Cue Health Monitoring System (Ultimate Guide)

Cue Health 2

Cue Health is a healthcare technology firm headquartered in San Diego, California that creates portable diagnostic tests for usage in the comfort of one’s own home.

The business created the first COVID-19 diagnostic test approved by the FDA for self-administration (without a doctor’s supervision or prescription) in the United States.

Cue is a healthcare technology firm that empowers individuals to manage their health data and centers treatment on diagnostic findings.

As a company, Cue’s goal is to help individuals take charge of their health by providing them with proactive, tailored, and educational information.

With Cue, users and their healthcare providers have convenient, anytime, anywhere access to lab-quality diagnostics in a device that fits in the palm of their hand, empowering users to take charge of their health via real-time, actionable, and linked health information.

The COVID-19 test developed by Cue was the first molecular diagnostic test approved by the FDA for self-administration (i.e., without a doctor’s supervision) outside of a clinical setting. Cue is an innovative San Diego-based company that began operations in 2010.

History

Ayub Khattak and Clint Sever established Cue Health in 2010 as Cue, Inc. in San Diego. Khattak was promoted to CEO, while Sever took on the role of CPO.

The series A funding round, headed by SherpaVentures and Immortalana, totaled $7.5 million and closed in November of 2014.

Famous people including Leonardo DiCaprio, Marc Benioff (CEO of Salesforce), and Jim Messina (political strategist) were among the company’s early investors.

The US Department of Health and Human Services’ Biomedical Advanced Research and Development Authority (BARDA) granted the business, now known as Cue Health, $14 million in June 2018 to create a low-cost fast molecular test for influenza.

The $45 million Series B funding round was completed in July.

In June 2020, the FDA granted Emergency Use Authorization (EUA) to Cue Health for their point-of-care COVID-19 test.

As of the end of June, the firm has also secured $100 million in Series C investment from investors including Decheng Capital, Foresite Capital, Madrone Capital Partners, Johnson & Johnson Innovation, ACME Capital, and others.

Cue Health was given a $481 million contract by the Department of Defense in October to increase production of 6 million COVID-19 molecular tests and distribute them throughout 10 states in the United States.

The initiative aided people working in the fishing business in Unalaska, Alaska, who lacked convenient access to social isolation or laboratory testing facilities.

The NBA confirmed in November that it will employ Cue’s COVID-19 test to ensure the safety of its bubble in Orlando for the upcoming 2019-20 NBA season.

Cue Health’s over-the-counter, in-home molecular COVID-19 test received a EUA from the FDA in March 2021.

The business announced in April that it will be making the COVID-19 exam available to K-12 and higher education institutions via a program called Cue for Schools.

The IPO took place in September under the ticker code “HLTH” on the NASDAQ, with an estimated worth of $2.3 billion.

This is the third year in a row that the firm has partnered with the NBA, and in October, they announced that they will be the official home and point of care COVID-19 testing provider for the 2021–22 season.

The first month of direct sales of the company’s test was November. American newsweekly Newsweek featured the home Covid test by Cue Health as one of the month’s best new products in December.

Alphabet, the parent company of Google, stated in January 2022 that they will be providing Cue’s home testing to its workers.

Google’s cloud business was also said to have collaborated with Cue Health to provide real-time COVID-19 variant monitoring and sequencing, providing Google with access to testing and variant data. The Cue Health reader was recognized as one of Google’s favorite bonuses in a January study by Fast Company.

Products

Cue Health creates tools for analyzing molecular biomarkers.

COVID-19 is caused by SARS-CoV-2, which is amplified and detected in Cue Health’s COVID-19 assays.

The Cue Health Monitoring System (Cue Cartridge Reader), Cue COVID-19 Test Cartridge, Cue Sample Wand, and the Cue Health Mobile Application (Cue Health App) for mobile smart devices make up the testing system.

A nasal swab specimen is taken with the Cue Sample Wand, then placed in the Cue COVID-19 Test Cartridge and processed using the Cue Cartridge Reader and the Cue Health App on a mobile smart device.

After roughly 20 minutes, the Cue Health App receives the test results automatically.

Users of the Cue Health App may access on-demand telemedicine, proctoring, and prescription services via Cue Health’s products.

Cue Health also provides a software platform for health practitioners to manage patient test data and follow-up treatment.

In 2018, the firm was also working on a multiplex test for medical professionals to identify a variety of respiratory infections.

Cue Health

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Who owns  Cue Health?

Type Public
Founders Ayub Khattak and Clint Sever
Headquarters San Diego, California, USA
Key people CEO Ayub Khattak, CTO Clint Sever (Chief Product Officer)
Revenue Totaling US$618.107 Billion (Fiscal Year Ended December 31, 2021)

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Cue Health raises $235M to pivot post-COVID

Though many firms anticipate the market for COVID-19 testing to decline in the coming months, investors are betting the public stays eager for the advancements in having healthcare function practically everywhere.

Cue Health, a producer of portable diagnostics, intends to lead this movement by using $235 million in fresh funding to generalize its success with point-of-care coronavirus testing.

Private investors such as Perceptive Advisors, MSD Capital, and Koch Strategic Platforms have joined the likes of Johnson & Johnson Innovation, Decheng Capital, CAVU Ventures, and ACME Capital in supporting the most recent Fierce 15 winner.

“The current COVID-19 epidemic has revealed many of the inadequacies of the existing quo healthcare business,” stated Ayub Khattak, CEO of Cue.

“It’s evident that the world has to make the leap to Healthcare 2.0, a decentralized, responsive, digital-first and consumer-centric approach that makes it simple to get crucial health information and act on it.”

Khattak argues that “distributed diagnostics” is the missing link in providing high-quality virtual healthcare to an extensive range of people.

The company’s goal was to do this in a world without a pandemic by developing point-of-care testing for influenza.

But since the emergence of the epidemic, it’s transitioned to hand-held testing that became the screener of choice for the NBA’s player-protecting Bubble and gained the firm hundreds of millions of dollars in backing from the U.S. government to increase its domestic manufacturing.

Now that they have cleared people of infectious diseases for entry to schools, event venues, hotels, and other places, Cue plans to pivot back once more to offer a menu of simple tests run through one diagnostic system and a telehealth platform, including in respiratory, cardiovascular, and sexual health.

Investor interest is being seen in more than only Cue, however. Oversubscribed at $75 million, ixlayer is a telehealth company that intends to link individuals with lab diagnostics.

Meanwhile, past Fierce 15 winner Inflammatix raised $102 million for its point-of-care immune system testing pipeline.

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