Lucid (NASDAQ:LCID) Diagnostics Inc. (NASDAQ: LUCD), a subsidiary of PAVmed Inc . (NASDAQ: NASDAQ:PAVM), has released new data demonstrating the effectiveness of its EsoGuard Esophageal DNA test as a non-invasive tool for increasing the detection of esophageal precancer and cancer.
The company claimed that the study, ENVET-BE, showed that using EsoGuard to triage patients for invasive upper endoscopy (EGD) resulted in a 2.4-fold increase in the positive yield compared to EGD alone.
The ENVET-BE study, which is currently under peer review for publication, revealed that 50 out of 199 patients with a positive EsoGuard result were confirmed to have Barrett's Esophagus (BE) through subsequent EGD, representing a 25% positive yield.
This is significantly higher than the 11% yield expected from EGD screening alone in at-risk patients. These findings echo previous research conducted at the Cleveland VA, as published in the American Journal of Gastroenterology.
Dr. Jayde E. Kurland, an investigator in the study, highlighted the importance of EsoGuard in screening for esophageal precancer. "We were missing about 80% of patients who should be eligible for screening based on risk factors and guidelines," said Dr. Kurland. "EsoGuard triage allows us to screen more patients and significantly improves the yield of endoscopy."
Lucid's Chief Medical Officer, Dr. Victoria T. Lee, stated that the study supports the use of non-endoscopic biomarker tests like EsoGuard as an alternative to EGD for esophageal precancer testing. She emphasized that triaging with EsoGuard could lead to more efficient use of endoscopy resources and improve early detection rates.
Lucid Diagnostics recently received approval from its stockholders to increase the total number of authorized common shares from 200 million to 300 million. The move is expected to provide Lucid Diagnostics with greater flexibility for future corporate needs.
In addition, Lucid Diagnostics reported significant findings from its ESOGUARD BE-1 study, which demonstrated an 87.5% sensitivity and 98.6% negative predictive value for detecting esophageal precancer and esophageal adenocarcinoma. This research supports EsoGuard's potential as a non-endoscopic screening tool.
The company also reported a 124% year-over-year growth in its first-quarter 2024 revenue, exceeding $1 million, accompanied by a 10% increase in test volume from the previous quarter. Canaccord Genuity maintained a Buy rating on Lucid, citing optimism about the company's growth prospects and anticipated increased adoption of its diagnostic solutions.
InvestingPro Insights
As Lucid Diagnostics Inc. (NASDAQ:LUCD) promotes its EsoGuard Esophageal DNA test, a closer look at the company's financial health is warranted. Lucid Diagnostics holds a market capitalization of approximately $39.39 million, which provides a snapshot of the company's size in the competitive landscape. Despite impressive revenue growth over the last twelve months, with an increase of 370.5%, Lucid is still navigating through financial challenges. The company's gross profit margin stands at a negative 111.1%, indicating that it incurs more costs than the revenue generated from its sales.
Moreover, with an operating income margin of -1507.11% for the same period, it's clear that the company's expenses far exceed its operating income. This financial metric is particularly important for investors as it reflects the company's ability to generate profit from its core business operations. It's also worth noting that Lucid Diagnostics has not been profitable over the last twelve months, which aligns with analysts' expectations that the company will not be profitable this year.
InvestingPro Tips for Lucid Diagnostics highlight that while the company holds more cash than debt, it is quickly burning through cash. Additionally, two analysts have revised their earnings upwards for the upcoming period, showing some optimism in the company's future performance. For those interested in deeper analysis, there are 9 additional InvestingPro Tips available for Lucid Diagnostics, which can be found at https://www.investing.com/pro/LUCD.
The company's financials and the potential of its EsoGuard test are intertwined; successful commercialization could improve financial metrics, while current financial health could impact the test's reach and research funding. As Lucid Diagnostics continues to innovate in the medical diagnostics field, investors and stakeholders will be closely monitoring both the scientific advancements and financial developments.
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