Lucid Diagnostics Provides Business Update and Reports Fourth Quarter and Full Year 2025 Financial Results

Rhea-AI Summary

Lucid Diagnostics (Nasdaq: LUCD) reported 4Q25 EsoGuard revenue of $1.5M from 3,664 tests and full-year revenue of $4.706M. The company secured a national VA contract covering ~170 VA medical centers with Medicare-aligned pricing of $1,938 and reported positive real-world data showing 95% technical success and 95% of procedures under two minutes. Cash and equivalents were $34.7M at year-end. GAAP net loss was $16.3M for 4Q25 (EPS $(0.12)) and non-GAAP adjusted loss was $12.6M.

Positive

• 4Q25 revenue of $1.5M from 3,664 EsoGuard tests
• VA contract covering ~170 medical centers with Medicare-aligned pricing of $1,938
• Real-world data: 95% technical success; 95% procedures <2 minutes
• Cash balance increased to $34.7M from $22.4M year-over-year

Negative

• GAAP net loss of $16.3M in 4Q25 (EPS $(0.12))
• Non-GAAP adjusted loss of $12.6M in 4Q25
• Operating expenses rose to $15.5M in 4Q25, a ~14% increase versus prior year quarter
• Shares outstanding jumped to 131,070 basic in 4Q25 from 58,378, indicating significant dilution

News Market Reaction – LUCD

-3.36%

6 alerts

-3.36% News Effect

+2.4% Peak Tracked

-12.9% Trough Tracked

-$5M Valuation Impact

$155.80M Market Cap

0.0x Rel. Volume

On the day this news was published, LUCD declined 3.36%, reflecting a moderate negative market reaction. Argus tracked a peak move of +2.4% during that session. Argus tracked a trough of -12.9% from its starting point during tracking. Our momentum scanner triggered 6 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $5M from the company's valuation, bringing the market cap to $155.80M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

EsoGuard tests 4Q25: 3,664 tests EsoGuard revenue 4Q25: $1.5 million Operating expenses 4Q25: $15.5 million +5 more

8 metrics

EsoGuard tests 4Q25 3,664 tests Processed EsoGuard Esophageal DNA Tests in 4Q25

EsoGuard revenue 4Q25 $1.5 million EsoGuard revenue for the three months ended Dec 31, 2025

Operating expenses 4Q25 $15.5 million Operating expenses for the three months ended Dec 31, 2025

GAAP net loss 4Q25 $16.3 million GAAP net loss attributable to common stockholders, Q4 2025

Non-GAAP adjusted loss 4Q25 $12.6 million Non-GAAP adjusted loss for the three months ended Dec 31, 2025

Cash & equivalents $34.7 million Cash and cash equivalents as of Dec 31, 2025 (vs $22.4M Dec 31, 2024)

Real-world patients nearly 12,000 patients Largest reported real-world experience of esophageal precancer detection

VA Medicare-aligned price $1,938 per test Pricing under U.S. Department of Veterans Affairs Federal Supply Schedule contract

Market Reality Check

Price: $1.1200 Vol: Volume 450,303 vs 20-day ...

low vol

$1.1200 Last Close

Volume Volume 450,303 vs 20-day average 673,431 (about 0.67x typical activity) ahead of the earnings release. low

Technical Shares at $1.19 were trading slightly above the $1.17 200-day MA before the report.

Peers on Argus

Before the release, LUCD was down 0.83% while peers were mixed: ICAD +3.48%, PRO...

Before the release, LUCD was down 0.83% while peers were mixed: ICAD +3.48%, PROF +11.07%, RCEL +1.01%, HYPR +0.43%, and SERA -3.86%, pointing to stock-specific rather than sector-driven dynamics.

