Lucid Diagnostics Reports $189,000 Revenue and $12.3 Million Net Loss for Q1 2022

Lucid Diagnostics Inc. reported a revenue of $189,000 for the three months ended March 31, 2022, marking a significant increase from zero revenue in the same period of the previous year. The revenue was primarily generated from the EsoGuard Commercialization Agreement with ResearchDx Inc., which was in effect until February 25, 2022. However, the company also reported a net loss of $12.3 million, compared to a net loss of $3.7 million in the prior year, reflecting increased operating expenses associated with its growth initiatives.

The company's operating expenses surged to $11.9 million in the first quarter of 2022, up from $3.7 million in the same period last year. This increase was driven by higher sales and marketing expenses, which rose to $3.3 million from $689,000, and general and administrative expenses, which increased to $5.7 million from $1.2 million. Research and development costs also grew to $2.9 million from $1.8 million, as the company continued to invest in its product development and clinical trials.

In terms of strategic developments, Lucid Diagnostics completed an asset purchase agreement with ResearchDx in February 2022, acquiring assets to establish its own CLIA-certified laboratory. This move is expected to enhance the company's operational capabilities and reduce reliance on third-party services. Additionally, the company has expanded its geographic footprint by establishing Lucid Test Centers in several states, including Utah, Nevada, and Colorado, to facilitate the EsoCheck procedure.

As of March 31, 2022, Lucid Diagnostics had total assets of $62.1 million, up from $59.0 million at the end of 2021. The company’s cash reserves decreased to $47.9 million from $53.7 million, while total liabilities increased significantly to $15.6 million from $4.3 million, largely due to the recognition of contingent purchase consideration related to the RDx acquisition. The company also reported an increase in employee headcount, reflecting its ongoing expansion efforts.

Looking ahead, Lucid Diagnostics anticipates continued losses as it invests in commercialization and product development. The company has entered into a committed equity facility with Cantor Fitzgerald, allowing it to raise up to $50 million in capital, which it plans to use to fund its operations and growth initiatives. The management remains optimistic about the future, citing the potential for increased market acceptance of its products and ongoing clinical trials aimed at securing regulatory approvals.