Lucid Diagnostics Reports Strong Q4 2024 Performance
Lucid Diagnostics (NASDAQ: LUCD) announced positive outcomes in its fourth quarter and full-year 2024 financial results. The company highlighted significant achievements, including impressive growth in EsoGuard test volume, new commercial contracts, and advancements in securing insurance coverage.
Record Test Volume and Revenue
Lucid Diagnostics reported record-breaking performance in Q4 2024, processing a record 4,042 EsoGuard tests. This represents a substantial 45% sequential increase and an 84% increase year-over-year. The company also generated $1.2 million in revenue from EsoGuard tests during the quarter, demonstrating the growing commercialization of its cancer detection technology.
Key Strategic Achievements
Several key achievements were noted in the report:
- Secured over 20 new cash-pay concierge medicine contracts.
- Obtained first positive commercial insurance coverage from Highmark Blue Cross Blue Shield.
- Secured its first agreement under state biomarker legislation with BCBS Rhode Island.
- Completed a $22 million convertible debt refinancing and a $15.3 million common stock financing, extending its cash runway for future operations.
Financial Highlights
Key financial highlights for Q4 2024 include:
- Operating expenses of $13.6 million.
- GAAP net loss of $11.5 million, or $(0.20) per share.
- Cash position of $22.4 million as of December 31, 2024.
- Pro forma cash of approximately $36.9 million, including Q1 2025 financing.
Management Commentary
“The Lucid team finished 2024 on a strong note and 2025—which promises to be a pivotal year—is off to an exceptional start marked by significant advancements in EsoGuard’s commercial coverage, sales channels, and clinical evidence base,” said Lishan Aklog, M.D., Lucid’s Chairman and Chief Executive Officer. “We believe we are on the cusp of achieving broader payor coverage for EsoGuard and expect our focus on new contractually-guaranteed revenue sales channels, including concierge medicine, to drive revenue growth in the second half of 2025. We are now well positioned to capitalize on EsoGuard’s very large clinical and market opportunity.”
Lucid Diagnostics markets the first and only commercial tools for widespread early detection of esophageal precancer and cancer – the EsoGuard® Esophageal DNA Test and EsoCheck® Esophageal Cell Collection Device.
