Lucid Diagnostics Inc. · NASDAQ:LUCD
Lucid Diagnostics — Q4 2023 Earnings Presentation
21 slides from Lucid Diagnostics's earnings presentation, Mar 26, 2024
Slide 1: Q4 2023 Business Update
Nasdaq: LUCD Q4 2023 Business Update March 26, 2024 Lishan Aklog MD Dennis McGrath Chairman & CEO CFO
Slide 2: Disclaimer
Disclaimer § This presentation may contain certain forward-looking statements related to or Lucid Diagnostics Inc. (the “Company”) that involve risks and uncertainties. § Actual results and events may differ significantly from results and events discussed in forward- looking statements. § Factors th
Slide 3: Highlights: Commercial Execution
Highlights § Commercial Execution – 4Q23 Revenue $1.04M: +33% Quarterly, +829% Annually – 4Q23 EsoGuard test volume 2,201 – High-volume health fair CYFT testing events continue to gain traction, fully booked through July – Active EsoGuard testing programs over a dozen strategic accounts (health syst
Slide 4: Highlights: Key Strategic Accomplishments
Highlights § Key Strategic Accomplishments – Strengthened balance sheet with $18.1 million preferred stock financing – Significant expansion of clinical validity (CV) and clinical utility (CU) data to support broad EsoGuard medical policy coverage, including MolDx re-engagement • 3 clinical validity
Slide 5: Commercial-stage Cancer Prevention Medical Diagnostics Company
Nasdaq: LUCD Commercial-stage Cancer Prevention Medical Diagnostics Company Focused on Early Precancer Detection MISSION: Prevent Esophageal Cancer Deaths in At-risk Patients 5
Slide 6: EsoGuard Esophageal DNA Test
EsoGuard® Esophageal DNA Test First and only commercially available test capable of serving as a widespread screening tool to prevent esophageal cancer deaths through early detection of esophageal precancer 6
Slide 7: EsoGuard Performance
EsoGuard Performance Vs. Comparable Early Detection Tests EsoGuard Cologuard Guardant Shield Guardant Stage I Esophageal Colorectal Stool Colorectal Blood 100% 96% 92% 89% 91% 90% Estimated Overall 90% 83% Negative Predictive 80% Value (NPV): 99% 70% Estimated Positive 60% 55% Predictive Value (PPV)
Slide 8: Clinical Validity Studies
Clinical Validity Studies Study Design Funded By Study Status Prospective, multi-center Case Western STM Case-Control NCI Published Prospective, multi-center On pre-print, pending peer BETRNet Case-Control NCI review and publication Prospective, single-center On pre-print, pending peer Cleveland VA
Slide 9: Clinical Utility Studies
Clinical Utility Studies Study Design Study Status Retrospective analysis of SAFD Screening Study prospectively collected data Full data published Prospective, multi-center, Interim data published CLUE observational Follow-up phase Prospective, multi-center, Interim data published PREVENT Registries
Slide 10: ~$60 Billion Total Addressable Market Opportunity
30 Million $1,938 At-Risk Patients Recommended Medicare Payment for Precancer Testing ~$60 Billion Total Addressable Market Opportunity ~90 Percent Gross Margin 10
Slide 11: Multi-Pronged Commercial Strategy
Multi-Pronged Commercial Strategy Lucid Test Centers (LTC) Satellite LTC Physician Practices Mobile LTC Health Fairs 11
Slide 12: EsoGuard Revenue & Test Volume
EsoGuard Revenue & Test Volume $1,200,000 3,000 Revenue Tests $1,000,000 2,500 $800,000 2,000 $600,000 1,500 $400,000 1,000 $200,000 500 $0 0 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24e 12
Slide 13: Commercial Execution
Commercial Execution § CYFT Precancer Detection Events – Steady growth, strong pipeline, fully booked through July – Expanding to testing at targeted conferences and symposia – Increased efficiency and capacity utilizing telehealth partner – Now initiating contracting discussions in parallel with pl
Slide 14: Direct Contracting
Direct Contracting EsoGuard offered as covered benefit to drive contractually-guaranteed revenues Benefits Brokers & Self-Insured Other Partners Third-Party Entities 9/11 Fund Administrators Employers Residential Communities Unions Direct Ongoing Contract – Charge per patient tested Benefit Plan Ame
Slide 15: Claims, Payments, Coverage
Claims, Payments, Coverage § Revenue Cycle Management – Submitted claims representing ~$20M in pro forma revenue since June – >80% of adjudicated, ~50% of adjudicated allowed – Average Allowed Payment ~$1,800 – Appeals process yielding wins, strengthening/optimizing processes including leveraging pr
Slide 16: State Biomarker Legislation
State Biomarker Legislation 16
Slide 17: Q4 2023 Financial Update
Lucid. gees ey Q4 2023 Financial Update liz
Slide 18: Balance Sheet
Balance Sheet ($ in thousands) 3Q23 4Q23 Change Assets Cash $24,050 $18,896 $(5,154) Fixed Assets 1,284 1,334 50 All other Assets 7,910 7,040 (870) Liabilities Accounts Payable 994 1,146 152 Intercompany Debt due to PAVmed 10,286 9,339 (947) Other Current Liabilities 18,944 18,897 (47) Long-Term Lia
Slide 19: P&L
P&L ($ in thousands) 4Q22 4Q23 Change 4Q22 - YTD 4Q23 - YTD Change Revenue $112 $1,040 $928 $377 $2,428 $2,051 Operating Expenses $15,086 $12,493 $(2,593) $56,628 $50,910 $(5,718) Net Loss $(14,927) $(10,829) $4,098 $(56,171) $(52,666) $3,505 EBITDA $(14,359) $(10,284) $4,075 $(54,315) $(50,175) $4,
Slide 20: Non-GAAP Operating Expense
Non-GAAP Operating Expense To supplement our audited 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. Non-GAAP financial measures are presented with the int
Slide 21: Q&A
Q&A 21