Lucid Diagnostics, a subsidiary of PAVmed Inc., reported that its EsoGuard DNA test achieved a 95 % technical success rate in a real‑world study of 11,991 at‑risk patients who underwent EsoCheck cell collection between January 2023 and June 2024. The study, posted to medRxiv and pending peer review, also found that 95 % of procedures were completed in under two minutes and that no serious adverse events were recorded.
The findings confirm that EsoGuard performs in routine clinical practice as it did in controlled trials, reinforcing the company’s strategy to expand market penetration and secure Medicare coverage. By demonstrating rapid, safe, and scalable collection times, the data support the company’s claim that the test can be deployed in office and health‑fair settings by trained non‑physician staff, a key advantage in a market that is increasingly favoring non‑endoscopic screening.
Lucid’s chief medical officer, Dr. Victoria T. Lee, noted that the study “confirms that EsoGuard and EsoCheck perform in everyday clinical practice exactly as they have in published studies, with high technical success across nearly 12,000 patients.” CEO Lishan Aklog added that the real‑world results “advance EsoGuard from a missing link in esophageal cancer prevention to the linchpin of a clinically viable and scalable early‑detection program.” The comments underscore the company’s confidence that the product can drive broader adoption and support future reimbursement negotiations.
While the study is a positive milestone for Lucid, its parent company PAVmed remains in a challenging financial position. Q3 2025 earnings showed a GAAP net loss of $6 million and a non‑GAAP loss of $446,000, with revenue of $5 k—down sharply from $2.985 million in the same period of 2024. Management has highlighted the need to stabilize the balance sheet and is exploring capital‑raising options, indicating that the success of Lucid’s products is critical to PAVmed’s long‑term viability.
Analysts have responded to the study by adjusting their outlooks. Ascendiant Capital lowered its price target for PAVmed to $17.00 from $20.00, citing the company’s ongoing financial headwinds while acknowledging the potential upside from Lucid’s product validation. The adjustment reflects a cautious view that, while the study strengthens Lucid’s commercial prospects, PAVmed’s broader financial challenges temper overall valuation expectations.
The real‑world data reinforce the market’s view that non‑endoscopic screening is a growing segment, driven by rising GERD prevalence and a shift toward cost‑effective, scalable diagnostics. Lucid’s ability to deliver high technical success and rapid collection times positions it favorably against competitors, potentially accelerating Medicare coverage and expanding its addressable market. However, the company’s financial fragility means that the study’s commercial impact will depend on successful capital deployment and continued cost control to translate validation into revenue growth.
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