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Newly Public Lucid Diagnostics Posts $200K in Preliminary Q3 Revenues

NEW YORK — Newly public Lucid Diagnostics on Tuesday posted preliminary third quarter revenues of $200,000 on sales of its esophageal cancer test and related collection device.

The company recorded no revenues in the year-ago period.

Lucid, a majority owned subsidiary of Pavmed, markets the EsoGuard Esophageal DNA Test and EsoCheck Esophageal Cell Collection Device for the detection of gastroesophageal reflux disease and early detection of esophageal precancer and cancer. The company floated its shares on the Nasdaq about a month ago.

Lucid said that EsoGuard testing volume in Q3 was essentially unchanged with the year-ago quarter at 203 but up over 300 percent annually. Lucid noted that it is currently transitioning to a direct sales model for EsoGuard that is increasingly focused on primary care physician referrals to company test centers and that it aims to launch its own CLIA lab in California next quarter.

Lucid also said that Medicare Administrative Contractor Palmetto GBA’s MolDx group held a contractor advisor committee meeting last month that included EsoGuard, suggesting that it is actively reviewing coverage for the test. It added that the expert panel was supportive of esophageal precancer screening in high-risk chronic heartburn patients.

Lucid's preliminary net loss for the third quarter jumped to $7.0 million, or $.49 per share, from $2.0 million, or $.14 per share, a year earlier. On an adjusted basis, it had a loss of $.26 per share.

R&D spending in the quarter rose 83 percent to $2.2 million from $1.2 million, while general and administrative costs surged 621 percent to $3.4 million from $471,000.

At the end of September, New York City-based Lucid had cash and cash equivalents of $21,000. Had its initial public offering occurred in the third quarter, the company would have had around $64.4 million in cash, it said.

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