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NEW YORK - Lucid (NASDAQ:LCID) Diagnostics Inc. (NASDAQ:LUCD), a subsidiary of PAVmed Inc . (NASDAQ:PAVM), has announced a new partnership with LEAA Health, marking the company’s first foray into the concierge medicine space. The company, currently valued at approximately $81 million, has seen its stock surge over 94% year-to-date, according to InvestingPro data. This contract allows LEAA Health’s members to access Lucid’s EsoGuard Esophageal DNA Test, a tool designed for the early detection of esophageal precancer.
The EsoGuard test is now part of LEAA Health’s cash-pay enhanced personalized care services, reflecting a growing trend towards prevention-focused healthcare. Lucid’s President and COO, Shaun O’Neil, expressed enthusiasm for the partnership, highlighting the company’s commitment to expanding EsoGuard’s market presence alongside efforts to secure Medicare and commercial insurance coverage. This expansion comes as the company demonstrates strong revenue growth, with InvestingPro data showing a 179% increase in the last twelve months.
Isaak N. Yakubov, Founder and CEO of LEAA Health, echoed the sentiment, noting the alignment with their mission to deliver superior, personalized healthcare. He emphasized the potential of EsoGuard to facilitate early intervention in esophageal precancer, thereby enhancing patient care and possibly saving lives.
The move taps into a burgeoning market for concierge medicine, which Concierge Medicine Today’s 2024 Annual Report projects will reach $10.9 billion by 2032 in the United States alone. The partnership is seen as a strategic step for Lucid to guarantee revenue through contracts within this growing sector.
Lucid Diagnostics focuses on patients at risk of esophageal precancer, particularly those with gastroesophageal reflux disease (GERD). Its EsoGuard test, used alongside the EsoCheck Esophageal Cell Collection Device, is touted as the first and only commercially available option aimed at preventing cancer through early detection in at-risk patients.
This news is based on a press release statement and does not constitute an endorsement of Lucid Diagnostics’ claims. The company’s forward-looking statements involve risks and uncertainties, and actual results may differ. Lucid continues to monitor the impact of the COVID-19 pandemic on its business operations. While analysts maintain a bullish outlook on the stock with price targets ranging from $2 to $7, detailed financial analysis and additional insights are available in the comprehensive Pro Research Report on InvestingPro, which covers over 1,400 US stocks with expert analysis and actionable intelligence.
In other recent news, PAVmed Inc. has announced that it has successfully regained compliance with Nasdaq’s stockholders’ equity listing requirements. The company achieved this by increasing its stockholders’ equity to over $2.5 million through strategic financial actions, including the deconsolidation of its Lucid Diagnostics subsidiary and restructuring of convertible debt. The Nasdaq Listing Qualifications Department confirmed PAVmed’s compliance, ensuring the company’s securities will continue to be listed on the Nasdaq Capital Market. As part of maintaining compliance, PAVmed will be subject to a one-year monitoring period by a Nasdaq panel. If the company fails to meet the equity requirement during this period, it may receive a delisting notice and will need to address the issue promptly. This development follows PAVmed’s recent financial adjustments and indicates a positive step in its financial restructuring efforts. The announcement also reminds investors of the inherent risks in the medical technology industry, including market volatility and regulatory approval processes.
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