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Lucid Diagnostics Provides Business Update and Reports Fourth Quarter and Full Year 2024 Financial Results

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Lucid Diagnostics (NASDAQ: LUCD) reported strong Q4 2024 performance with record 4,042 EsoGuard tests processed, representing a 45% sequential and 84% annual increase. The company recognized $1.2 million in EsoGuard revenue for Q4 2024.

Key achievements include securing over 20 new cash-pay concierge medicine contracts, obtaining first positive commercial insurance coverage from Highmark Blue Cross Blue Shield, and first agreement under state biomarker legislation with BCBS Rhode Island. The company completed a $22 million convertible debt refinancing and $15.3 million common stock financing, extending cash runway.

Financial highlights show Q4 2024 operating expenses of $13.6 million, including $1.2 million in stock-based compensation. GAAP net loss was $11.5 million or $(0.20) per share. Cash position stood at $22.4 million as of December 31, 2024, with pro forma cash of approximately $36.9 million including Q1 2025 financing.

Lucid Diagnostics (NASDAQ: LUCD) ha riportato una forte performance nel quarto trimestre del 2024, con un numero record di 4.042 test EsoGuard elaborati, che rappresentano un aumento del 45% rispetto al trimestre precedente e dell'84% rispetto all'anno precedente. L'azienda ha registrato 1,2 milioni di dollari di entrate da EsoGuard per il quarto trimestre del 2024.

Tra i risultati chiave, si evidenzia la conquista di oltre 20 nuovi contratti di medicina concierge a pagamento, l'ottenimento della prima copertura assicurativa commerciale positiva da Highmark Blue Cross Blue Shield e il primo accordo sotto la legislazione statale sui biomarker con BCBS Rhode Island. L'azienda ha completato un rifinanziamento di debito convertibile da 22 milioni di dollari e un finanziamento di azioni ordinarie da 15,3 milioni di dollari, estendendo la propria liquidità.

I punti salienti finanziari mostrano spese operative nel quarto trimestre del 2024 pari a 13,6 milioni di dollari, comprese 1,2 milioni di dollari in compensi azionari. La perdita netta secondo i principi contabili GAAP è stata di 11,5 milioni di dollari, ovvero $(0,20) per azione. La posizione di cassa era di 22,4 milioni di dollari al 31 dicembre 2024, con una liquidità pro forma di circa 36,9 milioni di dollari, inclusi i finanziamenti del primo trimestre del 2025.

Lucid Diagnostics (NASDAQ: LUCD) reportó un sólido desempeño en el cuarto trimestre de 2024, con un récord de 4,042 pruebas de EsoGuard procesadas, lo que representa un aumento del 45% secuencial y del 84% anual. La empresa reconoció 1.2 millones de dólares en ingresos de EsoGuard para el cuarto trimestre de 2024.

Entre los logros clave se incluye la obtención de más de 20 nuevos contratos de medicina concierge a pago, la primera cobertura de seguro comercial positiva de Highmark Blue Cross Blue Shield, y el primer acuerdo bajo la legislación estatal de biomarcadores con BCBS Rhode Island. La empresa completó un refinanciamiento de deuda convertible de 22 millones de dólares y un financiamiento de acciones comunes de 15.3 millones de dólares, extendiendo su liquidez.

Los puntos destacados financieros muestran gastos operativos en el cuarto trimestre de 2024 de 13.6 millones de dólares, incluidos 1.2 millones de dólares en compensación basada en acciones. La pérdida neta según GAAP fue de 11.5 millones de dólares o $(0.20) por acción. La posición de efectivo se situó en 22.4 millones de dólares al 31 de diciembre de 2024, con una liquidez pro forma de aproximadamente 36.9 millones de dólares, incluidos los financiamientos del primer trimestre de 2025.

루시드 다이아그노스틱스 (NASDAQ: LUCD)가 2024년 4분기 강력한 실적을 보고하며, 4,042개의 에소가드 테스트를 처리하여 전분기 대비 45%, 전년 대비 84% 증가한 기록을 세웠습니다. 회사는 2024년 4분기에 120만 달러의 에소가드 수익을 인식했습니다.

