In This Article:
Release Date: May 14, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Lucid Diagnostics Inc (NASDAQ:LUCD) performed 3,034 e-cigar tests in Q1, reaching the upper end of their target range.
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The company secured approximately $16.1 million in proceeds from a public offering, strengthening their balance sheet.
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They have doubled the number of contracts in their concierge medicine program, indicating growth in this area.
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Lucid Diagnostics Inc (NASDAQ:LUCD) has a successful partnership with a major health system for a comprehensive esophageal pre-cancer testing program.
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The company is optimistic about imminent Medicare coverage for their Eoguard test, which could significantly boost commercialization efforts.
Negative Points
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Revenue of $800,000 fell short due to external headwinds and a greater concentration of testing through healthcare events.
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There were delays in cash collections from UnitedHealthcare due to a national issue with their new system for molecular pathology claims.
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The quarterly burn rate was $11.3 million, slightly higher than the average for the preceding four quarters.
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The effective average selling price (ASP) declined quarter over quarter, partly due to mix and reimbursement challenges.
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The company faces challenges in securing reimbursement from Kaiser and other insurers, impacting revenue recognition.
Q & A Highlights
Q: Can you provide insights on the Q1 test volumes and expectations for Q2? A: Dr. Leshan Acog, CEO, explained that the company maintained its test volume within the target range of 2,500 to 3,000 tests per quarter, which is crucial for engaging with regional payers. The volume was not significantly impacted by weather, and the company plans to maintain this range until broader coverage is achieved, either through Medicare or commercial coverage expansion.
Q: What is the status of the Palmetto GBA decision for Medicare coverage? A: Dr. Leshan Acog, CEO, stated that the decision is expected imminently. The company has had multiple engagements with the M X group, and the submission was a request for reconsideration of an existing LCD, which requires less work than a new LCD. The company is optimistic about the outcome based on these discussions.
Q: How does the NCI-sponsored study impact future Medicare coverage and market opportunities? A: Dr. Leshan Acog, CEO, highlighted that the study showed e-cigar's effectiveness in patients without symptomatic GERD, with a prevalence of 8% in this population. This data supports an expanded market opportunity, and further data from an NIH-funded study will be crucial for expanding clinical indications and market reach.