Lucid Diagnostics Inc. ( (LUCD) ) has released its Q4 earnings. Here is a breakdown of the information Lucid Diagnostics Inc. presented to its investors.
Lucid Diagnostics Inc., a subsidiary of PAVmed Inc., is a commercial-stage medical diagnostics company specializing in cancer prevention, particularly focusing on patients with gastroesophageal reflux disease (GERD) who are at risk of developing esophageal precancer and cancer. The company offers the EsoGuard Esophageal DNA Test, which is performed on samples collected noninvasively with the EsoCheck Esophageal Cell Collection Device, aiming to prevent esophageal cancer through early detection of precancerous conditions.
In its latest earnings report, Lucid Diagnostics announced a record processing of 4,042 EsoGuard tests in the fourth quarter of 2024, marking a 45% sequential and 84% annual increase. The company recognized $1.2 million in EsoGuard revenue for the same period and secured new sales channels, including over 20 cash-pay concierge medicine contracts. Additionally, Lucid achieved its first commercial insurance coverage policy for EsoGuard and secured an agreement under state biomarker legislation.
Key financial highlights include a net loss of approximately $11.5 million for the fourth quarter, with operating expenses totaling around $13.6 million. Despite the losses, Lucid Diagnostics completed significant financing activities, raising $32.8 million in net proceeds, which extended its cash runway beyond key reimbursement milestones. The company also regained compliance with Nasdaq’s minimum bid price requirement, ensuring continued listing on the Nasdaq Capital Market.
Looking ahead, Lucid Diagnostics is optimistic about achieving broader payor coverage for EsoGuard and anticipates revenue growth in the latter half of 2025, driven by new sales channels. The company is well-positioned to capitalize on the large clinical and market opportunity presented by EsoGuard, with ongoing efforts to expand its market reach and strengthen its clinical evidence base.