Lucid Diagnostics Reports 17.3% Revenue Decline and Increased Losses in Q1 2025

Lucid Diagnostics Inc. reported a revenue of $828,000 for the first quarter of 2025, a decline of 17.3% compared to $1 million in the same period of 2024. The company attributed this decrease primarily to lower revenue from its EsoGuard Esophageal DNA Test. Operating expenses rose to $13.3 million, up from $11.8 million year-over-year, leading to an operating loss of $12.5 million, compared to a loss of $10.8 million in the prior year. The net loss attributable to common stockholders was approximately $36 million, or $0.52 per share, compared to a net loss of $18.1 million, or $0.40 per share, in the first quarter of 2024.

The company's financial position showed significant changes, particularly in liabilities. Total liabilities increased to $38.2 million as of March 31, 2025, up from $25.3 million at the end of 2024. This rise was largely due to the issuance of Senior Secured Convertible Notes, which increased from $18.6 million to $32.8 million. In contrast, total stockholders' equity shifted from a positive $5.4 million to a deficit of $5.4 million, reflecting the substantial net losses incurred during the quarter.

Strategically, Lucid Diagnostics has been active in raising capital to support its operations. In March 2025, the company completed a registered direct offering, raising approximately $14.9 million, followed by a confidentially marketed public offering in April 2025, which generated an additional $16.1 million. These funds are intended for working capital and general corporate purposes. The company is also focused on expanding its market presence and enhancing insurance reimbursement coverage for its EsoGuard test, which is critical for its revenue generation.

Operationally, Lucid Diagnostics is concentrating on the commercialization of its EsoGuard and EsoCheck products, which are designed for the early detection of esophageal precancer. The company has reported a slight decrease in the cost of revenue, which was $1.6 million in Q1 2025, down from $1.7 million in Q1 2024. The company continues to face challenges in achieving significant product adoption and reimbursement coverage, which are essential for its long-term viability. As of March 31, 2025, Lucid had cash reserves of $25.2 million, but it anticipates ongoing losses and negative cash flows, raising concerns about its ability to sustain operations without additional financing.

Looking ahead, Lucid Diagnostics remains focused on expanding its clinical evidence to support insurance reimbursement and increasing its market share. The company is also pursuing strategic partnerships and clinical studies to enhance the adoption of its products. However, management has expressed substantial doubt about the company's ability to continue as a going concern within the next year, contingent on generating sufficient revenue and securing additional funding.