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Cue Health

From Wikipedia - Reading time: 5 min
Cue Health
TypePublic
Nasdaq: HLTH
Russell 3000 Index component
Founded2010
FoundersAyub Khattak, Clint Sever
HeadquartersSan Diego, California, United States
Key people
Ayub Khattak (CEO)
Clint Sever (Chief Product Officer)
RevenueIncrease US$618.107 Million (Fiscal Year Ended December 31, 2021)[1]
Increase US$190.219 Million (Fiscal Year Ended December 31, 2021)[1]
Increase US$86.418 Million (Fiscal Year Ended December 31, 2021)[1]
Total assetsIncrease US$940.060 Million (Fiscal Year Ended December 31, 2021)[1]
Total equityIncrease US$706.750 Million (Fiscal Year Ended December 31, 2021)[1]
Number of employees
500 (January 2021)[2]
Websitecuehealth.com

Cue Health is a publicly-traded San Diego, California-based healthcare technology company that develops portable diagnostic tests for at-home use. The company developed the first FDA-authorized COVID-19 diagnostic test for at-home and over-the-counter use without a prescription and physician supervision.

History[edit]

Cue Health was founded as Cue, Inc. in San Diego in 2010, by Ayub Khattak and Clint Sever.[2][3] Khattak became the company's CEO, and Sever became Chief Product Officer.[3]

In November 2014, the company raised $7.5 million in a series A round led by SherpaVentures and Immortalana.[4] Early investors included actor Leonardo DiCaprio, Salesforce CEO Marc Benioff, and political strategist Jim Messina.[5]

In June 2018, the US health agency Biomedical Advanced Research and Development Authority (BARDA), part of the United States Department of Health and Human Services (HHS) awarded $14 million to the company, now named Cue Health, to develop an inexpensive rapid molecular influenza test.[6] In July, the company closed a $45 million Series B round.[7]

In June 2020, the FDA granted Emergency Use Authorization (EUA) to Cue Health for its point-of-care COVID-19 test.[8] Also in June, the company closed a $100 million Series C funding round, with participation from Decheng Capital, Foresite Capital, Madrone Capital Partners, Johnson & Johnson Innovation, ACME Capital and others.[9] In October, the Department of Defense awarded Cue Health a $481 million contract to scale-up its manufacturing and distribute 6 million COVID-19 molecular tests across 10 U.S. states, including Alaska, Florida and Texas.[10][11] The program assisted fishing industry workers in Unalaska, Alaska, who could not easily socially distance, nor access laboratory testing services.[12] In November, the National Basketball Association (NBA) announced it had used Cue's COVID-19 test to safely operate its bubble in Orlando during the 2019-20 NBA season.[13]

In March 2021, the FDA granted Cue Health an EUA for its at-home, non-prescription, over-the-counter molecular COVID-19 test.[14] In April, the company announced its Cue for Schools program to provide K-12 schools and universities with its COVID-19 test.[15] In September, the company went public under the symbol "HLTH" on the NASDAQ at a valuation of about $2.3 billion.[16] In October, the company announced it would be serving as the NBA's official home and point of care COVID-19 testing provider for the 2021–22 season, marking its third straight year of partnership with the league.[17] In November, the company began selling its test directly to consumers.[5] In December, American news magazine Newsweek named Cue Health's home Covid test as one of its favorite products of the month.[18]

In January 2022, Google's parent Alphabet announced they were offering Cue's home tests to employees.[19] It was also reported that Google's cloud division had partnered with Cue Health to develop real-time COVID-19 variant tracking and sequencing, giving Google access to testing and variant data.[20] Also in January, Fast Company reported that the Cue Health reader was one of Google's most popular employee perks.[5]

Products[edit]

Cue Health COVID-19 test reader

Cue Health develops molecular testing devices. The company's COVID-19 tests amplify and detect the genomic RNA of SARS-CoV-2, the virus that causes COVID-19. The testing system consists of a swab and cartridge that reads the user's specimen, and an application that produces the results.[21][22][15]

The app also provides access to a mobile health dashboard to connect with on-demand telemedicine, proctoring, and prescription services.[6]

The company also develops a software platform for health providers to manage patient test results and follow-up care.[6]

