Financial Data and Key Metrics Changes - The company reported revenue of $800,000 for Q1 2025, which fell short of expectations due to external headwinds and a greater concentration of testing through healthcare events [8][28] - The cash balance at the end of Q1 was $25.2 million, which does not include the net proceeds from a recent public offering that added approximately $16.1 million, bringing pro forma cash to over $41 million [11][23] - The non-GAAP net loss for Q1 was $11.2 million, slightly higher than the trailing average, with a non-GAAP net loss per share of $0.16 [30] Business Line Data and Key Metrics Changes - The company performed 3,034 EsoGuard tests in Q1, exceeding the target range of 2,500 to 3,000 tests [7] - The company doubled the number of contracts in its concierge medicine program and employer contracts in the first quarter [9][10] - The quarterly test mix included larger testing events, which are more efficient but can lead to lumpier revenue recognition [37] Market Data and Key Metrics Changes - The company is experiencing delays in cash collections from United Healthcare due to a national issue with a new claims processing system, affecting revenue recognition [28] - Approximately 10-15% of the test volume is currently Medicare-related, with plans to increase this to 40% post-Medicare approval [60] Company Strategy and Development Direction - The company is focused on expanding its commercial efforts through concierge medicine and employer contracts while awaiting Medicare coverage [6][10] - The recent NCI-sponsored study showed EsoGuard's effectiveness in detecting esophageal precancer in patients without GERD symptoms, potentially expanding the target market by 70% [12][45] - The company is actively engaging with regional commercial insurers to secure EsoGuard coverage and has seen positive developments with Highmark Blue Cross Blue Shield [14][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about securing Medicare coverage soon, which is expected to accelerate commercialization efforts [19][41] - The company is well-positioned financially to navigate any delays in Medicare coverage due to recent capital raises [70] - There is a growing understanding in the GI community regarding the importance of screening asymptomatic patients, which could lead to expanded market opportunities [44][45] Other Important Information - The company has a robust pipeline of regional plans and is leveraging new clinical guidelines to drive positive policy coverage decisions [16][17] - The company is preparing for a comprehensive EsoGuard testing program in partnership with a major health system, which includes a concierge medicine component [9][63] Q&A Session Summary Question: Impact of weather on Q1 volumes and expectations for Q2 - Management indicated that weather was not a factor in Q1 volumes and expects to maintain similar volume levels until broader coverage is achieved [36] Question: Status of Medicare coverage discussions - Management confirmed ongoing discussions with the Palmetto GBA group and expressed confidence in the imminent decision regarding Medicare coverage [38][41] Question: Future studies and data investment for EsoGuard - Management highlighted the importance of the ongoing NIH study to replicate initial findings and support expanded indications for EsoGuard [42][48] Question: Trends in Medicare mix and expectations - The current Medicare volume is around 10-15%, with plans to increase this significantly post-approval [60] Question: Visibility for large testing events for the rest of the year - The company has a strong pipeline for large testing events, primarily driven by fire departments and self-insured employers [96]

Core Insights - The National Comprehensive Cancer Network (NCCN) has updated its Clinical Practice Guidelines to include non-endoscopic biomarker testing, such as Lucid's EsoGuard Esophageal DNA Test, as an acceptable alternative to invasive endoscopy for detecting esophageal precancer [1][2] Company Overview - Lucid Diagnostics Inc. is a commercial-stage cancer prevention medical diagnostics company focused on patients with gastroesophageal reflux disease (GERD) who are at risk of developing esophageal precancer and cancer [3] - The EsoGuard Esophageal DNA Test is designed for early detection of esophageal precancer in at-risk patients and is performed using the EsoCheck Esophageal Cell Collection Device, which allows for a noninvasive office procedure [3] Industry Impact - The alignment of NCCN Guidelines with multiple gastroenterology society guidelines on Barrett's Esophagus (BE) screening is expected to positively influence commercial insurance policy coverage decisions, thereby expanding access to EsoGuard testing [2]