Slide 1: Q3 2023 Business Update
Nasdaq: LUCD Q3 2023 Business Update November 14, 2023 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: Q3 2023 Highlights
Q3 2023 Highlights § Commercial Execution – 2,575 commercial EsoGuard tests: +17% Quarterly, +137% Annually – Revenue $783K: +392% Quarterly, +930% Annually – Strong contributions from Satellite Lucid Test Centers (sLTC) & high-volume #CheckYourFoodTube Testing Events; gaining traction with Strategi
Slide 4: EsoGuard Esophageal DNA Test
EsoGuard® Esophageal DNA Test First and only commercially available test capable of serving as a widespread tool to prevent esophageal cancer deaths through early detection of esophageal precancer § 16,000 annual Esophageal cancer deaths are PREVENTABLE § Early PRECANCER detection is necessary to PR
Slide 5: EsoGuard Performance vs. Comparable Early Detection Tests
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% Specificity: 83% 60% 55% Estimated Positive 50% 4
Slide 6: EsoGuard Commercial Opportunity
EsoGuard Commercial Opportunity ~30 Million X $1938 = ~$60 Billion At-Risk Medicare Total Addressable Chronic Heartburn Payment US Market Patients Recommended for Precancer Testing Over EsoGuard Estimated 90% Gross Margin at Volume 6
Slide 7: EsoGuard Testing Volume by Quarter
EsoGuard Testing Volume by Quarter 3000 2500 137% 17% 2000 Near-term Laboratory & >10,000 tests Manufacturing per quarter 1500 Capacity 2,575 2,202 1000 1,841 1,088 1,174 500 850 533 202 203 302 0 91 Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 7
Slide 8: Q3 2023 EsoGuard Testing Volume
Q3 2023 EsoGuard Testing Volume By Referral Source By Operator 18% 65% 35% 82% Primary Care Physician Lucid Personnel Specialist / Institution Physician Practice 8
Slide 9: EsoGuard Test Volume Growth Drivers
Commercial Execution EsoGuard Test Volume Growth Drivers § Field Team – Steady test volume growth despite flat sales headcount § Satellite Lucid Test Centers – sLTC model remains top driver of test volume § CYFT Precancer Detection Events – Growth continues, expanding beyond firefighters – Earlier e
Slide 10: Market Access Pillars
Market Access Pillars Revenue Cycle Payor Management Relations Medical Policy Claims Submission Coverage Policy Adjudication Legislative Advocacy Appeals (P2P) Managed Care Prior Authorization (PA) Veterans Affairs (VA) Labs Benefit Management (LBM) Persistence and Creativity Payor Pilots, Biomarker
Slide 11: Claims, Payments, Coverage
Claims, Payments, Coverage § Revenue Cycle Management – Continued positive impact from Q2 RCM upgrade on claims processing and payments – Initial spike in Allowed Claims % and Average Allowed Payment holding – Robust, active pipeline of claims going through Appeals and seeing successful appeal based
Slide 12: Clinical Utility Studies
Clinical Utility Studies Enrolled / Data Study Design Study Status collected to date SAFD Screening Retrospective analysis of prospectively collected data Accepted for publication 385 Study Interim data submitted for Prospective, multi-center, CLUE observational Peer Review 535 Enrollment nearly com
Slide 13: EsoGuard 2.0
EsoGuard 2.0 § Launched last week § Improves on already unprecedented cancer and precancer detection results § Breakthrough was implementation of multiplexing which allows all genes to be assessed on one sample and running assay in triplicate with consensus call of positive and negative results § An
Slide 14: Investor Day December 13, 2023, New York City
INVESTOR DAY December 13, 2023 New York City 14
Slide 15: Q3 2023 Financial Update
Lucid. gees ey Q3 2023 Financial Update 15
Slide 16: Balance Sheet
Balance Sheet ($ in thousands) 2Q23 3Q23 Change Assets Cash $32,570 $24,050 $(8,520) Fixed Assets 1,389 1,284 (105) All other Assets 8,527 7,910 (617) Liabilities Accounts Payable 637 994 357 Intercompany Debt due to PAVmed 10,697 10,286 (411) Other Current Liabilities 15,349 18,944 3,595 Long-Term
Slide 17: P&L
P&L ($ in thousands) 3Q22 3Q23 Change 3Q22 - YTD 3Q23 - YTD Change Revenue $76 $783 $707 $265 $1,388 $1,123 Operating Expenses $14,453 $11,911 $(2,542) $41,541 $38,417 $(3,124) Net Loss $(14,349) $(14,208) $141 $(41,243) $(41,836) $(593) EBITDA $(13,784) $(13,550) $234 $(39,955) $(39,891) $64 Stock-
Slide 18: OpEx by Segment
Non-GAAP Operating Expense OpEx by Segment Total OpEx 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. Non-GAAP financial measu
Slide 19: Q&A
Q&A 19