Previous Earnings Reports

5 past events · Latest: Nov 13 (Neutral)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 13	Q3 2025 results	Neutral	-3.6%	PAVmed and subsidiaries reported Q3 2025 results and cash position.
Nov 12	Lucid Q3 earnings	Positive	+6.7%	Lucid posted $1.2M EsoGuard revenue, cash runway into 2026, and Medicare momentum.
Aug 14	PAVmed Q2 earnings	Neutral	+0.0%	PAVmed reported Q2 2025 results including Lucid test volumes and financing.
Aug 13	Lucid Q2 earnings	Neutral	-1.6%	Lucid detailed Q2 2025 revenue, losses, and extended cash runway into 2026.
May 15	PAVmed Q1 earnings	Positive	-3.9%	PAVmed Q1 2025 update with Lucid capital raises and Veris developments.

Pattern Detected

Earnings and business updates for Lucid/PAVmed have typically produced modest, mixed price reactions, with most moves aligning with the news tone and only one clear divergence after a positive update.

Recent Company History

Over the past year, Lucid and parent PAVmed have reported recurring earnings updates showing steady EsoGuard commercialization. Prior quarters highlighted EsoGuard revenue of $1.2M from 2,756–2,841 tests and balance-sheet extensions via offerings of $16.1M–$27.0M, plus Medicare coverage milestones. Price reactions to these earnings items ranged from flat to mid-single-digit moves, both positive and negative. Today’s 4Q25 report, with 3,664 tests, $1.5M revenue, and continued losses, fits into that gradual scaling-with-ongoing-cash-burn narrative.

Historical Comparison

-0.5% avg move · In the past year, five earnings-linked updates around Lucid and PAVmed averaged a -0.48% move, sugge...

earnings

-0.5%

Average Historical Move earnings

In the past year, five earnings-linked updates around Lucid and PAVmed averaged a -0.48% move, suggesting historically muted reactions to financial reports similar to this 4Q25 update.

Earnings updates over 2025 showed EsoGuard revenue around $1.2M on ~2,800 quarterly tests, leading into 4Q25 with $1.5M revenue on 3,664 tests and cash of $34.7M, reflecting gradual volume growth alongside continued net losses.

Regulatory & Risk Context

Active S-3 Shelf · $175,000,000

Shelf Active

Active S-3 Shelf Registration 2026-03-25

$175,000,000 registered capacity

An effective S-3/A shelf filed on March 25, 2026 registers up to $175,000,000 of securities and includes an ATM program for up to $25,000,000 of common stock, plus $50,000,000 of unsold prior securities, providing flexibility for future equity or debt issuance.

Market Pulse Summary

This announcement details 4Q25 scaling of EsoGuard, with 3,664 tests and $1.5M revenue, alongside a ...

Analysis

This announcement details 4Q25 scaling of EsoGuard, with 3,664 tests and $1.5M revenue, alongside a GAAP net loss of $16.3M and non-GAAP loss of $12.6M. Cash rose to $34.7M, aided by prior financings, while real-world data from nearly 12,000 patients and a VA contract at $1,938 per test support the commercial story. Investors may watch future quarters for loss trajectory, reimbursement progress, and how frequently the new $175M shelf and ATM are utilized.

Key Terms

ebitda, non-gaap, stock-based compensation, convertible securities, +1 more

5 terms

ebitda financial

"These non-GAAP financial measures include net loss before interest, taxes, depreciation, and amortization (EBITDA),"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

non-gaap financial

"management provides certain non-GAAP financial measures of the Company's financial results."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

stock-based compensation financial

"which included stock-based compensation expenses of $1.2 million."

Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.

convertible securities financial

"the effect of the loss on the issuance or modification of convertible securities,"

Convertible securities are bonds or preferred shares that can be exchanged for a company’s common stock at a predetermined price or under specified conditions. They matter because they combine the steadiness of a loan or fixed dividend with the potential upside of ownership; like a safety‑net that carries a one‑time ticket to become a shareholder, they affect expected returns and can dilute existing stock if converted.

debt extinguishment financial

"the loss on debt extinguishment, and the corresponding accounting for non-cash charges"

Debt extinguishment is the process of eliminating a company's obligation to repay borrowed money, whether by paying it off, refinancing it with new borrowing, or settling it for less than the original amount. For investors, it matters because removing or replacing debt changes a business’s cash needs, risk profile and reported profit—much like paying off a mortgage early or refinancing at a different rate alters your monthly budget and long‑term costs.

