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73f94148
2021-09-25

IPO opening reminder: Cue Health opens for trading at $19.2, up 20% from IPO price.<blockquote>IPO 开盘提醒：Cue Health 开盘价为 19.2 美元，较 IPO 价格上涨 20%。</blockquote>

(Sept 24) Cue Health Inc. opens for trading at $19.2, up 20% from IPO price. Company & Technology S

IPO opening reminder: Cue Health opens for trading at $19.2, up 20% from IPO price.<blockquote>IPO 开盘提醒：Cue Health 开盘价为 19.2 美元，较 IPO 价格上涨 20%。</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":861220479,"tweetId":"861220479","gmtCreate":1632499337491,"gmtModify":1632715245766,"author":{"id":4087562211958410,"idStr":"4087562211958410","authorId":4087562211958410,"authorIdStr":"4087562211958410","name":"73f94148","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":7,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>Ok</body></html>","htmlText":"<html><head></head><body>Ok</body></html>","text":"Ok","highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/861220479","repostId":1104085778,"repostType":4,"repost":{"id":"1104085778","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1632498166,"share":"https://www.laohunote.com/m/news/1104085778?lang=zh_CN&edition=full","pubTime":"2021-09-24 23:42","market":"us","language":"en","title":"IPO opening reminder: Cue Health opens for trading at $19.2, up 20% from IPO price.<blockquote>IPO 开盘提醒：Cue Health 开盘价为 19.2 美元，较 IPO 价格上涨 20%。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104085778","media":"Tiger Newspress","summary":"(Sept 24) Cue Health Inc. opens for trading at $19.2, up 20% from IPO price.\n\nCompany & Technology\nS","content":"(Sept 24)&nbsp;<a href=\"https://laohu8.com/S/HLTH\">Cue Health Inc.</a> opens for trading at $19.2, up 20% from IPO price.<blockquote>（9月24日）<a href=\"https://laohu8.com/S/HLTH\">线索健康公司。</a>开盘价为 19.2 美元，较 IPO 价格上涨 20%。</blockquote> <img src=\"https://static.tigerbbs.com/c7270662a08ec3dac176aa52bf5cbd1a\" tg-width=\"902\" tg-height=\"560\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Company &amp; Technology<blockquote>公司与技术</blockquote> San Diego, California-based Cue was founded to first develop a COVID-19 test kit and integrated information platform for processing and communication.<blockquote>总部位于加利福尼亚州圣地亚哥的 Cue 的成立是为了首先开发用于处理和通信的 COVID-19 测试套件和集成信息平台。</blockquote> Management is headed by co-founder, Chairman and CEO Ayub Khattak, who has been with the firm since inception and holds a B.S. in mathematics from UCLA.<blockquote>管理层由联合创始人、董事长兼首席执行官 Ayub Khattak 领导，他自公司成立以来一直在公司工作，并拥有加州大学洛杉矶分校数学学士学位。</blockquote> The company’s primary offerings in its Cue Integrated Care Platform:<blockquote>公司在 Cue 综合护理平台上的主要产品：</blockquote> <ul> <li>Health monitoring system<blockquote><ul><li>健康监测系统</li></ul></blockquote></li> <li>Rader<blockquote><li>雷德</li></blockquote></li> <li>Cartridge<blockquote><li>弹壳</li></blockquote></li> <li>Wand<blockquote><li>墙</li></blockquote></li> <li>Data<blockquote><li>数据</li></blockquote></li> <li>Delivery apps<blockquote><li>递送应用程序</li></blockquote></li> <li>Enterprise dashboard<blockquote><li>企业仪表板</li></blockquote></li> <li>Ecosystem integrations<blockquote><li>生态系统整合</li></blockquote></li> </ul> Cue has received at least $176 million in equity investment from investors including ACME Capital, Cove Investors, Decheng Capital China Life Sciences, Madrone and NVGA I.<blockquote>Cue 已获得 ACME Capital、Cove Investors、德诚资本中国生命科学、Madrone 和 NVGA I 等投资者至少 1.76 亿美元的股权投资。</blockquote> Customer/User Acquisition<blockquote>客户/用户获取</blockquote> The company pursues healthcare provider relationships through its in-house direct sales team focused on healthcare providers, large enterprises and public sector clients.<blockquote>该公司通过其专注于医疗保健提供商、大型企业和公共部门客户的内部直销团队寻求医疗保健提供商关系。</blockquote> Management expects 2021 customer demand for its COVID-19 test kits to exceed its manufacturing capacity.<blockquote>管理层预计 2021 年客户对其 COVID-19 检测试剂盒的需求将超过其生产能力。</blockquote> Sales and Marketing expenses as a percentage of total revenue have varied as revenues have increased sharply, as the figures below indicate:<blockquote>销售及市场推广开支占总收入的百分比随著收入急剧增加而有所变动，如下图所示：</blockquote> <table> <tbody> <tr> <td>Sales and Marketing<blockquote><table><tbody><tr><td>销售及市场推广</td></tr></tbody></table></blockquote></td> <td>Expenses vs. Revenue<blockquote><td>费用与收入</td></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Percentage<blockquote><td>百分比</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></td> <td>1.0%<blockquote><td>1.0%</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>3.1%<blockquote><td>3.1%</td></blockquote></td> </tr> <tr> <td>2019<blockquote><tr><td>2019</td></tr></blockquote></td> <td>1.3%<blockquote><td>1.3%</td></blockquote></td> </tr> </tbody> </table> The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, was 100.5x in the most recent reporting period, as shown in the table below:<blockquote>销售和市场推广效率率（定义为每1美元的销售和市场推广支出产生多少美元的额外新收入）在最近的报告期内为100.5倍，如下表所示：</blockquote> <table> <tbody> <tr> <td>Sales and Marketing<blockquote><table><tbody><tr><td>销售及市场推广</td></tr></tbody></table></blockquote></td> <td>Efficiency Rate<blockquote><td>效率率</td></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Multiple<blockquote><td>多个的</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></td> <td>100.5<blockquote><td>100.5</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>22.9<blockquote><td>22.9</td></blockquote></td> </tr> </tbody> </table> Market &amp; Competition<blockquote>市场与竞争</blockquote> According to a 2020 marketresearch reportby Grand View Research, the global market for COVID-19 detection kits was an estimated $3.28 billion in 2020 and is expected to reach $5 billion by 2027.