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Lucid Diagnostics Inc. (Nasdaq: LUCD) is a commercial-stage medical diagnostics company dedicated to cancer prevention, particularly focusing on patients with gastroesophageal reflux disease (GERD). GERD, commonly known as chronic heartburn or acid reflux, places millions at risk of developing esophageal precancer and the highly lethal esophageal adenocarcinoma. Lucid's groundbreaking products, EsoCheck and EsoGuard, are at the forefront of early detection and prevention.
EsoGuard is a bisulfite-converted Next Generation Sequencing (NGS) DNA assay performed on surface esophageal cells collected with the EsoCheck device. This test quantifies methylation at 31 sites on two genes, Vimentin (VIM) and Cyclin A1 (CCNA1), detecting esophageal precancer and cancer with over 90% sensitivity and specificity. EsoCheck is an FDA 510(k) and CE Mark cleared noninvasive swallowable balloon capsule catheter device. This device can sample surface esophageal cells in less than five minutes, providing an effective, non-invasive alternative to costly and invasive endoscopy.
Lucid has shown substantial progress, including solid revenue growth on stable test volumes. Their revenue cycle management processes are improving, and the CYFT program targeting specific groups like firefighters is thriving. Their direct contracting initiative is also accelerating, with near-term prospects for delivering contracts, testing, and revenue.
Recently, Lucid announced a partnership with the Esophageal Cancer Action Network (ECAN) to highlight Esophageal Cancer Awareness Month. Public service videos run on Nasdaq's billboard in Times Square, spreading awareness about the link between heartburn and esophageal cancer.
Lucid's peer-reviewed publication of positive data from a National Cancer Institute (NCI)-sponsored study confirmed the high sensitivity and specificity of the EsoGuard test. This significant milestone supports their goal of widespread screening and early detection, moving towards Medicare coverage.
Lucid continues to advance its operations and strategies, recently closing a $30 million preferred stock financing to support their growth. They are on track to achieve key milestones, including expanded private and public coverage and direct contracting. Lucid's clinical evidence base for EsoGuard is robust, further enhancing their line of sight to Medicare coverage.
For more information, visit www.luciddx.com and their parent company PAVmed at www.pavmed.com.
PAVmed Inc. (PAVM, PAVMZ) provided a business update and preliminary financial results for Q1 2022, reporting a GAAP net loss of approximately $16.9 million or $(0.20) per share. EsoGuard related revenues reached $0.2 million, with a significant 76% increase from Q4 2021. Operating expenses totaled $19.3 million, including $4.8 million in stock-based compensation. The company maintains a strong balance sheet with $64.7 million in cash. Notably, ACG has endorsed nonendoscopic biomarker screening, benefiting Lucid's EsoGuard DNA Test. A conference call is scheduled today at 4:30 PM EDT.
Lucid Diagnostics reported preliminary financial results for Q1 2022, revealing EsoGuard related revenues of $0.2 million and an operating loss of approximately $12.3 million, or $(0.35) per share. The company experienced a significant operational boost with a 76% increase in EsoGuard tests processed, totaling 533 tests. Lucid continues to expand its sales infrastructure and laboratory capabilities, having signed a payer agreement with MediNcrease Health Plans. However, operating expenses surged to $11.9 million, raising concerns over financial efficiency.
Lucid Diagnostics Inc. has signed its first commercial payer agreement with MediNcrease Health Plans, providing in-network access to its EsoGuard DNA test for over 8 million covered lives. This agreement allows patients at risk for esophageal cancer to receive early detection through EsoGuard, enhancing cancer prevention efforts. The partnership is seen as a strategic milestone, aiming to secure further agreements to expand coverage. This test is crucial as esophageal cancer is highly lethal, with a mortality rate exceeding 80% within five years of diagnosis.
PAVmed Inc. (Nasdaq: PAVM, PAVMZ) will host a business update conference call on May 12, 2022, at 4:30 PM EDT. CEO Lishan Aklog will discuss the company's near-term milestones and growth strategy, while CFO Dennis McGrath will review the first quarter 2022 financial results. Participants can join by dialing provided numbers or via the company's investor relations website. PAVmed is a commercial-stage medical technology company with subsidiaries like Lucid Diagnostics, offering early detection tools for esophageal cancer and other innovative healthcare solutions.
Lucid Diagnostics Inc. (Nasdaq: LUCD) will host a business update conference call on May 11, 2022, at 4:30 PM EDT. The call will feature
Lucid Diagnostics announced that the updated American College of Gastroenterology (ACG) clinical guideline supports esophageal precancer screening using its EsoGuard DNA Test. This represents a shift towards nonendoscopic screening methods, which are less invasive and can significantly increase screening rates for at-risk patients. The proposed Medicare Local Coverage Determination by Palmetto GBA's MolDX Program is also notable, allowing public comment before a meeting on May 10, 2022. These developments aim to reduce preventable esophageal cancer deaths in the U.S., especially among the GERD patient population.
Lucid Diagnostics Inc. (Nasdaq: LUCD) has announced that Dr. Lishan Aklog, CEO, will speak at the 21st Annual Needham Virtual Healthcare Conference from April 11-14. He is scheduled for a Fireside chat on April 12 from 1:30 - 2:10 pm ET. Lucid focuses on cancer prevention, particularly for patients with gastroesophageal disease (GERD) using its FDA Breakthrough Device-designated EsoGuard® test. The company is actively enrolling participants for clinical trials to support FDA approval, emphasizing its commitment to early detection of esophageal cancer.
PAVmed Inc. (Nasdaq: PAVM, PAVMZ) reported a business update and preliminary financial results for the year ended December 31, 2021. Key highlights include a significant increase in EsoGuard tests processed, reaching 303 in Q4 2021, a 50% sequential and nearly 200% annual growth. However, revenues for EsoGuard were only $0.3 million for Q4 and $0.5 million for the year. Operating expenses totaled approximately $54.3 million for 2021, resulting in a GAAP net loss of $50.6 million. The company had $77.3 million in cash at year-end and plans to raise up to $50 million through a new equity facility with Cantor Fitzgerald.
Lucid Diagnostics, a cancer prevention diagnostics company, reported its preliminary financial results for 2021, showcasing significant growth, particularly in EsoGuard testing volume, which rose nearly 200% year-over-year. The company processed 303 tests in Q4 2021, highlighting a 50% sequential increase. Operating expenses were about $27.3 million for the year, resulting in a net loss of $28.1 million. Lucid maintains a strong cash position of $53.7 million and has plans for further expansion in sales and testing programs. A conference call will provide additional insights at 4:30 PM EDT today.
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