Lucid Confirms Medicare Payments of $1,938.01 for EsoGuard Test
Key Facts
Lucid Diagnostics said in a November 12 filing with the U.S. Securities and Exchange Commission that it has consistently received Medicare payments for EsoGuard test claims at the rate set in the Clinical Laboratory Fee Schedule, $1,938.01 per test. The company had reported that the first payments arrived in October, so the filing reflects continued payment at the existing rate, not its start on the filing date. The company said the payments cover claims submitted by its Texas laboratory. It added that coverage achieved through adjudication of each claim remains separate from the pending reconsideration of the MolDX local coverage determination. The payments received therefore sit alongside a separate coverage track that remains under review.
Lucid began submitting claims in late September, after a meeting with Novitas medical directors and submission of a clinical evidence dossier, according to the filing. The company says it has been receiving payments at the set rate since those claims began processing. This marks a practical shift from waiting for a local coverage policy decision to collecting payments for individual claims that have been adjudicated. But this route does not resolve the outcome of the MolDX determination reconsideration, which remains pending. The situation distinguishes what the company is currently receiving for claims from the broader decision awaiting review.
In terms of activity, the company conducted 2,871 EsoGuard tests in the third quarter of 2026 and recorded more than 1,800 tests in October, its highest monthly volume in its history, according to the filing. The monthly figure puts October above the average quarterly pace: third-quarter test volume spread across three months, while October alone exceeded 1,800 tests. The company says it has redirected its commercial efforts toward expanding testing among at-risk Medicare beneficiaries. They represent, according to its estimate, about half of the patients for whom professional society guidelines recommend screening for precancerous conditions of the esophagus. Expansion of this target group provides context for the record figure, while test volume and subsequent revenue remain measures of whether the expansion translates into commercial activity.
October's growth in test volume was not matched by a similar increase in third-quarter revenue, as Lucid recorded revenue of $1.203 million in the three months ended September 30, 2026, compared with $1.211 million in the same period of 2025. That represents a slight year-over-year decline, although the company conducted 2,871 tests in the quarter and recorded revenue of $1.2 million, according to its statement. Net loss was $6.677 million for the quarter, compared with a loss of $10.397 million in the year-earlier quarter. The year-over-year loss therefore narrowed, while quarterly revenue remained close to its prior level. These results provide a prior baseline for October's record figure, without forming part of that month's revenue.
The expansion tracks announced by the company include its programs with the U.S. Department of Veterans Affairs: it said it launched its first two programs with the department, with additional centers in its expansion plans. On another track, Lucid expects five health plans for Concert customers to formally adopt coverage policies by the end of 2026, including three plans announced previously. The forecast places three previously announced programs within the total of five expected plans, while policy adoption is a separate step from the payments the company receives for Medicare claims. These commercial tracks link testing expansion to multiple institutions and health plans. The filing did not specify expected revenue from those programs or plans.
Regarding the MolDX review, the company said it held a formal meeting with leadership at the Centers for Medicare & Medicaid Services concerning the pending reconsideration of the local coverage determination. Lucid expects a draft decision to be issued as the administrative backlog recedes, but did not specify a date in the filing. The draft's release remains a future milestone in the coverage process, while payments continue for claims adjudicated at the existing rate. In trading, LUCD closed at $0.3814 on November 11, down from $0.4000 on November 10. A report published by Investing.com, citing Reuters, said the stock rose 5.32% before the market opened on November 12 to $0.4017, compared with the previous session's close.