<blockquote>根据Grand View Research的2020年市场研究报告，2020年全球新冠肺炎检测试剂盒市场估计为32.8亿美元，预计到2027年将达到50亿美元。</blockquote> This represents a forecast CAGR of 5.05% from 2021 to 2027.<blockquote>这意味着2021年至2027年的预测CAGR为5.05%。</blockquote> The main drivers for this expected growth are a strong growth in demand for testing services of all types on a global basis.<blockquote>这一预期增长的主要驱动力是全球范围内对所有类型测试服务的需求强劲增长。</blockquote> Also, below is a chart showing the market share of use of detection kits by end-user type:<blockquote>此外，下图显示了按最终用户类型划分的检测试剂盒使用市场份额：</blockquote> <img src=\"https://static.tigerbbs.com/4b7fc60b336bae7685e08132f8176b57\" tg-width=\"1158\" tg-height=\"618\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> (Source)<blockquote>（来源）</blockquote> Major competitive or other industry participants include:<blockquote>主要竞争或其他行业参与者包括：</blockquote> <ul> <li>Abbott Laboratories(NYSE:ABT)<blockquote><ul><li>雅培实验室（纽约证券交易所股票代码：ABT）</li></ul></blockquote></li> <li>Becton, Dickinson(NYSE:BDX)<blockquote><li>迪金森·贝克顿（纽约证券交易所股票代码：BDX）</li></blockquote></li> <li>bioMerieux(OTCPK:BMXMF)<blockquote><li>生物梅里埃（OTCPK：BMXMF）</li></blockquote></li> <li>Bio-Rad Laboratories(NYSE:BIO)<blockquote><li>Bio-Rad 实验室（纽约证券交易所股票代码：BIO）</li></blockquote></li> <li>Danaher(NYSE:DHR)<blockquote><li>丹纳赫（纽约证券交易所代码：DHR）</li></blockquote></li> <li>Ellume Limited<blockquote><li>Ellume有限公司</li></blockquote></li> <li>Everly Health<blockquote><li>埃弗利健康</li></blockquote></li> <li>Roche(OTCQX:RHHBY)(OTCQX:RHHBF)<blockquote><li>罗氏(OTCQX:RHHBY)(OTCQX:RHHBF)</li></blockquote></li> <li>Fluidigm(NASDAQ:FLDM)<blockquote><li>Fluidigm（纳斯达克股票代码：FLDM）</li></blockquote></li> <li>GenMark Diagnostics(NASDAQ:GNMK)<blockquote><li>GenMark Diagnostics（纳斯达克股票代码：GNMK）</li></blockquote></li> <li>Others<blockquote><li>其他</li></blockquote></li> </ul> Financial Performance<blockquote>财务表现</blockquote> Cue’s recent financial results can be summarized as follows:<blockquote>Cue 近期的财务业绩可概括如下：</blockquote> <ul> <li>Sharply growing top line revenue<blockquote><ul><li>营收急剧增长</li></ul></blockquote></li> <li>Increasing gross profit and variable gross margin<blockquote><li>增加毛利及可变毛利率</li></blockquote></li> <li>A swing to operating profit and net income<blockquote><li>营业利润和净利润波动</li></blockquote></li> <li>Variable cash flow from operations<blockquote><li>经营活动产生的可变现金流量</li></blockquote></li> </ul> Below are relevant financial results derived from the firm’s registration statement:<blockquote>以下是公司注册声明中的相关财务业绩：</blockquote> <table> <colgroup></colgroup> <tbody> <tr> <td>Total Revenue<blockquote><table><colgroup></colgroup><tbody><tr><td>总收入</td></tr></tbody></table></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Total Revenue<blockquote><td>总收入</td></blockquote></td> <td>% Variance vs. Prior<blockquote><td>与先前相比的%方差</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></td> <td>$ 201,922,000<blockquote><td>$201,922,000</td></blockquote></td> <td>3971.0%<blockquote><td>3971.0%</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>$ 22,953,000<blockquote><td>$22,953,000</td></blockquote></td> <td>246.4%<blockquote><td>246.4%</td></blockquote></td> </tr> <tr> <td>2019<blockquote><tr><td>2019</td></tr></blockquote></td> <td>$ 6,626,000<blockquote><td>$6,626,000</td></blockquote></td> </tr> <tr></tr> <tr> <td>Gross Profit (Loss)<blockquote><tr></tr><tr><td>毛利（亏损）</td></tr></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Gross Profit (Loss)<blockquote><td>毛利（亏损）</td></blockquote></td> <td>% Variance vs. Prior<blockquote><td>与先前相比的%方差</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></td> <td>$ 116,745,000<blockquote><td>$116,745,000</td></blockquote></td> <td>2253.7%<blockquote><td>2253.7%</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>$ 8,002,000<blockquote><td>$8,002,000</td></blockquote></td> <td>20.8%<blockquote><td>20.8%</td></blockquote></td> </tr> <tr> <td>2019<blockquote><tr><td>2019</td></tr></blockquote></td> <td>$ 6,626,000<blockquote><td>$6,626,000</td></blockquote></td> </tr> <tr></tr> <tr> <td>Gross Margin<blockquote><tr></tr><tr><td>毛利率</td></tr></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Gross Margin<blockquote><td>毛利率</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></td> <td>57.82%<blockquote><td>57.82%</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>34.86%<blockquote><td>34.86%</td></blockquote></td> </tr> <tr> <td>2019<blockquote><tr><td>2019</td></tr></blockquote></td> <td>100.00%<blockquote><td>100.00%</td></blockquote></td> </tr> <tr></tr> <tr> <td>Operating Profit (Loss)<blockquote><tr></tr><tr><td>营业溢利（亏损）</td></tr></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Operating Profit (Loss)<blockquote><td>营业溢利（亏损）</td></blockquote></td> <td>Operating Margin<blockquote><td>营业利润率</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></td> <td>$ 79,463,000<blockquote><td>$79,463,000</td></blockquote></td> <td>39.4%<blockquote><td>39.4%</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>$ (45,126,000)<blockquote><td>$(45,126,000)</td></blockquote></td> <td>-196.6%<blockquote><td>-196.6%</td></blockquote></td> </tr> <tr> <td>2019<blockquote><tr><td>2019</td></tr></blockquote></td> <td>$ (20,767,000)<blockquote><td>$(20,767,000)</td></blockquote></td> <td>-313.4%<blockquote><td>-313.4%</td></blockquote></td> </tr> <tr></tr> <tr> <td>Net Income (Loss)<blockquote><tr></tr><tr><td>净收入（亏损）</td></tr></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Net Income (Loss)<blockquote><td>净收入（亏损）</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></td> <td>$ 32,840,000<blockquote><td>$32,840,000</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>$ (47,352,000)<blockquote><td>$(47,352,000)</td></blockquote></td> </tr> <tr> <td>2019<blockquote><tr><td>2019</td></tr></blockquote></td> <td>$ (20,606,000)<blockquote><td>$(20,606,000)</td></blockquote></td> </tr> <tr></tr> <tr> <td>Cash Flow From Operations<blockquote><tr></tr><tr><td>经营现金流量</td></tr></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Cash Flow From Operations<blockquote><td>经营现金流量</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></td> <td>$ (37,812,000)<blockquote><td>$(37,812,000)</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>$ 92,655,000<blockquote><td>$92,655,000</td></blockquote></td> </tr> <tr> <td>2019<blockquote><tr><td>2019</td></tr></blockquote></td> <td>$ (12,996,000)<blockquote><td>$(12,996,000)</td></blockquote></td> </tr> </tbody> </table> As of June 30, 2021, Cue had $246.3 million in cash and $516.3 million in total liabilities.<blockquote>截至2021年6月30日，Cue拥有2.463亿美元现金和5.163亿美元总负债。</blockquote> Free cash flow during the twelve months ended June 30, 2021, was negative ($60 million).<blockquote>截至2021年6月30日的12个月内，自由现金流为负（6000万美元）。</blockquote> Valuation Metrics<blockquote>估值指标</blockquote> Below is a table of relevant capitalization and valuation figures for the company:<blockquote>下表为本公司的相关资本化及估值数字：</blockquote> <table> <colgroup></colgroup> <tbody> <tr> <td>Measure [TTM]<blockquote><table><colgroup></colgroup><tbody><tr><td>测量[TTM]</td></tr></tbody></table></blockquote></td> <td>Amount<blockquote><td>数量</td></blockquote></td> </tr> <tr> <td>Market Capitalization at IPO<blockquote><tr><td>首次公开发售时的市值</td></tr></blockquote></td> <td>$2,299,981,232<blockquote><td>$2,299,981,232</td></blockquote></td> </tr> <tr> <td>Enterprise Value<blockquote><tr><td>企业价值</td></tr></blockquote></td> <td>$1,874,455,232<blockquote><td>$1,874,455,232</td></blockquote></td> </tr> <tr> <td>Price / Sales<blockquote><tr><td>价格/销售</td></tr></blockquote></td> <td>10.46<blockquote><td>10.46</td></blockquote></td> </tr> <tr> <td>EV / Revenue<blockquote><tr><td>电动汽车/收入</td></tr></blockquote></td> <td>8.52<blockquote><td>8.52</td></blockquote></td> </tr> <tr> <td>EV / EBITDA<blockquote><tr><td>首页 / EBITDA</td></tr></blockquote></td> <td>35.46<blockquote><td>35.46</td></blockquote></td> </tr> <tr> <td>Earnings Per Share<blockquote><tr><td>每股盈利</td></tr></blockquote></td> <td>$0.03<blockquote><td>$0.03</td></blockquote></td> </tr> <tr> <td>Float To Outstanding Shares Ratio<blockquote><tr><td>流通股与流通股比率</td></tr></blockquote></td> <td>8.70%<blockquote><td>8.70%</td></blockquote></td> </tr> <tr> <td>Proposed IPO Midpoint Price per Share<blockquote><tr><td>建议IPO每股中点价格</td></tr></blockquote></td> <td>$16.00<blockquote><td>$16.00</td></blockquote></td> </tr> <tr> <td>Net Free Cash Flow<blockquote><tr><td>净自由现金流量</td></tr></blockquote></td> <td>-$59,920,000<blockquote><td>-$59,920,000</td></blockquote></td> </tr> <tr> <td>Free Cash Flow Yield Per Share<blockquote><tr><td>每股自由现金流收益率</td></tr></blockquote></td> <td>-2.61%<blockquote><td>-2.61%</td></blockquote></td> </tr> <tr> <td>Revenue Growth Rate<blockquote><tr><td>收入增长率</td></tr></blockquote></td> <td>3971.01%<blockquote><td>3971.01%</td></blockquote></td> </tr> </tbody> </table> As a reference, a potential partial and imperfect public comparable to Cue would be Bio-Rad (BIO); below is a comparison of their primary valuation metrics:<blockquote>作为参考，与 Cue 相当的潜在部分和不完美公众将是 Bio-Rad (BIO)；以下是其主要估值指标的比较：</blockquote> <table> <colgroup></colgroup> <tbody> <tr> <td>Metric<blockquote><table><colgroup></colgroup><tbody><tr><td>度量</td></tr></tbody></table></blockquote></td> <td>Bio-Rad (BIO)<blockquote><td>生物轮（生物）</td></blockquote></td> <td>Cue Health (HLTH)<blockquote><td>线索健康 (HLTH)</td></blockquote></td> <td>Variance<blockquote><td>差异</td></blockquote></td> </tr> <tr> <td>Price / Sales<blockquote><tr><td>价格/销售</td></tr></blockquote></td> <td>8.15<blockquote><td>8.15</td></blockquote></td> <td>10.46<blockquote><td>10.46</td></blockquote></td> <td>28.3%<blockquote><td>28.3%</td></blockquote></td> </tr> <tr> <td>EV / Revenue<blockquote><tr><td>电动汽车/收入</td></tr></blockquote></td> <td>7.82<blockquote><td>7.82</td></blockquote></td> <td>8.52<blockquote><td>8.52</td></blockquote></td> <td>9.0%<blockquote><td>9.0%</td></blockquote></td> </tr> <tr> <td>EV / EBITDA<blockquote><tr><td>首页 / EBITDA</td></tr></blockquote></td> <td>31.66<blockquote><td>31.66</td></blockquote></td> <td>35.46<blockquote><td>35.46</td></blockquote></td> <td>12.0%<blockquote><td>12.0%</td></blockquote></td> </tr> <tr> <td>Earnings Per Share<blockquote><tr><td>每股盈利</td></tr></blockquote></td> <td>$134.05<blockquote><td>$134.05</td></blockquote></td> <td>$0.03<blockquote><td>$0.03</td></blockquote></td> <td>-100.0%<blockquote><td>-100.0%</td></blockquote></td> </tr> <tr> <td>Revenue Growth Rate<blockquote><tr><td>收入增长率</td></tr></blockquote></td> <td>25.6%<blockquote><td>25.6%</td></blockquote></td> <td>3971.01%<blockquote><td>3971.01%</td></blockquote></td> <td>15436.03%<blockquote><td>15436.03%</td></blockquote></td> </tr> <tr> <td>(Glossary Of Terms)<blockquote><tr><td>（术语表）</td></tr></blockquote></td> </tr> </tbody> </table> Commentary<blockquote>评论</blockquote> Cue is seeking public investment capital to further scale its commercialization operations as well as continue its R &amp; D efforts.