주요 성과로는 20개 이상의 새로운 현금 지불 컨시어지 의학 계약을 확보하고, 하이마크 블루 크로스 블루 실드로부터 첫 긍정적인 상업 보험 보장을 얻었으며, 로드아일랜드 BCBS와의 주 바이오마커 법률 하에 첫 계약을 체결한 것이 포함됩니다. 회사는 2200만 달러의 전환 가능한 부채 재융자와 1530만 달러의 보통주 자금 조달을 완료하여 현금 유동성을 연장했습니다.

재무 하이라이트에 따르면 2024년 4분기 운영 비용은 1360만 달러였으며, 여기에는 120만 달러의 주식 기반 보상이 포함됩니다. GAAP 기준 순손실은 1150만 달러 또는 주당 $(0.20)였습니다. 2024년 12월 31일 기준 현금 위치는 2240만 달러였으며, 2025년 1분기 자금을 포함한 프로포르마 현금은 약 3690만 달러입니다.

Lucid Diagnostics (NASDAQ: LUCD) a rapporté une forte performance au quatrième trimestre de 2024, avec un nombre record de 4 042 tests EsoGuard traités, représentant une augmentation de 45 % par rapport au trimestre précédent et de 84 % par rapport à l'année précédente. L'entreprise a reconnu 1,2 million de dollars de revenus EsoGuard pour le quatrième trimestre de 2024.

Parmi les réalisations clés, on note la sécurisation de plus de 20 nouveaux contrats de médecine concierge payants, l'obtention de la première couverture d'assurance commerciale positive de Highmark Blue Cross Blue Shield, et le premier accord dans le cadre de la législation étatique sur les biomarqueurs avec BCBS Rhode Island. L'entreprise a complété un refinancement de dette convertible de 22 millions de dollars et un financement d'actions ordinaires de 15,3 millions de dollars, prolongeant ainsi sa liquidité.

Les points financiers saillants montrent des dépenses d'exploitation de 13,6 millions de dollars au quatrième trimestre de 2024, y compris 1,2 million de dollars en rémunération en actions. La perte nette selon les normes GAAP s'élevait à 11,5 millions de dollars, soit $(0,20) par action. La position de trésorerie était de 22,4 millions de dollars au 31 décembre 2024, avec une trésorerie pro forma d'environ 36,9 millions de dollars, y compris le financement du premier trimestre 2025.

Lucid Diagnostics (NASDAQ: LUCD) berichtete über eine starke Leistung im vierten Quartal 2024 mit einem Rekord von 4.042 EsoGuard-Tests, was einem Anstieg von 45 % im Vergleich zum Vorquartal und 84 % im Vergleich zum Vorjahr entspricht. Das Unternehmen erkannte 1,2 Millionen Dollar an EsoGuard-Einnahmen für das vierte Quartal 2024 an.

Zu den wichtigsten Erfolgen gehört die Sicherung von über 20 neuen Verträgen für bargeldbasierte Concierge-Medizin, die erste positive kommerzielle Versicherungsdeckung von Highmark Blue Cross Blue Shield und die erste Vereinbarung im Rahmen des staatlichen Biomarker-Gesetzes mit BCBS Rhode Island. Das Unternehmen hat eine Umfinanzierung von 22 Millionen Dollar in wandelbare Schulden und eine Finanzierung von 15,3 Millionen Dollar in Stammaktien abgeschlossen, um die Liquidität zu verlängern.

Die finanziellen Höhepunkte zeigen Betriebskosten im vierten Quartal 2024 von 13,6 Millionen Dollar, einschließlich 1,2 Millionen Dollar an aktienbasierten Vergütungen. Der GAAP-Nettoverlust betrug 11,5 Millionen Dollar oder $(0,20) pro Aktie. Die Liquidität betrug zum 31. Dezember 2024 22,4 Millionen Dollar, mit einer pro forma Liquidität von etwa 36,9 Millionen Dollar, einschließlich der Finanzierung im ersten Quartal 2025.

