Lucid Diagnostics Provides Business Update and Reports First Quarter 2026 Financial Results

Rhea-AI Summary

Lucid Diagnostics (Nasdaq: LUCD) reported first quarter 2026 results and a business update. The company processed 3,177 EsoGuard tests and generated $1.256 million in revenue, with operating expenses of $13.4 million and GAAP net loss of $13.9 million, or $(0.17) per share.

Non-GAAP adjusted loss was $10.5 million. An underwritten equity offering added about $17 million, supporting $45 million in proforma cash and runway into 2027. Management highlighted efforts toward Medicare coverage, expanded payer and health system engagement, and a strong presence at DDW with EsoGuard clinical data and guideline visibility.

AI-generated analysis. Not financial advice.

Positive

• 3,177 EsoGuard tests processed in Q1 2026
• Q1 2026 revenue of $1.256 million from EsoGuard
• Underwritten offering added approximately $17 million in net proceeds
• Proforma cash of $45 million, runway extending into 2027
• Non-GAAP adjusted loss reduced to $10.5 million from $11.2 million year over year
• Basic and diluted shares outstanding rose to 140.1 million from 68.8 million

Negative

• GAAP net loss of $13.9 million in Q1 2026
• Net loss attributable to common stockholders of $23.6 million
• Operating expenses of $13.4 million versus $1.256 million in revenue
• Preferred stock dividends of $9.7 million in the quarter
• Non-GAAP adjusted loss of $10.5 million, or $(0.07) per share
• Quarter-end cash and equivalents fell to $27.9 million from $34.7 million sequentially

Key Figures

EsoGuard tests: 3,177 tests EsoGuard revenue: $1.3 million Proforma cash: $45 million +5 more

8 metrics

EsoGuard tests 3,177 tests Processed in 1Q26

EsoGuard revenue $1.3 million 1Q26 revenue

Proforma cash $45 million End of 1Q26; runway into 2027

Operating expenses $13.4 million 1Q26 operating expenses including SBC

GAAP net loss $23.6 million 1Q26, inclusive of $9.7M preferred dividend

Non-GAAP adjusted loss $10.5 million 1Q26 non-GAAP adjusted loss

Cash & equivalents $27.9 million As of March 31, 2026

Equity offering proceeds $17 million Underwritten public offering completed before end of 1Q26

Market Reality Check

Price: $6.31 Vol: Volume 11,528 is below th...

normal vol

$6.31 Last Close

Volume Volume 11,528 is below the 20-day average of 15,546 ahead of this earnings update. normal

Technical Shares at $6.31 are trading below the 200-day MA of $10.92 and 77.81% under the 52-week high.

Peers on Argus

PAVM fell 2.92% while peers were mixed: HSCS -3.57%, BMRA -1.32%, RSLS +29.8%, L...

3 Up

PAVM fell 2.92% while peers were mixed: HSCS -3.57%, BMRA -1.32%, RSLS +29.8%, LFWD +2.79%, DHAI flat. Momentum scanner shows other med-tech names like BMRA and INBS moving up, suggesting this reaction was more stock-specific than a broad sector move.

Previous Earnings Reports

5 past events · Latest: Mar 30 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 30	Q4/FY 2025 results	Positive	+13.0%	Reported Q4/FY 2025 results with new $30M Series D and $15M note financing.
Mar 26	Lucid FY 2025 results	Negative	-3.9%	Lucid reported 4Q25 losses alongside EsoGuard revenue growth and VA contract details.
Nov 13	Q3 2025 results	Negative	-8.5%	PAVmed reported Q3 2025 losses, modest revenue, and Lucid/Veris operational updates.
Nov 12	Lucid Q3 2025 results	Positive	+10.4%	Lucid posted Q3 2025 revenue growth, $27M offering, and Medicare coverage progress.
Aug 14	Q2 2025 results	Neutral	-0.8%	Q2 2025 update mixed higher Lucid revenue with a larger GAAP net loss.

Pattern Detected

Earnings and business updates have usually seen price moves that align with the tone of the news, with more positive updates often followed by upside reactions.

Recent Company History

Across recent earnings and business updates, PAVmed and Lucid have repeatedly highlighted EsoGuard growth, capital raises, and balance sheet actions. Prior results on Mar 30, 2026 featured a $30M Series D and a $15M note alongside reduced losses, and Lucid’s Nov 12, 2025 update paired revenue growth with a $27M offering and Medicare progress. Earlier quarters also combined Lucid test volume expansion with capital raises and coverage initiatives. Today’s Q1 2026 Lucid update continues this pattern of emphasizing EsoGuard volumes, cash runway into 2027, and reimbursement milestones.