<blockquote>Cue正在寻求公共投资资本，以进一步扩大其商业化业务，并继续其研发工作。</blockquote> The company’s financials show sharply growing top line revenue, strong growth in gross profit and variable gross margin, a swing to operating profit and net income and highly fluctuating cash flow from or use in operations<blockquote>该公司的财务数据显示，营收急剧增长，毛利润和可变毛利率强劲增长，营业利润和净利润出现波动，运营中或运营中使用的现金流波动很大。</blockquote> Free cash flow for the twelve months ended June 30, 2021, was an eye-popping negative ($60 million).<blockquote>截至2021年6月30日的12个月的自由现金流是令人瞠目结舌的负数（6000万美元）。</blockquote> Sales and Marketing expenses as a percentage of total revenue have fluctuated as revenues have increased dramatically; its Sales and Marketing efficiency rate was an extremely high 100.5x in the most recent reporting period.<blockquote>销售和营销费用占总收入的百分比随着收入大幅增加而波动；在最近的报告期内，其销售和营销效率达到了极高的100.5倍。</blockquote> The market opportunity for COVID-19 and related test kit platforms is large and will likely grow at a high rate of growth over the coming years as countries around the world seek to bolster their testing capabilities in the wake of the recent global pandemic.<blockquote>新冠肺炎及相关检测试剂盒平台的市场机会巨大，且随着世界各国在最近的全球疫情后寻求增强其检测能力，未来几年可能会以高速增长。</blockquote> Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 39.9% since their IPO. This is a mid-tier performance for all major underwriters during the period.<blockquote>高盛是主承销商，该公司在过去 12 个月内牵头的 IPO 自 IPO 以来平均回报率为 39.9%。这是期内所有主要承销商的中级表现。</blockquote> The primary risk to the firm now is that it is essentially a one-product company, so its revenue base is heavily concentrated.<blockquote>该公司现在面临的主要风险是，它本质上是一家单一产品公司，因此其收入基础高度集中。</blockquote> As for valuation, compared to partial competitor Bio-Rad Laboratories, the IPO is reasonably valued on a revenue multiple, although Cue is growing at a much higher rate of growth from a much lower revenue base, so the comparison is strained at best.<blockquote>至于估值，与部分竞争对手 Bio-Rad Laboratories 相比，IPO 的收入倍数估值合理，尽管 Cue 的增长率要高得多，但收入基础却低得多，因此这种比较充其量是紧张的。</blockquote> Given Cue’s growth trajectory, profitability and reasonable IPO valuation, the IPO is worth consideration.<blockquote>鉴于 Cue 的增长轨迹、盈利能力和合理的 IPO 估值，此次 IPO 值得考虑。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>IPO opening reminder: Cue Health opens for trading at $19.2, up 20% from IPO price.<blockquote>IPO 开盘提醒：Cue Health 开盘价为 19.2 美元，较 IPO 价格上涨 20%。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIPO opening reminder: Cue Health opens for trading at $19.2, up 20% from IPO price.<blockquote>IPO 开盘提醒：Cue Health 开盘价为 19.2 美元，较 IPO 价格上涨 20%。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\nTiger Newspress \n2021-09-24 23:42\n</div>\n</a>\n</h4>\n</header>\n<article>\n(Sept 24)&nbsp;<a href=\"https://laohu8.com/S/HLTH\">Cue Health Inc.</a> opens for trading at $19.2, up 20% from IPO price.<blockquote>（9月24日）<a href=\"https://laohu8.com/S/HLTH\">线索健康公司。</a>开盘价为 19.2 美元，较 IPO 价格上涨 20%。</blockquote> <img src=\"https://static.tigerbbs.com/c7270662a08ec3dac176aa52bf5cbd1a\" tg-width=\"902\" tg-height=\"560\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Company &amp; Technology<blockquote>公司与技术</blockquote> San Diego, California-based Cue was founded to first develop a COVID-19 test kit and integrated information platform for processing and communication.<blockquote>总部位于加利福尼亚州圣地亚哥的 Cue 的成立是为了首先开发用于处理和通信的 COVID-19 测试套件和集成信息平台。</blockquote> Management is headed by co-founder, Chairman and CEO Ayub Khattak, who has been with the firm since inception and holds a B.S. in mathematics from UCLA.<blockquote>管理层由联合创始人、董事长兼首席执行官 Ayub Khattak 领导，他自公司成立以来一直在公司工作，并拥有加州大学洛杉矶分校数学学士学位。</blockquote> The company’s primary offerings in its Cue Integrated Care Platform:<blockquote>公司在 Cue 综合护理平台上的主要产品：</blockquote> <ul> <li>Health monitoring system<blockquote><ul><li>健康监测系统</li></ul></blockquote></li> <li>Rader<blockquote><li>雷德</li></blockquote></li> <li>Cartridge<blockquote><li>弹壳</li></blockquote></li> <li>Wand<blockquote><li>墙</li></blockquote></li> <li>Data<blockquote><li>数据</li></blockquote></li> <li>Delivery apps<blockquote><li>递送应用程序</li></blockquote></li> <li>Enterprise dashboard<blockquote><li>企业仪表板</li></blockquote></li> <li>Ecosystem integrations<blockquote><li>生态系统整合</li></blockquote></li> </ul> Cue has received at least $176 million in equity investment from investors including ACME Capital, Cove Investors, Decheng Capital China Life Sciences, Madrone and NVGA I.<blockquote>Cue 已获得 ACME Capital、Cove Investors、德诚资本中国生命科学、Madrone 和 NVGA I 等投资者至少 1.76 亿美元的股权投资。</blockquote> Customer/User Acquisition<blockquote>客户/用户获取</blockquote> The company pursues healthcare provider relationships through its in-house direct sales team focused on healthcare providers, large enterprises and public sector clients.<blockquote>该公司通过其专注于医疗保健提供商、大型企业和公共部门客户的内部直销团队寻求医疗保健提供商关系。</blockquote> Management expects 2021 customer demand for its COVID-19 test kits to exceed its manufacturing capacity.<blockquote>管理层预计 2021 年客户对其 COVID-19 检测试剂盒的需求将超过其生产能力。