Lucid Diagnostics Inc. reported its financial results for the third quarter of 2021, revealing a revenue of $200,000, a significant increase from zero revenue in the same period last year. This revenue is attributed to the company's EsoGuard Commercialization Agreement with ResearchDx Inc., which commenced in August 2021. Despite this revenue generation, Lucid Diagnostics incurred a net loss of $6.96 million for the quarter, compared to a loss of $2.02 million in the third quarter of 2020. The loss per share for the quarter was $0.49, up from $0.14 in the prior year.
The company's operating expenses for the third quarter totaled approximately $6.57 million, a substantial rise from $2.02 million in the same quarter of 2020. This increase was driven by higher costs in commercial operations, general and administrative expenses, and research and development. Specifically, commercial operations expenses rose to $978,048 from $335,163, while general and administrative expenses surged to $3.4 million from $470,278. Research and development expenses also increased to $2.19 million from $1.22 million, reflecting the company's ongoing investment in product development and clinical trials.
In terms of strategic developments, Lucid Diagnostics has been actively expanding its commercialization efforts. The company is establishing Lucid Test Centers for the collection of cell samples using its EsoCheck device, with initial centers launched in the Phoenix area and recent expansions into Utah, Nevada, and Colorado. Additionally, the company is pursuing a telemedicine program to facilitate self-referrals for its EsoGuard test. As of September 30, 2021, Lucid Diagnostics employed a total of 14,114,707 shares of common stock, with PAVmed Inc. holding a majority stake.
Looking ahead, Lucid Diagnostics anticipates continued losses as it invests in expanding its operations and product offerings. The company has indicated that it will rely on debt and equity financing to support its growth strategy. Following the end of the reporting period, Lucid completed an initial public offering (IPO) on October 14, 2021, raising $70 million in gross proceeds, which is expected to provide additional capital for its operations. The company remains focused on advancing its clinical trials and obtaining regulatory approvals for its products, which are critical for its long-term success in the medical diagnostics market.
About Lucid Diagnostics Inc.
Lucid Diagnostics Inc. is a medical diagnostics company focused on early detection of esophageal precancer and cancer in patients with gastroesophageal reflux disease (GERD). Its key products, EsoGuard and EsoCheck, offer non-invasive testing solutions. With a $60 billion market opportunity, Lucid targets 30 million at-risk U.S. individuals. The company is expanding access through partnerships and direct-to-consumer initiatives, addressing a vital need in cancer prevention.
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