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Lucid Diagnostics reports first quarter 2024 financial results

Lucid Diagnostics Inc. provided a business update for the Company and presented financial results for the three months ended March 31, 2024.

Business update highlights
“I am very pleased with the excellent progress Lucid has made on multiple fronts during the first quarter and recent weeks and look forward to exciting very near-term milestones for our business,” said Lishan Aklog, M.D., Lucid’s Chairman and Chief Executive Officer. “We strengthened our balance sheet closing an approximately $30 million preferred stock financing to long-term investors that extends our runway well past these milestones. Our EsoGuard commercial execution continues to deliver results as we drive towards expanded private and public coverage, as well as direct contracting. We look forward to our MolDX pre-submission meeting scheduled for mid-July where we will have the opportunity to present our now robust clinical evidence base for EsoGuard as we seek coverage under its Local Coverage Determination (LCD). We believe we have line of sight to Medicare coverage.”

Highlights from the first quarter and recent weeks:

  • For the quarter, EsoGuard® revenue was $1.0M, which was flat compared to 4Q23 and represents a 124 percent annual increase from 1Q23.
  • Lucid’s CLIA-certified clinical laboratory performed 2,420 commercial EsoGuard Esophageal DNA Tests in 1Q24, which represents a 10 percent increase sequentially from 4Q23 and a 31 percent annual increase from 1Q23.
  • Continuous revenue cycle management improvements, including prior authorization appeals, physician advocacy, etc., while maintaining stable out-of-network allowed amounts averaging ~$1,800.
  • Strengthened balance sheet by completing $29.8 million Series B Preferred Stock Offering.
  • Peer-reviewed publication of positive data from landmark National Cancer Institute (NCI)-sponsored clinical validation study of EsoGuard esophageal precancer testing demonstrating unprecedented early cancer detection. The publication of data strengthens EsoGuard’s clinical data supporting ongoing engagement to secure commercial and Medicare payor coverage.
  • Secured July 17, 2024 MolDX pre-submission meeting to review data for technical assessment (TA) seeking EsoGuard coverage under its foundational Local Coverage Determination (LCD).
  • Robust pipeline of direct contracting engagements with benefits brokers, third-party administrators, and self-insured entities.
  • Actively executing on aggressive market access strategy focused on securing medical policy coverage with regional plans in biomarker legislation states and pilots with national plans.

Financial results

  • For the three months ended March 31, 2024, EsoGuard related revenues were $1.0 million. Operating expenses were approximately $11.8 million, which included stock-based compensation expenses of $0.9 million. GAAP net loss attributable to common stockholders was approximately $18.1 million or $(0.40) 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 March 31, 2024 was approximately $9.4 million or $(0.21) per common share.
  • Lucid had cash and cash equivalents of $24.8 million as of March 31, 2024, compared to $18.9 million as of December 31, 2023. Subsequent to March 31, 2024, the Company completed an issuance of Convertible Preferred Stock Series B-1 resulting in gross proceeds of approximately $11.6 million.
  • The unaudited financial results for the three months ended March 31, 2024, were filed with the SEC on Form 10-Q on May 13, 2024

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