Lucid Diagnostics Reports 124% Revenue Increase to $1.0 Million in Q1 2024

Lucid Diagnostics Inc. reported a significant increase in revenue for the first quarter of 2024, generating $1.0 million compared to $446,000 in the same period of 2023. This 124% rise is attributed primarily to the performance of the EsoGuard Esophageal DNA Test, which is conducted in the company’s own CLIA laboratory. Despite the revenue growth, Lucid incurred a net loss of approximately $10.6 million, a decrease from the $16.2 million loss reported in the prior year. The net loss attributable to common stockholders was $18.1 million, which includes a deemed dividend of $7.5 million related to the exchange of preferred stock.

The company’s operating expenses for the quarter totaled $11.8 million, down from $14.8 million in the previous year. This reduction was driven by a $2.4 million decrease in stock-based compensation and a $0.9 million decline in professional fees. Sales and marketing expenses remained relatively stable at $4.2 million, while general and administrative costs decreased to $4.1 million from $6.9 million. Research and development expenses also saw a decline, totaling $1.5 million compared to $1.9 million in the prior year.

In terms of strategic developments, Lucid completed a significant financing round in March 2024, raising approximately $18.1 million through the issuance of 44,285 shares of Series B Convertible Preferred Stock. This offering included the exchange of all outstanding Series A and Series A-1 Preferred Stock for Series B shares. The company also announced the appointment of Dennis Matheis to its board of directors, further strengthening its leadership team.

Operationally, Lucid Diagnostics reported a cash balance of $24.8 million as of March 31, 2024, an increase from $18.9 million at the end of 2023. The company’s total assets rose to $32.0 million, up from $27.3 million, while total liabilities decreased significantly from $29.6 million to $20.2 million. The reduction in liabilities was primarily due to a decrease in amounts owed to PAVmed Inc., reflecting improved cash management and operational efficiencies.

Looking ahead, Lucid Diagnostics faces challenges in achieving positive cash flows from operations, as it continues to rely on external financing to support its growth initiatives. The company emphasizes the importance of expanding insurance reimbursement coverage for its EsoGuard test and increasing revenue through direct contracting with self-insured employers. Management has expressed concerns regarding the company’s ability to continue as a going concern within the next year, contingent on its success in generating substantial revenue and securing additional capital.