Achieved record Q4 test volume of 3,664, exceeding the target range of 2,500 to 3,000, driven by improved sales team productivity and established market presence. Secured a U.S. Department of Veterans Affairs (VA) contract under the Federal Supply Schedule, validating the Medicare pricing of $938 and providing access to 9 million enrolled veterans. Identified a 'de facto' coverage pathway with UnitedHealthcare by leveraging endoscopy guidelines that list EsoGuard as an appropriate indicator for EGD pr ...

Aklog described the VA contract as a key milestone, stating Lucid was awarded a contract for EsoGuard under the VA Federal Supply Schedule (FSS) , which centralizes ordering and sets pricing aligned with the company’s established Medicare rate of $1,938 . He said securing the contract without discounting relative to Medicare was an important validation of the company’s clinical evidence.In the Q&A, management said the sequential increase in volume was not attributable to VA testing, which is still in the ea ...

Dr. Lishan Aklog: Thank you, Matt, and good morning, everyone. Thank you for joining us today and for your continued engagement and support. So let's begin with some key highlights for the fourth quarter and in recent weeks. We will start with some key highlights from the commercial side. Our EsoGuard test volume in the fourth quarter was 3,664. That exceeds our target range that we have articulated regularly of approximately 2,500 to 3,000 tests per quarter, and that represents a 29% increase from 2025. Re ...

Lucid Diagnostics (NasdaqCM:LUCD) Q4 2025 Earnings call March 26, 2026 08:30 AM ET Company ParticipantsDennis McGrath - CFOJeremy Pearlman - Senior Research AssociateLishan Aklog - Chairman and CEOMatt Riley - VP of Investor RelationsConference Call ParticipantsKyle Mikson - Managing Director and Senior Research AnalystMark Massaro - Managing Director and Life Science and Diagnostic Tools AnalystMike Matson - Senior AnalystOperatorGood morning, and welcome to the Lucid Diagnostics Fourth Quarter 2025 Busine ...

Lucid Diagnostics (NasdaqCM:LUCD) Q4 2025 Earnings call March 26, 2026 08:30 AM ET Company ParticipantsDennis McGrath - CFOJeremy Pearlman - Senior Research AssociateLishan Aklog - Chairman and CEOMatt Riley - VP of Investor RelationsConference Call ParticipantsKyle Mikson - Managing Director and Senior Research AnalystMark Massaro - Managing Director and Life Science and Diagnostic Tools AnalystMike Matson - Senior AnalystOperatorGood morning, and welcome to the Lucid Diagnostics fourth quarter 2025 busine ...

Lucid Diagnostics (NasdaqCM:LUCD) Q4 2025 Earnings call March 26, 2026 08:30 AM ET Speaker7Good morning, and welcome to the Lucid Diagnostics fourth quarter 2025 business update conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. Please note this event is being recorded. I would now like to turn the conference over ...

Nasdaq: LUCD Q4 2025 Business Update March 26, 2026 Lishan Aklog MD Dennis McGrath Chairman & CEO CFO Disclaimer 2 4 – 4Q25 EsoGuard test volume: 3,664 – 4Q25 Revenue: $1.5M – Awarded U.S. Department of Veterans Affairs (VA) contract for EsoGuard, expanding access across the nation's largest integrated healthcare system – Announced positive data from the largest reported real-world experience of esophageal precancer detection, evaluating EsoGuard and EsoCheck in nearly 12,000 at-risk patients Business Updat ...

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]

