Lucid Diagnostics Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 12 November 2026: press release. The quarter’s numbers.

Key takeaways

Medicare payments began in October: Claims were submitted from late September, after meetings with Novitas medical directors and a clinical evidence dossier reflecting their feedback. Source
Payments at established fee rate: Claims have been paid at the established Clinical Laboratory Fee Schedule rate of $1,938.01 per test, through claim-by-claim adjudication separate from the MolDX LCD. Source
Pending LCD delay blamed on backlog: After a formal meeting with CMS leadership, the company said the delay in the pending MolDX LCD reconsideration is administrative, and it expects the draft LCD as the backlog clears. Source
Revenue fell as test count rose: Third-quarter revenue was $1.2 million on 2,871 tests, against $1.5 million on 2,770 tests in 2Q26. Source
October set record test volume: The company reported more than 1,800 EsoGuard tests in October, its highest monthly volume to date. Source
GAAP net loss narrowed from 2Q26: GAAP net loss attributable to common stockholders was about $6.7 million, or $(0.03) per share, against $14.7 million, or $(0.08), in 2Q26, which included a $3.0 million deemed preferred dividend. Source
Cash fell to $18.0 million: Cash and cash equivalents were $18.0 million at September 30, 2026, against $33.4 million at June 30, 2026 and $34.7 million at December 31, 2025. Source

“Medicare is now paying for EsoGuard. For the first time, Medicare beneficiaries nationwide have fully reimbursed access to this groundbreaking test,”
Lishan Aklog, M.D., Lucid’s Chairman and Chief Executive Officer

What changed from last quarter

New: Medicare payments on EsoGuard claims began in October. The prior release said the company was awaiting a positive draft Medicare coverage policy. Source
New: Commercial efforts were repositioned toward EsoGuard testing among at-risk Medicare beneficiaries. Source
New: The company launched its first two U.S. Department of Veterans Affairs programs, with more VA centers in the pipeline. Source
New: Following quarter end, the company closed a $15.0 million Series C Convertible Preferred Stock financing. Source

Medicare coverage and payments

Medicare payments began in October: Claims were submitted from late September, after meetings with Novitas medical directors and a clinical evidence dossier reflecting their feedback. Source
Payments at established fee rate: Claims have been paid at the established Clinical Laboratory Fee Schedule rate of $1,938.01 per test, through claim-by-claim adjudication separate from the MolDX LCD. Source
Pending LCD delay blamed on backlog: After a formal meeting with CMS leadership, the company said the delay in the pending MolDX LCD reconsideration is administrative, and it expects the draft LCD as the backlog clears. Source

Test volumes and revenue

Revenue fell as test count rose: Third-quarter revenue was $1.2 million on 2,871 tests, against $1.5 million on 2,770 tests in 2Q26. Source
October set record test volume: The company reported more than 1,800 EsoGuard tests in October, its highest monthly volume to date. Source
More than 50,000 tests since launch: Cumulative EsoGuard testing since launch is above 50,000 tests. Source

“We are laser-focused on expanding access to EsoGuard for Medicare beneficiaries and translating this early momentum into revenue growth.”
Lishan Aklog, M.D., Lucid’s Chairman and Chief Executive Officer

Commercial coverage and VA

Concert plans expected adopted by year-end: Five Concert client health plans, three already reported, are expected to adopt the EsoGuard coverage policy by year-end. Source
VA programs launched, pipeline building: The first two VA programs launched this quarter, and management expects the VA to become a meaningful long-term contributor. Source
New billing and coding milestones: A new Category III CPT code for EsoCheck cell collection and a proposed ICD-10 code for positive EsoGuard results were announced to ease billing. Source

Costs and loss measures

Operating expenses lower than 2Q26: Operating expenses were about $13.5 million, including $1.5 million of stock-based compensation, against $14.3 million and $1.7 million in 2Q26. Source
GAAP net loss narrowed from 2Q26: GAAP net loss attributable to common stockholders was about $6.7 million, or $(0.03) per share, against $14.7 million, or $(0.08), in 2Q26, which included a $3.0 million deemed preferred dividend. Source
Non-GAAP adjusted loss near 2Q26: Non-GAAP adjusted loss was about $10.6 million, or $(0.06) per share, against about $10.9 million, or $(0.06), in 2Q26. Source
Other income from convertible debt value: Other income, net was $5.6 million; the reconciliation lists a $5.5 million change in fair value of convertible debt among the adjustments. Source

