Lucid Diagnostics Provides Business Update and Reports Second Quarter 2025 Financial Results
Processed 2,756 EsoGuard® tests and recognized 2Q25 revenue of $1.2 million, ending quarter with over $30 million in proforma cash and extending runway well past upcoming reimbursement milestones
Multi-Jurisdictional Contractor Advisory Committee (CAC) meeting on Medicare Local Coverage Determination (LCD) for EsoGuard to be held on September 4
Conference call and webcast to be held today, August 13, at 8:30 AM EDT
NEW YORK, Aug. 13, 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) ("PAVmed"), today provided a business update for the Company and reported financial results for the three months ended June 30, 2025.
Conference Call and Webcast
The webcast will take place on Wednesday, August 13, 2025, 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
"We are looking forward to the upcoming MolDx CAC meeting—a significant milestone and strong indicator that we are entering the final stages of securing positive Medicare coverage for EsoGuard," said Lishan Aklog, M.D., Lucid's Chairman and Chief Executive Officer. "We are confident that participating medical experts—with deep domain expertise and real-world experience in nonendoscopic esophageal precancer testing—will provide strong public support for the clinical utility of EsoGuard. Our strengthened balance sheet, ongoing commercial execution, and new initiatives targeting the Medicare population, have us well-positioned to accelerate EsoGuard commercialization as Medicare coverage and other upcoming reimbursement milestones are achieved."
- Processed 2,756 EsoGuard® Esophageal DNA Tests in 2Q25.
- Recognized $1.2 million in EsoGuard revenue for 2Q25.
- MolDX‑participating Medicare Administrative Contractors (MACs)—Palmetto GBA, CGS Administrators, Noridian Healthcare Solutions, and WPS Government Health Administrators—to convene a Contractor Advisory Committee (CAC) meeting of medical experts on September 4, 2025 to review and discuss the clinical evidence related to Local Coverage Determination (LCD) L39256 for EsoGuard, as part of the reconsideration process requested by Lucid in November 2024.
- Strengthened balance sheet with underwritten public offering of common stock, netting approximately $16.1 million in proceeds; ended 2Q25 with over $30 million in proforma cash, extending runway into 2026.
- Initiated patient testing and billing under first positive commercial insurance coverage policy for EsoGuard from Highmark Blue Cross Blue Shield, which became effective May 26, 2025.
- Partnered with Hoag, a nationally-recognized regional healthcare delivery network, to launch a comprehensive EsoGuard esophageal precancer testing program, expanding access to at-risk patients across its digestive health, primary care, and concierge medicine programs.
- NCI‑sponsored study demonstrating that EsoGuard effectively detects esophageal precancer in at‑risk patients without GERD symptoms published in the peer‑reviewed American Journal of Gastroenterology, supporting expanded indication and a potential market opportunity increase of up to 70%.
- Joined the Russell 2000® and Russell 3000® Indexes, effective June 27, 2025, enhancing visibility and access to a broader base of institutional investors.
Financial Results
- For the three months ended June 30, 2025, EsoGuard related revenues were $1.2 million. Operating expenses were approximately $12.5 million, which included stock-based compensation expenses of $1.1 million. GAAP net loss attributable to common stockholders was approximately $7.9 million or $(0.08) 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 June 30, 2025 was approximately $9.9 million or $(0.10) per common share.
