Conference call and webcast to be held today, May 14, at 8:30 AM EDT
NEW YORK, May 14, 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 first quarter ended March 31, 2026.
Conference Call and Webcast
The webcast will take place on Thursday, May 14, 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
"Securing Medicare coverage remains our most important pending milestone, and our confidence in a positive outcome has not wavered," said Lishan Aklog, M.D., Lucid's Chairman and Chief Executive Officer. "We continue to build commercial momentum for EsoGuard by generating consistent demand, progressing our Medicare and VA targeting efforts, and expanding engagement with health systems and commercial payors. Together with our strengthened balance sheet, these initiatives have us well-positioned to convert EsoGuard demand to revenue and further accelerate commercialization as Medicare and other key reimbursement milestones are achieved."
Highlights from the first quarter and recent weeks:
Processed 3,177 EsoGuard® Esophageal DNA Tests in 1Q26.
Recognized $1.3 million in EsoGuard revenue for 1Q26.
Strengthened balance sheet with underwritten public offering of common stock, netting approximately $17 million in proceeds; ended 1Q26 with $45 million in proforma cash, extending runway into 2027.
Strong presence at Digestive Disease Week (DDW), which included multiple EsoGuard abstracts, extensive engagement with the gastroenterology community, and a preview of a major upcoming clinical practice guideline update recommending EsoGuard and EsoCheck® as the only non-endoscopic test with high certainty of evidence.
Financial Results
For the three months ended March 31, 2026, EsoGuard related revenues were $1.3 million. Operating expenses were approximately $13.4 million, which included stock-based compensation expenses of $1.4 million. GAAP net loss attributable to common stockholders was approximately $23.6 million, inclusive of a deemed Preferred Stock dividend of $9.7 million or $(0.17) 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 March 31, 2026 was approximately $10.5 million or $(0.07) per common share.
Lucid had cash and cash equivalents of $27.9 million as of March 31, 2026, compared to $34.7 million as of December 31, 2025.
The unaudited financial results for the three months ended March 31, 2026, were filed with the SEC on Form 10-Q on May 13, 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 months ended March 31, 2026, and 2025 are as follows:
(in thousands except per-share amounts)
For the three months ended
March 31,
