Cue’s portable, rapid tests that upload results to a smartphone in around 20 minutes are used by the Department of Defense and the Mayo Clinic.
. On average, the company is manufacturing around 43,000 Covid-19 test kits daily.
Khattak, 36, and cofounder and chief product officer Clint Sever, 36, met more than a decade ago when Sever moved into the house next door in Los Angeles. Khattak, a mathematics major who worked in a biochemistry lab during undergrad at UCLA and Sever, who studied retail and consumer science at the University of Arizona, began talking about the swine flu pandemic, which was gripping the world at the time.
The FDA authorizations, combined with the Department of Defense contract, helped boost Cue’s revenues from a net loss of $20.6 million on $23 million in revenue in 2020 to net income of $32.8 million on $202 million in revenue in the first six months of 2021. Following the IPO,estimates Khattak’s 10.6 million shares and options to be worth $226 million and Sever’s 2.7 million shares and options to be worth $121.2 million.
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