Core Insights - Minot Light Capital Partners reported a net return of 7.6% for Q3 2025, which underperformed against benchmarks, particularly the micro-cap benchmark's return of 17.1% [1] - The fund's top five holdings were highlighted, indicating the best investment picks for 2025 [1] Company Analysis: Lucid Diagnostics Inc. - Lucid Diagnostics Inc. (NASDAQ:LUCD) is a commercial-stage medical diagnostics technology company with a one-month return of 0.92% and a 52-week gain of 43.92% [2] - As of December 23, 2025, Lucid Diagnostics' stock closed at $1.10 per share, with a market capitalization of $144.209 million [2] - Lucid Diagnostics was noted as the second biggest detractor in the portfolio for the quarter, despite its FDA-approved DNA test, EsoGuard, which targets a multi-billion dollar market opportunity for early detection of esophageal precancer and cancer [3] - The company has strong clinical data and a unique market position, but adoption has been hindered by a lack of reimbursement [3]

Core Insights - Lucid Diagnostics Inc. reported a quarterly loss of $0.1 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.06, marking an earnings surprise of -66.67% [1] - The company generated revenues of $1.21 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 6.85% and showing a slight increase from $1.17 million a year ago [2] - The stock has increased approximately 27% since the beginning of the year, outperforming the S&P 500's gain of 16.4% [3] Financial Performance - Over the last four quarters, Lucid Diagnostics has not surpassed consensus EPS estimates, with the current consensus EPS estimate for the upcoming quarter at -$0.07 and for the current fiscal year at -$0.35 [2][7] - The company has topped consensus revenue estimates only once in the last four quarters [2] Market Outlook - The earnings outlook and estimate revisions trend for Lucid Diagnostics were favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] - The Medical - Instruments industry, to which Lucid Diagnostics belongs, is currently in the top 29% of Zacks industries, suggesting a positive industry outlook [8]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported revenue of approximately $1.2 million from 2,841 EsoGuard tests, maintaining volume and revenue levels consistent with the previous quarter [5][22] - The quarterly burn rate was $10.3 million, slightly better than the average burn rate of the previous four quarters [22][28] - The company ended the quarter with $47.3 million in cash, bolstered by a public offering that netted approximately $27 million [9][22] Business Line Data and Key Metrics Changes - EsoGuard test volume remained within the target range of 2,500-3,000 tests per quarter, essential for ongoing engagements with commercial payers [5][8] - Revenue recognition for the majority of claims is based on the probability of collection, with 76% of claims submitted in Q3 adjudicated [26][30] Market Data and Key Metrics Changes - The company is focusing on expanding its market access, particularly targeting Medicare patients, which represent about 50% of the 30 million target population [7][8] - The company has strengthened its market access leadership team to enhance payer engagement and secure broader commercial insurance coverage [6][11] Company Strategy and Development Direction - The company is in the final stages of securing positive Medicare coverage policy outcomes, following a successful Contractor Advisory Committee meeting [4][9] - The strategy includes transitioning to target Medicare patients while maintaining volume with commercial payers [5][8] - The company is also hosting events to strengthen relationships with fire departments, focusing on esophageal cancer prevention [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming Medicare coverage, anticipating a draft local coverage determination soon [12][14] - The company is actively engaging with commercial payers and has seen positive movement in discussions, indicating a shift in strategy to pursue coverage even before Medicare approval [45][48] Other Important Information - The company has a strong pipeline of contracted testing events and is expanding its efforts to drive Medicare testing [20][19] - The company reported a non-GAAP net loss of $10.3 million for Q3, consistent with previous quarters [28][30] Q&A Session Summary Question: Can you provide insights on the recent CCLA meeting and its implications? - Management highlighted that the meeting was positive, with significant time spent discussing the company's CAC meeting, reinforcing confidence in the Medicare coverage process [34][35] Question: What is the expected timeline for the draft LCD? - Management indicated that they believe the timeline for the draft LCD publication is reasonable, with expectations for it to be issued by year-end 2025 [43][44] Question: How is the company engaging with commercial payers? - Management noted that there has been increased activity and positive movement in discussions with commercial payers, with expectations for positive coverage policies to emerge soon [45][48] Question: What is the conversion rate for referrals to EsoGuard tests? - Management stated that the conversion rate for patients referred for EsoGuard tests is over 90%, indicating strong follow-through on testing [78]