“What has been a marathon is now a sprint.”
Lishan Aklog, M.D., Lucid’s Chairman and Chief Executive Officer

Clinical data and guidelines

Largest nonendoscopic study published: The company announced publication of an 11,991-patient real-world EsoGuard study, described as the largest peer-reviewed study of nonendoscopic precancer testing. Source
EsoCheck sampling succeeded in 95%: Sampling succeeded in 95% of patients, averaged under two minutes, and had no reported device-related adverse events. Source
AGA draft guidelines cite EsoGuard: The AGA draft Barrett’s esophagus guidelines name EsoGuard and EsoCheck as an alternative to endoscopy; EsoGuard is the only commercially available test cited. Source

Cash and financing

Cash fell to $18.0 million: Cash and cash equivalents were $18.0 million at September 30, 2026, against $33.4 million at June 30, 2026 and $34.7 million at December 31, 2025. Source
$15 million Series C closed after quarter: The company described the $15.0 million private placement as made to existing long-term investors, closed after the quarter ended. Source
Basic and diluted shares rose: Basic and diluted shares outstanding were 190,945 thousand in the quarter, against 183,124 thousand in 2Q26 and 108,176 thousand a year earlier. Source

Strategy and commercial repositioning

New phase centers on commercial growth: Management described the Medicare reimbursement as the start of a new phase focused on commercial acceleration and revenue growth. Source
Pace described as a sprint: Management described the work ahead as moving from a marathon to a sprint, following the start of Medicare payments. Source

Coming up, as management said on 12 November 2026

Draft LCD publication as backlog clears: Management expects the draft LCD to be published as the backlog begins to clear; no date was given. Source
Concert plans adoption by year-end: Five Concert client health plans are expected to have formally adopted the EsoGuard policy by year-end. Source
VA expected as long-term contributor: Management continues to expect the VA to be a meaningful long-term contributor to commercial activity and revenue; no timing was given. Source
AGA draft guidelines in public comment: The AGA released its draft Barrett’s esophagus guidelines for public comment; the final timing was not stated. Source

Figures management reported

Figure	Reported
EsoGuard tests performed, third quarter 2026 Source	2,871
EsoGuard tests performed, second quarter 2026	2,770
EsoGuard tests in October 2026 Source	more than 1,800
EsoGuard tests since launch Source	more than 50,000
Concert client health plans expected to adopt by year-end Source	five

Risks management discussed

Regulatory: Medicare payments currently run claim by claim, independent of the MolDX LCD that remains pending reconsideration. Source
Operational: Management said near-term growth depends on commercial and operational execution by its team. Source
Demand: Adoption of the Concert coverage policy by client health plans is expected by year-end but was not complete at quarter end. Source

Earlier plans management reported on

Delayed: Management attributes the delay in the pending LCD reconsideration to an administrative backlog and expects the draft LCD as it clears. Source
Not stated: Management expects five Concert client health plans, including three previously reported, to have adopted the policy by year-end. Source
Not stated: Management continues to expect the VA to be a meaningful long-term contributor to its commercial activity and revenue. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Lucid Diagnostics Provides Business Update and Reports Third Quarter 2026 Financial Results

EsoGuard® now fully reimbursed by Medicare nationwide, launching a new phase of accelerating commercialization with record monthly test volume to start the fourth quarter

Conference call and webcast to be held today, November 12, at 8:30 AM EST

NEW YORK, November 12, 2026 - Lucid Diagnostics Inc. (Nasdaq: LUCD) (“Lucid” or the “Company”), a commercial-stage, cancer prevention medical diagnostics company and subsidiary of PAVmed Inc. (Nasdaq: PAVM) (“PAVmed”), today provided a business update and reported financial results for the third quarter ended September 30, 2026.

