- **Medicare Milestone**: Unanimous CAC support signals imminent draft LCD, with retroactive claims possible within 12 months of approval.
- **Financial Strength**: $47 million cash runway post-$27 million offering, enabling Medicare-focused commercial acceleration.
- **Commercial Momentum**: 2,841 tests/Q3, targeting 50% Medicare-eligible patients, with initial successes in shifting volume mix.
- **Cost Efficiency**: Stable $200/test variable costs, with automation/AI opportunities for future savings.
- **Strategic Initiatives**: Firefighter Summit and NIH study expand reach, while UnitedHealthcare guideline inclusion drives commercial payer engagement.

**【CEO Summary Section】**
- **EsoGuard Performance**: Q3 2025 saw 2,841 tests conducted, generating $1.2 million in revenue, consistent with Q2 2025. The company maintains a target of 2,500-3,000 tests per quarter to engage commercial payers.
- **Medicare Progress**: The September 2025 Contract Advisory Committee (CAC) meeting resulted in strong consensus for Medicare coverage. A draft Local Coverage Determination (LCD) is anticipated, with a 45-day public comment period expected to follow.
- **Commercial Expansion**: The company strengthened its market access team and secured a $27 million public offering, extending runway through 2026. Efforts to target Medicare-eligible patients (50% of the 30 million target population) are underway, with initial successes in shifting test volume mix.
- **Firefighter Initiative**: The first Firefighter Esophageal Cancer Prevention Summit was held, aiming to expand contracted testing events with fire departments, a high-risk population for esophageal cancer.

**【CFO Financial Commentary】**
- **Financial Health**: Cash balance stood at $47.3 million as of Q3 2025, supported by a $27 million public offering. Quarterly burn rate was $10.3 million, slightly below the trailing 4-quarter average of $10.5 million.
- **Revenue Recognition**: Due to reimbursement uncertainties, 17% of billed tests ($7.1 million) were recognized as revenue. Medicare approval could enable retroactive claims dating back 12 months.
- **Cost Structure**: Variable costs per test remain stable at ~$200, with no significant inflationary pressures expected.

**【Q&A Highlights】**
- **Medicare Timeline**: The company expects a draft LCD by year-end 2025, with final coverage likely following the public comment period. Discussions with commercial payers are accelerating, leveraging updated guidelines linking EsoGuard to endoscopy coverage.
- **Commercial Payer Engagement**: UnitedHealthcare has included EsoGuard in its endoscopy guidelines, facilitating direct contracting discussions. The team is targeting ~50% of tests from Medicare-eligible patients, up from the current 10-15%.
- **Cost Efficiency**: Variable costs remain stable, with automation and AI opportunities to reduce lab expenses in the future.
- **NIH Study**: The asymptomatic GERD study is enrolling well, with potential to expand the addressable population beyond the current 30 million target. Results are not expected to impact near-term commercial efforts.

Lucid Diagnostics Inc. (LUCD) Q3 2025 Earnings Call Transcript

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LUCD

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