Positive
  • Record 4,042 EsoGuard tests in Q4 2024 (+84% YoY, +45% QoQ)
  • Secured first commercial insurance coverage with Highmark BCBS
  • Over 20 new cash-pay concierge medicine contracts secured
  • $32.8 million total financing secured, extending cash runway
  • NCCN Guidelines updated to include non-endoscopic biomarker testing
Negative
  • Q4 2024 net loss of $11.5 million
  • High operating expenses of $13.6 million in Q4
  • revenue of $1.2 million despite test volume growth
  • Continued dependence on external financing for operations

Insights

Lucid Diagnostics' Q4 results show impressive commercial momentum with 45% sequential and 84% annual test volume growth to 4,042 EsoGuard tests. The company recognized $1.2 million in EsoGuard revenue in Q4, representing meaningful commercialization progress for their cancer detection technology.

Despite strong top-line growth, Lucid continues to operate with significant losses - $11.5 million ($0.20 per share) on a GAAP basis with quarterly operating expenses of $13.6 million. The company's cash management has improved with successful capital raises extending their runway. Their $22 million convertible debt refinancing combined with a $15.3 million common stock offering yielded $32.8 million in net proceeds, resulting in a pro forma cash position of approximately $36.9 million.

The financial fundamentals reveal a typical early-commercialization diagnostic company profile - strong test volume growth with a widening revenue base that still lags significantly behind operating expenses. The critical inflection point will likely come from expanded reimbursement coverage, which appears to be gaining traction with the Highmark Blue Cross Blue Shield and Rhode Island BCBS agreements. These wins could serve as catalysts for additional positive coverage decisions, potentially accelerating revenue recognition per test.

The new concierge medicine sales channel with over 20 cash-pay contracts should provide more stable, predictable revenue streams compared to traditional reimbursement-dependent channels. This diversified approach to commercialization reduces reliance on slower-moving insurance approval processes while building market presence.

Lucid's EsoGuard is gaining significant clinical validation and market acceptance as evidenced by the 84% annual increase in test volume. The technology addresses a substantial unmet need in esophageal cancer detection with a less invasive approach than traditional endoscopy.

The reimbursement landscape for EsoGuard is showing early signs of positive evolution. Securing the first commercial insurance coverage policy from Highmark Blue Cross Blue Shield represents a crucial milestone that typically serves as a reference point for other commercial payers. Similarly, the first agreement under state biomarker legislation with BCBS Rhode Island demonstrates progress in leveraging regulatory pathways for coverage.

The updated National Comprehensive Cancer Network guidelines now specifically reference non-endoscopic biomarker testing as an acceptable alternative to invasive endoscopy, providing important clinical validation. This recognition, combined with the peer-reviewed publications of the CLUE and ENVET-BE clinical utility studies, strengthens EsoGuard's evidence package for future coverage decisions.

The $8 million NIH grant to study EsoGuard for expanded indications beyond GERD patients is particularly significant. This could potentially expand their addressable market beyond the current $60 billion opportunity. The ENVET-BE study results showing nearly three-fold increase in positive diagnostic yield positions EsoGuard as a cost-effective triage tool that could reduce unnecessary endoscopies while improving detection rates.

These developments collectively strengthen EsoGuard's clinical positioning and reimbursement prospects, which are the two critical factors that will determine commercial success for this diagnostic technology.

Processed a record 4,042 EsoGuard tests in 4Q24, a 45% sequential and 84% annual increase

Recognized EsoGuard revenue of $1.2 million in 4Q24  

New sales channel generated over 20 new cash-pay concierge medicine contracts

Secured first agreement to pay for EsoGuard under state biomarker legislation

Conference call and webcast to be held today, March 24th at 8:30 AM EDT

NEW YORK, March 24, 2025 /PRNewswire/ -- Lucid Diagnostics Inc. (Nasdaq: LUCD) ("Lucid" or the "Company") a commercial-stage, cancer prevention medical diagnostics company, and subsidiary of PAVmed Inc. (Nasdaq: PAVM, PAVMZ) ("PAVmed"), today provided a business update for the Company and reported financial results for the fourth quarter and full year ended December 31, 2024.

