Recognized 2Q26 revenue of $1.5 million
Processed 2,770 EsoGuard $(R)$ tests
Secured first laboratory benefit manager (LBM) EsoGuard coverage policy
Conference call and webcast to be held today, August 13, at 8:30 AM EDT
NEW YORK, Aug. 13, 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 second quarter ended June 30, 2026.
Conference Call and Webcast
The webcast will take place on Thursday, August 13, 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
"Lucid's commercial momentum strengthened throughout the second quarter and in recent weeks," said Lishan Aklog, M.D., Lucid's Chairman and Chief Executive Officer. "We continue to advance multiple commercial priorities while awaiting a positive draft Medicare coverage policy for EsoGuard. We secured positive commercial coverage policies, accelerated engagement with the VA and major health systems, and demonstrated the long-term economic value of EsoGuard testing. Progress across these initiatives positions Lucid to capitalize on EsoGuard's significant clinical and commercial opportunity, while increasing the company's visibility and thereby expanding opportunities for broader strategic engagement."
Highlights from the second quarter and recent weeks:
-- Recognized $1.5 million in EsoGuard revenue for 2Q26.
-- Processed 2,770 EsoGuard(R) Esophageal DNA Tests in 2Q26.
-- Secured a commercial coverage policy for EsoGuard from Concert, a
healthcare technology company recently acquired by Lyric that establishes
laboratory testing policies its client health plans can adopt. The policy
recognizes EsoGuard as medically necessary for patients meeting
established screening criteria and has already been adopted by multiple
Concert client health plans.
-- Developed a health economic cost-effectiveness model evaluating EsoGuard
screening to support commercial payor engagement and coverage decisions,
with preliminary results demonstrating improved clinical outcomes and
cost-effectiveness.
Financial Results
-- For the three months ended June 30, 2026, EsoGuard related revenues were
$1.5 million. Operating expenses were approximately $14.3 million, which
included stock-based compensation expenses of $1.7 million. GAAP net loss
attributable to common stockholders was approximately $14.7 million,
inclusive of a deemed Preferred Stock dividend of $3.0 million, or
$(0.08) 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 June 30, 2026 was approximately $10.9 million or
$(0.06) per common share.
-- Lucid had cash and cash equivalents of $33.4 million as of June 30, 2026,
compared to $34.7 million as of December 31, 2025.
-- The unaudited financial results for the three and six months ended June
30, 2026, were filed with the SEC on Form 10-Q on August 12, 2026, and
available at www.luciddx.com or www.sec.gov.
Lucid Non-GAAP Measures
-- To supplement our unaudited 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
and six months ended June 30, 2026, and 2025 are as follows:
(in thousands
except
per-share For the three months For the six months ended
amounts) ended June 30, June 30,
2026 2025 2026 2025
------------ ----------- ------------ ------------
Revenue $ 1,474 $ 1,163 $ 2,730 $ 1,991
Operating
expenses 14,275 12,547 27,644 25,862
Other (Income)
expense, net (1,114) (6,945) 682 7,476
------------ ----------- ------------ ------------
Net Loss (11,687) (4,439) (25,596) (31,347)
------------ ----------- ------------ ------------
Net income
(loss) per
common share,
basic and
diluted $ (0.08) $ (0.08) $ (0.24) $ (0.52)
Net loss
attributable
to common
stockholders (14,715) (7,888) (38,343) (43,906)
Preferred Stock
dividends and
deemed
dividends 3,028 3,449 12,747 12,559
------------ ----------- ------------ ------------
Net income
(loss) as
reported (11,687) (4,439) (25,596) (31,347)
------------ ----------- ------------ ------------
Adjustments:
Depreciation
and
amortization
expense(1) 224 222 446 443
Interest
expense,
net(2) (73) (104) (137) (162)
------------ ----------- ------------ ------------
EBITDA (11,536) (4,321) (25,287) (31,066)
Other non-cash
or financing
related
expenses:
Stock-based
compensation
expense(3) 1,694 1,143 3,104 2,174
Operating
expenses
issued in
stock(1) 29 73 57 147
Change in FV
convertible
debt(2) (1,041) (6,841) 819 7,638
Non-GAAP
adjusted
(loss) $ (10,854) $ (9,946 $ (21,307) $ (21,107)
============ =========== ============ ============
Basic and
Diluted
shares
outstanding 183,124 98,989 161,729 83,976
Non-GAAP
adjusted
(loss) income
per share $(0.06) $(0.10) $(0.13) $(0.25)
(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:
(in thousands
except per-share For the three months For the six months ended
amounts) ended June 30, June 30,
2026 2025 2026 2025
----------- ----------- ----------- ------------
Cost of revenues $ 1,445 $ 1,563 $ 3,070 $ 3,114
Stock-based
compensation
expense(3) (14) (38) (128) (109)
----------- ----------- ----------- ------------
Net cost of
revenues 1,431 1,525 2,942 3,005
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