AI-generated analysis. Not financial advice.

Processed 3,664 EsoGuard^® tests and recognized 4Q25 revenue of $1.5 million

Expanded EsoGuard access with U.S. Department of Veterans Affairs contract award and strengthened clinical evidence with positive data from the largest reported real-world experience of esophageal precancer detection

Conference call and webcast to be held today, March 26, at 8:30 AM EST

NEW YORK, March 26, 2026 /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 fourth quarter and full year ended December 31, 2025.

Conference Call and Webcast

The webcast will take place on Thursday, March 26, 2026, 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

"Throughout 2025, we established a strong commercial foundation for EsoGuard, demonstrating that we can consistently generate and sustain demand, drive physician adoption, and engage effectively with both health systems and commercial payors," said Lishan Aklog, M.D., Lucid's Chairman and Chief Executive Officer. "As we move into 2026, our focus is on building on that foundation by converting demand into revenue, with priorities including deepening our relationship with the VA, expanding adoption across health systems, advancing coverage with commercial payors, and securing Medicare coverage, which we still expect in the near-term."

Highlights from the fourth quarter and recent weeks:

• Processed 3,664 EsoGuard^® Esophageal DNA Tests in 4Q25.
• Recognized $1.5 million in EsoGuard revenue for 4Q25.
• Awarded U.S. Department of Veterans Affairs (VA) contract for EsoGuard, expanding access across the nation's largest integrated healthcare system serving approximately nine million veterans. The contract, issued under the VA Federal Supply Schedule, includes Medicare-aligned pricing of $1,938 and spans approximately 170 VA medical centers nationwide under a single national framework.
• Announced positive data from the largest reported real-world experience of esophageal precancer detection, evaluating Lucid's EsoGuard and EsoCheck^® Esophageal Cell Collection Device in nearly 12,000 at-risk patients. Real-world data demonstrated that EsoCheck achieved a 95% technical success rate and that 95% of procedures were completed in under two minutes, while physicians used EsoGuard appropriately in routine clinical practice.

Financial Results

• For the three months ended December 31, 2025, EsoGuard related revenues were $1.5 million. Operating expenses were approximately $15.5 million, which included stock-based compensation expenses of $1.2 million. GAAP net loss attributable to common stockholders was approximately $16.3 million or $(0.12) 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 December 31, 2025 was approximately $12.6 million or $(0.10) per common share.
  
  
• Lucid had cash and cash equivalents of $34.7 million as of December 31, 2025, compared to $22.4 million as of December 31, 2024.
  
  
• The audited financial results for the year ended December 31, 2025, were filed with the SEC on Form 10-K on March 25, 2026, and available at www.luciddx.com or www.sec.gov.

Lucid Non-GAAP Measures

• To supplement our audited 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 and years ended December 31, 2025, and 2024 are as follows:

Condensed consolidated statements of operations (unaudited)
(in thousands except per-share amounts)		For the three months ended December 31,				For the year ended December 31,
		2025		2024		2025		2024
Revenue		$        1,504		$        1,197		$        4,706		$        4,346
Operating expenses		15,514		13,571		54,346		50,398
Other (Income) expense		2,256		(833)		8,370		(523)
Net Loss		(16,266)		(11,541)		(58,010)		(45,529)
Net income (loss) per common share, basic and diluted		$        (0.12)		$        (0.20)		$        (0.69)		$        (1.05)
Net loss attributable to common stockholders		(16,266)		(11,541)		(70,569)		(53,025)
Preferred Stock dividends and deemed dividends		—		—		12,559		7,496
Net income (loss) as reported		(16,266)		(11,541)		(58,010)		(45,529)
Adjustments:
Depreciation and amortization expense1		210		222		872		1,167
Interest expense, net2		(104)		(58)		(364)		(296)
EBITDA		(16,160)		(11,377)		(57,502)		(44,658)
Other non-cash or financing related expenses:
Stock-based compensation expense3		1,165		1,172		4,491		4,534
Operating expenses issued in stock1		—		98		234		346
Change in FV convertible debt2		2,359		(4,825)		7,656		(5,394)
Debt extinguishments loss - Senior Secured Convertible Note2		—		—		1,078		—
Equity issuance cost extinguishment		—		4,050		—		5,167
Non-GAAP adjusted (loss)		$      (12,636)		$      (10,882)		$      (44,043)		$      (40,005)
Basic and Diluted shares outstanding		131,070		58,378		101,947		50,516
Non-GAAP adjusted (loss) income per share		$(0.10)		$(0.19)		$(0.43)		$(0.79)