Conference Call and Webcast

The webcast will take place on Monday, March 24, 2024, at 8:30 AM and will be accessible in the investor relations section of the Company's website at luciddx.com.  Alternatively, to access the conference call by telephone, U.S.-based callers should dial 1-800-836-8184 and international listeners should dial 1-646-357-8785. All listeners should provide the operator with the conference call name "Lucid Diagnostics Business Update" to join.

Following the conclusion of the conference call, a replay will be available for 30 days on the investor relations section of the Company's website at luciddx.com.

Business Highlights

"The Lucid team finished 2024 on a strong note and 2025—which promises to be a pivotal year—is off to an exceptional start marked by significant advancements in EsoGuard's commercial coverage, sales channels, and clinical evidence base," said Lishan Aklog, M.D., Lucid's Chairman and Chief Executive Officer. "We believe we are on the cusp of achieving broader payor coverage for EsoGuard and expect our focus on new contractually-guaranteed revenue sales channels, including concierge medicine, to drive revenue growth in the second half of 2025. We are now well positioned to capitalize on EsoGuard's very large clinical and market opportunity."

  • Recognized $1.2 million in EsoGuard revenue for 4Q24.
  • Processed a single-quarter record of 4,042 EsoGuard tests in 4Q24, a 45% sequential increase and 84% annual increase.
  • Executed over 20 cash-pay concierge medicine contracts in the first few weeks following the launch of new sales channels targeting contractually-guaranteed revenue.
  • Secured first positive commercial insurance coverage policy for EsoGuard from Highmark Blue Cross Blue Shield, establishing a strong precedent to drive additional positive policy coverage decisions.
  • Secured first agreement to pay for EsoGuard under state biomarker legislation with Blue Cross Blue Shield of Rhode Island.
  • Submitted EsoGuard clinical evidence package to MolDX in support of a request for reconsideration of existing Medicare Local Coverage Determination (LCD).
  • Updated National Comprehensive Cancer Network® (NCCN) Clinical Practice Guidelines now includes a section on esophageal precancer screening which references existing professional society guidelines recommending non-endoscopic biomarker testing, such as EsoGuard, as an acceptable alternative to invasive upper endoscopy to detect esophageal precancer.
  • CLUE and ENVET-BE clinical utility studies accepted for peer-reviewed publication, further strengthening EsoGuard's already robust clinical evidence package. CLUE, now published, demonstrated high patient compliance with referral to endoscopy following a positive EsoGuard result. ENVET-BE demonstrated a nearly three-fold increase in the positive diagnostic yield of invasive endoscopy in at-risk patients recommended for precancer testing by ACG guidelines, further solidifying EsoGuard's role as a non-invasive triage tool.
  • Case Western Reserve University and University Hospitals investigators awarded $8 million NIH grant to study EsoGuard for expanded indication in patients without GERD, potentially increasing the total addressable market opportunity beyond the current ~$60 billion based on an estimated 30 million at-risk patients with chronic GERD.
  • Completed a $22 million convertible debt refinancing and a $15.3 million common stock financing, yielding a total of $32.8 million in net proceeds which extended cash runway beyond key reimbursement milestones. Eliminated "baby shelf" restrictions, providing greater flexibility for future financings.
  • Regained compliance with Nasdaq minimum bid price requirement for continued listing on the Nasdaq Capital Market.

Financial Results

  • For the three months ended December 31, 2024, EsoGuard related revenues were $1.2 million. Operating expenses were approximately $13.6 million, which included stock-based compensation expenses of $1.2 million. GAAP net loss attributable to common stockholders was approximately $11.5 million or $(0.20) per common share.
  • As shown below and for the purpose of illustrating the effect of stock-based compensation and other non-cash income and expenses on the Company's financial results, the Company's non-GAAP adjusted loss for the three months ended December 31, 2024, was approximately $10.9 million or $(0.19) per common share.
  • Lucid had cash and cash equivalents of $22.4 million as of December 31, 2024. Pro forma cash, including the first quarter 2025 common stock financing, is approximately $36.9 million at the start of 2025.
  • The audited financial results for the year ended December 31, 2024, were filed with the SEC on Form 10-K on March 24, 2025, and available at www.luciddx.com or www.sec.gov.

