Lucid Diagnostics Reports Revenue Growth to $783,000 Despite Continued Operating Losses

Lucid Diagnostics Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2023. The company generated revenue of $783,000 for the third quarter, a substantial increase from $76,000 in the same period last year. For the nine months ending September 30, 2023, revenue reached $1.4 million, compared to $265,000 in the prior year. Despite this growth in revenue, Lucid Diagnostics continued to experience operating losses, reporting a net loss of $14.2 million for the third quarter, slightly improved from a loss of $14.3 million in the same quarter of 2022. The nine-month net loss was $41.8 million, compared to $41.2 million in the previous year.

The company’s operational metrics indicate a strategic shift towards in-house testing capabilities, following the termination of its commercialization agreement with ResearchDx in February 2022. This transition has allowed Lucid to perform its EsoGuard Esophageal DNA Tests in its own CLIA-certified laboratory, contributing to the increased revenue figures. The cost of revenue for the third quarter remained stable at approximately $1.6 million, reflecting a slight decrease in laboratory facility costs but an increase in compensation and supply costs.

Lucid Diagnostics has also made notable changes in its organizational structure and strategic initiatives. In March 2023, the company launched a Direct Contracting Strategic Initiative aimed at engaging self-insured employers and unions, which has already resulted in a contract with Ancira Automotive Group. Additionally, the company appointed Shaun M. O’Neil as President, effective November 6, 2023, while he continues to serve as COO of both Lucid and its parent company, PAVmed.

The company’s financial position has been bolstered by recent financing activities, including the issuance of 13,625 shares of Series A Convertible Preferred Stock in March 2023, raising $13.6 million, and a subsequent issuance of 5,000 shares of Series A-1 Preferred Stock in October 2023, generating an additional $5 million. As of September 30, 2023, Lucid had cash reserves of $24.1 million, which it expects to utilize for ongoing operations and to meet financial obligations over the next year. However, the company anticipates continued losses and negative cash flow, necessitating further debt and equity financing to support its growth and operational strategies.