As of 2018, the company was also reportedly developing a professional-use multiplex test to detect different respiratory pathogens.[6]

Operations[edit]

Cue Health's headquarters and manufacturing facilities are based in San Diego.[2] As of September 2021, the company reported over 1,250 employees.[23]

References[edit]

  1. ^ a b c d e "Cue Health Full Year 2021 Form 10-K Report". cuehealth.gcs-web.com. 31 December 2021. Retrieved 31 March 2022.
  2. ^ a b c "Cue Health Expands Operations to Vista". San Diego Business Journal. January 17, 2021. Retrieved January 11, 2022.
  3. ^ a b "Cue's Smartphone Device Intended to Give Consumers an Inexpensive Way to Perform Certain Medical Laboratory Tests at Home". Dark Daily. August 27, 2014. Retrieved January 11, 2022.
  4. ^ "Cue Draws In $7.5M For Its Health Tracking Lab-In-A-Box". TechCrunch. November 19, 2014. Retrieved January 11, 2022.
  5. ^ a b c "Meet the COVID-19 testing company behind one of Google's most coveted perks". Fast Company. January 21, 2022. Retrieved January 21, 2022.
  6. ^ a b c d "Cue Health's COVID-19 cartridge test authorized for home use with no prescription". University of Minnesota - CIDRAP. July 12, 2018. Retrieved January 12, 2022.
  7. ^ "Cue Health reels in $45M in series B financing for its diagnostic products". Fierce Biotech. July 11, 2018. Retrieved January 10, 2022.
  8. ^ "Cue Health's portable, fast COVID-19 test gains FDA emergency approval". TechCrunch. June 12, 2020. Retrieved January 11, 2022.
  9. ^ "Cue Health raises $100 million to speed development of rapid, portable COVID-19 diagnostics". TechCrunch. June 10, 2020. Retrieved January 11, 2022.
  10. ^ "San Diego's Cue Health awarded $481M by US government for rapid COVID-19 test". San Diego Union Tribune. October 14, 2020. Retrieved January 11, 2022.
  11. ^ "Cue Health awarded $481 million to scale up production of COVID-19 test: HHS". Reuters. October 13, 2020. Retrieved January 12, 2022.
  12. ^ "New COVID test key to saving Alaska's salmon season, fishing jobs". Fox Business. April 28, 2021. Retrieved January 11, 2022.
  13. ^ "HHS launches pilot program in five states using rapid Covid test deployed by NBA". CNBC. November 19, 2020. Retrieved January 11, 2022.
  14. ^ "FDA gives Cue Health first EUA for at-home, OTC COVID-19 molecular testing". Mobile Health News. March 5, 2021. Retrieved January 12, 2022.
  15. ^ a b "Cue Health Launches New COVID-19 Testing Program for Schools". Govtech. April 6, 2021. Retrieved January 12, 2022.
  16. ^ "Covid Test Maker Cue Health Goes Public At $2.3 Billion Valuation As Demand Surges". Forbes. September 24, 2021. Retrieved January 12, 2022.
  17. ^ "Cue Health snags the rebound, reupping NBA COVID testing contract for another season". Fierce Biotech. October 14, 2021. Retrieved January 11, 2022.
  18. ^ "December Faves: Newsweek's Products of the Month". Newsweek. December 23, 2021. Retrieved January 18, 2022.
  19. ^ "Google's Staff Get Pricey Fast Covid Tests While Contractors Wait". Bloomberg. January 11, 2022. Retrieved January 21, 2022.
  20. ^ "Google tells anyone coming into the office to take weekly Covid tests amid omicron surge". CNBC. January 14, 2022. Retrieved January 17, 2022.
  21. ^ "FDA EUA200248". FDA.gov. March 26, 2021. Retrieved January 11, 2022.
  22. ^ "Cue Health's COVID-19 cartridge test authorized for home use with no prescription". Fierce Biotech. March 8, 2021. Retrieved January 11, 2022.
  23. ^ "Google's provider of at-home Covid-19 tests is now a $3 billion company traded on Nasdaq". CNBC. September 24, 2021. Retrieved January 12, 2022.

External links[edit]

Licensed under CC BY-SA 3.0 | Source: https://en.wikipedia.org/wiki/Cue_Health
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