Analyst Michael Matson of Needham reiterated a Buy rating on Lucid Diagnostics, retaining the price target of $3.00.
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Michael Matson has given his Buy rating due to a combination of factors that suggest a positive outlook for Lucid Diagnostics. One of the key reasons is the year-over-year growth in EsoGuard test volumes, which indicates increasing demand for their diagnostic solutions. Despite missing consensus revenue estimates, the company managed to keep its operating expenses lower than expected, which is a positive sign of financial management.
Additionally, Lucid Diagnostics ended the quarter with a stable cash position, maintaining approximately $47 million in pro forma cash. The positive outcome of the Contractor Advisory Committee meeting and the likelihood of revised Medicare coverage for EsoGuard further strengthen the company’s prospects. These developments are expected to drive revenue growth and improve alignment with the growth in test volumes, supporting the Buy rating.
According to TipRanks, Matson is an analyst with an average return of -2.5% and a 39.96% success rate. Matson covers the Healthcare sector, focusing on stocks such as Boston Scientific, Penumbra, and TransMedics Group.