Lucid Diagnostics — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue for the three months ended September 30, 2026, was $1.2 million, compared to $1.2 million in the same period of 2025.
• Revenue for the nine months ended September 30, 2026, was $3.9 million, compared to $3.2 million in the same period of 2025.
• Operating expenses for the three months ended September 30, 2026, were $13.5 million, compared to $13.0 million in the prior year period.
• GAAP net loss attributable to common stockholders for the three months ended September 30, 2026, was $6.7 million, or $(0.03) per share, compared to a loss of $10.4 million, or $(0.10) per share, in the prior year period.
• Non-GAAP adjusted loss for the three months ended September 30, 2026, was $10.6 million, or $(0.06) per share, compared to $10.3 million, or $(0.10) per share, in the prior year period.
• Cash and cash equivalents were $18.0 million as of September 30, 2026, down from $34.7 million as of December 31, 2025.
• Stock-based compensation expense for the three months ended September 30, 2026, was $1.5 million.

Guidance and Future Outlook:

• Management expects the draft MolDX Local Coverage Determination (LCD) for EsoGuard to be published as the administrative backlog clears.
• Lucid expects the U.S. Department of Veterans Affairs (VA) to be a meaningful long-term contributor to commercial activity and revenue.
• The company anticipates that five Concert client health plans will have formally adopted the Concert EsoGuard coverage policy by year-end.
• Management stated that near-term growth depends almost entirely on commercial and operational execution following the removal of external reimbursement constraints.

Business Segments and Product Lines:

• Medicare began paying for the EsoGuard Esophageal DNA Test in October, with claims adjudicated at a rate of $1,938.01 per test.
• Lucid performed 2,871 EsoGuard tests in the third quarter of 2026, with October setting a record volume of more than 1,800 tests.
• More than 50,000 EsoGuard tests have been performed since the product launch.
• Lucid launched its first two U.S. Department of Veterans Affairs (VA) programs with a robust pipeline of additional centers.
• Billing and coding milestones were achieved, including a new Category III CPT code for EsoCheck cell collection and a proposed ICD-10 diagnosis code for positive EsoGuard results.
• An 11,991-patient real-world study was published, the largest peer-reviewed study of nonendoscopic esophageal precancer testing to date, showing 95% successful sampling with no device-related adverse events.
• The American Gastroenterological Association (AGA) draft guidelines named EsoGuard and EsoCheck as an alternative to endoscopy with high certainty of evidence; EsoGuard is the only commercially available test cited.

Market and Competitive Landscape:

• Medicare beneficiaries represent approximately half of the patients recommended for esophageal precancer testing by professional society guidelines.
• Lucid is aggressively repositioning commercial efforts to expand testing among at-risk Medicare beneficiaries.
• The company is expanding commercial coverage through the Concert EsoGuard coverage policy, with three previously reported plans and two additional plans expected to adopt it by year-end.

Risks and Challenges:

• The press release notes that actual results may differ from forward-looking statements due to risks including volatility in stock price, general economic conditions, R&D costs, regulatory approval uncertainties, and market acceptance.
• The MolDX Local Coverage Determination (LCD) reconsideration remains pending, though management attributes delays to an administrative backlog.
• Risks include the ability to raise additional funding as needed and competitive developments.

Management Commentary and Tone:

• CEO Lishan Aklog, M.D., described Medicare reimbursement as a "seminal moment" marking the start of a new phase focused on commercial acceleration and revenue growth.
• Management characterized the situation as a shift from a "marathon" to a "sprint," emphasizing urgency and determination to translate early momentum into revenue.
• Dr. Aklog stated that the pursuit of EsoGuard's opportunity is now "substantially less constrained by external factors."

Other Key Points:

• Lucid strengthened its balance sheet with a $15.0 million private placement to existing long-term investors, closing a Series C Convertible Preferred Stock financing subsequent to the quarter end.
• The company is a subsidiary of PAVmed Inc. (Nasdaq: PAVM).
• Unaudited financial results for the three and nine months ended September 30, 2026, were filed with the SEC on Form 10-Q on November 12, 2026.