LUCID DIAGNOSTICS INC.

What LUCID DIAGNOSTICS INC. does

Lucid Diagnostics Inc. (NASDAQ: LUCD), founded in 2018 and headquartered in New York with a CLIA-certified, CAP-accredited clinical laboratory in Lake Forest, California, is a commercial-stage cancer prevention diagnostics company and majority-owned subsidiary of PAVmed Inc. The company develops and sells EsoGuard, a Next Generation Sequencing-based DNA methylation assay that quantifies methylation at 31 sites on two genes (Vimentin and CCNA1), paired with EsoCheck, an FDA 510(k)-cleared and CE-Marked non-invasive swallowable balloon capsule catheter that collects surface esophageal cells in an office procedure of under three minutes. Together the system is positioned as a non-invasive alternative to endoscopy for detecting esophageal precancer (Barrett's Esophagus) in at-risk patients, primarily those with GERD, and has received FDA Breakthrough Device designation with two ongoing international multicenter trials supporting an FDA PMA submission.

The company monetizes EsoGuard on a per-test basis, billing medical insurance carriers including Medicare, the VA at established Medicare rates (~$2,000 per test), and commercial payers, with a financial assistance program for underinsured patients. Its go-to-market combines a direct sales force driving primary care physician referrals to a network of Lucid Test Centers with major institutional channel partners: the U.S. Department of Veterans Affairs Federal Supply Schedule (covering ~9 million enrolled veterans across ~170 medical centers), the World Trade Center Health Program (120,000+ covered 9/11 responders), concierge medicine contracts such as LEAA Health, employer-sponsored screening programs, and community outreach via the #CheckYourFoodTube firefighter testing events (4,000+ firefighters screened across 105+ events).

Revenue is at an early commercial scale with Q1 2026 test revenue of $1.3M on 3,177 tests and quarterly volumes fluctuating between approximately 2,800 and 3,700 tests through 2025-2026. Lucid has raised substantial equity capital, including a $70M IPO in October 2021, a $29.8M Series B/B-1 in May 2024, and multiple underwritten public offerings through April-May 2026, ending Q1 2026 with $45M in pro forma cash and a stated runway into 2027. The company's near-term commercial trajectory is closely tied to securing broad Medicare coverage via CMS MolDX and converting its anchor institutional contracts into sustained test volume.

Name

LUCID DIAGNOSTICS INC.

Legal name

Lucid Diagnostics Inc.

Website

https://luciddx.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

101–250 employees

Short description

Lucid Diagnostics (NASDAQ: LUCD) is a commercial-stage diagnostics company that sells the EsoGuard NGS-based DNA methylation test and EsoCheck non-invasive cell collection device for detecting esophageal precancer in at-risk GERD patients, distributing through physician referrals, the VA, the WTC Health Program, employer programs, and concierge medicine.

Ownership category

akta.pro rank

Product category

Cancer Diagnostics

NAICS

In-Vitro Diagnostic Substance Manufacturing (325413), Medical Laboratories (621511)

SIC

In Vitro & In Vivo Diagnostic Substances (2835), Services-Medical Laboratories (8071)

akta.pro primary industry

Genetic, Cytogenetic & Prenatal Screening IVD (HLAHAAAI)

akta.pro secondary industry

Biomarker Discovery & Validation (omics, assay feasibility, clinical validation) (HLAAAMAA)

Keywords

• Esophageal precancer detection
• DNA methylation testing
• Non-invasive cancer diagnostics
• Biomarker assay devices
• Gastrointestinal screening tests

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. EsoGuard Diagnostic Testing: Revenue generated from processing EsoGuard Esophageal DNA tests. Tests are billed to insurance carriers including Medicare, VA, and commercial payers. Q1 2026 recognized $1.3 million in revenue with 3,177 tests processed.
2. Government Contracts: Contract with U.S. Department of Veterans Affairs under Federal Supply Schedule at Medicare payment rates (~ $2,000 per test). Access to VA healthcare system serving 9 million enrolled veterans.
3. Patient Financial Assistance: Financial Assistance Program for qualified patients who cannot afford out-of-pocket costs after insurance. Multiple payment plans available for non-qualified patients.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

Lucid Diagnostics develops and commercializes the EsoGuard Esophageal DNA Test, a Next Generation Sequencing (NGS)-based DNA methylation assay that quantifies methylation at 31 sites on two genes (Vimentin and Cyclin A1) to detect esophageal precancer (Barrett's Esophagus). Samples are collected using the EsoCheck device, a CE Marked and FDA 510(k) cleared swallowable balloon capsule catheter that enables a non-invasive, office-based cell collection procedure in under three minutes. Tests are processed at the company's CLIA-certified, CAP-accredited LucidDx Labs facility in Lake Forest, California.

