Processed 3,664 EsoGuard$(R)$ tests and recognized 4Q25 revenue of $1.5 million
Expanded EsoGuard access with U.S. Department of Veterans Affairs contract award and strengthened clinical evidence with positive data from the largest reported real-world experience of esophageal precancer detection
Conference call and webcast to be held today, March 26, at 8:30 AM EST
NEW YORK, March 26, 2026 /PRNewswire/ -- Lucid Diagnostics Inc. (Nasdaq: LUCD) ("Lucid" or the "Company") a commercial-stage, cancer prevention medical diagnostics company, and subsidiary of PAVmed Inc. (Nasdaq: PAVM) ("PAVmed"), today provided a business update for the Company and reported financial results for the fourth quarter and full year ended December 31, 2025.
Conference Call and Webcast
The webcast will take place on Thursday, March 26, 2026, at 8:30 AM and will be accessible in the investor relations section of the Company's website at luciddx.com. Alternatively, to access the conference call by telephone, U.S.-based callers should dial 1-800-836-8184 and international listeners should dial 1-646-357-8785. All listeners should provide the operator with the conference call name "Lucid Diagnostics Business Update" to join.
Following the conclusion of the conference call, a replay will be available for 30 days on the investor relations section of the Company's website at luciddx.com.
Business Highlights
"Throughout 2025, we established a strong commercial foundation for EsoGuard, demonstrating that we can consistently generate and sustain demand, drive physician adoption, and engage effectively with both health systems and commercial payors," said Lishan Aklog, M.D., Lucid's Chairman and Chief Executive Officer. "As we move into 2026, our focus is on building on that foundation by converting demand into revenue, with priorities including deepening our relationship with the VA, expanding adoption across health systems, advancing coverage with commercial payors, and securing Medicare coverage, which we still expect in the near-term."
Highlights from the fourth quarter and recent weeks:
-- Processed 3,664 EsoGuard(R) Esophageal DNA Tests in 4Q25.
-- Recognized $1.5 million in EsoGuard revenue for 4Q25.
-- Awarded U.S. Department of Veterans Affairs (VA) contract for EsoGuard,
expanding access across the nation's largest integrated healthcare system
serving approximately nine million veterans. The contract, issued under
the VA Federal Supply Schedule, includes Medicare-aligned pricing of
$1,938 and spans approximately 170 VA medical centers nationwide under a
single national framework.
-- Announced positive data from the largest reported real-world experience
of esophageal precancer detection, evaluating Lucid's EsoGuard and
EsoCheck(R) Esophageal Cell Collection Device in nearly 12,000 at-risk
patients. Real-world data demonstrated that EsoCheck achieved a 95%
technical success rate and that 95% of procedures were completed in under
two minutes, while physicians used EsoGuard appropriately in routine
clinical practice.
Financial Results
-- For the three months ended December 31, 2025, EsoGuard related revenues
were $1.5 million. Operating expenses were approximately $15.5 million,
which included stock-based compensation expenses of $1.2 million. GAAP
net loss attributable to common stockholders was approximately $16.3
million or $(0.12) per common share.
-- As shown below and for the purpose of illustrating the effect of
stock-based compensation and other non-cash income and expenses on the
Company's financial results, the Company's non-GAAP adjusted loss for the
three months ended December 31, 2025 was approximately $12.6 million or
$(0.10) per common share.
-- Lucid had cash and cash equivalents of $34.7 million as of December 31,
2025, compared to $22.4 million as of December 31, 2024.
-- The audited financial results for the year ended December 31, 2025, were
filed with the SEC on Form 10-K on March 25, 2026, and available
at www.luciddx.com or www.sec.gov.
Lucid Non-GAAP Measures
-- To supplement our audited financial results presented in accordance with
U.S. generally accepted accounting principles (GAAP), management provides
certain non-GAAP financial measures of the Company's financial results.
These non-GAAP financial measures include net loss before interest, taxes,
depreciation, and amortization (EBITDA), and non-GAAP adjusted loss,
which further adjusts EBITDA for stock-based compensation expense and
other non-cash income and expenses, if any. The foregoing non-GAAP
financial measures of EBITDA and non-GAAP adjusted loss are not
recognized terms under U.S. GAAP.