Conference Call and Webcast

The webcast will take place on Thursday, November 12, 2026, at 8:30 AM EST and will be accessible in the investor relations section of the Company’s website at luciddx.com. Alternatively, to access the conference call by telephone, U.S.-based callers should dial 1-800-836-8184 and international listeners should dial 1-646-357-8785. All listeners should provide the operator with the conference call name “Lucid Diagnostics Business Update” to join.

Following the conclusion of the conference call, a replay will be available for 30 days in the investor relations section of the Company’s website at luciddx.com.

Business Highlights

“Medicare is now paying for EsoGuard. For the first time, Medicare beneficiaries nationwide have fully reimbursed access to this groundbreaking test,” said Lishan Aklog, M.D., Lucid’s Chairman and Chief Executive Officer. “This breakthrough represents a seminal moment in our mission to end the scourge of esophageal cancer and marks the start of a new phase for Lucid focused on commercial acceleration and revenue growth.”

“Our pursuit of EsoGuard’s enormous clinical and commercial opportunity is now substantially less constrained by external factors,” Dr. Aklog added. “Lucid’s near-term growth now depends almost entirely on our team’s commercial and operational execution. Just a few weeks into this new chapter, our team delivered record monthly test volume in October and is approaching this opportunity with the urgency and determination it deserves. We are laser-focused on expanding access to EsoGuard for Medicare beneficiaries and translating this early momentum into revenue growth. What has been a marathon is now a sprint.”

Highlights from the third quarter and recent weeks:

Received first Medicare payments for the EsoGuard® Esophageal DNA Test in October. Lucid began submitting claims in late September after meeting with medical directors at Novitas, the Medicare Administrative Contractor (MAC) with jurisdiction over Lucid’s Texas laboratory, and providing a clinical evidence dossier incorporating their feedback. Lucid has consistently received payments on these claims at EsoGuard’s established Clinical Laboratory Fee Schedule rate of $1,938.01 per test. This Medicare coverage through claim-by-claim adjudication is independent of the pending MolDX Local Coverage Determination (LCD) reconsideration for EsoGuard.
Immediately and aggressively repositioned commercial efforts to expand EsoGuard testing among at-risk Medicare beneficiaries, representing approximately half of the patients recommended for esophageal precancer testing by professional society guidelines.
Performed 2,871 EsoGuard tests and recognized revenue of $1.2 million in 3Q26. October was a record month for EsoGuard test volume, with more than 1,800 tests. More than 50,000 EsoGuard tests have been performed since launch.
Held a formal meeting with CMS leadership on the pending MolDX LCD reconsideration for EsoGuard. The discussion reinforced Lucid’s confidence that the delay is attributable to an administrative backlog. Lucid expects the draft LCD to be published as that backlog begins to clear.
Continued to expand commercial coverage through the Concert EsoGuard coverage policy, with a total of five Concert client health plans, including the three previously reported, expected to have formally adopted it by year-end.
Launched Lucid’s first two U.S. Department of Veterans Affairs (VA) programs, with a robust pipeline of additional VA centers behind them. Lucid continues to expect the VA to be a meaningful long-term contributor to its commercial activity and revenue.
Announced billing and coding milestones, including a new Category III CPT code for EsoCheck cell collection and a proposed ICD-10 diagnosis code for positive EsoGuard results, which will make EsoGuard and EsoCheck easier to bill, track and integrate into clinical practice.
Announced publication of an 11,991-patient real-world EsoGuard study, the largest peer-reviewed study of nonendoscopic esophageal precancer testing to date. Sampling with the EsoCheck® Esophageal Cell Collection Device was successful in 95% of patients and averaged less than two minutes. The procedure was well tolerated, with no reported device-related adverse events and consistent performance across operators, including newly trained personnel.
The American Gastroenterological Association (AGA) released its draft Barrett’s esophagus guidelines for public comment. The draft names EsoGuard and EsoCheck as an alternative to endoscopy, with high certainty of evidence. EsoGuard is the only commercially available test cited.
Strengthened balance sheet with a $15.0 million private placement to existing long-term investors.