Business Performance - Lucid Diagnostics achieved a record quarterly revenue of $1.2 million in Q3 2024, a 20% increase compared to the previous quarter[6] - EsoGuard test volume reached 2,787 in Q3 2024[6] - Over 7,000 firefighters have undergone EsoGuard esophageal precancer testing[6] - Year-to-date revenue for 3Q24 reached $3.149 million, a $1.761 million increase compared to $1.388 million in 3Q23[34] Strategic Accomplishments - The ESOGUARD BE-1 clinical validation study was accepted for peer-reviewed publication[8] - A key patent underlying EsoGuard received a Notice of Allowance[8] - Lucid Diagnostics met with CMS Medicare Administrative Contractor (MAC) Palmetto GBA's Molecular Diagnostics Program (MolDX) to discuss EsoGuard clinical evidence package for upcoming submission for Medicare coverage[8] Financials - Cash reserves decreased from $24.920 million in 2Q24 to $14.489 million in 3Q24, a decrease of $10.431 million[32] - Net loss for 3Q24 was $(12.371) million, compared to $(14.208) million in 3Q23, an improvement of $1.837 million[34] - Non-GAAP adjusted loss per share improved from $(0.22) in 3Q23 to $(0.20) in 3Q24[34] - Shares outstanding increased from 49.3 million in 2Q24 to 51.6 million in 3Q24, an increase of 2.3 million shares[32]

Financial Performance - Processed 2,841 EsoGuard tests and recognized 3Q25 revenue of $1.2 million, with operating expenses of approximately $13.0 million[7] - GAAP net loss attributable to common stockholders was approximately $10.4 million or $(0.10) per common share[9] - Non-GAAP adjusted loss for 3Q25 was approximately $10.3 million or $(0.10) per common share[9] - EsoGuard related revenues for the nine months ended September 30, 2025, were $3.2 million, compared to $3.1 million for the same period in 2024[9] - Operating expenses for the nine months ended September 30, 2025, were approximately $38.8 million, compared to $36.8 million for the same period in 2024[9] Cash Position - Ended 3Q25 with over $47 million in proforma cash, extending runway through 2026[7] - Completed a public offering netting approximately $27.0 million in proceeds during the quarter[7] Market Access and Coverage - Unanimous expert consensus from the Multi-Jurisdictional Contractor Advisory Committee supports Medicare coverage for EsoGuard[5] - The company is preparing to accelerate EsoGuard commercialization as Medicare coverage and other reimbursement milestones are secured[5] Leadership Changes - Appointed Danielle Scelfo as Senior Vice President, Market Access & Government Affairs to enhance market access infrastructure[7]

Revenue and Financial Performance - The Company recognized revenue from the delivery of EsoGuard test results, with gross margin expected to fluctuate based on test volume and operating efficiencies [126]. - Revenue for the three months ended September 30, 2025, remained relatively level at $1.2 million compared to the same period in 2024 [137]. - For the nine months ended September 30, 2025, revenue was $3.2 million, an increase from $3.1 million in the same period in 2024 [145]. - The company experienced a net loss of approximately $41.7 million and used approximately $33.9 million of cash in operations during the nine months ended September 30, 2025 [155]. - The company ended the quarter with cash on hand of $47.3 million as of September 30, 2025 [155]. - The Company was in compliance with all financial covenants as of September 30, 2025 [161]. Expenses - Cost of revenue for the same period was approximately $1.7 million, also remaining relatively level year-over-year [138]. - Sales and marketing expenses increased to approximately $4.3 million in Q3 2025, up from $4.1 million in Q3 2024, reflecting a net increase of $0.2 million [139]. - General and administrative expenses rose to approximately $5.6 million in Q3 2025, compared to $5.4 million in Q3 2024, marking a net increase of $0.2 million [140]. - Research and development costs decreased to approximately $1.3 million in Q3 2025 from $1.7 million in Q3 2024, a net decrease of $0.4 million [140]. - General and administrative costs for the nine months ended September 30, 2025, were approximately $17.4 million, up from $14.3 million in the prior year, reflecting a net increase of $3.1 million [147]. Clinical and Regulatory Developments - EsoGuard demonstrated a sensitivity of approximately 90% for detecting disease across the esophageal precancer to cancer spectrum, with a negative predictive value (NPV) of around 99% [108]. - The Company submitted a clinical evidence package to secure Medicare coverage for EsoGuard, which included six new peer-reviewed publications [111]. - The ENVET-BE study showed a 2.4-fold increase in Barrett's Esophagus (BE) detection compared to the performance goal, with a 2.7-fold increase in the cohort meeting ACG criteria [114]. - Highmark Blue Cross Blue Shield issued a positive coverage policy for EsoGuard in New York state, effective May 26, 2025 [123]. - An $8 million NIH grant was awarded to evaluate esophageal precancer detection using EsoCheck and EsoGuard among at-risk individuals without GERD symptoms [124]. - EsoCheck is an FDA 510(k) and CE Mark cleared device that allows for non-invasive sampling of esophageal cells in under two minutes [109]. Capital and Stock Transactions - The Company closed on the sale of 28,750,000 shares at $1.00 per share in September 2025, raising approximately $27.0 million for working capital [116]. - The company closed on the sale of 28,750,000 shares of common stock at a price of $1.00 per share in September 2025, generating net proceeds of approximately $27.0 million [158]. Operational Insights - The Company anticipates an increase in sales and marketing expenses as it expands commercial operations and insurance reimbursement coverage for EsoGuard [129]. - The MSA Fee incurred by the Company is currently $1.05 million per month [162]. - There have been no material changes to the Company's critical accounting estimates in the nine months ended September 30, 2025 [163].