Lucid Non-GAAP Measures

  • To supplement our unaudited financial results presented in accordance with U.S. generally accepted accounting principles (GAAP), management provides certain non-GAAP financial measures of the Company's financial results. These non-GAAP financial measures include net loss before interest, taxes, depreciation, and amortization (EBITDA), and non-GAAP adjusted loss, which further adjusts EBITDA for stock-based compensation expense and other non-cash income and expenses, if any. The foregoing non-GAAP financial measures of EBITDA and non-GAAP adjusted loss are not recognized terms under U.S. GAAP.
  • Non-GAAP financial measures are presented with the intent of providing greater transparency to the information used by us in our financial performance analysis and operational decision-making. We believe these non-GAAP financial measures provide meaningful information to assist investors, shareholders, and other readers of our unaudited financial statements in making comparisons to our historical financial results and analyzing the underlying performance of our results of operations. These non-GAAP financial measures are not intended to be, and should not be, a substitute for, considered superior to, considered separately from, or as an alternative to, the most directly comparable GAAP financial measures.
  • Non-GAAP financial measures are provided to enhance readers' overall understanding of our current financial results and to provide further information for comparative purposes. Management believes the non-GAAP financial measures provide useful information to management and investors by isolating certain expenses, gains, and losses that may not be indicative of our core operating results and business outlook. Specifically, the non-GAAP financial measures include non-GAAP adjusted loss, and its presentation is intended to help the reader understand the effect of the loss on the issuance or modification of convertible securities, the periodic change in fair value of convertible securities, the loss on debt extinguishment, and the corresponding accounting for non-cash charges on financial performance. In addition, management believes non-GAAP financial measures enhance the comparability of results against prior periods.
  • A reconciliation to the most directly comparable GAAP measure of all non-GAAP financial measures included in this press release for the three months and years ended December 31, 2024, and 2023 are as follows:

 

Condensed consolidated statements of operations (unaudited)

(in thousands except per-share amounts)


For the three months ended

December 31,


For the year ended

December 31,



2024


2023


2024


2023










Revenue


$             1,197


$             1,040


$             4,346


$             2,428










Operating expenses


13,571


12,494


50,398


50,910

Other (Income) expense


(833)


(625)


(523)


4,184

Net Loss


(11,541)


(10,829)


(45,529)


(52,666)

Net income (loss) per common share, basic and diluted


$             (0.20)


$             (0.26)


$             (1.05)


$             (1.26)

Net loss attributable to common stockholders


(11,541)


(10,829)


(53,025)


(52,666)

Preferred Stock dividends and deemed dividends




7,496


Net income (loss) as reported


(11,541)


(10,829)


(45,529)


(52,666)

Adjustments:









Depreciation and amortization expense1


222


629


1,167


2,499

Interest expense, net2


(58)


(85)


(296)


(8)

EBITDA


(11,377)


(10,285)


(44,658)


(50,175)










Other non-cash or financing related expenses:









Stock-based compensation expense3


1,172


965


4,534


6,822

ResearchDx acquisition paid in stock1





713

Operating expenses issued in stock1


98



346


23

Change in FV convertible debt2


(4,825)


(540)


(5,394)


2,980

Offering costs convertible debt2





1,186

Debt extinguishments loss - Senior Secured Convertible Note2


4,050



5,167


26

Non-GAAP adjusted (loss)


$         (10,882)


$           (9,860)


$         (40,005)


$         (38,425)

Basic and Diluted shares outstanding


58,378


42,330


50,516


41,756

Non-GAAP adjusted (loss) income per share


$(0.19)


$(0.23)


$(0.79)


$(0.92)


1 Included in general and administrative expenses in the financial statements.

2 Included in other income and expenses.

3 Stock-based compensation ("SBC") expense included in operating expenses is detailed as follows in the table below by category within operating expenses for the non-GAAP Net operating expenses:

 

