Lucid Diagnostics (LUCD) AI Stock Analysis

• Market Cap: $162.56M
• Dividend Yield: N/A
• Average Volume (3M): 608.96K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.02
• Revenue Growth: 5.01%
• EPS Growth: 20.76%
• Country: US
• Employees: 72
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.10
• Shares Outstanding: 131,098,750
• 10 Day Avg. Volume: 469,360
• 30 Day Avg. Volume: 608,963
• PEG Ratio: 0.05
• Price to Book (P/B): 7.67
• Price to Sales (P/S): 9.52
• P/FCF Ratio: -0.92
• Enterprise Value/Market Cap: 0.86
• Enterprise Value/Revenue: 0.12
• Enterprise Value/Gross Profit: -0.29
• Enterprise Value/Ebitda: -0.01
• 1Y Price Target: $4.05
• Price Target Upside: 224.00% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): -0.3
• Revenue Forecast (FY): $11.72M

• Rating: 47 Neutral
• Price Target: $1.00 ▼(-20.00% Downside)

Lucid Diagnostics faces significant financial challenges with negative margins and high leverage, impacting its overall score. While strategic initiatives and potential Medicare coverage offer future growth prospects, current financial instability and lack of profitability weigh heavily on the stock's evaluation.

Positive Factors

Medicare Coverage Progress

A unanimous Medicare advisory endorsement is a structural milestone that could unlock durable reimbursement access. Medicare coverage materially expands the addressable market among Medicare-eligible patients, improves revenue visibility, and accelerates long-term clinical adoption and payer acceptance.

Market Access Capability

Building a seasoned market access team strengthens long-term commercial execution and payer negotiations. Durable relationships and commercial expertise increase the likelihood of sustained reimbursement wins, reduce claim denials over time, and support broader adoption across commercial insurers.

Pro Forma Cash Runway

The $27M financing and $47M pro forma cash extend the operational runway into 2026, providing time to secure coverage, scale testing volumes, and pursue commercial initiatives. This capital cushion reduces immediate refinancing risk and supports strategic investments in market access.

Negative Factors

High Leverage

Significant leverage and occasional negative equity weaken financial flexibility and increase refinancing risk. Over months, high debt burdens elevate interest costs and constrain capital allocation, limiting the company's ability to invest in commercialization or weather reimbursement setbacks without dilutive financing.

Negative Cash Flows

Persistent negative operating and free cash flows indicate the business relies on external financing to fund operations. Even with recent proceeds, ongoing cash burn threatens sustainability, likely necessitating future capital raises that could dilute equity and limit long-term strategic flexibility.

Lack of Profitability

Widespread negative margins show the company cannot yet convert revenue into sustainable profits. Structural cost base, reimbursement denials, and pricing pressures must be addressed to achieve scalable unit economics; otherwise long-term viability depends on margin improvement or continued external funding.

Lucid Diagnostics Business Overview & Revenue Model

Company Description

Lucid Diagnostics Inc. operates as a commercial-stage medical diagnostics technology company. The company focuses on patients with gastroesophageal reflux disease, which is also known as chronic heartburn, acid reflux, or simply reflux, who are at risk of developing esophageal precancer and cancer, specifically highly lethal esophageal adenocarcinoma. Its lead products include EsoGuard, a laboratory developed esophageal DNA test; and EsoCheck, an esophageal cell collection device. The company was incorporated in 2018 and is based in New York, New York. Lucid Diagnostics Inc. is a subsidiary of PAVmed Inc.

How the Company Makes Money

Lucid Diagnostics generates revenue primarily through the sale of its diagnostic tests, notably the EsoGuard test. The company operates a direct-to-consumer model as well as partnerships with healthcare providers, hospitals, and laboratories that utilize its testing services. Revenue is derived from test reimbursements through insurance companies and government programs, as well as out-of-pocket payments from patients. Additionally, Lucid Diagnostics may explore strategic partnerships with pharmaceutical companies and healthcare systems to expand its market reach and enhance its service offerings, which could further contribute to its revenue streams.

