Lucid Diagnostics Executes First Concierge Medicine Contract with LEAA Health
Rhea-AI Summary
Lucid Diagnostics (LUCD) has signed its first concierge medicine contract with LEAA Health, enabling LEAA's membership-based patients to access EsoGuard® Esophageal DNA Test for esophageal precancer testing on a cash-pay basis. This strategic move aims to generate contractually-guaranteed revenue by tapping into the growing concierge medicine market, which is projected to reach $10.9 billion by 2032.
The partnership aligns with Lucid's strategy to expand EsoGuard revenue streams while pursuing Medicare and commercial coverage. LEAA Health will incorporate EsoGuard testing into its enhanced personalized care services, focusing on early detection and preventive healthcare. The collaboration represents a significant step in making innovative precancer detection tools more accessible to patients seeking premium healthcare services.
Positive
- Secured first concierge medicine contract, opening new revenue stream
- Establishes presence in growing concierge medicine market ($10.9B by 2032)
- Creates contractually-guaranteed revenue through cash-pay model
Negative
- Medicare and commercial coverage still pending
- Revenue impact and contract terms not disclosed
News Market Reaction 1 Alert
On the day this news was published, LUCD declined 6.29%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
LEAA Health membership-based concierge patients will now have access to EsoGuard esophageal precancer testing as part of their enhanced personalized care service on a cash-pay basis
"We are thrilled to enter into our first concierge medicine contract with LEAA Health to expand access to EsoGuard precancer testing," said Shaun O'Neil, Lucid's President and Chief Operating Officer. "We have committed to growing contractually-guaranteed EsoGuard revenue in parallel with our intensive efforts to secure Medicare and commercial coverage. Our recently launched cash-pay program targeting concierge medicine is an important component of this strategic initiative. Concierge medicine patients actively seek innovative preventive care solutions such as EsoGuard and we are pleased to offer our solution as part of LEAA Health's enhanced personalized care offerings."
"This partnership with Lucid aligns perfectly with LEAA Health's mission to provide top-tier, personalized healthcare solutions to our patients," said Isaak N. Yakubov, Founder and CEO of LEAA Health. "EsoGuard represents a groundbreaking approach to esophageal precancer detection, allowing us to identify potential issues at an early stage when intervention can be most effective. By offering EsoGuard as a screening tool to all eligible patients, we are expanding access to this innovative test and enhancing our ability to deliver proactive, personalized care that could potentially save lives."
The 2024 Annual Report from Concierge Medicine Today indicates that the concierge medicine market in
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 is the value of Lucid Diagnostics' (LUCD) contract with LEAA Health?
How will LUCD's EsoGuard test be offered through LEAA Health's concierge service?
What is the projected size of the concierge medicine market that LUCD is targeting?
Does LUCD's EsoGuard test currently have Medicare coverage?
What type of testing does LUCD's EsoGuard provide to patients?
