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Highlights
- Cue Health has opted for an initial public offering (IPO) and is likely to debut on the Nasdaq Stock Market.
- In March this year, the US Food and Drug Administration gave an emergency approval to Cue Health’s COVID-19 test kits.
- Cue Health IPO announcement comes at a time when it is involved in development of other tests for identifying different kinds of diseases.
Cue Health Inc., a San Diego-based test kit maker for various diseases, looks all set to go public in the hopes of raising US$ 100 million from its initial public offering (IPO).
The move comes after the company showed a sharp turn to profitability in the first half of this year.
Cue Health is a healthcare technology company that enables users to track their health through actionable, real-time and connected health data. Established in 2010, the company has grown rapidly, and it offers diagnostic services to individuals, government agencies, enterprises, and healthcare services providers.
In 2020, Cue Health's test kits were used by the National Basketball Association for proactive testing of team members and support staff to help limit the spread of the coronavirus.
The US Food and Drug Administration also gave an emergency approval to Cue Health’s COVID-19 tests for home and over-the-counter use in March 2021.
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Cue Health IPO plans
Cue Health is presently involved in the development of other tests for identifying different kinds of diseases. It also plans to manage health data through a digital platform. The company may have chosen to go public to raise money for supporting its diversification plans.
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Cue Health recorded revenues of US$ 201.9 million in the six months ending June 30, 2021, up from US$ 4.96 million in the same period last year, according to the documents filed with US Securities and Exchange Commission.
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During the same period, its income from operations was US$ 79.5 million, as compared to a loss of US$ 18.5 million in the first half of 2020.
Bottom Line
Cue Health has not revealed the price range of its shares. However, the company is likely to list its shares on the Nasdaq Stock Market.
To book the pre-IPO shares, investors could choose to find a brokerage company that is offering users options to get hold of the shares through online trading platform. Alternatively, a stockbroker could also be an option investors can look into to get hold of the shares before they start trading.
