Lucid Diagnostics Reports $1.2 Million Revenue in Q2 2025, Net Loss of $7.9 Million

Lucid Diagnostics Inc. reported its financial results for the second quarter of 2025, revealing a revenue of $1.2 million for the three months ended June 30, 2025, an increase from $1.0 million in the same period last year. For the six months ended June 30, 2025, the company generated $2.0 million in revenue, consistent with the prior year. Despite the revenue stability, Lucid recorded a net loss attributable to common stockholders of approximately $7.9 million for the second quarter, compared to a loss of $11.0 million in the same quarter of 2024. The net loss for the first half of 2025 was approximately $43.9 million, up from $29.1 million in the previous year.

The company’s operating expenses for the second quarter totaled $12.5 million, slightly higher than the $12.2 million reported in the same quarter of 2024. Notably, general and administrative expenses rose to $5.6 million from $4.9 million, primarily due to increased costs associated with the management services agreement with PAVmed and higher stock-based compensation. Sales and marketing expenses decreased to $4.0 million from $4.2 million, reflecting a reduction in compensation costs. Research and development expenses also saw a slight decline, totaling $1.3 million compared to $1.4 million in the prior year.

In terms of operational metrics, Lucid Diagnostics has been focusing on expanding its market presence and product adoption. The company has made significant strides in securing Medicare coverage for its EsoGuard test, with a complete clinical evidence package submitted to MolDx in November 2024. Additionally, the company has partnered with Hoag Comprehensive Esophageal Precancer Testing Program to integrate EsoGuard testing into its services. As of June 30, 2025, Lucid had approximately $31.1 million in cash, reflecting a net increase of $8.8 million during the first half of the year, primarily from financing activities.

Lucid Diagnostics continues to face challenges in achieving profitability, as indicated by its ongoing net losses and negative cash flows from operations. The company’s ability to sustain operations over the next year will depend on its success in expanding insurance reimbursement coverage for its EsoGuard test and increasing revenue through direct contracting with self-insured employers. The management has expressed concerns regarding the company's ability to continue as a going concern, emphasizing the need for substantial revenue generation and potential capital raising efforts in the near future.

Looking ahead, Lucid Diagnostics remains committed to advancing its commercialization efforts for EsoGuard and expanding its clinical evidence base to support reimbursement initiatives. The company is also exploring additional financing options to support its operations and growth strategy, while navigating the complexities of the medical diagnostics market.