Cue Health Inc.
cuehealth.comNo Longer Reporting
The company has not filed an annual or quarterly report since its FY2023 10-K, filed Mar 13, 2024. Its latest SEC filing is a SC 13D/A from Aug 27, 2024.
10-K for FY2023, filed Mar 13, 2024
The sections below describe the company as of the FY2023 annual report.
What Did They Do?
Sells at-home and point-of-care diagnostic tests, testing hardware, and connected virtual-care tools to individuals, employers, and healthcare organizations.
10-K for FY2023, filed Mar 13, 2024We are helping pioneer this healthcare digital transformation, beginning with diagnostics. We started from consumer-centric principles and…View ↗
Sciences Authority. Users can run a COVID-19 test anywhere using the Cue Reader and a Cue COVID-19 Test Kit, and have lab-quality test…View ↗
Our Cue Integrated Care Platform is simple, fast, and accurate. Our Platform is designed to harness the power of the cloud and provide…View ↗
Enterprise Sales: Our enterprise sales strategy identifies major self-insured enterprises, such as Fortune 500 companies with large-covered…View ↗
How Did They Make Money?
Government entities, healthcare providers, commercial customers, distributors, and consumers buy Cue products; product sales are tied to shipment, while Cue Lab sales are tied to delivery of results. Purchases can be one-time or fixed monthly quantities under six-month or twelve-month commitments, and payment terms are typically 30 to 45 days.
10-K for FY2023, filed Mar 13, 2024The Company generates revenue from the sale of its products to government entities, healthcare providers, commercial customers…View ↗
The Company considers purchase orders, which are governed by agreements with a customer, to be a contract with a customer. The contract…View ↗
Cue Readers, Cue Enterprise Dashboards, and Cue Test Kits, composed of Cue Cartridges and Cue Wands, are considered distinct performance…View ↗
The Company has performance obligations related to Cue Lab, a collection of at-home test kits for a wide variety of diagnostic panels and…View ↗
The Company recognizes receivables when there is an unconditional right to payment, which represents the amount the Company expects to…View ↗
$70.9M
-
10-K for FY2023, filed Mar 13, 2024
$70.9M ↗
| Segment | Share | Revenue |
|---|---|---|
|
Product
|
91%
FY2020: 67%
|
Product, FY2023
$64.2M Sources
|
|
Grant And Other Revenue
|
9.5%
FY2020: 33%
|
Grant And Other Revenue, FY2023
$6.7M Sources
|
Who Were Their Customers?
Cue targets employers and public agencies through direct sales, sells to healthcare providers directly or through distributors, and reaches consumers through online and offline retail channels.
10-K for FY2023, filed Mar 13, 2024
10-K for FY2023, filed Mar 13, 2024
The Company had one customer that represented more than 10% of total product revenue for the year ended December 31, 2023, at 57%. For the…View ↗
Did Revenues Turn Into Profits?
No. It lost $373.5M in FY2023.
10-K for FY2023, filed Mar 13, 2024
−$394.9MView ↗
10-K for FY2023, filed Mar 13, 2024
−$373.5MView ↗
10-K for FY2023, filed Mar 13, 2024
−$147MView ↗
How Were They Changing?
-
May 28, 2024
Cue filed for Chapter 7 liquidation
A trustee will sell its assets, all employees and executives were terminated, and Cue said it expects its shares to be delisted.
Sources
8-K, filed May 28, 2024
On May 28, 2024, after considering all strategic alternatives, the Company filed a voluntary petition for relief (the “Petition”) under the…View ↗
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Apr 24, 2024
CFO Aasim Javed resigned
His resignation was effective May 13, 2024; Randall Pollard was appointed principal financial officer effective that date.
Sources
8-K, filed Apr 24, 2024
On April 19, 2024, Aasim Javed, Chief Financial Officer of Cue Health Inc. (the “Company”) tendered his resignation as Chief Financial…View ↗
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Mar 20, 2024
Cue appointed Clint Sever CEO
He replaced Ayub Khattak, who stepped down as CEO, president, and chairman.
Sources
8-K, filed Mar 20, 2024
On March 19, 2024, Cue Health Inc. (the “Company”) announced that Ayub Khattak is stepping down as Chief Executive Officer, President and…View ↗
Grew. Revenue grew 10.7x in 4 years, from $6.6M in FY2019 to $70.9M in FY2023, about 81% a year.
Who Did They Compete With?
Competes with Abbott Laboratories, Becton, Dickinson, BioMerieux, Bio-Rad Laboratories, Danaher, Ellume, Everly Health, F. Hoffman-La Roche, Fluidigm, GenMark Diagnostics, Ginkgo Bioworks, Mammoth Biosciences, LetsGetChecked, Qiagen, Quidel, Sherlock Biosciences, Siemens, Thermo Fisher Scientific, Visby Medical, and The Kroger
10-K for FY2023, filed Mar 13, 2024Competitors with diagnostic testing platforms include private and public companies, such as Abbott Laboratories, Becton, Dickinson and…View ↗
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