Lucid Diagnostics Inc. reported its financial results for the three and nine months ended September 30, 2024, showing significant changes in revenue and losses compared to the previous fiscal period. The company generated revenue of $1.2 million for the third quarter of 2024, up from $783,000 in the same period of 2023. For the nine months ended September 30, 2024, revenue reached $3.1 million, a substantial increase from $1.4 million in the prior year. This growth is primarily attributed to higher volumes of the EsoGuard Esophageal DNA Test, which is central to the company's cancer prevention focus.

Despite the revenue increase, Lucid Diagnostics reported an operating loss of $11.7 million for the third quarter of 2024, slightly higher than the $11.1 million loss recorded in the same quarter of 2023. For the nine-month period, the operating loss decreased to $33.7 million from $37.0 million in the previous year. The net loss attributable to common stockholders for the third quarter was $12.4 million, compared to $14.2 million in the same quarter of 2023. For the nine months, the net loss was $34.0 million, down from $41.8 million in the prior year.

Total operating expenses for the third quarter of 2024 were approximately $12.9 million, an increase from $11.9 million in the same period of 2023. The increase in expenses was driven by higher sales and marketing costs, which rose to $4.1 million from $3.8 million, and general and administrative expenses, which increased to $5.4 million from $4.3 million. Research and development expenses remained relatively stable at $1.7 million.

As of September 30, 2024, Lucid Diagnostics had total assets of $22.6 million, down from $27.3 million at the end of 2023. Current liabilities decreased significantly to $14.2 million from $29.4 million, contributing to a total liabilities reduction to $16.3 million from $29.6 million. The company reported total stockholders' equity of $6.3 million, a notable improvement from a deficit of $2.3 million at the end of 2023.

In terms of financing, Lucid Diagnostics raised approximately $29.8 million through the issuance of Series B and Series B-1 Preferred Stock during the nine months ended September 30, 2024. The company also entered into a securities purchase agreement to finance the redemption of its March 2023 Senior Convertible Note, which has a face value of $11.1 million. The company is currently under scrutiny from Nasdaq for not meeting the minimum bid price requirement, with a compliance deadline set for December 18, 2024.