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $6 million for the third quarter, which includes a non-cash loss of $4.4 million due to changes in the fair value of equity investments [23][24] - Non-GAAP loss for the quarter was $446,000, primarily reflecting incremental contractor development costs for the Veris implantable device [24][25] - Cash burn rate for the third quarter was $900,000, which included approximately $500,000 in outside contractor development costs for the implantable device [20][25] Business Line Data and Key Metrics Changes - Lucid's revenue for the quarter was $1.2 million, with test volume exceeding 2,800, consistent with the target range of 2,500-3,000 tests [10][11] - Veris launched the commercial phase of its strategic partnership with OSU, targeting 1,000 patients in the first year for enrollment in a registry [12][14] Market Data and Key Metrics Changes - The company remains the largest shareholder of Lucid Diagnostics, owning approximately 23% of the common shares outstanding, with a 28% voting interest [21][22] - Lucid's stock price experienced a sequential reduction of $4.4 million, impacting the equity method investment balance [20][22] Company Strategy and Development Direction - The company aims to stabilize its corporate structure and balance sheet, with plans to operate as a diversified commercial life sciences company with multiple independently financed subsidiaries [5][6] - A licensing agreement with Duke University and the University of North Carolina for breakthrough endoscopic imaging technology is in the final stages, which could transform treatment for esophageal precancer [8][46] - The company is expanding its commercial offerings for Veris beyond remote patient monitoring to include clinical support services and AI-based clinical decision tools [17][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to complete its restructuring and reignite its broader vision, with several promising technologies in the pipeline [27][28] - The company is optimistic about the Medicare coverage for EsoGuard, which is seen as a significant milestone for Lucid [10][11] Other Important Information - The company has secured financing to support the development and FDA submission of Veris's implantable device, with a submission planned for 2026 [12][18] - The company is focused on building a clinical support team to enhance the efficiency of its platform and provide value-added services to commercial partners [16][42] Q&A Session Summary Question: Status of the implantable monitor development - Management confirmed that the development is progressing well with a new manufacturing partner, and the clinical requirements are modest, primarily involving a skin study [33][34][38] Question: Commercialization conversations with other cancer centers - Management indicated that they plan to start commercialization discussions with other centers in the first quarter after gaining experience with OSU [40][41] Question: Exclusivity and timing of the endoscopic imaging technology agreement - Management stated that a definitive license agreement is expected soon, and the technology will be developed within a separate subsidiary of PAVmed [46][48]

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $6 million for the third quarter, which includes a non-cash loss of $4.4 million due to changes in the fair value of equity investments [23][24] - Non-GAAP loss for the quarter was $446,000, primarily reflecting incremental contractor development costs for the Veris implantable device [24][25] - Cash burn rate for the third quarter was $900,000, which included approximately $500,000 in outside contractor development costs for Veris [20][24] Business Line Data and Key Metrics Changes - Lucid's revenue for the quarter was $1.2 million, with test volume exceeding 2,800, consistent with the target range of 2,500-3,000 tests [10][11] - Veris launched the commercial phase of its strategic partnership with OSU, targeting 1,000 patients in the first year for enrollment in a registry [12][14] Market Data and Key Metrics Changes - The Medicare contractor meeting in September was successful, with experts endorsing Medicare coverage for EsoGuard, marking a significant milestone for Lucid [10][11] - PAVmed remains the largest shareholder of Lucid, owning approximately 23% of the common shares outstanding, although it no longer has voting control [21] Company Strategy and Development Direction - The company aims to stabilize its corporate structure and balance sheet, with plans to operate as a diversified commercial life sciences company with multiple independently financed subsidiaries [5][6] - PAVmed is pursuing additional technologies, including a partnership with Duke University for an endoscopic imaging technology for esophageal precancer [8][46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's positioning to capitalize on Lucid's market opportunities and the potential for Medicare coverage [9][10] - The company is focused on expanding its commercial offerings and enhancing its value proposition through clinical support services and AI-based clinical decision tools [17][43] Other Important Information - The company has restructured its debt, exchanging about 80% of its outstanding debt for new Series C preferred equity [19] - The development of the Veris implantable device is progressing well, with a clear regulatory pathway established for FDA submission [34][38] Q&A Session Summary Question: Status of the implantable monitor development - Management confirmed that the development work has relaunched with a new manufacturing partner and that the clinical requirements for FDA submission are modest [33][34] Question: Timing for commercialization conversations with other cancer centers - Management indicated that they plan to start expanding commercial activities to other centers in the first quarter after gaining experience with OSU [40][41] Question: Exclusivity and timing of the endoscopic imaging technology agreement - Management stated that a definitive license agreement is expected soon, and the technology will be developed within a separate subsidiary of PAVmed [45][46]