Lucid Diagnostics (LUCD) investor relations material

Executive summary

• Achieved 2,770 EsoGuard tests performed and $1.5 million in revenue for Q2 2026, with test volume within the 2,500–3,000 target range.

• Secured first laboratory benefit manager (LBM) commercial coverage policy for EsoGuard, adopted by multiple health plans and expanding commercial adoption.

• Advanced engagement with the Department of Veterans Affairs, building a robust pipeline and working toward contracts for the new federal fiscal year.

• Progressed in health system partnerships, focusing on EHR integration, workflow optimization, and major health system engagement.

• Developed a health economic model showing improved outcomes and cost-effectiveness for EsoGuard, supporting payor engagement.

Financial highlights

• Q2 2026 revenue was $1.5 million, up from $1.2 million in Q2 2025; six-month revenue was $2.7 million, up from $2.0 million year-over-year.

• Cash and cash equivalents stood at $33.4 million as of June 30, 2026, nearly flat with year-end.

• GAAP net loss attributable to common stockholders for Q2 2026 was $14.7 million ($0.08/share); non-GAAP adjusted loss was $10.9 million ($0.06/share).

• Operating expenses for Q2 2026 were $14.3 million, including $1.7 million in stock-based compensation; non-GAAP operating expenses were $12.3 million.

• Completed a $16.8 million common stock offering and raised $5.3 million through ATM facility in H1 2026.

Outlook and guidance

• Confident in securing a positive Medicare draft LCD, with signs of CMS backlog easing.

• Expect VA contracts to contribute to test volume and revenue in the new budget cycle.

• Maintaining target test volume of 2,500–3,000 per quarter, with plans to scale upon broader reimbursement.

• Anticipate further LBM coverage policies, leveraging Concert as a precedent.

• Ongoing negative cash flow and recurring losses expected; future operations depend on raising additional capital and achieving broader reimbursement.