Cue Health

Cue Health (formerly known as Ruubix) is a virtual diagnostics care platform that develops Covid-19 test kits for at-home and clinical use. In June 2023 , it received the De Novo authorization, a regulatory pathway provided by the FDA for the approval of new medical devices, for its Cue Covid-19 Molecular Test, making it the first FDA-authorized home use Covid-19 test. Further, according to an independent study by the Mayo Clinic, its tests matched laboratory results with 98% accuracy.

The Cue Health Monitoring System consists of a portable reader with a single-use test cartridge, sample collection wands, its Covid-19 test kit, and an accompanying mobile app that displays the digital results of the tested samples within 20 minutes. 

Additionally, Cue Health offers a D2C virtual care platform, Cue+, as a part of its membership program. The two-tiered membership program includes: 1) Cue+ Essential for USD 49.99 offers access to at-home testing services, on-demand access to chat with physicians consultations, and online prescription service; and 2) Cue+ Complete priced at USD 74.99 will include Cue+Essential services and CDC-compliant COVID-19 test results through in-app video proctoring for travel, work, or school.

The company began trading on NASDAQ in September 2021 under the ticker symbol “HLTH” raising USD 200 million at IPO. In August 2023, the company was awarded a USD 28 million worth contract from the Biomedical Advanced Research and Development Authority to develop multiple over-the-counter and point-of-care tests. 

In 2022, revenue decreased 22% YoY to USD 483.5 million primarily due to the completion of its US DoD Agreement in December 2021 combined with declining demand for COVID-19 testing.

Key customers and partnerships

The company has established several key partnerships  in the private and public sector, including that with a medication company BioReference Laboratories (April 2022), pharmacy provider Albertsons Companies (March, 2022), University of Pittsburgh Medical Center Children's Community Pediatrics (March, 2022), and pharmaceutical distributor Cardinal Health (February, 2022).