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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.
The American Foregut Society (AFS) has formally requested health insurance providers to update their medical policies to include Lucid Diagnostics' (Nasdaq: LUCD) EsoGuard® Esophageal DNA test as a covered service. This move aims to enhance early detection of esophageal precancer (Barrett's Esophagus) and prevent highly lethal esophageal cancer. The AFS, a leading society of gastroenterologists and surgeons, highlighted the strong scientific evidence supporting EsoGuard as a minimally invasive screening alternative to endoscopy.
The AFS emphasized that expanding access to EsoGuard will empower providers with an essential triage for upper endoscopy, enabling early detection of Barrett's Esophagus. As a point-of-care test in primary care offices, EsoGuard can reduce health disparities in endoscopy access. The society urged immediate coverage of the test, aligning with recent gastroenterology society guidelines and state legislation mandating coverage of such biomarker tests.
PAVmed Inc. (NASDAQ: PAVM) provided a business update and Q2 2024 financial results. Key highlights include:
- Lucid reported record quarterly EsoGuard® test volume of 3,147, up 31% from Q1
- EsoGuard revenue was $1.0 million, up 514% year-over-year
- Veris Health launched a pilot program with The Ohio State's James Cancer Hospital
- Q2 operating expenses were $14.6 million
- GAAP net loss was $10.9 million or $(1.19) per share
- Non-GAAP adjusted loss was $7.7 million or $(0.84) per share
- Cash and equivalents of $25.5 million as of June 30, 2024
The company is focused on strengthening finances by making subsidiaries independently financeable. Lucid remains PAVmed's strongest asset, while Veris Health and PortIO are pursuing independent financing.
Lucid Diagnostics Inc. (NASDAQ: LUCD) reported its Q2 2024 financial results and business update. Key highlights include:
- EsoGuard® test volume increased 31% quarterly and 44% annually
- EsoGuard revenue was $1.0M, flat compared to Q1 but up 514% year-over-year
- 3,147 commercial EsoGuard tests performed, a single-quarter record
- Positive clinical data released from ENVET-BE and ESOGUARD BE-1 studies
- Cash and cash equivalents of $24.9M as of June 30, 2024
- GAAP net loss of $11.0M or $(0.23) per share
- Non-GAAP adjusted loss of $9.7M or $(0.20) per share
The company is focused on securing broad coverage and reimbursement to drive EsoGuard revenue growth.
Lucid Diagnostics (Nasdaq: LUCD) successfully completed its first major directly-contracted #CheckYourFoodTube Precancer Testing Event in partnership with the Fort Worth Fire Department (FWFD) and Front Line Mobile Health. Nearly 200 firefighters underwent testing using Lucid's EsoGuard® Esophageal DNA test and EsoCheck® Esophageal Cell Collection Device.
FWFD Fire Chief Jim Davis emphasized the importance of early detection, citing his personal loss to esophageal cancer. Lucid's President and COO, Shaun O'Neil, highlighted the potential for directly contracting with self-insured entities to contribute to long-term revenue growth. The event garnered local media coverage and addressed the increased risk of esophageal cancer among firefighters.
Lucid Diagnostics (Nasdaq: LUCD) has released new real-world data from its ENVET-BE study, demonstrating the clinical utility of the EsoGuard® Esophageal DNA test as a non-invasive triage tool for detecting esophageal precancer and cancer. The study showed that patients triaged to invasive upper endoscopy (EGD) following a positive EsoGuard test had a 2.4-fold increase in positive yield compared to screening EGD alone in at-risk patients.
Key findings include:
- EGD confirmed Barrett's Esophagus (BE) in 50 out of 199 patients who received a positive EsoGuard result
- Post-triage EGD yield was 25%, compared to the expected 11% yield of EGD as a standalone screening tool
- Results support the use of EsoGuard as an alternative to EGD for esophageal precancer testing, potentially increasing compliance with screening guidelines and reducing esophageal cancer deaths
Lucid Diagnostics (Nasdaq: LUCD), a commercial-stage cancer prevention medical diagnostics company and subsidiary of PAVmed Inc. (Nasdaq: PAVM), has announced its participation in two upcoming investor conferences. The company will attend the 9th Annual Needham Virtual MedTech & Diagnostics 1x1 Conference on August 12-13, 2024. Additionally, Lucid will participate in a fireside chat at the Canaccord Genuity 44th Annual Growth Conference on Tuesday, August 13, 2024, at 1:30 PM ET.
Investors can access the live and archived webcast of the Canaccord Genuity fireside chat through the provided link or by visiting the Investor Relations Section of the Lucid Diagnostics website. A replay of the webcast will be available on the website for 30 days following the live broadcast.
PAVmed Inc. (Nasdaq: PAVM, PAVMZ), a diversified commercial-stage medical technology company, has announced a business update conference call and webcast scheduled for August 13, 2024, at 8:30 AM ET. During the call, Chairman and CEO Lishan Aklog, M.D., will provide an overview of the company's operations and growth strategy, while President and CFO Dennis McGrath will discuss second quarter 2024 financial results.
Investors can access the webcast through PAVmed's website or join the conference call by dialing 1-800-836-8184 (U.S.) or 1-646-357-8785 (international). The call name is "PAVmed Business Update". A 30-day replay will be available on the company's website following the call.
Lucid Diagnostics (Nasdaq: LUCD), a commercial-stage cancer prevention medical diagnostics company, has announced a business update conference call and webcast scheduled for August 12, 2024, at 8:30 AM ET. The event will feature:
- A business update and overview of operations by CEO Lishan Aklog, M.D.
- Discussion of the company's growth strategy
- Presentation of Q2 2024 financial results by CFO Dennis McGrath
Interested parties can access the webcast via the investor relations section of luciddx.com. For telephone access, U.S. callers should dial 1-800-836-8184, while international listeners should use 1-646-357-8785. The conference call name is "Lucid Diagnostics Business Update". A 30-day replay will be available on the company's website after the call.
Lucid Diagnostics Inc. (Nasdaq: LUCD) reported a record-breaking quarter for its EsoGuard® Esophageal DNA test volume. In Q2 2024, the company performed 3,174 tests, marking a 31% increase from Q1. This growth is attributed to expanded awareness and demand for EsoGuard esophageal precancer testing across various healthcare settings.
CEO Lishan Aklog emphasized the company's focus on increasing access to EsoGuard testing. Lucid expects to release full Q2 2024 results in mid-August. Additionally, the company held a productive meeting with CMS Medicare Administrative Contractor Palmetto GBA's Molecular Diagnostics Program (MolDX), which included key executives and medical experts in gastroenterology.
Lucid Diagnostics (Nasdaq: LUCD), a company focused on cancer prevention medical diagnostics, has launched a newly redesigned corporate website (www.luciddx.com) as announced on July 11, 2024. This improved platform aims to provide an enhanced user experience for patients, healthcare professionals, investors, and other stakeholders. According to Jenna Mowatt, Vice President of Marketing and Communications, the website is designed to reflect the company's mission to prevent esophageal cancer and showcase its innovative technologies through a modern design and comprehensive content. Lucid Diagnostics encourages visitors to explore the new website for more information.
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