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