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NEW YORK – Lucid (NASDAQ:) Diagnostics Inc. (NASDAQ:LUCD), a medical diagnostics company specializing in cancer prevention, has reported a significant increase in revenue for the fourth quarter of 2023. The company, a subsidiary of PAVmed Inc . (NASDAQ:), announced a 33% sequential rise in its EsoGuard® revenue compared to the third quarter of 2023, and an 829% increase from the fourth quarter of the previous year.
The company’s EsoGuard Esophageal DNA Test, designed for the early detection of esophageal precancer in patients with gastroesophageal reflux disease (GERD), generated revenues of $1.04 million in the fourth quarter. Lucid’s CLIA-certified clinical laboratory performed 2,201 commercial EsoGuard tests during this period.
Lucid attributes the revenue growth to stable test volume and improved revenue cycle management processes, which have resulted in increased allowances and stable pricing. The company’s #CYFT program, targeting firefighters and other groups, is also gaining momentum with a solid lineup of high-volume testing events scheduled through July.
In addition to revenue growth, Lucid is focused on expanding clinical validity and utility data for EsoGuard, which it believes will drive broader medical policy coverage, including Medicare. The company has engaged with medical directors at major commercial payers to discuss coverage and has seen legislative expansion in fourteen states that require coverage of certain biomarker tests.
Financially, Lucid reported a net loss of $10.8 million for the fourth quarter and $52.7 million for the full year of 2023. Despite these losses, the company ended the year with $18.9 million in cash and cash equivalents and raised an additional $18.1 million through the issuance of Convertible Preferred Series B.
Lucid’s non-GAAP adjusted loss for the fourth quarter was approximately $9.9 million, and for the full year, it was approximately $38.4 million. These measures exclude stock-based compensation and other non-cash income and expenses, providing a different perspective on the company’s financial performance.
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