Google's Provider of At-Home Covid-19 Tests Is Now a $3 Billion Company Traded on Nasdaq

Cue Health is expanding its partnership with Google, selling more Covid-19 tests to the tech giant.

Google's Provider of At-Home Covid-19 Tests Is Now a $3 Billion Company Traded on Nasdaq

Cue Health had gotten most of its business to that point from a contract with the U.S. Department of Defense, which provided rapid tests to federal government. Cue Health used this relationship to build a compelling story for investors on the public markets. The stock rose 25% at close to $20 on the Nasdaq, under the ticker "HLTH." In 2020, the pandemic that was unprecedented in history made instant testing a necessity. The Cue Health test kit comes with a wand and cartridge. The user inserts a nasal swab into the box with the wand, and a reader sends the results to the smartphone app in about 20 minutes. The company signed a contract with the government to provide funding for a new stadium in Las Vegas. According to the prospectus, the DOD will "meet unprecedented demand for rapid molecular diagnostic tests."

Cue Health

Cue Health CEO Ayub Khattak said, "We have been working really hard throughout the pandemic," in an interview given to CNBC Friday following the IPO. Khattak and Clint Sever, the product chief of the company, founded it originally under the name Ruubix. Cue reported that revenues in the first six months of the year had reached $201.9million, up from the $5million in the same period last year. More than 80% came from the sales of products to the public sector. Khattak refused to identify the customer, but sources familiar with the matter confirmed that it was Google. In its prospectus, the company admits this issue right at the start of the section on risk factors. The filing states that "Our COVID-19 is our only test commercially available at this time." Cue Health had to increase its workforce to keep up with the growing demand. In 2020, the company had less than 100 employees. Today it has over 1,250. , has been named chief commercial officer. Cue Health has announced that it is working on several tests, including Covid-19. These tests can be performed using nasal swabs, blood, urine, and saliva samples. Google's agreement with Cue Health allows employees to order more test strips via the company portal. Offer resources to help employees with their mental and physical well-being.

Web Services and Microsoft Azure. Khattak explained that "it kind of came together at that point." We were trying to meet the demands of our clients and scale up, so we weren't necessarily in outreach mode. For conspiracy to commit fraud by wire and for wire fraud. Khattak explained that "as a growing company, having this sort of thing in your backyard is something that creates an essentially higher hurdle." Cue Health CEO on FDA Emergency Authorization for Covid At-Home Tests