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Lucid Diagnostics
(NASDAQ:LUCD)
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Rating:49Neutral
Price Target:
$0.96
▲(5.71% Upside)
Action:Reiterated
Date:08/17/26
The score is held down primarily by weak financial performance (negative gross profit, very large operating losses, and substantial ongoing cash burn with elevated leverage). Earnings-call updates provide an offset through improving commercial traction and market-access progress, but reimbursement timing and low near-term revenue capture remain key constraints. Technical indicators are neutral-to-soft and valuation is difficult to justify with a negative P/E and no dividend yield provided.
Positive Factors
Growing Test Volume and Revenue
Increasing test volume and revenue show that EsoGuard is gaining commercial adoption. Continued expansion in clinical ordering could improve operating leverage over time, provided Lucid converts billable activity into collected revenue.
Negative Factors
Severe Operating Losses
Lucid has not yet demonstrated positive gross margin or operating leverage despite revenue growth. Sustained losses indicate that commercial expansion must accelerate materially before the business can become self-funding or support a stable long-term earnings profile.
Read all positive and negative factors
Positive Factors
Negative Factors
Growing Test Volume and Revenue
Increasing test volume and revenue show that EsoGuard is gaining commercial adoption. Continued expansion in clinical ordering could improve operating leverage over time, provided Lucid converts billable activity into collected revenue.
Read all positive factors
Lucid Diagnostics (LUCD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$203.24M
Dividend YieldN/A
Average Volume (3M)1.86M
Price to Earnings (P/E)―
Beta (1Y)0.34
Revenue Growth24.89%
EPS Growth55.16%
CountryUS
Employees82
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.47
Shares Outstanding203,243,970
10 Day Avg. Volume1,959,284
30 Day Avg. Volume1,861,430
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)10.16
Price to Sales (P/S)23.61
P/FCF Ratio-2.39
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$4.19Price Target Upside360.16% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.28
Revenue Forecast (FY)$7.38M
Lucid Diagnostics Business Overview & Revenue Model
Company Description
Lucid Diagnostics Inc. is a commercial-stage medical technology firm focused on diagnostic solutions. The company's primary objective is to serve patients afflicted with gastroesophageal reflux disease (GERD), commonly referred to as chronic heart...
How the Company Makes Money
Lucid Diagnostics makes money primarily by selling diagnostic testing services through its EsoGuard® test, which is performed in a laboratory setting as a laboratory-developed test (LDT). Revenue is generated when clinicians order the test for pat...
Lucid Diagnostics Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 16, 2026
Earnings Call Sentiment Neutral
The call conveyed meaningful commercial and market-access progress—most notably the first LBM coverage policy from Concert, encouraging preliminary HEOR results, targeted test volumes within guidance, and a successful $16.8M equity raise—while simultaneously highlighting persistent reimbursement and collection challenges (pending Medicare LCD, low near-term revenue capture of billable tests, adjudication/denial rates), a sustained quarterly cash burn (~$11.3M), and financing obligations. Achievements on coverage, HEOR, and health system engagement materially de‑risk the commercial pathway over time, but near-term financial performance remains constrained by reimbursement timing and claim collection dynamics.Positive Updates
Test Volume and Revenue Growth
Laboratory performed 2,770 EsoGuard tests in Q2 2026 (within target range of ~2,500–3,000). Recognized revenue was $1.5M, representing ~17% growth versus the prior quarter. Pro forma billable value of tests was approximately $7.6M (list price ~$2,749 per test).
Negative Updates
Medicare LCD Still Pending and Material to Revenue Recognition
Draft Medicare LCD remains unpublished and is the primary near-term milestone; management estimates Medicare approval affects 40%–50% of the addressable patient population. A backlog at CMS/MACs has delayed LCD output, creating uncertainty in broader reimbursement timing and revenue recognition.
Read all updates
Q2-2026 Updates
Positive
Negative
Test Volume and Revenue Growth
Laboratory performed 2,770 EsoGuard tests in Q2 2026 (within target range of ~2,500–3,000). Recognized revenue was $1.5M, representing ~17% growth versus the prior quarter. Pro forma billable value of tests was approximately $7.6M (list price ~$2,749 per test).
