Lucid Diagnostics Provides Business Update and Fourth Quarter and Full Year 2022 Financial Results.

NEW YORK: Lucid Diagnostics Inc. (NASDAQ: LUCD) ("Lucid" or the "Company") a commercial-stage, cancer prevention medical diagnostics company, and majority-owned subsidiary of PAVmed Inc. (NASDAQ: PAVM, PAVMZ) ( "PAVmed"), today provided a business update for the Company and presented financial results for the year ended December 31, 2022.

Conference Call and Webcast

The webcast will take place on March 14, 2023, at 8:30 AM and be accessible in the investor relations section of the Company's website at luciddx.com. Alternatively, to access the conference call by telephone, U.S.-based callers should dial 877-550-1858 and international listeners should dial 1-848-488-9160. All listeners should provide the operator with the conference call name "Lucid Diagnostics Business Update Conference Call" to join.

Business Update Highlights

"We continue to make significant strides in our efforts to expand EsoGuard testing volume and secure in-network commercial payor access for EsoGuard," said Lishan Aklog, M.D., Lucid's Chairman and Chief Executive Officer. "Testing volume growth has been particularly strong this quarter and we expect that growth to continue with ongoing expansion of our satellite Lucid Test Center (sLTC) program and high-volume testing events. We also are making steady progress with commercial payor engagements and expect that effort to accelerate as we continue to generate claims histories with major plans and collect data demonstrating clinical utility of EsoGuard testing."

"Our in-network agreement to participate in Multiplan's networks, comprising approximately 60 million consumers, represents a significant milestone in our efforts to broaden patient access to EsoGuard testing. Our recent financings, along with our ongoing cash preservation efforts, have strengthened our balance sheet and extended our cash runway well into 2024, through key value inflection milestones. We will continue to focus on commercial execution and market access expansion to drive long-term shareholder value," Dr. Aklog added.

Highlights from the 4Q22 and recent weeks include:

Lucid's CLIA-certified clinical laboratory performed 1,174 commercial EsoGuard(r) Esophageal DNA Tests in the 4Q22, which represents an 8 percent increase sequentially from the 3Q22 and a 288 percent annual increase from the 4Q21. The Company projects approximately 1600 commercial EsoGuard tests in 1Q23, which represents a 36 percent increase sequentially from 4Q22 and a 300 percent annual increase from 1Q22.

Satellite Lucid Test Center (sLTC) activity, whereby Lucid clinicians collect samples at physician offices, continues to increase rapidly, representing 31 percent of samples collected in 4Q22, up from 22 percent in 3Q22.

Lucid signed an in-network agreement with MultiPlan(r), the largest secondary Preferred Provider Organization (PPO), expanding EsoGuard's access to Multiplan's estimated 60 million consumers through its relationship with more than 700 healthcare payors and 1.2 million healthcare providers.

Commercial payor engagement is accelerating, with a total of 13 in-network EsoGuard contracts, averaging more than $2000 per test and all in-network PPO contracts priced at or above the Medicare payment rate of $1938. Key drivers of future in-network commercial payor contracting--generating claims history with individual payors and collecting retrospective and prospective clinical utility data--are also progressing well.

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