Core Insights - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] - The Zacks Momentum Style Score helps investors identify stocks with strong momentum, addressing the challenges of defining momentum [2] Company Overview: Lucid Diagnostics Inc. (LUCD) - Lucid Diagnostics Inc. currently holds a Momentum Style Score of B, indicating potential for solid momentum [3] - The company has a Zacks Rank of 2 (Buy), suggesting it is positioned for outperformance in the market [4] Performance Metrics - Over the past week, LUCD shares increased by 10.58%, while the Zacks Medical - Instruments industry declined by 2.74% [6] - In a longer timeframe, LUCD's monthly price change is 17.76%, significantly outperforming the industry's 0.67% [6] - Over the past quarter, LUCD shares rose by 12.5%, and over the last year, they gained 55.56%, compared to the S&P 500's increases of 7.25% and 16.06%, respectively [7] Trading Volume - LUCD's average 20-day trading volume is 1,341,620 shares, indicating a bullish sign with rising stock prices and above-average volume [8] Earnings Outlook - Recent earnings estimate revisions show one upward revision for the full year, raising the consensus estimate from -$0.41 to -$0.35 [10] - For the next fiscal year, one estimate has moved upwards with no downward revisions, indicating positive sentiment [10] Conclusion - Considering the performance metrics and earnings outlook, LUCD is positioned as a 2 (Buy) stock with a Momentum Score of B, making it a potential candidate for near-term investment [12]

Company Overview - Lucid Diagnostics Inc is a commercial-stage cancer prevention company focused on esophageal precancer screening[4] - The company's mission is to prevent esophageal cancer deaths in at-risk patients through a comprehensive precancer screening solution[6] - Lucid's solution includes EsoCheck for esophageal cell collection and EsoGuard Esophageal DNA Test for detecting epigenetic changes[24, 32] Market Opportunity - The total addressable U S market for EsoGuard is approximately $60 billion, targeting ~30 million at-risk GERD patients recommended for screening[8, 52] - The Medicare payment for EsoGuard is approximately $1,938 per test[52] - The company boasts over 90% gross margin per test[53] Clinical and Financial Performance - EsoGuard has a 96% sensitivity for detecting esophageal cancer and precancer[39] - Since launch, approximately 36,000 cumulative EsoGuard tests have been performed[79] - The company's pro forma cash as of 2Q25, including September CMPO, is $58.1 million[81] Esophageal Cancer Context - Esophageal cancer has a low 5-year survival rate of 13%[14] - The incidence of Esophageal Adenocarcinoma (EAC) has increased by 573% from 1975 to 2020[16] - Approximately 16,250 estimated U S deaths from esophageal cancer in 2025[17]

Core Insights - Lucid Diagnostics Inc. has appointed Danielle Scelfo as Senior Vice President of Market Access & Government Affairs to enhance market access infrastructure and accelerate commercial coverage expansion for its EsoGuard Esophageal DNA Test [1][2] - The company is at a critical juncture, aiming to expand patient access to the EsoGuard test, with Medicare coverage anticipated following a positive MolDX CAC meeting [2][3] Company Overview - Lucid Diagnostics is a commercial-stage cancer prevention medical diagnostics company and a subsidiary of PAVmed Inc., focusing on patients with gastroesophageal reflux disease (GERD) who are at risk of esophageal precancer and cancer [3] - The EsoGuard test is the first and only commercially available tool designed for early detection of esophageal precancer in at-risk patients [3] Leadership and Experience - Danielle Scelfo brings over 25 years of experience in market access, reimbursement, and government affairs, having held senior roles in various diagnostics companies [2][3] - Her previous positions include Vice President at ClearNote Health and leadership roles at CareDx, Hologic, Adaptive Biotechnologies, and Genomic Health [2]

Group 1 - The conference call is hosted by Lucid Diagnostics, featuring remarks from the Senior Director of Investor Relations and the CEO [2][3] - The discussion will cover various topics including the September 4 contractors Advisory Committee meeting, reimbursement strategies, and regulatory milestones [3] - The PAC meetings are advisory and do not establish coverage determinations, indicating the nature of the discussions [3] Group 2 - The company emphasizes that forward-looking statements are based on current expectations and may differ materially from actual outcomes [2][4] - Important factors affecting actual results are detailed in SEC filings, including risk factors in the most recent annual and quarterly reports [4]