Financial Results

For the three months ended September 30, 2026, EsoGuard related revenues were $1.2 million. Operating expenses were approximately $13.5 million, which included stock-based compensation expenses of $1.5 million. GAAP net loss attributable to common stockholders was approximately $6.7 million, or $(0.03) per common share.
As shown below and for the purpose of illustrating the effect of stock-based compensation and other non-cash income and expenses on the Company’s financial results, the Company’s non-GAAP adjusted loss for the three months ended September 30, 2026 was approximately $10.6 million or $(0.06) per common share.
Lucid had cash and cash equivalents of $18.0 million as of September 30, 2026, compared to $34.7 million as of December 31, 2025. Subsequent to quarter end, Lucid closed a $15.0 million Series C Convertible Preferred Stock financing.
The 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, and available at www.luciddx.com or www.sec.gov.

Lucid Non-GAAP Measures

To supplement our unaudited financial results presented in accordance with U.S. generally accepted accounting principles (GAAP), management provides certain non-GAAP financial measures of the Company’s financial results. These non-GAAP financial measures include net loss before interest, taxes, depreciation, and amortization (EBITDA), and non-GAAP adjusted loss, which further adjusts EBITDA for stock-based compensation expense and other non-cash income and expenses, if any. The foregoing non-GAAP financial measures of EBITDA and non-GAAP adjusted loss are not recognized terms under U.S. GAAP.
Non-GAAP financial measures are presented with the intent of providing greater transparency to the information used by us in our financial performance analysis and operational decision-making. We believe these non-GAAP financial measures provide meaningful information to assist investors, shareholders, and other readers of our unaudited financial statements in making comparisons to our historical financial results and analyzing the underlying performance of our results of operations. These non-GAAP financial measures are not intended to be, and should not be, a substitute for, considered superior to, considered separately from, or as an alternative to, the most directly comparable GAAP financial measures.
Non-GAAP financial measures are provided to enhance readers’ overall understanding of our current financial results and to provide further information for comparative purposes. Management believes the non-GAAP financial measures provide useful information to management and investors by isolating certain expenses, gains, and losses that may not be indicative of our core operating results and business outlook. Specifically, the non-GAAP financial measures include non-GAAP adjusted loss, and its presentation is intended to help the reader understand the effect of the loss on the issuance or modification of convertible securities, the periodic change in fair value of convertible securities, the loss on debt extinguishment, and the corresponding accounting for non-cash charges on financial performance. In addition, management believes non-GAAP financial measures enhance the comparability of results against prior periods.
A reconciliation to the most directly comparable GAAP measure of all non-GAAP financial measures included in this press release for the three and nine months ended September 30, 2026, and 2025 are as follows:

(in thousands except per-share amounts)	For the three months ended September 30,		For the nine months ended September 30,
	2026	2025	2026	2025
Revenue	$1,203	$1,211	$3,932	$3,202
Operating expenses	13,479	12,970	41,122	38,831
Other (Income) expense, net	(5,599)	(1,362)	(4,917)	6,115
Net Loss	(6,677)	(10,397)	(32,273)	(41,744)
Net income (loss) per common share, basic and diluted	$(0.03)	$(0.10)	$(0.26)	$(0.59)
Net loss attributable to common stockholders	(6,677)	(10,397)	(45,020)	(54,303)
Preferred Stock dividends and deemed dividends	-	-	12,747	12,559
Net income (loss) as reported	(6,677)	(10,397)	(32,273)	(41,744)
Adjustments:
Depreciation and amortization expense	226	220	671	663
Interest expense, net	(58)	(99)	(195)	(260)
EBITDA	(6,509)	(10,276)	(31,797)	(41,341)
Other non-cash or financing related expenses:
Stock-based compensation expense	1,451	1,152	4,555	3,326
Operating expenses issued in stock	-	87	57	234
Change in FV convertible debt	(5,541)	(2,341)	(4,722)	5,297
Equity issuance cost extinguishment	-	1,078	-	1,078
Non-GAAP adjusted (loss)	$(10,599)	$(10,300)	$(31,907)	$(31,406)
Basic and Diluted shares outstanding	190,945	108,176	171,575	92,131
Non-GAAP adjusted (loss) income per share	$(0.06)	$(0.10)	$(0.19)	$(0.34)

Included in general and administrative expenses in the financial statements.

