Lucid Diagnostics Provides Business Update and Reports First Quarter 2025 Financial Results

PR Newswire

NEW YORK, May 14, 2025

Processed 3,034 EsoGuard$(R)$ tests and recognized revenue of $0.8 million in 1Q25

Secured capital to extend runway well past key upcoming reimbursement milestones; ended 1Q25 with over $40 million in proforma cash

Conference call and webcast to be held today, May 14(th) , at 8:30 AM EDT

NEW YORK, May 14, 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 March 31, 2025.

Conference Call and Webcast

The webcast will take place on Wednesday, May 14, 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 now better positioned than ever to capitalize on EsoGuard's significant clinical and commercial opportunity," said Lishan Aklog, M.D., Lucid's Chairman and Chief Executive Officer. "We continue to make strong progress on multiple fronts -- expanding our cash-pay and contracted programs targeting concierge medicine practices and self-insured employers, while also gaining traction with regional commercial insurers for EsoGuard coverage. With additional capital secured, we have extended our operational runway well beyond key upcoming reimbursement milestones, including Medicare. This positions us to accelerate commercialization efforts once these milestones are achieved."

   -- Processed 3,034 EsoGuard(R) Esophageal DNA Tests in 1Q25, 
 
   -- Recognized $0.8 million in EsoGuard revenue for 1Q25. 
 
   -- Strengthened balance sheet with two common stock offerings with strategic 
      long-term investors, netting approximately $30.6 million in proceeds; 
      ended 1Q25 with over $40 million in proforma cash and extended runway 
      well into 2026 and past key milestones. 
 
   -- Launched "Embrace the Future" campaign, showcasing the EsoCheck(R) Cell 
      Collection Device's groundbreaking Collect+Protect$(TM)$ Technology 
      relative to antiquated sponge-on-a-string devices. 
 
   -- Partnered with a major health system to launch a comprehensive EsoGuard 
      esophageal precancer testing program, expanding access to at-risk 
      patients across the health system's digestive health, primary care, and 
      concierge medicine programs. 
 
   -- Continued to gain traction in cash-pay concierge medicine and employer 
      markets sales channels, both of which are expected to begin driving 
      contractually-guaranteed revenue in 2H25. 
 
   -- NCI-sponsored study demonstrated EsoGuard effectively detects esophageal 
      precancer in at-risk patients without GERD, supporting expanded 
      indication and may increase market opportunity by as much as 70%. 
 
   -- Granted a U.S. patent for key technology underlying EsoGuard, adding to 
      an already robust intellectual property portfolio. The patent covers 
      proprietary methods using methylation of the SqBE18 (CCNA1) gene to 
      detect esophageal precancer and cancer 

Financial Results

   -- For the three months ended March 31, 2025, EsoGuard related revenues were 
      $0.8 million. Operating expenses were approximately $13.3 million, which 
      included stock-based compensation expenses of $1.0 million. GAAP net loss 
      attributable to common stockholders was approximately $36.0 million or 
      $(0.52) 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, 2025, was approximately $11.2 million or 
      $(0.16) per common share. 
 
   -- Lucid had cash and cash equivalents of $25.2 million as of March 31, 
      2025, compared to $22.4 million as of December 31, 2024. Subsequent to 
      March 31, 2025, the Company completed an underwritten public offering of 
      its common stock for net proceeds of $16.1 million. 
 
   -- The unaudited financial results for the three months ended March 31, 
      2025, were filed with the SEC on Form 10-Q on May 13, 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 ended March 31, 2025, and 2024 are as follows: 
 
Condensed consolidated statements of operations (unaudited) 
(in thousands except per-share           For the three months ended 
           amounts)                               March 31, 
                                         2025                 2024 
                                  -------------------  ------------------- 
 
Revenue                           $               828   $            1,001 
 
Operating expenses                             13,315               11,793 
Other (Income) expense                         14,421                (180) 
                                  -------------------  ------------------- 
 Net Loss                                    (26,908)             (10,612) 
                                  -------------------  ------------------- 
 Net income (loss) per common 
  share, basic and diluted        $            (0.52)  $            (0.40) 
Net loss attributable to common 
 stockholders                                (36,018)             (18,108) 
Preferred Stock dividends and 
 deemed dividends                               9,110                7,496 
                                  -------------------  ------------------- 
 Net income (loss) as reported               (26,908)             (10,612) 
                                  -------------------  ------------------- 
Adjustments: 
 Depreciation and amortization 
  expense(1)                                      221                  501 
 Interest expense, net(2)                        (57)                 (56) 
                                  -------------------  ------------------- 
EBITDA                                       (26,744)             (10,167) 
 
Other non-cash or financing 
related expenses: 
 Stock-based compensation 
  expense(3)                                    1,030                  933 
 Operating expenses issued in 
  stock(1)                                         74                   23 
 Change in FV convertible 
  debt(2)                                      14,478                (291) 
 Debt extinguishments loss - 
  Senior Secured Convertible 
  Note(2)                                          --                  167 
                                  -------------------  ------------------- 
Non-GAAP adjusted (loss)            $        (11,162)   $          (9,335) 
                                  ===================  =================== 
 Basic and Diluted shares 

(MORE TO FOLLOW) Dow Jones Newswires

May 14, 2025 08:01 ET (12:01 GMT)