Lucid Diagnostics Reports Revenue Growth to $976,000, Operating Loss of $11.19 Million for Q2 2024

Lucid Diagnostics Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2024. The company generated revenue of $976,000 for the three months ended June 30, 2024, a substantial increase from $159,000 in the same period last year. For the six-month period, revenue rose to $1.98 million from $605,000, reflecting a growing demand for its flagship product, the EsoGuard Esophageal DNA Test. Despite this revenue growth, Lucid Diagnostics incurred an operating loss of $11.19 million for the quarter, slightly improved from a loss of $11.58 million in the prior year. The net loss attributable to common stockholders was $11.01 million, or $(0.23) per share, compared to a loss of $11.38 million, or $(0.27) per share, in the same quarter of 2023.

The company’s total assets increased to $34.11 million as of June 30, 2024, up from $27.27 million at the end of 2023. This growth was primarily driven by an increase in cash reserves, which rose to $24.92 million from $18.90 million. Current liabilities decreased significantly to $15.98 million from $29.38 million, largely due to the repayment of obligations related to a Senior Secured Convertible Note. The company’s stockholders' equity improved to $15.98 million, compared to a deficit of $2.31 million at the end of 2023, reflecting the successful issuance of preferred stock.

Strategically, Lucid Diagnostics has made notable advancements, including the issuance of Series B and Series B-1 Convertible Preferred Stock, which collectively raised approximately $29.8 million. The Series B Preferred Stock offering, completed in March 2024, involved the exchange of existing Series A and A-1 Preferred Stock, consolidating the company’s capital structure. Additionally, the company appointed Dennis Matheis to its board of directors, enhancing its governance as it navigates growth and operational challenges.

Operationally, Lucid Diagnostics is focused on expanding its market presence and product adoption. The company is actively pursuing insurance reimbursement for its EsoGuard test, which is critical for its revenue generation. As of June 30, 2024, the company reported a working capital of approximately $12 million, which includes the current liability of $11.2 million related to the convertible note. The company’s management has expressed concerns regarding its ability to continue as a going concern, emphasizing the need for substantial revenue generation and potential additional capital raises to sustain operations over the next year.

Looking ahead, Lucid Diagnostics aims to enhance its commercialization efforts for the EsoGuard test while managing its operational costs. The company anticipates continued losses and negative cash flow from operations, necessitating ongoing financing through equity and debt transactions. The management remains optimistic about the potential for increased revenue through expanded insurance coverage and direct contracting with self-insured employers, which are essential for the company’s long-term viability.