-- Non-GAAP financial measures are presented with the intent of providing
greater transparency to the information used by us in our financial
performance analysis and operational decision-making. We believe these
non-GAAP financial measures provide meaningful information to assist
investors, shareholders, and other readers of our unaudited financial
statements in making comparisons to our historical financial results and
analyzing the underlying performance of our results of operations. These
non-GAAP financial measures are not intended to be, and should not be, a
substitute for, considered superior to, considered separately from, or as
an alternative to, the most directly comparable GAAP financial measures.
-- Non-GAAP financial measures are provided to enhance readers' overall
understanding of our current financial results and to provide further
information for comparative purposes. Management believes the non-GAAP
financial measures provide useful information to management and investors
by isolating certain expenses, gains, and losses that may not be
indicative of our core operating results and business outlook.
Specifically, the non-GAAP financial measures include non-GAAP adjusted
loss, and its presentation is intended to help the reader understand the
effect of the loss on the issuance or modification of convertible
securities, the periodic change in fair value of convertible securities,
the loss on debt extinguishment, and the corresponding accounting for
non-cash charges on financial performance. In addition, management
believes non-GAAP financial measures enhance the comparability of results
against prior periods.
-- A reconciliation to the most directly comparable GAAP measure of all
non-GAAP financial measures included in this press release for the three
months and years ended December 31, 2025, and 2024 are as follows:
Condensed consolidated statements of operations (unaudited)
(in thousands
except per-share For the three months ended For the year ended
amounts) December 31, December 31,
2025 2024 2025 2024
--------------- --------------- --------------- ---------------
Revenue $ 1,504 $ 1,197 $ 4,706 $ 4,346
Operating expenses 15,514 13,571 54,346 50,398
Other (Income)
expense 2,256 (833) 8,370 (523)
--------------- --------------- --------------- ---------------
Net Loss (16,266) (11,541) (58,010) (45,529)
--------------- --------------- --------------- ---------------
Net income (loss)
per common
share, basic and
diluted $ (0.12) $ (0.20) $ (0.69) $ (1.05)
Net loss
attributable to
common
stockholders (16,266) (11,541) (70,569) (53,025)
Preferred Stock
dividends and
deemed dividends -- -- 12,559 7,496
--------------- --------------- --------------- ---------------
Net income (loss)
as reported (16,266) (11,541) (58,010) (45,529)
--------------- --------------- --------------- ---------------
Adjustments:
Depreciation and
amortization
expense(1) 210 222 872 1,167
Interest expense,
net(2) (104) (58) (364) (296)
--------------- --------------- --------------- ---------------
EBITDA (16,160) (11,377) (57,502) (44,658)
Other non-cash or
financing related
expenses:
Stock-based
compensation
expense(3) 1,165 1,172 4,491 4,534
Operating
expenses issued
in stock(1) -- 98 234 346
Change in FV
convertible
debt(2) 2,359 (4,825) 7,656 (5,394)
Debt
extinguishments
loss - Senior
Secured
Convertible
Note(2) -- -- 1,078 --
Equity issuance
cost
extinguishment -- 4,050 -- 5,167
--------------- --------------- --------------- ---------------
Non-GAAP adjusted
(loss) $ (12,636) $ (10,882) $ (44,043) $ (40,005)
=============== =============== =============== ===============
Basic and Diluted
shares
outstanding 131,070 58,378 101,947 50,516
Non-GAAP adjusted
(loss) income
per share $(0.10) $(0.19) $(0.43) $(0.79)
(1) Included in general and administrative expenses in the financial
statements.
(2) Included in other income and expenses.
