Lucid Diagnostics Announces Record Quarterly EsoGuard® Test Volume

Rhea-AI Summary

Lucid Diagnostics (LUCD) reported record-breaking quarterly performance for its EsoGuard® Esophageal DNA Tests in Q4 2024, with 4,042 tests completed. This represents a 45% increase from Q3 2024 and an 84% year-over-year growth from Q4 2023.

The company is focusing on three key commercial revenue drivers: traditional claims submissions, direct contracting with employers and self-insured entities, and a new cash pay program targeting concierge medicine practices. Lucid aims to secure Medicare coverage and expects these initiatives to boost revenue growth and expand EsoGuard testing accessibility.

Full financial results for Q4 and full-year 2024 are expected to be released in mid-March 2025. The current figures are preliminary and subject to quarter-end closing and audit procedures.

Positive

• Record quarterly volume of 4,042 EsoGuard tests in Q4 2024
• 45% sequential growth from Q3 2024
• 84% year-over-year growth from Q4 2023

Negative

• None.

Insights

Medical Research Analyst

The record-breaking 4,042 EsoGuard® tests performed in Q4 2024, marking a 45% sequential increase and 84% year-over-year growth, demonstrates exceptional market penetration for this esophageal precancer diagnostic tool. The volume surge indicates growing physician adoption and patient acceptance, important metrics for diagnostic companies.

The three-pronged revenue strategy - traditional insurance claims, direct employer contracting and cash-pay concierge medicine - represents a sophisticated approach to monetization. This diversification reduces dependency on Medicare coverage while targeting both institutional and affluent individual payers. The cash-pay program particularly targets a lucrative segment that values preventive care and typically yields higher margins.

For a small-cap diagnostic company with a market cap of $49.7 million, this volume growth trajectory could significantly impact financial performance. The key catalyst remains Medicare coverage, which would substantially expand market access and likely trigger broader private insurance adoption.

Financial Analyst

The volume metrics reveal compelling growth dynamics with clear revenue implications. The 45% sequential growth suggests strong commercial execution and market demand, while the 84% year-over-year increase indicates sustainable long-term momentum. Given typical diagnostic test reimbursement ranges, this volume could translate to meaningful revenue growth, particularly if the company optimizes its payer mix through the outlined strategic initiatives.

The multi-channel revenue approach is particularly noteworthy. Direct employer contracting can provide stable, contracted revenue streams, while the concierge medicine cash-pay program could deliver higher per-test margins. This diversification strategy could accelerate the path to profitability and reduce reliance on traditional insurance reimbursement models.

The timing of the full financial results in mid-March will be important for validating whether this volume growth translates effectively into revenue. Investors should monitor the revenue per test metrics across different payment channels and the progress toward Medicare coverage, which remains a significant potential value driver.

Quarterly test volume of over 4,000 tests represented sequential increase of 45 percent

NEW YORK, Jan. 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), today announced it performed a record number of commercial EsoGuard^® Esophageal DNA Tests during the fourth quarter of 2024. The preliminary total of 4,042 tests, the highest quarterly test volume in the Company's history, represents a sequential increase of 45 percent from the third quarter 2024 and an annual increase of 84 percent from the fourth quarter of 2023, demonstrating continued growing demand for EsoGuard esophageal precancer testing.

"Our record fourth quarter performance caps off a strong year and positions us for a transformational 2025," said Lishan Aklog, M.D., Lucid's Chairman and Chief Executive Officer. "We're entering this year with significant momentum and with a continued focus on translating EsoGuard test volume into revenue through our three key commercial revenue drivers: traditional claims submissions; direct contracting with employers and self-insured entities; and our new cash pay program focused on concierge medicine practices. We anticipate these strategic initiatives combined with our ongoing efforts to secure Medicare coverage will accelerate revenue growth and expand awareness of, demand for, and access to EsoGuard esophageal precancer testing."

Lucid expects to report full results for the three and twelve months ended December 31, 2024, in mid-March 2025. The preliminary estimates in this press release are based on management's initial review of operations for the quarter ended December 31, 2024, and are subject to adjustment based upon quarter-end closing and audit procedures.

About Lucid Diagnostics
Lucid Diagnostics Inc. is a commercial-stage, cancer prevention medical diagnostics company, and subsidiary of PAVmed Inc. (Nasdaq: PAVM). Lucid is focused on the millions of patients with gastroesophageal reflux disease (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, represent the first and only commercially available tools designed with the goal of preventing cancer and cancer deaths through widespread, early detection of esophageal precancer in at-risk patients.

For more information, please visit www.luciddx.com and for more information about its parent company PAVmed, please visit www.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's 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's common stock; general economic and market conditions; the uncertainties inherent in research and development, including the cost and time required to advance Lucid's products to regulatory submission; whether regulatory authorities will be satisfied with the design of and results from Lucid's clinical and preclinical studies; whether and when Lucid's products are cleared by regulatory authorities; market acceptance of Lucid's products once cleared and commercialized; Lucid's ability to raise additional funding as needed; and other competitive developments. In addition, Lucid continues to monitor the COVID-19 pandemic and the pandemic's impact on Lucid's businesses. These factors are difficult or impossible to predict accurately and many of them are beyond Lucid's 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's future operations, see Part I, Item 1A, "Risk Factors," in Lucid's 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 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.

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SOURCE Lucid Diagnostics

FAQ

What was Lucid Diagnostics (LUCD) EsoGuard test volume in Q4 2024?

Lucid Diagnostics performed 4,042 EsoGuard Esophageal DNA Tests in Q4 2024, marking their highest quarterly test volume ever.

How much did LUCD's EsoGuard test volume grow compared to Q3 2024?

EsoGuard test volume grew 45% sequentially from Q3 2024 to Q4 2024.

What is the year-over-year growth for LUCD's EsoGuard testing in Q4 2024?

The EsoGuard test volume showed an 84% year-over-year increase compared to Q4 2023.

What are the three key commercial revenue drivers for LUCD's EsoGuard testing?

The three key revenue drivers are traditional claims submissions, direct contracting with employers and self-insured entities, and a new cash pay program for concierge medicine practices.

When will LUCD release its full Q4 2024 financial results?

Lucid Diagnostics expects to report full results for Q4 and full-year 2024 in mid-March 2025.