Lumos Diagnostics’ (ASX: LDX) vision for decentralised diagnostic testing is slowly coming together with the Company releasing their full year results just one month after debuting on the ASX.

Across the business, revenue increased 198% from FY20 to $25 million with its Commercial Services division the real MVP, delivering $22.7 million in revenue, a 188% increase on the last year. The Company won 30 contracts spanning 10 development programs over the reporting period with all products representing solid margins which are expected to improve with scale over time.

The Company creates rapid point-of-care (POC) diagnostic technologies to cut out the sometimes lengthy lab testing processes needed for diagnosis of various conditions. With two divisions to the business, Lumos creates a wide range of testing technologies. Their Commercial Services Division develops and manufactures POC tests on behalf of clients and their Products Division creates in-licensed POC tests for commercial sale by Lumos.

Since listing in July 2021 at an IPO Offer Price of $1.25 per share, Lumos has progressed with their flagship product, FebriDx. The test is designed to differentiate between bacterial and viral infections. FebriDx is highly sensitive for detecting the difference between viral and bacterial infections to be an effective triage tool that can reduce the amount of antibiotics wrongly prescribed for viral infections. According to the Centre for Disease Control acute upper respiratory infections still account for 58% of all antibiotics prescribed.

FebriDx is already being sold in the UK, Germany and Canada. The Company completed a multicentre clinical study to support their submission to the FDA for approval of FebriDx to be sold in America. The submission is currently under review with an outcome expected during FY22. Lumos is hopeful that the clearance of FebriDx will result in a lift in revenue from the Products business unit which only delivered $2.3 million over the year, mainly from the first sales of FebriDx.

The Company has created a COVID-19 specific test to meet demands for a rapid diagnostic method. The CoviDx test works across all variants of the virus, including the infamous Delta and delivers results in 15 minutes. Validated by clinical data, the test is comparable to standard PCR testing methods but cuts out the wait time for results.

Initial sales of CoviDx have commenced in Europe with plans to launch in the US, Canada and Australia following regulatory approvals expected in FY22. Lumos plans to use the CoviDx as an upsell opportunity with FebriDx.

Rob Sambursky, CEO of Lumos commented on the results, saying: “during FY21 the Lumos team achieved major accomplishments across all aspects of our business-growing sales, expanding our R&D programs and manufacturing capacity, and establishing global distribution channels. Looking ahead, we are poised for significant expansion of our rapid diagnostics portfolio, which has the potential to fundamentally change point of care decision-making for clinicians and their patients.”

The Company holds $59.7 million in cash, reflective of the IPO proceeds which will be put towards expanding their product offering and sales as well as the opening of a new commercial scale manufacturing facility which is expected to provide significant revenue streams in FY22.