Lucid Diagnostics reports US$1.2M revenue and US$18M quarter‑end cash
EsoGuard test volume reached a monthly record in October, while quarterly operating expenses were US$13.5 million.
Adrian Kessler
Operating expenses exceeded revenue as Lucid Diagnostics Inc. NASDAQLUCD reported US$1.2 million in third-quarter EsoGuard revenue on Thursday. Operating expenses were approximately US$13.5 million for the period ended Sept. 30.
Cash and equivalents stood at US$18 million on Sept. 30, before a subsequent US$15 million convertible preferred-share financing. Lucid expects five Concert client health plans to have formally adopted the Concert EsoGuard coverage policy by year-end.
Lucid is a small New York diagnostics company selling an esophageal precancer DNA test through its Texas laboratory.
Shares last closed at US$0.38 on Nasdaq at 4:00 p.m. EST on Nov. 11, according to Google Finance's NASDAQLUCD quote. That close precedes Thursday's results and does not measure the market's response.
The Nov. 12 update said the first Medicare payments arrived in October at US$1,938.01 per test. Lucid began submitting claims in late September after meeting medical directors at Novitas, the Medicare contractor with jurisdiction over its laboratory.
Lucid described the payments as claim-by-claim adjudication, independent of the pending MolDX local coverage determination reconsideration. Its account of that separate process gave no date for publication of a draft policy.
"Lucid's near-term growth now depends almost entirely on our team's commercial and operational execution," Lucid chief executive Lishan Aklog said in the release.
Lucid performed 2,871 EsoGuard tests in the September quarter and more than 1,800 in October, which it called a monthly record. October activity falls outside the reported quarter, and the business highlights did not give an October revenue figure.
The update also cited an 11,991-patient real-world study in which EsoCheck cell sampling succeeded in 95 per cent of patients. No device-related adverse events were reported, according to Lucid's account.
Read more: Lucid Diagnostics announces 11,991-patient EsoGuard study publication
Revenue Trails Operating Expenses
For the quarter ended Sept. 30, Lucid reported a GAAP net loss attributable to common shareholders of approximately US$6.7 million. Its adjusted loss was approximately US$10.6 million, a separate measure that removes specified non-cash items.
The financial highlights did not provide an updated cash-runway date. Neither loss figure establishes operating cash consumption, so neither supports a calculation of how long the reported cash will last.
The issuer's cash-flow page showed US$11.3 million used in operations in the quarter ended June 30. That reporting period predates both the latest results and the first Medicare receipts, limiting its usefulness for assessing current funding needs.
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The next dated commercial milestone is Dec. 31, when Lucid expects formal adoption of the Concert EsoGuard policy by five client health plans. Three had previously been reported, so the deadline tests whether Lucid delivers the additional coverage it forecast.