Product overview

Lucid Diagnostics offers two core commercial products for esophageal precancer and cancer detection: the EsoGuard® Esophageal DNA Test and the EsoCheck® Esophageal Cell Collection Device. These products work together as an integrated system—the EsoCheck device collects surface esophageal cells during a brief, non-invasive office procedure, and the EsoGuard test analyzes these samples using Next Generation Sequencing-based DNA methylation technology to detect esophageal precancer (Barrett's Esophagus) before it progresses to cancer. The company is focused on patients with gastroesophageal reflux disease (GERD) who are at risk of developing esophageal precancer and cancer.

Differentiator

Problem solved

Functional benefit

Brands

• EsoGuard: EsoGuard Esophageal DNA Test - A Next Generation Sequencing based DNA methylation assay performed on surface esophageal cells collected with EsoCheck, quantifying methylation at 31 sites on two genes (Vimentin and Cyclin A1) for detection of esophageal precancer and cancer.
• EsoCheck

Products and services

• EsoGuard Esophageal DNA Test A Next Generation Sequencing (NGS) based DNA methylation assay performed on surface esophageal cells collected with EsoCheck, quantifying methylation at 31 sites on two genes (Vimentin and Cyclin A1) to detect esophageal precancer (Barrett's Esophagus) and esophageal cancer. It received FDA Breakthrough Device designation and is the subject of large international multicenter clinical trials for FDA PMA approval. The test is intended for use by clinicians managing at-risk GERD patients.
• EsoCheck Esophageal Cell Collection Device A CE Marked and FDA 510(k) cleared noninvasive swallowable balloon capsule catheter device that samples surface esophageal cells in a less than three-minute office procedure. It is used in conjunction with the EsoGuard Esophageal DNA Test for esophageal precancer detection, targeting at-risk GERD patients managed by primary care physicians and gastroenterologists.

Quantifiable outcome

• 87.5-92.9% sensitivity for Barrett's Esophagus detection
• +4 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature3 records

Partnerships

Nine partnerships are on record, tiered flagship, minor and core.

• U.S. Department of Veterans AffairsflagshipChannel Partner/ Reseller/ Distributor · 21 January 2026VA Federal Supply Schedule contract for EsoGuard esophageal precancer testing. Pricing matches Medicare rates (~$2,000/test). Access to VA healthcare system serving 9 million enrolled veterans across ~170 VA medical centers.
• LEAA HealthminorChannel Partner/ Reseller/ Distributor · 20 February 2025First concierge medicine contract - LEAA Health membership-based concierge patients access EsoGuard testing as part of enhanced personalized care service on cash-pay basis.
• Mass General BrighamcoreGTM or Marketing Partner · 12 June 2024Physician partnership facilitating #CheckYourFoodTube esophageal precancer testing events. Mass General Brigham physicians Kumar Krishnan, M.D. and Alexandra Maltby organized events with Boston Firefighters Local 718 IAFF.
• Boston Firefighters Local 718 IAFFcoreGTM or Marketing Partner · 12 June 2024Partnership with International Association of Fire Fighters Local 718 for #CheckYourFoodTube precancer testing events. Firefighters have 62% increased risk of esophageal cancer. 4,000th firefighter milestone achieved.
• World Trade Center Health ProgramcoreChannel Partner/ Reseller/ Distributor · 8 February 2024Contract providing EsoGuard esophageal precancer testing as covered benefit for 120,000+ World Trade Center Health Program participants (9/11 responders and survivors).
• UpScriptHealthcoreGTM or Marketing Partner · 1 December 2021Telemedicine partnership for EsoGuard testing program. UpScript provides physician evaluation and referral services for rapid, office-based EsoGuard testing. Initially launched in Phoenix, Denver, Salt Lake City, and Las Vegas markets.
• National Cancer Institute (NCI)coreStrategic or Co-development PartnerNCI-funded BETRNet consortium study validating EsoGuard performance. Study published in American Journal of Gastroenterology. Represents third major NCI-funded validation study.
• American College of Gastroenterology (ACG)coreStrategic or Co-development PartnerACG guidelines recommend non-endoscopic biomarker testing such as EsoGuard as acceptable alternative to endoscopy for esophageal precancer screening. ACG guideline lead author involved in clinical studies.
• Nicholas J. Shaheen, M.D., M.P.H.coreStrategic or Co-development PartnerLead investigator of ESOGUARD BE-1 clinical validation study. Bozymski-Heizer Distinguished Professor of Medicine and Epidemiology at UNC School of Medicine. Lead author of ACG guidelines on esophageal precancer screening.