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 December 31,				For the year ended December 31,
		2025		2024		2025		2024
Cost of revenues		$        1,859		$        2,145		$        6,670		$        7,099
Stock-based compensation expense3		(39)		(42)		(191)		(164)
Net cost of revenues		1,820		2,103		6,479		6,935
Amortization of intangible assets		106		105		421		688
Sales and marketing		5,343		4,003		17,710		16,463
Stock-based compensation expense3		(269)		(300)		(1,021)		(1,365)
Net sales and marketing		5,074		3,703		16,689		15,098
General and administrative		6,483		5,865		23,867		20,156
Depreciation expense		(104)		(117)		(451)		(479)
Operating expenses issued in stock		—		(98)		(234)		(346)
Stock-based compensation expense3		(734)		(691)		(2,795)		(2,330)
Net general and administrative		5,645		4,959		20,387		17,001
Research and development		1,723		1,453		5,678		5,992
Stock-based compensation expense3		(123)		(139)		(484)		(675)
Net research and development		1,600		1,314		5,194		5,317
Total operating expenses		15,514		13,571		54,346		50,398
Depreciation and amortization expense		(210)		(222)		(872)		(1,167)
Operating expenses issued in stock		—		(98)		(234)		(346)
Stock-based compensation expense3		(1,165)		(1,172)		(4,491)		(4,534)
Net operating expenses		$       14,139		$        12,079		$       48,749		$       44,351

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.

 

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SOURCE Lucid Diagnostics

FAQ

How much revenue did Lucid Diagnostics (LUCD) report for 4Q25 and what drove it?

Lucid reported $1.5 million in EsoGuard revenue for 4Q25. According to the company, revenue was driven by 3,664 EsoGuard tests processed in the quarter and growing physician adoption across health systems.

What are the terms and scope of the VA contract announced by Lucid (LUCD) on March 26, 2026?

The VA contract covers approximately 170 VA medical centers with Medicare-aligned pricing of $1,938. According to the company, the award is issued under the VA Federal Supply Schedule and expands nationwide EsoGuard access.

What did Lucid (LUCD) report about EsoCheck and EsoGuard real-world performance in 2025?

Lucid reported a 95% technical success rate for EsoCheck and that 95% of procedures were completed in under two minutes. According to the company, this data comes from nearly 12,000 at-risk patients in real-world practice.

What were Lucid Diagnostics' cash and liquidity levels at year-end 2025 (LUCD)?

Lucid held $34.7 million in cash and cash equivalents as of December 31, 2025. According to the company, this compares to $22.4 million at year-end 2024, reflecting an increase in year-end liquidity.

How did Lucid's profitability metrics look for 4Q25 and full year 2025 (LUCD)?

GAAP net loss for 4Q25 was $16.3 million (EPS $(0.12)), and non-GAAP adjusted loss was $12.6 million. According to the company, full-year GAAP net loss widened to $58.0 million.

Does the Lucid (LUCD) update indicate shareholder dilution or changes in share count?

Yes. Basic and diluted shares outstanding reported for 4Q25 were 131,070, up from 58,378 the prior-year quarter. According to the company, this reflects share issuance activity affecting per-share metrics.