</blockquote> Sales and Marketing expenses as a percentage of total revenue have varied as revenues have increased sharply, as the figures below indicate:<blockquote>销售及市场推广开支占总收入的百分比随著收入急剧增加而有所变动，如下图所示：</blockquote> <table> <tbody> <tr> <td>Sales and Marketing<blockquote><table><tbody><tr><td>销售及市场推广</td></tr></tbody></table></blockquote></td> <td>Expenses vs. Revenue<blockquote><td>费用与收入</td></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Percentage<blockquote><td>百分比</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></td> <td>1.0%<blockquote><td>1.0%</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>3.1%<blockquote><td>3.1%</td></blockquote></td> </tr> <tr> <td>2019<blockquote><tr><td>2019</td></tr></blockquote></td> <td>1.3%<blockquote><td>1.3%</td></blockquote></td> </tr> </tbody> </table> The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, was 100.5x in the most recent reporting period, as shown in the table below:<blockquote>销售和市场推广效率率（定义为每1美元的销售和市场推广支出产生多少美元的额外新收入）在最近的报告期内为100.5倍，如下表所示：</blockquote> <table> <tbody> <tr> <td>Sales and Marketing<blockquote><table><tbody><tr><td>销售及市场推广</td></tr></tbody></table></blockquote></td> <td>Efficiency Rate<blockquote><td>效率率</td></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Multiple<blockquote><td>多个的</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></td> <td>100.5<blockquote><td>100.5</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>22.9<blockquote><td>22.9</td></blockquote></td> </tr> </tbody> </table> Market &amp; Competition<blockquote>市场与竞争</blockquote> According to a 2020 marketresearch reportby Grand View Research, the global market for COVID-19 detection kits was an estimated $3.28 billion in 2020 and is expected to reach $5 billion by 2027.<blockquote>根据Grand View Research的2020年市场研究报告，2020年全球新冠肺炎检测试剂盒市场估计为32.8亿美元，预计到2027年将达到50亿美元。</blockquote> This represents a forecast CAGR of 5.05% from 2021 to 2027.<blockquote>这意味着2021年至2027年的预测CAGR为5.05%。</blockquote> The main drivers for this expected growth are a strong growth in demand for testing services of all types on a global basis.<blockquote>这一预期增长的主要驱动力是全球范围内对所有类型测试服务的需求强劲增长。</blockquote> Also, below is a chart showing the market share of use of detection kits by end-user type:<blockquote>此外，下图显示了按最终用户类型划分的检测试剂盒使用市场份额：</blockquote> <img src=\"https://static.tigerbbs.com/4b7fc60b336bae7685e08132f8176b57\" tg-width=\"1158\" tg-height=\"618\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> (Source)<blockquote>（来源）</blockquote> Major competitive or other industry participants include:<blockquote>主要竞争或其他行业参与者包括：</blockquote> <ul> <li>Abbott Laboratories(NYSE:ABT)<blockquote><ul><li>雅培实验室（纽约证券交易所股票代码：ABT）</li></ul></blockquote></li> <li>Becton, Dickinson(NYSE:BDX)<blockquote><li>迪金森·贝克顿（纽约证券交易所股票代码：BDX）</li></blockquote></li> <li>bioMerieux(OTCPK:BMXMF)<blockquote><li>生物梅里埃（OTCPK：BMXMF）</li></blockquote></li> <li>Bio-Rad Laboratories(NYSE:BIO)<blockquote><li>Bio-Rad 实验室（纽约证券交易所股票代码：BIO）</li></blockquote></li> <li>Danaher(NYSE:DHR)<blockquote><li>丹纳赫（纽约证券交易所代码：DHR）</li></blockquote></li> <li>Ellume Limited<blockquote><li>Ellume有限公司</li></blockquote></li> <li>Everly Health<blockquote><li>埃弗利健康</li></blockquote></li> <li>Roche(OTCQX:RHHBY)(OTCQX:RHHBF)<blockquote><li>罗氏(OTCQX:RHHBY)(OTCQX:RHHBF)</li></blockquote></li> <li>Fluidigm(NASDAQ:FLDM)<blockquote><li>Fluidigm（纳斯达克股票代码：FLDM）</li></blockquote></li> <li>GenMark Diagnostics(NASDAQ:GNMK)<blockquote><li>GenMark Diagnostics（纳斯达克股票代码：GNMK）</li></blockquote></li> <li>Others<blockquote><li>其他</li></blockquote></li> </ul> Financial Performance<blockquote>财务表现</blockquote> Cue’s recent financial results can be summarized as follows:<blockquote>Cue 近期的财务业绩可概括如下：</blockquote> <ul> <li>Sharply growing top line revenue<blockquote><ul><li>营收急剧增长</li></ul></blockquote></li> <li>Increasing gross profit and variable gross margin<blockquote><li>增加毛利及可变毛利率</li></blockquote></li> <li>A swing to operating profit and net income<blockquote><li>营业利润和净利润波动</li></blockquote></li> <li>Variable cash flow from operations<blockquote><li>经营活动产生的可变现金流量</li></blockquote></li> </ul> Below are relevant financial results derived from the firm’s registration statement:<blockquote>以下是公司注册声明中的相关财务业绩：</blockquote> <table> <colgroup></colgroup> <tbody> <tr> <td>Total Revenue<blockquote><table><colgroup></colgroup><tbody><tr><td>总收入</td></tr></tbody></table></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Total Revenue<blockquote><td>总收入</td></blockquote></td> <td>% Variance vs. Prior<blockquote><td>与先前相比的%方差</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></td> <td>$ 201,922,000<blockquote><td>$201,922,000</td></blockquote></td> <td>3971.0%<blockquote><td>3971.0%</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>$ 22,953,000<blockquote><td>$22,953,000</td></blockquote></td> <td>246.4%<blockquote><td>246.4%</td></blockquote></td> </tr> <tr> <td>2019<blockquote><tr><td>2019</td></tr></blockquote></td> <td>$ 6,626,000<blockquote><td>$6,626,000</td></blockquote></td> </tr> <tr></tr> <tr> <td>Gross Profit (Loss)<blockquote><tr></tr><tr><td>毛利（亏损）</td></tr></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Gross Profit (Loss)<blockquote><td>毛利（亏损）</td></blockquote></td> <td>% Variance vs. Prior<blockquote><td>与先前相比的%方差</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></td> <td>$ 116,745,000<blockquote><td>$116,745,000</td></blockquote></td> <td>2253.7%<blockquote><td>2253.7%</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>$ 8,002,000<blockquote><td>$8,002,000</td></blockquote></td> <td>20.8%<blockquote><td>20.8%</td></blockquote></td> </tr> <tr> <td>2019<blockquote><tr><td>2019</td></tr></blockquote></td> <td>$ 