Historical Comparison

+2.0% avg move · Recent earnings-related news for PAVM and Lucid showed an average move of 2.05%. Today’s Q1 2026 Luc...

earnings

+2.0%

Average Historical Move earnings

Recent earnings-related news for PAVM and Lucid showed an average move of 2.05%. Today’s Q1 2026 Lucid results, with rising EsoGuard tests and detailed loss metrics, fit the pattern of earnings updates that often trigger modest but directionally aligned price reactions.

Earnings updates have traced a progression from 2025 losses and low cash to later quarters featuring expanded EsoGuard revenue, multiple equity and preferred financings, and an extended cash runway supported by new capital sources.

Regulatory & Risk Context

Active S-3 Shelf · $30,000,000

Shelf Active

Active S-3 Shelf Registration 2026-04-20

$30,000,000 registered capacity

An effective S-3 dated Apr 20, 2026 registers 9,230,786 shares for resale tied to Series D preferred and related warrants. PAVmed itself is not selling shares under this shelf but may receive up to $30,000,000 in proceeds if the registered warrants are exercised, for working capital and general corporate purposes.

Market Pulse Summary

This announcement details Q1 2026 progress at Lucid, including 3,177 EsoGuard tests, $1.3M in revenu...

Analysis

This announcement details Q1 2026 progress at Lucid, including 3,177 EsoGuard tests, $1.3M in revenue, and a $10.5M non-GAAP adjusted loss. Management emphasizes a cash position of $45M proforma and runway into 2027, supported by an underwritten offering. Prior earnings updates for PAVmed and Lucid have similarly combined growth with equity financings and reimbursement milestones. Investors may watch Medicare coverage decisions, future cash burn trends, and use of the effective S-3 registering 9,230,786 resale shares.

Key Terms

Medicare coverage, non-GAAP, EBITDA, stock-based compensation, +4 more

8 terms

Medicare coverage regulatory

""Securing Medicare coverage remains our most important pending milestone""

Medicare coverage is the set of health insurance benefits provided by the U.S. federal Medicare program that pays for hospital care, doctor services, prescription drugs and certain medical supplies for eligible beneficiaries. Investors pay attention because changes in what Medicare will cover, how much it reimburses, or who qualifies can materially affect revenue and pricing for hospitals, drugmakers, medical device manufacturers and insurers—like rewriting the rulebook for a very large, steady customer.

non-GAAP financial

"These non-GAAP financial measures include net loss before interest, taxes..."

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.

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.

stock-based compensation financial

"Operating expenses were approximately $13.4 million, which included stock-based compensation expenses of $1.4 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

"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.

warrants financial

"issuable upon exercise of warrants and conversion of notes."

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

Form 10-Q regulatory

"financial results... were filed with the SEC on Form 10-Q on May 13, 2026"

A Form 10-Q is a detailed report that publicly traded companies are required to file with regulators three times a year, providing an update on their financial health and business activities. It is important for investors because it offers timely insights into a company's performance, helping them make informed decisions about buying or selling stocks. Think of it as a regular check-up report that shows how well a company is doing.

GAAP financial

"presented in accordance with U.S. generally accepted accounting principles (GAAP)"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

AI-generated analysis. Not financial advice.

Processed 3,177 EsoGuard^® tests and recognized 1Q26 revenue of $1.3 million, ending quarter with $45 million in proforma cash and a runway that extends into 2027 and past upcoming reimbursement milestones

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

NEW YORK, May 14, 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 first quarter ended March 31, 2026.

Conference Call and Webcast

The webcast will take place on Thursday, May 14, 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

"Securing Medicare coverage remains our most important pending milestone, and our confidence in a positive outcome has not wavered," said Lishan Aklog, M.D., Lucid's Chairman and Chief Executive Officer. "We continue to build commercial momentum for EsoGuard by generating consistent demand, progressing our Medicare and VA targeting efforts, and expanding engagement with health systems and commercial payors. Together with our strengthened balance sheet, these initiatives have us well-positioned to convert EsoGuard demand to revenue and further accelerate commercialization as Medicare and other key reimbursement milestones are achieved."

Highlights from the first quarter and recent weeks:

• Processed 3,177 EsoGuard^® Esophageal DNA Tests in 1Q26.
  
  
• Recognized $1.3 million in EsoGuard revenue for 1Q26.
  
  
• Strengthened balance sheet with underwritten public offering of common stock, netting approximately $17 million in proceeds; ended 1Q26 with $45 million in proforma cash, extending runway into 2027.
  
  
• Strong presence at Digestive Disease Week (DDW), which included multiple EsoGuard abstracts, extensive engagement with the gastroenterology community, and a preview of a major upcoming clinical practice guideline update recommending EsoGuard and EsoCheck^® as the only non-endoscopic test with high certainty of evidence.

Financial Results

• For the three months ended March 31, 2026, EsoGuard related revenues were $1.3 million. Operating expenses were approximately $13.4 million, which included stock-based compensation expenses of $1.4 million. GAAP net loss attributable to common stockholders was approximately $23.6 million, inclusive of a deemed Preferred Stock dividend of $9.7 million or $(0.17) 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, 2026 was approximately $10.5 million or $(0.07) per common share.
  
