Lucid Diagnostics (LUCD) AI Stock Analysis

• Market Cap: $148.61M
• Dividend Yield: N/A
• Average Volume (3M): 942.77K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.16
• Revenue Growth: 14.74%
• EPS Growth: 14.63%
• Country: US
• Employees: 72
• Sector: Healthcare
• Sector Strength: 52
• Industry: Medical - Devices
• EPS (TTM): -0.10
• Shares Outstanding: 108,477,490
• 10 Day Avg. Volume: 1,350,870
• 30 Day Avg. Volume: 942,771
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.11
• Enterprise Value/Revenue: 37.77
• Enterprise Value/Gross Profit: -58.71
• Enterprise Value/Ebitda: -3.03
• 1Y Price Target: $2.90
• Price Target Upside: 111.68% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5

• Rating: 50 Neutral
• Price Target: $1.00 ▼(-27.01% Downside)

Lucid Diagnostics' overall stock score is primarily influenced by its financial performance, which is challenged by negative margins and high leverage. The earnings call provides a cautiously optimistic outlook with significant revenue growth and strategic partnerships. However, technical analysis and valuation indicate potential risks, with mixed signals and a negative P/E ratio.

Positive Factors

Clinical Validation

The CAC panelists highlighted that EsoGuard is effective in its purpose as a rule-out test for Barrett's esophagus with high clinical validity and utility.

Market Potential

The Medicare price of $1,938 per test suggests a significant total addressable market of around $60 billion.

Medicare Coverage

Achieving Medicare MolDX coverage is seen as a major potential catalyst for LUCD shares that would enable LUCD to be paid for a much larger portion of its testing volume and accelerate its revenue ramp.

Negative Factors

Financial Performance

Q2 loss from operations of -$11.4M roughly matched the analyst's estimate, indicating ongoing financial challenges.

Medicare Coverage Delays

The Medicare coverage determination is taking slightly longer than expected, leading to lowered revenue estimates.

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 and distribution of its EsoGuard Esophageal DNA Test. The company earns money by partnering with healthcare providers, including hospitals, clinics, and gastroenterologists, who administer the test to patients. These partnerships are crucial as they extend the reach of EsoGuard to patients who are at risk of esophageal cancer or precancerous conditions. Revenue is primarily driven by the volume of tests conducted and processed, as well as through reimbursement agreements with insurance companies and healthcare payers. Additionally, Lucid Diagnostics may engage in research collaborations and licensing agreements to further expand its diagnostic offerings and market presence.

Lucid Diagnostics Financial Statement Overview

Summary

Lucid Diagnostics shows rapid revenue growth, but faces significant profitability and cash flow challenges. The company is highly leveraged, with negative margins and cash flows, indicating financial risk. Improvement in operational efficiency and debt management is crucial for sustainable financial health.

Income Statement

Lucid Diagnostics has shown significant revenue growth in the TTM period, but the company is struggling with negative margins across the board. The gross profit margin, net profit margin, EBIT margin, and EBITDA margin are all negative, indicating that the company is not currently profitable. The high revenue growth rate is a positive sign, but the substantial losses suggest that the company needs to improve its cost management and operational efficiency.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio, indicating significant leverage, which poses a risk if the company cannot generate sufficient cash flow to service its debt. The return on equity is negative, reflecting the company's inability to generate profit from shareholders' equity. However, the equity ratio is relatively stable, suggesting that the company has a reasonable proportion of equity in its asset base.

Cash Flow

The cash flow statement shows negative operating and free cash flows, which are concerning as they indicate the company is not generating enough cash from its operations. The free cash flow to net income ratio is slightly above 1, suggesting that the company is managing its cash flow relative to its net losses. However, the overall negative cash flow growth and coverage ratios highlight liquidity challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	4.36M	4.35M	2.43M	377.00K	500.00K	0.00
Gross Profit	-2.81M	-3.92M	-6.05M	-3.24M	-85.00K	0.00
EBITDA	-54.36M	-44.34M	-49.75M	-54.23M	-27.41M	482.00
Net Income	-55.26M	-45.53M	-52.67M	-56.17M	-28.08M	-8.28M
Balance Sheet
Total Assets	38.67M	30.71M	27.27M	32.51M	59.00M	2.19M
Cash, Cash Equivalents and Short-Term Investments	31.12M	22.36M	18.90M	22.47M	53.66M	111.25K
Total Debt	27.55M	21.25M	15.26M	2.00M	0.00	0.00
Total Liabilities	30.81M	25.32M	29.58M	9.46M	4.26M	15.71M
Stockholders Equity	7.86M	5.39M	-2.31M	23.05M	54.74M	-13.52M
Cash Flow
Free Cash Flow	-23.03B	-44.79M	-33.04M	-30.59M	-18.53M	-5.63M
Operating Cash Flow	-23.03B	-44.14M	-32.82M	-29.68M	-17.67M	-5.63M
Investing Cash Flow	-118.61M	-646.00K	-221.00K	-4.11M	-862.00K	0.00
Financing Cash Flow	16.49B	48.25M	29.46M	2.61M	72.08M	5.58M

Lucid Diagnostics Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.37
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 1.37 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 1.15, indicating a bullish trend. The MACD of 0.06 indicates Negative momentum. The RSI at 54.82 is Neutral, neither overbought nor oversold. The STOCH value of 57.04 is Neutral, 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
ICAD	60 Neutral		―		―	-4.15%	3.49%
Sector *	51 Neutral	$7.95B	-0.38	-42.44%	2.22%	22.30%	-1.83%
XTNT	51 Neutral	$82.10M	―	-9.80%	―	15.16%	-39.18%
LUCD	50 Neutral	$148.61M	―	-463.56%	―	14.74%	14.63%
OWLT	46 Neutral	$119.82M	―	60.56%	―	36.81%	-74.26%
LUNG	44 Neutral	$70.90M	―	-66.88%	―	18.24%	4.81%
RCEL	42 Neutral	$113.40M	―	-935.73%	―	38.32%	-1.31%

Lucid Diagnostics Corporate Events

Lucid Diagnostics Advances Towards Medicare Coverage

Lucid Diagnostics reported financial results for the second quarter of 2025, with revenue of $1.2 million from 2,756 processed EsoGuard tests. The company ended the quarter with over $30 million in cash, extending its financial runway into 2026. Lucid is advancing towards securing Medicare coverage for EsoGuard, with a significant advisory committee meeting scheduled for September 4, 2025. The company has also initiated testing under a new insurance policy and partnered with Hoag to expand access to its testing programs. Additionally, Lucid joined the Russell 2000 and 3000 Indexes, enhancing its visibility among institutional investors.

Lucid Diagnostics Holds Annual Stockholders Meeting

On June 18, 2025, Lucid Diagnostics Inc. held its annual meeting of stockholders, where approximately 70.9% of the shares were represented. During the meeting, the stockholders elected management’s nominees for director and approved other key proposals, including the issuance of common stock under the 2024 Convertible Notes and the ratification of CBIZ CPAs P.C. as the company’s independent accounting firm for 2025. These approvals are expected to support Lucid Diagnostics’ strategic initiatives and strengthen its financial and operational framework.