Lucid Diagnostics (LUCD) Canaccord Genuity 44th Annual Growth Conference & Private Company Showcase 2024 summary

Operational and financial performance

• Achieved record test volume in Q2 with 3,174 tests, marking 30% quarter-on-quarter and approximately 50% year-over-year growth.

• Quarterly revenue remained flat at $1 million due to lag in claim payments and out-of-network billing.

• First large direct contracted healthcare event completed, providing upfront, contractually guaranteed revenue.

• Sales force maintained at about 29 direct sellers, with increased productivity despite headcount reduction.

• Cost of goods for the test and device is under $200, with a payment rate of $1,938.01 and list price at $2,500.

Commercial strategy and market access

• Multi-pronged approach includes direct sales, event-based testing, and satellite clinical teams in physician offices.

• #CheckYourFoodTube events, especially with fire departments, have driven significant test volume and efficiency.

• Direct contracting with self-insured entities and employer groups is a growing focus for parallel revenue streams.

• Satellite model now represents the majority of non-event testing, improving reach and patient compliance.

Clinical evidence and reimbursement pathway

• Four clinical validity and four clinical utility studies completed; BE1 (validity) and NVET (utility) studies pending peer-reviewed publication.

• BE1 and Cleveland VA studies show high sensitivity and nearly 99% negative predictive value for early detection.

• NVET study demonstrated a 2.4-fold increase in positive endoscopy yield, supporting test's triage value.

• Dossier for MolDX coverage submission will proceed after BE1 publication; confident in evidence strength but timing for coverage remains uncertain.

• Healthcare economic data supports cost-effectiveness compared to endoscopy.