Lucid Diagnostics Reports Q2 2023 Revenue of $159,000 and Net Loss of $11.4 Million

Lucid Diagnostics Inc. reported its financial results for the second quarter of 2023, revealing a revenue of $159,000 for the three months ended June 30, 2023, compared to no revenue in the same period last year. For the six months ending June 30, 2023, the company generated $605,000 in revenue, a significant increase from $189,000 in the prior year. Despite this growth in revenue, Lucid Diagnostics experienced a net loss of $11.4 million for the quarter, an improvement from a net loss of $14.6 million in the same quarter of 2022. The net loss for the first half of 2023 was $27.6 million, compared to $26.9 million for the same period in 2022.

The company's total assets increased to $42.5 million as of June 30, 2023, up from $32.5 million at the end of 2022. This growth was primarily driven by an increase in cash reserves, which rose to $32.6 million from $22.5 million. However, total liabilities surged to $27.4 million, up from $9.5 million at the end of 2022, largely due to the issuance of a Senior Secured Convertible Note valued at $11.6 million. The company also reported a significant increase in accounts payable and accrued expenses, reflecting its ongoing operational costs.

Strategically, Lucid Diagnostics has made notable advancements, including the launch of its EsoGuard #CheckYourFoodTube Mobile Test Unit in June 2023, aimed at increasing access to esophageal cancer screening. The company has also initiated a Direct Contracting Strategic Initiative to engage with self-insured employers, which has already resulted in a contract with the Ancira Automotive Group. Additionally, Lucid transitioned to a new revenue cycle management provider in May 2023, which has improved claims processing efficiency.

Operationally, Lucid Diagnostics has focused on expanding its market presence and enhancing product adoption. The company has been actively involved in community testing events, such as the #CheckYourFoodTube initiative with the San Antonio Fire Department, which has successfully tested hundreds of at-risk individuals. As of June 30, 2023, Lucid Diagnostics had 41.9 million shares outstanding, an increase from 40.5 million shares at the end of 2022, reflecting ongoing equity financing efforts.

Looking ahead, Lucid Diagnostics anticipates continued losses as it invests in the commercialization of its flagship product, the EsoGuard Esophageal DNA Test. The company plans to leverage its cash reserves and committed equity sources to fund operations and meet financial obligations over the next year. Despite the challenges, Lucid remains focused on expanding its clinical evidence base to support insurance reimbursement and enhance the adoption of its diagnostic solutions.