Scale indicators14 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Exact Sciences Corp: Developer of Cologuard, the leading non-invasive stool DNA methylation-based colorectal cancer screening test. Closest direct comparable to Lucid: same FDA pathway (Breakthrough → PMA), same commercial motion targeting primary care, similar reimbursement and adoption dynamics, and same technology class (methylation-based biomarker screening).
• Interpace Diagnostics: Molecular diagnostics company offering esophageal and pancreatic cancer molecular diagnostic tests (e.g., Eso-Prep, BarreGEN). Direct indication overlap with EsoGuard in esophageal precancer detection, with similar specialty-lab business model and PCP/GI referral channels.

Broad incumbents

• Guardant Health: Liquid biopsy cancer detection company with FDA-approved Shield colorectal cancer screening test. Targets similar end customers (PCPs, gastroenterologists) and operates in the non-invasive cancer screening space, though with broader oncology franchise and liquid biopsy technology rather than methylation cell-based assay.
• Natera: Cell-free DNA testing company with Signatera MRD test and broader reproductive and oncology testing portfolio. Comparable as an oncology-focused diagnostics company selling to clinicians with similar reimbursement and clinical evidence requirements, though not a direct cancer-screening competitor.
• Medtronic (Cytosponge): Global medical device incumbent that has commercialized Cytosponge, a non-endoscopic sponge-on-a-string esophageal cell collection device for Barrett's screening. Most directly comparable product/technology in esophageal precancer detection, though Medtronic operates across many franchises and does not focus exclusively on this niche.
• NeoGenomics: Oncology-focused clinical laboratory services company offering molecular and genetic testing. Adjacent comparable as a CLIA-certified cancer diagnostics laboratory serving oncologists, though broader in scope and lacking a single flagship screening product equivalent to EsoGuard.

Emerging players

• GRAIL: Subsidiary of Illumina commercializing Galleri, a multi-cancer early detection blood test. Competes for the same non-invasive cancer screening budget and patient awareness, with overlapping PCP-facing commercial model and similar regulatory and reimbursement challenges.
• Mainz Biomed: Molecular diagnostics company developing ColoAlert, a stool-based DNA colorectal cancer screening test. Closely analogous to Lucid in stage (pre-commercial/scale-up), technology class (DNA-based biomarker screening), and commercial/reimbursement hurdles, making it a strong comparable.
• VolitionRx: Blood-based cancer diagnostics company with Nu.Q nucleosome-based biomarker platform. Comparable in being an early-stage cancer diagnostic company pursuing non-invasive blood-based biomarker detection with similar regulatory and reimbursement pathways.

Others

• Fulgent Genetics: Genetic testing services company offering molecular and hereditary cancer testing. Operates a similar CLIA-based molecular diagnostics platform and sells to clinicians and healthcare systems, though positioned in hereditary cancer and broader genetic testing rather than non-invasive screening.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/LucidDiag
• Facebookfacebook.com/EsoGuard
• LinkedInlinkedin.com/company/pavmed-inc-
• Instagraminstagram.com/esoguard_test

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds8 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LUCID DIAGNOSTICS INC.