- Lucid had cash and cash equivalents of $31.1 million as of June 30, 2025, compared to $22.4 million as of December 31, 2024. During the quarter ended June 30, 2025, the Company completed a Confidentially Marketed Public Offering resulting in net proceeds of approximately $16.1 million. The unaudited financial results for the three and six months ended June 30, 2025, were filed with the SEC on Form 10-Q on August 12, 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 and six months ended June 30, 2025, and 2024 are as follows:
Condensed consolidated statements of operations (unaudited) | ||||||||
(in thousands except per-share amounts) | For the three months ended June 30, | For the six months ended June 30, | ||||||
2025 | 2024 | 2025 | 2024 | |||||
Revenue | $ 1,163 | $ 976 | $ 1,991 | $ 1,977 | ||||
Operating expenses | 12,547 | 12,168 | 25,862 | 23,960 | ||||
Other (Income) expense | (6,945) | (187) | 7,476 | (366) | ||||
Net Loss | (4,439) | (11,005) | (31,347) | (21,617) | ||||
Net income (loss) per common share, basic and diluted | $ (0.08) | $ (0.23) | $ (0.52) | $ (0.62) | ||||
Net loss attributable to common stockholders | (7,888) | (11,005) | (43,906) | (29,113) | ||||
Preferred Stock dividends and deemed dividends | 3,449 | — | 12,559 | 7,496 | ||||
Net income (loss) as reported | (4,439) | (11,005) | (31,347) | (21,617) | ||||
Adjustments: | ||||||||
Depreciation and amortization expense1 | 222 | 229 | 443 | 730 | ||||
Interest expense, net2 | (104) | (101) | (162) | (157) | ||||
EBITDA | (4,321) | (10,877) | (31,066) | (21,044) | ||||
Other non-cash or financing related expenses: | ||||||||
Stock-based compensation expense3 | 1,143 | 1,201 | 2,174 | 2,135 | ||||
Operating expenses issued in stock1 | 73 | 90 | 147 | 113 | ||||
Change in FV convertible debt2 | (6,841) | (599) | 7,638 | (890) | ||||
Debt extinguishments loss - Senior Secured Convertible Note2 | — | 513 | — | 681 | ||||
Non-GAAP adjusted (loss) | $ (9,946) | $ (9,672) | $ (21,107) | $ (19,005) | ||||
Basic and Diluted shares outstanding | 98,989 | 48,212 | 83,976 | 46,613 | ||||
Non-GAAP adjusted (loss) income per share | $(0.10) | $(0.20) | $(0.25) | $(0.41) | ||||
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 June 30, | For the six months ended June 30, | ||||||
2025 | 2024 | 2025 | 2024 | |||||
Cost of revenues | $ 1,563 | $ 1,614 | $ 3,114 | $ 3,269 | ||||
Stock-based compensation expense3 | (38) | (44) | (109) | (80) | ||||
Net cost of revenues | 1,525 | 1,570 | 3,005 | 3,189 | ||||
Amortization of intangible assets | 105 | 105 | 210 | 477 | ||||
Sales and marketing | 4,007 | 4,210 | 8,076 | 8,404 | ||||
Stock-based compensation expense3 | (245) | (365) | (485) | (715) | ||||
Net sales and marketing | 3,762 | 3,845 | 7,591 | 7,689 | ||||
General and administrative | 5,617 | 4,867 | 11,779 | 8,937 | ||||
Depreciation expense | (117) | (124) | (233) | (253) | ||||
Operating expenses issued in stock | (73) | (90) | (147) | (113) | ||||
Stock-based compensation expense3 | (741) | (610) | (1,342) | (941) | ||||
Net general and administrative | 4,686 | 4,043 | 10,057 | 7,630 | ||||
Research and development | 1,255 | 1,372 | 2,683 | 2,873 | ||||
Stock-based compensation expense3 | (119) | (182) | (238) | (399) | ||||
Net research and development | 1,136 | 1,190 | 2,445 | 2,474 | ||||
Total operating expenses | 12,547 | 12,168 | 25,862 | 23,960 | ||||
Depreciation and amortization expense | (222) | (229) | (443) | (730) | ||||
Operating expenses issued in stock | (73) | (90) | (147) | (113) | ||||
Stock-based compensation expense3 | (1,143) | (1,201) | (2,174) | (2,135) | ||||
Net operating expenses | $ 11,109 | $ 10,648 | $ 23,098 | $ 20,982 | ||||
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.
SOURCE Lucid Diagnostics
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