  
• Lucid had cash and cash equivalents of $27.9 million as of March 31, 2026, compared to $34.7 million as of December 31, 2025.
  
  
• The unaudited financial results for the three months ended March 31, 2026, were filed with the SEC on Form 10-Q on May 13, 2026, 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, 2026, and 2025 are as follows:

 

(in thousands except per-share amounts)		For the three months ended March 31,
		2026		2025
Revenue		$        1,256		$            828
Operating expenses		13,370		13,315
Other (Income) expense, net		1,795		14,421
Net Loss		(13,909)		(26,908)
Net income (loss) per common share, basic and diluted		$        (0.17)		$        (0.52)
Net loss attributable to common stockholders		(23,628)		(36,018)
Preferred Stock dividends		9,719		9,110
Net income (loss) as reported		(13,909)		(26,908)
Adjustments:
Depreciation and amortization expense1		222		221
Interest expense, net2		(64)		(57)
EBITDA		(13,751)		(26,744)
Other non-cash or financing related expenses:
Stock-based compensation expense3		1,411		1,030
Operating expenses issued in stock1		29		74
Change in FV convertible debt2		1,859		14,478
Non-GAAP adjusted (loss)		$      (10,452)		$      (11,162)
Basic and Diluted shares outstanding		140,097		68,796
Non-GAAP adjusted (loss) income per share		$(0.07)		$(0.16)

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:

 

(in thousands except per-share amounts)		For the three months ended March 31,
		2026		2025
Cost of revenues		$        1,625		$        1,551
Stock-based compensation expense3		(114)		(71)
Net cost of revenues		1,511		1,480
Amortization of intangible assets		105		105
Sales and marketing		5,002		4,069
Stock-based compensation expense3		(255)		(239)
Net sales and marketing		4,747		3,830
General and administrative		5,432		6,162
Depreciation expense		(117)		(116)
Operating expenses issued in stock		(29)		(74)
Stock-based compensation expense3		(907)		(601)
Net general and administrative		4,379		5,371
Research and development		1,206		1,428
Stock-based compensation expense3		(135)		(119)
Net research and development		1,071		1,309
Total operating expenses		13,370		13,315
Depreciation and amortization expense		(222)		(221)
Operating expenses issued in stock		(29)		(74)
Stock-based compensation expense3		(1,411)		(1,030)
Net operating expenses		$       11,708		$       11,990

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

What were Lucid Diagnostics (NASDAQ: LUCD) Q1 2026 financial results?

Lucid Diagnostics reported Q1 2026 revenue of $1.256 million and a GAAP net loss of $13.9 million. According to Lucid Diagnostics, operating expenses were $13.4 million and non-GAAP adjusted loss was about $10.5 million, or $(0.07) per basic and diluted share.

How many EsoGuard tests did Lucid Diagnostics process in Q1 2026?

Lucid Diagnostics processed 3,177 EsoGuard esophageal DNA tests in the first quarter of 2026. According to Lucid Diagnostics, these tests generated $1.256 million in related revenue and reflect ongoing commercial use of EsoGuard across targeted channels, including Medicare, VA, health systems, and commercial payors.

What is Lucid Diagnostics' cash position and runway after Q1 2026 (LUCD)?

Lucid Diagnostics ended Q1 2026 with $27.9 million in cash and equivalents and $45 million in proforma cash. According to Lucid Diagnostics, an underwritten public stock offering netted approximately $17 million, supporting a cash runway extending into 2027 and past anticipated reimbursement milestones.

How did Lucid Diagnostics' non-GAAP adjusted loss change in Q1 2026?

Lucid Diagnostics reported a Q1 2026 non-GAAP adjusted loss of $10.5 million, or $(0.07) per share. According to Lucid Diagnostics, this compares with a non-GAAP adjusted loss of $11.2 million, or $(0.16) per share, for the first quarter of 2025, reflecting reduced loss per share.

What strategic priorities did Lucid Diagnostics highlight around Medicare coverage for EsoGuard in 2026?

Lucid Diagnostics emphasized that securing Medicare coverage for EsoGuard remains its most important pending milestone. According to Lucid Diagnostics, the company is progressing Medicare and VA targeting efforts while expanding engagement with health systems and commercial payors to help convert EsoGuard demand into reimbursed revenue.

How did Lucid Diagnostics engage the medical community around EsoGuard in early 2026?

Lucid Diagnostics reported a strong presence at Digestive Disease Week (DDW), featuring multiple EsoGuard abstracts and extensive gastroenterology engagement. According to Lucid Diagnostics, the company also previewed an upcoming clinical practice guideline update recommending EsoGuard and EsoCheck as the only non-endoscopic test with high certainty of evidence.