Lucid Diagnostics Financial Statement Overview

Summary

Lucid Diagnostics shows significant revenue growth, but negative margins and high leverage pose major concerns. The company struggles with profitability and cash flow, indicating weak financial health.

Income Statement

Lucid Diagnostics shows significant revenue growth in the TTM period, but this is overshadowed by negative margins across the board. The company struggles with profitability, as evidenced by negative gross, net, EBIT, and EBITDA margins. The high revenue growth rate is a positive sign, but the inability to convert this into profit is a major concern.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio, indicating significant leverage, which poses a risk. The negative return on equity suggests that the company is not generating returns for shareholders. The equity ratio is moderate, but overall, the financial stability is questionable due to high leverage and negative equity in some periods.

Cash Flow

Cash flow analysis shows negative operating and free cash flows, with a high free cash flow to net income ratio indicating cash flow issues. The company has not been able to generate positive cash flow, which is critical for sustaining operations and growth. The free cash flow growth rate is positive in the TTM period, but this is not enough to offset the overall negative cash flow situation.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.21B	4.35M	2.43M	377.00K	500.00K	0.00
Gross Profit	-488.29M	-3.92M	-6.05M	-3.24M	-85.00K	0.00
EBITDA	-10.00B	-44.34M	-49.75M	-54.23M	-27.41M	482.00
Net Income	-10.44B	-45.53M	-52.67M	-56.17M	-28.08M	-8.28M
Balance Sheet
Total Assets	53.20M	30.71M	27.27M	32.51M	59.00M	2.19M
Cash, Cash Equivalents and Short-Term Investments	47.33M	22.36M	18.90M	22.47M	53.66M	111.00K
Total Debt	24.34M	21.25M	15.26M	2.00M	0.00	0.00
Total Liabilities	27.36M	25.32M	29.58M	9.46M	4.26M	15.71M
Stockholders Equity	25.84M	5.39M	-2.31M	23.05M	54.74M	-13.52M
Cash Flow
Free Cash Flow	-44.18M	-44.79M	-33.04M	-30.59M	-18.53M	-5.63M
Operating Cash Flow	-43.78M	-44.14M	-32.82M	-29.68M	-17.67M	-5.63M
Investing Cash Flow	-405.00K	-646.00K	-221.00K	-4.11M	-862.00K	0.00
Financing Cash Flow	77.03M	48.25M	29.46M	2.61M	72.08M	5.58M

Lucid Diagnostics Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.25
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LUCD, the sentiment is Positive. The current price of 1.25 is above the 20-day moving average (MA) of 1.14, above the 50-day MA of 1.10, and above the 200-day MA of 1.17, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 65.41 is Neutral, neither overbought nor oversold. The STOCH value of 83.99 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LUCD.

Lucid Diagnostics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
XTNT	66 Neutral	$95.76M	63.82	3.64%	―	16.88%	―
OWLT	56 Neutral	$385.85M	―	―	―	26.83%	-52.47%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
LUNG	51 Neutral	$82.49M	-1.30	-73.73%	―	15.59%	4.13%
LUCD	47 Neutral	$162.56M	-1.39	-331.24%	―	5.01%	20.76%
RCEL	44 Neutral	$107.34M	-1.91	-1746.27%	―	20.59%	18.61%

Lucid Diagnostics Corporate Events

Lucid Diagnostics Gains Medicare Support for EsoGuard

Lucid Diagnostics reported its third-quarter 2025 financial results, highlighting the processing of 2,841 EsoGuard tests and revenue of $1.2 million. The company ended the quarter with over $47 million in cash, extending its financial runway through 2026. A significant development was the unanimous expert consensus at the Multi-Jurisdictional Contractor Advisory Committee meeting supporting Medicare coverage for EsoGuard, marking a crucial step towards securing transformative Medicare coverage. The company also strengthened its market access team and announced upcoming initiatives, including a summit focused on cancer prevention in the fire service.

The most recent analyst rating on (LUCD) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Lucid Diagnostics stock, see the LUCD Stock Forecast page.