Lucid Diagnostics Posts Adjusted Loss of $0.06 per Share in Third Quarter
Key Facts
Lucid Diagnostics reported results on November 12 for the third quarter ended September 30, 2026, recording an adjusted non-GAAP loss of about $10.6 million, or $0.06 per share. The company said its adjusted loss per share was $0.10 in the third quarter of 2025, indicating a year-over-year reduction. On a GAAP basis, net loss attributable to common shareholders was about $6.7 million, or $0.03 per share. The difference separates the adjusted and accounting measures of loss, putting the adjusted per-share result in the context of the year-over-year improvement reported by the company. LUCD shares closed at $0.3814 in the November 11 session, the last trading session before the results announcement date cited in the company’s statement.
Revenue from EsoGuard testing was about $1.2 million during the quarter, and the company performed 2,871 tests in the same period. It said October was a record month, with more than 1,800 tests, highlighting an acceleration in activity after the quarter. These figures indicate the level of use on which the company relies to expand its commercial activity, alongside the revenue recorded in the quarter. Lucid also said total tests performed since the launch of EsoGuard had exceeded 50,000 as of the results announcement. That total places the quarter’s performance and the record month within a broader base of use, according to the figures reported by the company.
The company said it received its first Medicare payments for the test in October, with paid claims calculated at the approved fee schedule rate of $1,938.01 per test. The start of payments marks a significant commercial development as EsoGuard revenue reached $1.2 million in the third quarter. Chief Executive Officer Lishan Aklog said the development “represents the beginning of a new phase in which Lucid is focused on accelerating commercial activity and revenue growth.” The company thus links the reimbursement mechanism with its plan to increase activity and revenue. The statement did not specify how much revenue the new payments would generate.
On liquidity, cash and cash equivalents totaled $18.0 million on September 30, 2026, compared with $34.7 million on December 31, 2025. After the quarter ended, the company closed a $15.0 million Series C private placement. The figures put the end-of-September balance and subsequent financing in the same context, while the quarter’s results showed a GAAP net loss of $6.7 million. The financing means the liquidity position reported after the period includes a new source of funds on top of the balance recorded at quarter-end. The statement did not provide a subsequent cash balance after the financing among the figures available here.
Regarding expanded coverage, Lucid expected 5 health plans for Concert customers to formally adopt an EsoGuard coverage policy by the end of 2026, including 3 plans previously announced. It also launched its first two programs with the U.S. Department of Veterans Affairs and said it had additional centers in the pipeline. This reflects two avenues for expanding access to the test through health plans and government programs. Formal coverage by the five plans remains an anticipated milestone before year-end, according to the company’s forecast. As for the Department of Veterans Affairs programs, the company described the additional centers as being in the pipeline, without specifying a launch date.
The company announced the publication of a real-world study involving 11,991 patients and said sample collection was successful in 95% of patients, taking an average of less than two minutes. These findings add data on the sample-collection experience to the commercial expansion indicators presented by the company, including test volume and Medicare payments. On coverage, Lucid said it expected to publish a draft local coverage determination related to reconsideration of the MolDX decision as the administrative backlog begins to ease. The statement did not specify a publication date, but linked it to a reduction in that backlog. This step, along with the expected adoption of the coverage policy by health plans by the end of 2026, remains among the upcoming developments identified by the company.