Lucid Diagnostics Inc
luciddx.comWhat Do They Do?
Sells an esophageal DNA test and cell-collection device for screening patients at risk of esophageal precancer and cancer.
10-K for FY2025, filed Mar 25, 2026Lucid Diagnostics is a commercial-stage cancer prevention medical diagnostics technology company. Lucid is focused on the millions of…View ↗
We believe that our flagship product, the EsoGuard Esophageal DNA Test, performed on samples collected with the EsoCheck Esophageal Cell…View ↗
EsoGuard is a bisulfite-converted targeted next-generation sequencing ("NGS") DNA assay performed on surface esophageal cells collected…View ↗
EsoCheck is an FDA 510(k) cleared and CE Mark certified noninvasive swallowable balloon capsule catheter device designed for in-office…View ↗
EsoGuard and EsoCheck are based on patented technology licensed by Lucid from Case Western Reserve University (“CWRU”). EsoGuard and…View ↗
How Do They Make Money?
Lucid mainly earns money by testing patient samples with EsoGuard; patients are the primary customers, and payment depends on their insurance benefits or fixed-fee service arrangements. A test is completed when Lucid sends the result to the ordering healthcare provider.
10-K for FY2025, filed Mar 25, 2026Revenues are recognized when the satisfaction of the performance obligation occurs, in an amount that reflects the consideration the…View ↗
Contracts—The Company’s customer is primarily the patient, but the Company does not enter into a formal reimbursement contract with a…View ↗
Performance obligations—A performance obligation is a promise in a contract to transfer a distinct good or service (or a bundle of goods or…View ↗
$4.7M
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10-K for FY2025, filed Mar 25, 2026
$4.7M ↗
Who Are Their Customers?
Patients are the primary customers; physicians order tests, and patients can access collection at Lucid centers, physician offices, mobile units, testing events, health systems or through a telemedicine provider. Lucid also pursues direct arrangements with self-insured employers and unions.
10-K for FY2025, filed Mar 25, 2026Our EsoGuard commercialization efforts span multiple channels including targeting primary care and GI physicians, who have generally…View ↗
To assure sufficient testing capacity and geographic coverage, we have undertaken multiple ways for patients have access to our test.…View ↗
In addition to our own test center locations, we have broadened patient access to our test by establishing a satellite test center program…View ↗
We also regularly conduct testing events in addition to our satellite test center programs and Lucid Test Centers. We conduct…View ↗
Contracts—The Company’s customer is primarily the patient, but the Company does not enter into a formal reimbursement contract with a…View ↗
Do Revenues Turn Into Profits?
No. It lost $58M in FY2025.
10-K for FY2025, filed Mar 25, 2026
−$49.6MView ↗
10-K for FY2025, filed Mar 25, 2026
−$58MView ↗
10-K for FY2025, filed Mar 25, 2026
−$46.7MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 12, 2026
−$11.7MView ↗
- ▲ +163% (Loss)
- vs −$4.4M in Q2 FY2025
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Mar 26, 2026
The VA awarded Lucid an EsoGuard contract
It spans approximately 170 VA medical centers under one national framework.
Sources
8-K, filed Mar 26, 2026
Awarded U.S. Department of Veterans Affairs (VA) contract for EsoGuard, expanding access across the nation’s largest integrated healthcare…View ↗
Growing. Revenue grew 9.4x in 4 years, from $500K in FY2021 to $4.7M in FY2025, about 75% a year.
Broader commercial channels
The commercial model has expanded beyond physician offices, company test centers and telemedicine to include direct outreach to self-insured employers and unions, cash-pay concierge medicine and integrated programs with health systems.
10-K for FY2022, filed Mar 14, 2023 10-K for FY2025, filed Mar 25, 2026Our EsoGuard commercialization efforts span multiple channels including targeting primary care physicians and GI physicians, who have…View ↗
To assure sufficient testing capacity and geographic coverage, we have built our own network of Lucid Test Centers, staffed by…View ↗
In addition to our base test center network, we have established a satellite test center program, whereby we are expanding our footprint by…View ↗
We have also established an EsoGuard Telemedicine Program, in partnership with UpScript, LLC, an independent third-party telemedicine…View ↗
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