Read all positive updates
Company Guidance
During the call management reiterated its near-term guidance and progress with numerous metrics: Q2 lab volume was 2,770 EsoGuard tests (in the company target range of ~2,500–3,000), producing ~$7.6M in billable value at a $2,749 list price and $1.5M in recognized revenue (≈19% of billable; revenue up ~17% sequentially); roughly 35% of recognized revenue came from prior-quarter claims; of Q2 claims ~65% adjudicated and ~35% pending, with ~28% of adjudicated claims allowed at an average allowed amount of $1,424/test while denials clustered as 18% investigational, 22% prior-authorization and 5% needing more records; cash was $33.4M at 6/30 and the company raised ~$16.8M net in a stock offering, with an average burn of $11.6M/quarter over the last four quarters (Q2 burn $11.3M); non‑GAAP OpEx was $12.3M (five‑quarter average $12.2M) and non‑GAAP net loss per share was $0.06; balance sheet and capital metrics include $22M secured convertible debt (5‑year, 12%, $1 conversion), fair value of convertibles $23.5M (down $1.7M this quarter), GAAP shares 190.8M (≈203M incl. unvested RSAs; ~225M if 22M abeyance shares issued), and PAVmed holding ~15% of common (~25% voting influence); strategic/access metrics include Concert LBM coverage adopted by 3 client plans (Concert’s client plans total just under 10M covered lives), Medicare affects ~40–50% of the addressable population, VA contracting activity is ramping toward the new FY Oct 1, a cost‑effectiveness HEOR model (including QALY analysis) is near completion with preliminary positive results, and unit costs cited were ≈$60 for the EsoCheck device and ≈$125 to process a test (supporting ~90% margin at scale).Lucid Diagnostics Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
32
Negative
Cash Flow
20
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.45M | 4.71M | 4.35M | 2.43M | 377.00K | 500.00K |
| Gross Profit | -1.40M | -2.84M | -3.92M | -6.05M | -3.24M | -85.00K |
| EBITDA | -51.37M | -57.12M | -44.34M | -49.75M | -54.23M | -27.41M |
| Net Income | -52.26M | -58.01M | -45.53M | -52.67M | -56.17M | -28.08M |
Balance Sheet | ||||||
| Total Assets | 38.95M | 40.45M | 30.71M | 27.27M | 32.51M | 59.00M |
| Cash, Cash Equivalents and Short-Term Investments | 33.40M | 34.70M | 22.36M | 18.90M | 22.47M | 53.66M |
| Total Debt | 24.91M | 25.82M | 21.25M | 15.26M | 2.00M | 0.00 |
| Total Liabilities | 28.02M | 29.51M | 25.32M | 29.58M | 9.46M | 4.26M |
| Stockholders Equity | 10.93M | 10.94M | 5.39M | -2.31M | 23.05M | 54.74M |
Cash Flow | ||||||
| Free Cash Flow | -47.18M | -46.48M | -44.79M | -33.04M | -30.59M | -18.53M |
| Operating Cash Flow | -46.87M | -46.48M | -44.14M | -32.82M | -29.68M | -17.67M |
| Investing Cash Flow | -315.00K | -197.00K | -646.00K | -221.00K | -4.11M | -862.00K |
| Financing Cash Flow | 49.47M | 59.03M | 48.25M | 29.46M | 2.61M | 72.08M |
Lucid Diagnostics Technical Analysis
Positive
0.91
Price Trends
0.99
Positive
1.04
Negative
1.12
Negative
Market Momentum
<0.01
Negative
55.33
Neutral
52.96
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 0.91 is below the 20-day moving average (MA) of 0.96, below the 50-day MA of 0.99, and below the 200-day MA of 1.12, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 55.33 is Neutral, neither overbought nor oversold. The STOCH value of 52.96 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LUCD.
Lucid Diagnostics Risk Analysis
Lucid Diagnostics disclosed 67 risk factors in its most recent earnings report. Lucid Diagnostics reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Lucid Diagnostics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $203.24M | -2.17 | -404.34% | ― | 24.89% | 55.16% | |
45 Neutral | $5.19M | -1.69 | -98.14% | ― | -23.81% | 32.96% | |
45 Neutral | $83.26M | -1.50 | -177.04% | ― | 16.13% | -11.56% | |
45 Neutral | $291.77M | -7.29 | -177.85% | ― | ― | ― | |
43 Neutral | $5.34M | -0.10 | 74.16% | ― | 86.32% | 21.31% | |
43 Neutral | $132.42M | -1.06 | -43.59% | ― | 21.96% | -44.65% |
* Healthcare Sector Average
LUCD
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Lucid Diagnostics Corporate Events
Business Operations and StrategyFinancial Disclosures
Lucid Diagnostics Reports Q2 Growth Ahead of Medicare Decision
Positive
Aug 13, 2026
On August 13, 2026, Lucid Diagnostics reported that second-quarter 2026 revenue rose to $1.5 million, driven by processing 2,770 EsoGuard tests, while operating expenses reached $14.3 million and GAAP net loss attributable to common stockholders w...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and ComplianceShareholder Meetings
Lucid Diagnostics Shareholders Approve Stock Authorization Increase
Positive
Jun 24, 2026
On June 24, 2026, Lucid Diagnostics Inc. held its annual meeting of stockholders, with approximately 84.7% of eligible shares represented in person or by proxy. Shareholders re-elected Class B directors James L. Cox, M.D., John R. Palumbo and Rona...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.