Lucid Diagnostics Inc. reported third‑quarter 2025 revenue of $1.20 million, generated from 2,841 EsoGuard tests, and closed the quarter with $47.3 million in pro‑forma cash, extending its runway into 2026. The company posted a GAAP earnings per share of $(0.10), missing the consensus estimate of $(0.06) and a revenue estimate of $1.30 million, falling short by $0.10 million.
The revenue miss was driven by a modest decline in test volume relative to the prior quarter—2,841 tests versus 2,756 in Q2 2025—despite a 3% year‑over‑year increase from $1.20 million in Q3 2024. Operating expenses rose, and the company incurred a one‑time charge related to regulatory compliance, which contributed to the EPS miss. The company’s gross margin remained negative, reflecting the high cost of clinical validation and the need for further scale to achieve profitability.
Lucid also announced that a Medicare Multi‑Jurisdictional Contractor Advisory Committee meeting produced a unanimous expert consensus in favor of Medicare coverage for EsoGuard. The consensus is a critical milestone that could unlock substantial future revenue, but a final Local Coverage Determination is still pending and is expected later in 2025 or early 2026.
CEO Lishan Aklog emphasized that the consensus “reinforces our confidence that we are now firmly in the final stages of achieving this transformative coverage milestone.” He added that the company’s strengthened balance sheet, targeted Medicare‑focused initiatives, and new market‑access team position Lucid to accelerate commercialization once coverage is secured.
Analysts have remained supportive, citing the Medicare coverage consensus as a key catalyst for future growth. They note that while the company continues to post losses, the strong cash position and the potential for Medicare reimbursement provide a foundation for scaling the business.
Lucid’s management indicated that it will continue to invest in growth initiatives while maintaining a disciplined cost structure. The company’s cash runway extends into 2026, giving it time to navigate the remaining regulatory steps and to expand test volume once Medicare coverage is finalized.
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