LUCD - Lucid Diagnostics spikes after Medicare coverage decision

2023-03-31 14:17:57 ET

• Shares of medical diagnostics company Lucid Diagnostics ( NASDAQ: LUCD ) rose ~6% on Friday after Medicare Administrative Contractor Palmetto GBA finalized Local Coverage Determination for molecular testing of certain upper gastrointestinal lesions.
• Titled "Molecular Testing for Detection of Upper Gastrointestinal Metaplasia, Dysplasia, and Neoplasia," the LCD takes effect from May 14 and details eligibility criteria for test developers to receive Medicare reimbursement.
• Palmetto GBA notes that no test developer has yet demonstrated analytic validity, clinical validity, and clinical utility data to meet the criteria. However, the contractor states, "there are several promising molecular biomarker tests designed to further identify at-risk patients…."
• After the publication, Needham issued favorable views on LUCD, which offers EsoGuard, a DNA test for detection of esophageal precancer. The firm notes that the "final Medicare LCD includes favorable improvements for lucid diagnostics."
• Lucid ( LUCD ), a subsidiary of PAVmed ( PAVM ), made its public debut in 2021.

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