Included in other income and expenses.

Stock-based compensation (“SBC”) expense included in operating expenses is detailed as follows in the table below by category within operating expenses for the non-GAAP Net operating expenses:

(in thousands except per-share amounts)	For the three months ended September 30,		For the nine months ended September 30,
	2026	2025	2026	2025
Cost of revenues	$1,404	$1,697	$4,474	$4,810
Stock-based compensation expense	(14)	(43)	(142)	(152)
Net cost of revenues	1,390	1,654	4,332	4,658
Amortization of intangible assets	105	105	315	316
Sales and marketing	5,252	4,291	16,029	12,367
Stock-based compensation expense	(314)	(268)	(907)	(753)
Net sales and marketing	4,938	4,023	15,122	11,614
General and administrative	5,536	5,605	16,723	17,383
Depreciation expense	(121)	(115)	(356)	(347)
Operating expenses issued in stock	-	(87)	(57)	(234)
Stock-based compensation expense	(949)	(718)	(3,024)	(2,060)
Net general and administrative	4,466	4,685	13,286	14,742
Research and development	1,182	1,272	3,581	3,955
Stock-based compensation expense	(174)	(123)	(482)	(361)
Net research and development	1,008	1,149	3,099	3,594
Total operating expenses	13,479	12,970	41,122	38,831
Depreciation and amortization expense	(226)	(220)	(671)	(663)
Operating expenses issued in stock	-	(87)	(57)	(234)
Stock-based compensation expense	(1,451)	(1,152)	(4,555)	(3,326)
Net operating expenses	$11,802	$11,511	$35,839	$34,608

About Lucid Diagnostics

Lucid Diagnostics Inc. is a commercial-stage, cancer prevention medical diagnostics company, and subsidiary of PAVmed Inc. Lucid is focused on the millions of patients with GERD, also known as chronic heartburn, who are at risk of developing esophageal precancer and cancer. Lucid’s EsoGuard® Esophageal DNA Test, performed on samples collected in a brief, noninvasive office procedure with its EsoCheck® Esophageal Cell Collection Device - the first and only commercially available tools designed with the goal of preventing esophageal cancer and cancer deaths through widespread, early detection of esophageal precancer in at-risk patients.

For more information, please visit luciddx.com and for more information about its parent company PAVmed, please visit pavmed.com.

Forward-Looking Statements

Forward-looking statements notice

This press release includes forward-looking statements that involve risk and uncertainties. Forward-looking statements are any statements that are not historical facts. Such forward-looking statements, which are based upon the current beliefs and expectations of Lucid Diagnostics’ management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Risks and uncertainties that may cause such differences include, among other things, volatility in the price of Lucid Diagnostics’ common stock; general economic and market conditions; the uncertainties inherent in research and development, including the cost and time required to advance Lucid Diagnostics’ products to regulatory submission; whether regulatory authorities will be satisfied with the design of and results from Lucid Diagnostics’ clinical and preclinical studies; whether and when Lucid Diagnostics’ products are cleared by regulatory authorities; market acceptance of Lucid Diagnostics’ products once cleared and commercialized; Lucid Diagnostics’ ability to raise additional funding as needed; and other competitive developments. These factors are difficult or impossible to predict accurately and many of them are beyond Lucid Diagnostics’ control. In addition, new risks and uncertainties may arise from time to time and are difficult to predict. For a further list and description of these and other important risks and uncertainties that may affect Lucid Diagnostics’ future operations, see Part I, Item 1A, “Risk Factors,” in Lucid Diagnostics’ most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as the same may be updated in Part II, Item 1A, “Risk Factors” in any Quarterly Report on Form 10-Q filed by Lucid Diagnostics after its most recent Annual Report. Lucid Diagnostics disclaims any intention or obligation to publicly update or revise any forward-looking statement to reflect any change in its expectations or in events, conditions, or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements.

Investor and Media Contact

Matt Riley

Vice President, Investor Relations

PAVmed and Lucid Diagnostics mjr@pavmed.com