Lucid Diagnostics (NASDAQ:LUCD) Provides Business Update and Financial Results

Lucid Diagnostics Inc., a commercial-stage cancer prevention medical diagnostics company, recently disclosed its financial results for the fiscal quarter ending September 30, 2024, along with a comprehensive business update. The company issued a press release outlining these updates, which highlighted significant achievements and advancements in their operations.

In the business update, Lucid reported a 20% sequential increase in revenue for its EsoGuard® Esophageal DNA Test compared to the previous quarter. The company’s CLIA-certified clinical laboratory conducted a record number of EsoGuard tests in the third quarter, further reflecting strong growth and market demand. Lucid also announced the completion of its clinical evidence package for Medicare coverage submission, a crucial step in expanding patient access to its diagnostic technologies.

Additionally, Lucid expanded its direct contracting initiative to multiple programs aimed at boosting near-term revenue growth. The company met with CMS Medicare Administrative Contractor Palmetto GBA to discuss its clinical evidence package for upcoming Medicare coverage submissions. Furthermore, key milestones included achieving a Notice of Allowance for a significant patent underlying EsoGuard and the publication of an analytical validation study in a peer-reviewed journal.

Financially, for the quarter ending September 30, 2024, EsoGuard related revenues totaled $1.2 million. Operating expenses were around $12.9 million, including stock-based compensation expenses. Lucid reported a GAAP net loss attributable to common stockholders of approximately $12.4 million.

Non-GAAP adjusted loss for the same quarter was around $10.1 million. The company had cash and cash equivalents of $14.5 million as of September 30, 2024. Additionally, Lucid entered into subscription agreements to purchase $21.75 million of five-year Senior Secured Convertible Notes, expecting to enhance its cash position.

Lucid Diagnostics is dedicated to enhancing cancer prevention strategies, particularly in patients with gastroesophageal reflux disease (GERD) who are at risk of esophageal precancer and cancer. The company’s innovative EsoGuard Esophageal DNA Test, performed with the EsoCheck Esophageal Cell Collection Device, aims to increase the early detection of esophageal precancer.

The company is actively engaged in clinical advancements, market expansion, and enhancing patient access to potentially life-saving diagnostic tools. These recent developments underscore Lucid Diagnostics’ commitment to driving growth, innovation, and providing valuable solutions in the field of cancer prevention.

For further information or details, interested parties can visit Lucid Diagnostics’ website or contact investor and media relations.

Contact:
Matt Riley
PAVmed and Lucid Diagnostics
Email: [email protected]

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Lucid Diagnostics’s 8K filing here.

About Lucid Diagnostics

Lucid Diagnostics Inc operates as a commercial-stage medical diagnostics technology company in the United States. The company focuses on patients with gastroesophageal reflux disease (GERD) who are at risk of developing esophageal precancer and cancer, primarily highly lethal esophageal adenocarcinoma.