Reconciliation of GAAP Operating Expenses to Non-GAAP Net Operating Expenses

(in thousands except per-share amounts)


For the three months ended

December 31,


For the year ended

December 31,



2024


2023


2024


2023

Cost of revenues


$             2,145


$             1,458


$             7,099


$             5,979

Stock-based compensation expense3


(42)


(30)


(164)


(100)

Net cost of revenues


2,103


1,428


6,935


5,879










Amortization of intangible assets


105


505


686


2,021










Sales and marketing


4,003


4,408


16,463


16,404

Stock-based compensation expense3


(300)


(356)


(1,365)


(1,411)

Net sales and marketing


3,703


4,052


15,098


14,993










General and administrative


5,865


4,205


20,158


19,254

Depreciation expense


(117)


(124)


(481)


(478)

RDx Settlement in Stock





(713)

Operating expenses issued in stock


(98)



(346)


(23)

Stock-based compensation expense3


(691)


(390)


(2,330)


(4,628)

Net general and administrative


4,959


3,691


17,001


13,412










Research and development


1,453


1,918


5,992


7,252

Stock-based compensation expense3


(139)


(189)


(675)


(683)

Net research and development


1,314


1,729


5,317


6,569










Total operating expenses


13,571


12,494


50,398


50,910

Depreciation and amortization expense


(222)


(629)


(1,167)


(2,499)

RDx Settlement in Stock





(713)

Operating expenses issued in stock


(98)



(346)


(23)

Stock-based compensation expense3


(1,172)


(965)


(4,534)


(6,822)

Net operating expenses


$           12,079


$           10,900


$           44,351


$           40,853

About EsoGuard and EsoCheck

Millions of patients with gastroesophageal reflux disease (GERD) are at risk of developing esophageal precancer and a highly lethal form of esophageal cancer ("EAC"). Over 80 percent of EAC patients die within five years of diagnosis, making it the second most lethal cancer in the U.S. The mortality rate is high even in those diagnosed with early stage EAC. The U.S. incidence of EAC has increased 500 percent over the past four decades, while the incidences of other common cancers have declined or remained flat. In nearly all cases, EAC silently progresses until it manifests itself with new symptoms of advanced disease. All EAC is believed to arise from esophageal precancer, which occurs in approximately 5 percent to 15 percent of at-risk GERD patients. Early esophageal precancer can be monitored for progression to late esophageal precancer which can be cured with endoscopic esophageal ablation, reliably halting progression to cancer.

Esophageal precancer screening is already recommended by clinical practice guidelines for the millions of GERD patients with multiple risk factors, including age over 50 years, male sex, White race, obesity, smoking history, and a family history of esophageal precancer or cancer. Unfortunately, fewer than 10 percent of those recommended for screening undergo traditional invasive endoscopic screening. The profound tragedy of an EAC diagnosis is that death could likely have been prevented if the at-risk GERD patient had been screened and then undergone surveillance and curative treatment at the precancer stage.

The only missing element for a viable esophageal cancer prevention program has been the lack of an easily-accessible, in-office screening tool that can detect esophageal precancer. Lucid believes EsoGuard, performed on samples collected non-endoscopically with EsoCheck, is the missing element – the first and only commercially available test capable of serving as a widespread screening tool to prevent esophageal cancer deaths through the early detection of esophageal precancer in at-risk GERD patients. An updated American College of Gastroenterology (ACG) clinical practice guideline and an American Gastroenterological Association (AGA) clinical practice update both endorse non-endoscopic biomarker tests as an acceptable alternative to costly and invasive endoscopy for esophageal precancer screening. EsoGuard is the only such test currently available in the United States.

EsoGuard is a Next Generation Sequencing (NGS) based DNA methylation assay performed on surface esophageal cells collected with EsoCheck, which quantifies methylation at 31 sites on two genes, Vimentin (VIM) and Cyclin A1 (CCNA1). The assay was initially evaluated in a 408-patient, multicenter, case-control study published in Science Translational Medicine and showed greater than 90 percent sensitivity and specificity at detecting esophageal precancer and cancer.