(3) Stock-based compensation ("SBC") expense included in operating expenses is
detailed as follows in the table below by category within operating expenses
for the non-GAAP Net operating expenses:
Reconciliation of GAAP Operating Expenses to Non-GAAP Net Operating Expenses
(in thousands
except per-share For the three months ended For the year ended
amounts) December 31, December 31,
2025 2024 2025 2024
-------------- -------------- -------------- --------------
Cost of revenues $ 1,859 $ 2,145 $ 6,670 $ 7,099
Stock-based
compensation
expense(3) (39) (42) (191) (164)
-------------- -------------- -------------- --------------
Net cost of
revenues 1,820 2,103 6,479 6,935
============== ============== ============== ==============
Amortization of
intangible
assets 106 105 421 688
Sales and
marketing 5,343 4,003 17,710 16,463
Stock-based
compensation
expense(3) (269) (300) (1,021) (1,365)
-------------- -------------- -------------- --------------
Net sales and
marketing 5,074 3,703 16,689 15,098
============== ============== ============== ==============
General and
administrative 6,483 5,865 23,867 20,156
Depreciation
expense (104) (117) (451) (479)
Operating
expenses issued
in stock -- (98) (234) (346)
Stock-based
compensation
expense(3) (734) (691) (2,795) (2,330)
-------------- -------------- -------------- --------------
Net general and
administrative 5,645 4,959 20,387 17,001
============== ============== ============== ==============
Research and
development 1,723 1,453 5,678 5,992
Stock-based
compensation
expense(3) (123) (139) (484) (675)
-------------- -------------- -------------- --------------
Net research and
development 1,600 1,314 5,194 5,317
============== ============== ============== ==============
Total operating
expenses 15,514 13,571 54,346 50,398
Depreciation and
amortization
expense (210) (222) (872) (1,167)
Operating
expenses issued
in stock -- (98) (234) (346)
Stock-based
compensation
expense(3) (1,165) (1,172) (4,491) (4,534)
-------------- -------------- -------------- --------------
Net operating
expenses $ 14,139 $ 12,079 $ 48,749 $ 44,351
============== ============== ============== ==============
About Lucid Diagnostics
Lucid Diagnostics Inc. is a commercial-stage, cancer prevention medical diagnostics company, and subsidiary of PAVmed Inc. Lucid is focused on the millions of patients with GERD, also known as chronic heartburn, who are at risk of developing esophageal precancer and cancer. Lucid's EsoGuard(R) Esophageal DNA Test, performed on samples collected in a brief, noninvasive office procedure with its EsoCheck(R) Esophageal Cell Collection Device - the first and only commercially available tools designed with the goal of preventing esophageal cancer and cancer deaths through widespread, early detection of esophageal precancer in at-risk patients.
For more information, please visit luciddx.com and for more information about its parent company PAVmed, please visit pavmed.com.
Forward-Looking Statements
This press release includes forward-looking statements that involve risk and uncertainties. Forward-looking statements are any statements that are not historical facts. Such forward-looking statements, which are based upon the current beliefs and expectations of Lucid Diagnostics' management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Risks and uncertainties that may cause such differences include, among other things, volatility in the price of Lucid Diagnostics' common stock; general economic and market conditions; the uncertainties inherent in research and development, including the cost and time required to advance Lucid Diagnostics' products to regulatory submission; whether regulatory authorities will be satisfied with the design of and results from Lucid Diagnostics' clinical and preclinical studies; whether and when Lucid Diagnostics' products are cleared by regulatory authorities; market acceptance of Lucid Diagnostics' products once cleared and commercialized; Lucid Diagnostics' ability to raise additional funding as needed; and other competitive developments. These factors are difficult or impossible to predict accurately and many of them are beyond Lucid Diagnostics' control. In addition, new risks and uncertainties may arise from time to time and are difficult to predict. For a further list and description of these and other important risks and uncertainties that may affect Lucid Diagnostics' future operations, see Part I, Item 1A, "Risk Factors," in Lucid Diagnostics' most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as the same may be updated in Part II, Item 1A, "Risk Factors" in any Quarterly Report on Form 10-Q filed by Lucid Diagnostics after its most recent Annual Report. Lucid Diagnostics disclaims any intention or obligation to publicly update or revise any forward-looking statement to reflect any change in its expectations or in events, conditions, or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements.
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SOURCE Lucid Diagnostics
(END) Dow Jones Newswires
March 26, 2026 08:00 ET (12:00 GMT)
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