6,626,000<blockquote><td>$6,626,000</td></blockquote></td> </tr> <tr></tr> <tr> <td>Gross Margin<blockquote><tr></tr><tr><td>毛利率</td></tr></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Gross Margin<blockquote><td>毛利率</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></td> <td>57.82%<blockquote><td>57.82%</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>34.86%<blockquote><td>34.86%</td></blockquote></td> </tr> <tr> <td>2019<blockquote><tr><td>2019</td></tr></blockquote></td> <td>100.00%<blockquote><td>100.00%</td></blockquote></td> </tr> <tr></tr> <tr> <td>Operating Profit (Loss)<blockquote><tr></tr><tr><td>营业溢利（亏损）</td></tr></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Operating Profit (Loss)<blockquote><td>营业溢利（亏损）</td></blockquote></td> <td>Operating Margin<blockquote><td>营业利润率</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></td> <td>$ 79,463,000<blockquote><td>$79,463,000</td></blockquote></td> <td>39.4%<blockquote><td>39.4%</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>$ (45,126,000)<blockquote><td>$(45,126,000)</td></blockquote></td> <td>-196.6%<blockquote><td>-196.6%</td></blockquote></td> </tr> <tr> <td>2019<blockquote><tr><td>2019</td></tr></blockquote></td> <td>$ (20,767,000)<blockquote><td>$(20,767,000)</td></blockquote></td> <td>-313.4%<blockquote><td>-313.4%</td></blockquote></td> </tr> <tr></tr> <tr> <td>Net Income (Loss)<blockquote><tr></tr><tr><td>净收入（亏损）</td></tr></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Net Income (Loss)<blockquote><td>净收入（亏损）</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></td> <td>$ 32,840,000<blockquote><td>$32,840,000</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>$ (47,352,000)<blockquote><td>$(47,352,000)</td></blockquote></td> </tr> <tr> <td>2019<blockquote><tr><td>2019</td></tr></blockquote></td> <td>$ (20,606,000)<blockquote><td>$(20,606,000)</td></blockquote></td> </tr> <tr></tr> <tr> <td>Cash Flow From Operations<blockquote><tr></tr><tr><td>经营现金流量</td></tr></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Cash Flow From Operations<blockquote><td>经营现金流量</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></td> <td>$ (37,812,000)<blockquote><td>$(37,812,000)</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>$ 92,655,000<blockquote><td>$92,655,000</td></blockquote></td> </tr> <tr> <td>2019<blockquote><tr><td>2019</td></tr></blockquote></td> <td>$ (12,996,000)<blockquote><td>$(12,996,000)</td></blockquote></td> </tr> </tbody> </table> As of June 30, 2021, Cue had $246.3 million in cash and $516.3 million in total liabilities.<blockquote>截至2021年6月30日，Cue拥有2.463亿美元现金和5.163亿美元总负债。</blockquote> Free cash flow during the twelve months ended June 30, 2021, was negative ($60 million).<blockquote>截至2021年6月30日的12个月内，自由现金流为负（6000万美元）。</blockquote> Valuation Metrics<blockquote>估值指标</blockquote> Below is a table of relevant capitalization and valuation figures for the company:<blockquote>下表为本公司的相关资本化及估值数字：</blockquote> <table> <colgroup></colgroup> <tbody> <tr> <td>Measure [TTM]<blockquote><table><colgroup></colgroup><tbody><tr><td>测量[TTM]</td></tr></tbody></table></blockquote></td> <td>Amount<blockquote><td>数量</td></blockquote></td> </tr> <tr> <td>Market Capitalization at IPO<blockquote><tr><td>首次公开发售时的市值</td></tr></blockquote></td> <td>$2,299,981,232<blockquote><td>$2,299,981,232</td></blockquote></td> </tr> <tr> <td>Enterprise Value<blockquote><tr><td>企业价值</td></tr></blockquote></td> <td>$1,874,455,232<blockquote><td>$1,874,455,232</td></blockquote></td> </tr> <tr> <td>Price / Sales<blockquote><tr><td>价格/销售</td></tr></blockquote></td> <td>10.46<blockquote><td>10.46</td></blockquote></td> </tr> <tr> <td>EV / Revenue<blockquote><tr><td>电动汽车/收入</td></tr></blockquote></td> <td>8.52<blockquote><td>8.52</td></blockquote></td> </tr> <tr> <td>EV / EBITDA<blockquote><tr><td>首页 / EBITDA</td></tr></blockquote></td> <td>35.46<blockquote><td>35.46</td></blockquote></td> </tr> <tr> <td>Earnings Per Share<blockquote><tr><td>每股盈利</td></tr></blockquote></td> <td>$0.03<blockquote><td>$0.03</td></blockquote></td> </tr> <tr> <td>Float To Outstanding Shares Ratio<blockquote><tr><td>流通股与流通股比率</td></tr></blockquote></td> <td>8.70%<blockquote><td>8.70%</td></blockquote></td> </tr> <tr> <td>Proposed IPO Midpoint Price per Share<blockquote><tr><td>建议IPO每股中点价格</td></tr></blockquote></td> <td>$16.00<blockquote><td>$16.00</td></blockquote></td> </tr> <tr> <td>Net Free Cash Flow<blockquote><tr><td>净自由现金流量</td></tr></blockquote></td> <td>-$59,920,000<blockquote><td>-$59,920,000</td></blockquote></td> </tr> <tr> <td>Free Cash Flow Yield Per Share<blockquote><tr><td>每股自由现金流收益率</td></tr></blockquote></td> <td>-2.61%<blockquote><td>-2.61%</td></blockquote></td> </tr> <tr> <td>Revenue Growth Rate<blockquote><tr><td>收入增长率</td></tr></blockquote></td> <td>3971.01%<blockquote><td>3971.01%</td></blockquote></td> </tr> </tbody> </table> As a reference, a potential partial and imperfect public comparable to Cue would be Bio-Rad (BIO); below is a comparison of their primary valuation metrics:<blockquote>作为参考，与 Cue 相当的潜在部分和不完美公众将是 Bio-Rad (BIO)；以下是其主要估值指标的比较：</blockquote> <table> <colgroup></colgroup> <tbody> <tr> <td>Metric<blockquote><table><colgroup></colgroup><tbody><tr><td>度量</td></tr></tbody></table></blockquote></td> <td>Bio-Rad (BIO)<blockquote><td>生物轮（生物）</td></blockquote></td> <td>Cue Health (HLTH)<blockquote><td>线索健康 (HLTH)</td></blockquote></td> <td>Variance<blockquote><td>差异</td></blockquote></td> </tr> <tr> <td>Price / Sales<blockquote><tr><td>价格/销售</td></tr></blockquote></td> <td>8.15<blockquote><td>8.15</td></blockquote></td> <td>10.46<blockquote><td>10.46</td></blockquote></td> <td>28.3%<blockquote><td>28.3%</td></blockquote></td> </tr> <tr> <td>EV / Revenue<blockquote><tr><td>电动汽车/收入</td></tr></blockquote></td> <td>7.82<blockquote><td>7.82</td></blockquote></td> <td>8.52<blockquote><td>8.52</td></blockquote></td> <td>9.0%<blockquote><td>9.0%</td></blockquote></td> </tr> <tr> <td>EV / EBITDA<blockquote><tr><td>首页 / EBITDA</td></tr></blockquote></td> <td>31.66<blockquote><td>31.66</td></blockquote></td> <td>35.46<blockquote><td>35.46</td></blockquote></td> <td>12.0%<blockquote><td>12.0%</td></blockquote></td> </tr> <tr> <td>Earnings Per Share<blockquote><tr><td>每股盈利</td></tr></blockquote></td> <td>$134.05<blockquote><td>$134.05</td></blockquote></td> <td>$0.03<blockquote><td>$0.03</td></blockquote></td> <td>-100.0%<blockquote><td>-100.0%</td></blockquote></td> </tr> <tr> <td>Revenue Growth Rate<blockquote><tr><td>收入增长率</td></tr></blockquote></td> <td>25.6%<blockquote><td>25.6%</td></blockquote></td> <td>3971.01%<blockquote><td>3971.01%</td></blockquote></td> <td>15436.03%<blockquote><td>15436.03%</td></blockquote></td> </tr> <tr> <td>(Glossary Of Terms)<blockquote><tr><td>（术语表）</td></tr></blockquote></td> </tr> </tbody> </table> Commentary<blockquote>评论</blockquote> Cue is seeking public investment capital to further scale its commercialization operations as well as continue its R &amp; D efforts.<blockquote>Cue正在寻求公共投资资本，以进一步扩大其商业化业务，并继续其研发工作。</blockquote> The company’s financials show sharply growing top line revenue, strong growth in gross profit and variable gross margin, a swing to operating profit and net income and highly fluctuating cash flow from or use in operations<blockquote>该公司的财务数据显示，营收急剧增长，毛利润和可变毛利率强劲增长，营业利润和净利润出现波动，运营中或运营中使用的现金流波动很大。</blockquote> Free cash flow for the twelve months ended June 30, 2021, was an eye-popping negative ($60 million).<blockquote>截至2021年6月30日的12个月的自由现金流是令人瞠目结舌的负数（6000万美元）。</blockquote> Sales and Marketing expenses as a percentage of total revenue have fluctuated as revenues have increased dramatically; its Sales and Marketing efficiency rate was an extremely high 100.5x in the most recent reporting period.<blockquote>销售和营销费用占总收入的百分比随着收入大幅增加而波动；在最近的报告期内，其销售和营销效率达到了极高的100.5倍。</blockquote> The market opportunity for COVID-19 and related test kit platforms is large and will likely grow at a high rate of growth over the coming years as countries around the world seek to bolster their testing capabilities in the wake of the recent global pandemic.<blockquote>新冠肺炎及相关检测试剂盒平台的市场机会巨大，且随着世界各国在最近的全球疫情后寻求增强其检测能力，未来几年可能会以高速增长。</blockquote> Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 39.9% since their IPO. This is a mid-tier performance for all major underwriters during the period.<blockquote>高盛是主承销商，该公司在过去 12 个月内牵头的 IPO 自 IPO 以来平均回报率为 39.9%。这是期内所有主要承销商的中级表现。</blockquote> The primary risk to the firm now is that it is essentially a one-product company, so its revenue base is heavily concentrated.<blockquote>该公司现在面临的主要风险是，它本质上是一家单一产品公司，因此其收入基础高度集中。</blockquote> As for valuation, compared to partial competitor Bio-Rad Laboratories, the IPO is reasonably valued on a revenue multiple, although Cue is growing at a much higher rate of growth from a much lower revenue base, so the comparison is strained at best.<blockquote>至于估值，与部分竞争对手 Bio-Rad Laboratories 相比，IPO 的收入倍数估值合理，尽管 Cue 的增长率要高得多，但收入基础却低得多，因此这种比较充其量是紧张的。</blockquote> Given Cue’s growth trajectory, profitability and reasonable IPO valuation, the IPO is worth consideration.<blockquote>鉴于 Cue 的增长轨迹、盈利能力和合理的 IPO 估值，此次 IPO 值得考虑。</blockquote>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HLTH":"TEMA HEALTHCARE AI ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104085778","content_text":"(Sept 24) Cue Health Inc. opens for trading at $19.2, up 20% from IPO price.\n\nCompany & Technology\nSan Diego, California-based Cue was founded to first develop a COVID-19 test kit and integrated information platform for processing and communication.\nManagement is headed by co-founder, Chairman and CEO Ayub Khattak, who has been with the firm since inception and holds a B.S. in mathematics from UCLA.\nThe company’s primary offerings in its Cue Integrated Care Platform:\n\nHealth monitoring system\nRader\nCartridge\nWand\nData\nDelivery apps\nEnterprise dashboard\nEcosystem integrations\n\nCue has received at least $176 million in equity investment from investors including ACME Capital, Cove Investors, Decheng Capital China Life Sciences, Madrone and NVGA I.\nCustomer/User Acquisition\nThe company pursues healthcare provider relationships through its in-house direct sales team focused on healthcare providers, large enterprises and public sector clients.\nManagement expects 2021 customer demand for its COVID-19 test kits to exceed its manufacturing capacity.\nSales and Marketing expenses as a percentage of total revenue have varied as revenues have increased sharply, as the figures below indicate:\n\n\n\nSales and Marketing\nExpenses vs. Revenue\n\n\nPeriod\nPercentage\n\n\nSix Mos. Ended June 30, 2021\n1.0%\n\n\n2020\n3.1%\n\n\n2019\n1.3%\n\n\n\nThe Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, was 100.5x in the most recent reporting period, as shown in the table below:\n\n\n\nSales and Marketing\nEfficiency Rate\n\n\nPeriod\nMultiple\n\n\nSix Mos. Ended June 30, 2021\n100.5\n\n\n2020\n22.9\n\n\n\nMarket & Competition\nAccording to a 2020 marketresearch reportby Grand View Research, the global market for COVID-19 detection kits was an estimated $3.28 billion in 2020 and is expected to reach $5 billion by 2027.