Lucid Diagnostics Inc.

Lucid Diagnostics Fourth Quarter and Full Year 2023 Business Update Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press the star zero for the operator. Please note, this event is being recorded. I would now like to turn the conference over to Dennis Bacrat, Lucid Diagnostics Chief Financial Officer. Please go ahead.

Thank you, Ludi. Good morning, everyone. Thank you for participating in today's fourth quarter and full year 2023 Lucid Diagnostics business update call. The press release announcing our business update for the company and financial results for the fourth quarter and the year ending December 31st, 2023 is available on our Lucid website. Please take a moment and read the disclaimer about forward-looking statements in the press release. Business update, the press release, and this conference call include forward-looking statements. And these forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from statements made. Factors that could cause actual results to differ are described in the disclaimer and in our filings with the U.S. Securities and Exchange Commission. For a list, description of these and other important risk factors and uncertainties that may affect future operations, see Part 1, Item 1A, entitled Risk Factors, and Lucid's most recent annual report on the form 10-K filed. with the SEC and subsequent updates filed in quarterly reports on Form 10-Q and any subsequent filings on Form 8-K. That is required by law. Lucid disclaims any intentions or obligations to publicly update or revise any forward-looking statements to reflect changes in expectations or in events, conditions, or circumstances on which the expectations may be based, or they may affect the likelihood that actual results will differ from those contained in the forward-looking statements. I'd like to turn the call over to Dr. Leshawn Acklog, our chairman and CEO of Lucid Diagnostics. Leshawn?

Thank you, Dennis, and good afternoon, everyone. Thank you for joining our quarterly update call today. Before proceeding, a couple of things. First, I'd like to apologize. I have a bit of a scratchy throat. I'm feeling under the weather, so sorry about that. And I'd also like to thank our long-term shareholders for your ongoing support and commitment. Hopefully you know our team is singularly focused on driving the Lucid enterprise towards its massive commercial potential and to enhance our long-term shareholder value. So I'm very pleased with the excellent progress Lucid has made on multiple fronts during the fourth quarter and the start of this year, including strengthening our balance sheet with an $18 million financing from long-standing fundamental shareholders. We saw solid revenue growth on stable test volume, improving allowances and stable out-of-network pricing, Our CYFT program, Health Fair Events, is thriving. Our now robust clinical validity and clinical utility evidence base are poised to drive positive medical coverage, and what I believe is line of sight to Medicare coverage. And I'm also particularly excited about our accelerating direct contracting initiatives. So let me just offer a few highlights, and then I'll do a quick overview of the company for those of you who are new. On the commercial execution side, fourth quarter revenues were just a hair over $1 million. That's up 33% quarterly and 829% annually. eCigar test volume was 2,200 tests. I'll talk a bit more about those trends later. Our high-volume health fair CYFT testing events continue to gain traction, and we're fully booked right now through July. We have active testing programs now with over a dozen strategic accounts, which include health systems, academic centers, and other related entities. And we have engagements with several dozen more. Our revenue cycle management process continues to deliver solid results for out-of-network payments. About 50% of adjudicated claims are now coming back as allowed, with stable payments averaging about $1,800.