ||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||
Aggregate amount of loan | $ 15,000,000 | $ 31,000,000 |