\nThis represents a forecast CAGR of 5.05% from 2021 to 2027.\nThe main drivers for this expected growth are a strong growth in demand for testing services of all types on a global basis.\nAlso, below is a chart showing the market share of use of detection kits by end-user type:\n\n(Source)\nMajor competitive or other industry participants include:\n\nAbbott Laboratories(NYSE:ABT)\nBecton, Dickinson(NYSE:BDX)\nbioMerieux(OTCPK:BMXMF)\nBio-Rad Laboratories(NYSE:BIO)\nDanaher(NYSE:DHR)\nEllume Limited\nEverly Health\nRoche(OTCQX:RHHBY)(OTCQX:RHHBF)\nFluidigm(NASDAQ:FLDM)\nGenMark Diagnostics(NASDAQ:GNMK)\nOthers\n\nFinancial Performance\nCue’s recent financial results can be summarized as follows:\n\nSharply growing top line revenue\nIncreasing gross profit and variable gross margin\nA swing to operating profit and net income\nVariable cash flow from operations\n\nBelow are relevant financial results derived from the firm’s registration statement:\n\n\n\n\nTotal Revenue\n\n\nPeriod\nTotal Revenue\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 201,922,000\n3971.0%\n\n\n2020\n$ 22,953,000\n246.4%\n\n\n2019\n$ 6,626,000\n\n\n\nGross Profit (Loss)\n\n\nPeriod\nGross Profit (Loss)\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 116,745,000\n2253.7%\n\n\n2020\n$ 8,002,000\n20.8%\n\n\n2019\n$ 6,626,000\n\n\n\nGross Margin\n\n\nPeriod\nGross Margin\n\n\nSix Mos. Ended June 30, 2021\n57.82%\n\n\n2020\n34.86%\n\n\n2019\n100.00%\n\n\n\nOperating Profit (Loss)\n\n\nPeriod\nOperating Profit (Loss)\nOperating Margin\n\n\nSix Mos. Ended June 30, 2021\n$ 79,463,000\n39.4%\n\n\n2020\n$ (45,126,000)\n-196.6%\n\n\n2019\n$ (20,767,000)\n-313.4%\n\n\n\nNet Income (Loss)\n\n\nPeriod\nNet Income (Loss)\n\n\nSix Mos. Ended June 30, 2021\n$ 32,840,000\n\n\n2020\n$ (47,352,000)\n\n\n2019\n$ (20,606,000)\n\n\n\nCash Flow From Operations\n\n\nPeriod\nCash Flow From Operations\n\n\nSix Mos. Ended June 30, 2021\n$ (37,812,000)\n\n\n2020\n$ 92,655,000\n\n\n2019\n$ (12,996,000)\n\n\n\nAs of June 30, 2021, Cue had $246.3 million in cash and $516.3 million in total liabilities.\nFree cash flow during the twelve months ended June 30, 2021, was negative ($60 million).\nValuation Metrics\nBelow is a table of relevant capitalization and valuation figures for the company:\n\n\n\n\nMeasure [TTM]\nAmount\n\n\nMarket Capitalization at IPO\n$2,299,981,232\n\n\nEnterprise Value\n$1,874,455,232\n\n\nPrice / Sales\n10.46\n\n\nEV / Revenue\n8.52\n\n\nEV / EBITDA\n35.46\n\n\nEarnings Per Share\n$0.03\n\n\nFloat To Outstanding Shares Ratio\n8.70%\n\n\nProposed IPO Midpoint Price per Share\n$16.00\n\n\nNet Free Cash Flow\n-$59,920,000\n\n\nFree Cash Flow Yield Per Share\n-2.61%\n\n\nRevenue Growth Rate\n3971.01%\n\n\n\nAs a reference, a potential partial and imperfect public comparable to Cue would be Bio-Rad (BIO); below is a comparison of their primary valuation metrics:\n\n\n\n\nMetric\nBio-Rad (BIO)\nCue Health (HLTH)\nVariance\n\n\nPrice / Sales\n8.15\n10.46\n28.3%\n\n\nEV / Revenue\n7.82\n8.52\n9.0%\n\n\nEV / EBITDA\n31.66\n35.46\n12.0%\n\n\nEarnings Per Share\n$134.05\n$0.03\n-100.0%\n\n\nRevenue Growth Rate\n25.6%\n3971.01%\n15436.03%\n\n\n(Glossary Of Terms)\n\n\n\nCommentary\nCue is seeking public investment capital to further scale its commercialization operations as well as continue its R & D efforts.\nThe company’s financials show sharply growing top line revenue, strong growth in gross profit and variable gross margin, a swing to operating profit and net income and highly fluctuating cash flow from or use in operations\nFree cash flow for the twelve months ended June 30, 2021, was an eye-popping negative ($60 million).\nSales and Marketing expenses as a percentage of total revenue have fluctuated as revenues have increased dramatically; its Sales and Marketing efficiency rate was an extremely high 100.5x in the most recent reporting period.\nThe market opportunity for COVID-19 and related test kit platforms is large and will likely grow at a high rate of growth over the coming years as countries around the world seek to bolster their testing capabilities in the wake of the recent global pandemic.\nGoldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 39.9% since their IPO. This is a mid-tier performance for all major underwriters during the period.\nThe primary risk to the firm now is that it is essentially a one-product company, so its revenue base is heavily concentrated.\nAs for valuation, compared to partial competitor Bio-Rad Laboratories, the IPO is reasonably valued on a revenue multiple, although Cue is growing at a much higher rate of growth from a much lower revenue base, so the comparison is strained at best.\nGiven Cue’s growth trajectory, profitability and reasonable IPO valuation, the IPO is worth consideration.","news_type":1,"symbols_score_info":{"HLTH":0.9}},"isVote":1,"tweetType":1,"viewCount":2930,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}

IPO opening reminder: Cue Health opens for trading at $19.2, up 20% from IPO price.<blockquote>IPO 开盘提醒：Cue Health 开盘价为 19.2 美元，较 IPO 价格上涨 20%。</blockquote>

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