EsoCheck is a CE Marked and FDA 510(k) cleared noninvasive swallowable balloon capsule catheter device capable of sampling surface esophageal cells in a less than three-minute office procedure. It consists of a vitamin pill-sized rigid plastic capsule tethered to a thin silicone catheter from which a soft silicone balloon with textured ridges emerges to gently swab surface esophageal cells. When vacuum suction is applied, the balloon and sampled cells are pulled into the capsule, protecting them from contamination and dilution by cells outside of the targeted region during device withdrawal. Lucid believes this proprietary Collect+Protect™ technology makes EsoCheck the only noninvasive esophageal cell collection device capable of such anatomically targeted and protected sampling. The sample is sent by overnight express mail to Lucid's CLIA-certified, CAP-accredited, NYS CLEP approved laboratory, LucidDx Labs, for EsoGuard testing.

About Lucid Diagnostics

Lucid Diagnostics Inc. is a commercial-stage, cancer prevention medical diagnostics company, and subsidiary of PAVmed Inc. Lucid is focused on the millions of patients with GERD, also known as chronic heartburn, who are at risk of developing esophageal precancer and cancer. Lucid's EsoGuard® Esophageal DNA Test, performed on samples collected in a brief, noninvasive office procedure with its EsoCheck® Esophageal Cell Collection Device - the first and only commercially available tools designed with the goal of preventing esophageal cancer and cancer deaths through widespread, early detection of esophageal precancer in at-risk patients.

For more information, please visit luciddx.com and for more information about its parent company PAVmed, please visit pavmed.com.

Forward-Looking Statements

This press release includes forward-looking statements that involve risk and uncertainties. Forward-looking statements are any statements that are not historical facts. Such forward-looking statements, which are based upon the current beliefs and expectations of Lucid Diagnostics' management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Risks and uncertainties that may cause such differences include, among other things, volatility in the price of Lucid Diagnostics' common stock; general economic and market conditions; the uncertainties inherent in research and development, including the cost and time required to advance Lucid Diagnostics' products to regulatory submission; whether regulatory authorities will be satisfied with the design of and results from Lucid Diagnostics' clinical and preclinical studies; whether and when Lucid Diagnostics' products are cleared by regulatory authorities; market acceptance of Lucid Diagnostics' products once cleared and commercialized; Lucid Diagnostics' ability to raise additional funding as needed; and other competitive developments. These factors are difficult or impossible to predict accurately and many of them are beyond Lucid Diagnostics' control. In addition, new risks and uncertainties may arise from time to time and are difficult to predict. For a further list and description of these and other important risks and uncertainties that may affect Lucid Diagnostics' future operations, see Part I, Item 1A, "Risk Factors," in Lucid Diagnostics' most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as the same may be updated in Part II, Item 1A, "Risk Factors" in any Quarterly Report on Form 10-Q filed by Lucid Diagnostics after its most recent Annual Report.  Lucid Diagnostics disclaims any intention or obligation to publicly update or revise any forward-looking statement to reflect any change in its expectations or in events, conditions, or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements.

 

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SOURCE Lucid Diagnostics

FAQ

What was Lucid Diagnostics (LUCD) EsoGuard test volume growth in Q4 2024?

LUCD processed 4,042 EsoGuard tests in Q4 2024, showing 45% sequential growth and 84% year-over-year increase.

How much revenue did Lucid Diagnostics (LUCD) generate from EsoGuard in Q4 2024?

Lucid Diagnostics recognized $1.2 million in EsoGuard revenue for Q4 2024.

What insurance coverage progress did LUCD achieve for EsoGuard testing?

LUCD secured first commercial coverage from Highmark Blue Cross Blue Shield and first agreement under state biomarker legislation with BCBS Rhode Island.

How much financing did Lucid Diagnostics (LUCD) secure in recent transactions?

LUCD completed $22 million in convertible debt refinancing and $15.3 million common stock financing, totaling $32.8 million in net proceeds.

What was Lucid Diagnostics' (LUCD) cash position at the end of 2024?

LUCD had $22.4 million in cash as of December 31, 2024, with pro forma cash of $36.9 million including Q1 2025 financing.
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