Lucid Diagnostics Inc. (LUCD)
NASDAQ:LUCD
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Lucid Diagnostics
(NASDAQ:LUCD)
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Rating:46Neutral
Price Target:
$1.00
▼(-18.03% Downside)
Action:Reiterated
Date:05/14/26
The score is held down primarily by weak financial performance (heavy losses, negative gross profit, high leverage, and severe cash burn) and bearish technicals (below key moving averages with negative MACD). The earnings call adds modest support due to improved liquidity/runway and operational progress, but reimbursement uncertainty, low realized collections vs. billings, and dilution risk keep the outlook mixed; valuation provides limited support given losses and no dividend.
Positive Factors
Commercial Adoption / Test Volume
Sustained test volumes above pre-Medicare targets indicate durable physician adoption and clinical workflow fit for EsoCheck/EsoGuard. Higher baseline volume improves prospects for scale economies and revenue growth once reimbursement recognition normalizes, reducing per-test unit costs over time.
Negative Factors
Severe Cash Burn
Persistently negative operating and free cash flow signals structural funding risk: continued high quarterly cash outflows mean the company remains dependent on capital markets or debt to fund operations. This constrains strategic flexibility and makes execution contingent on successful financing or rapid reimbursement progress.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial Adoption / Test Volume
Sustained test volumes above pre-Medicare targets indicate durable physician adoption and clinical workflow fit for EsoCheck/EsoGuard. Higher baseline volume improves prospects for scale economies and revenue growth once reimbursement recognition normalizes, reducing per-test unit costs over time.
Read all positive factors
Lucid Diagnostics (LUCD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$193.95M
Dividend YieldN/A
Average Volume (3M)918.41K
Price to Earnings (P/E)―
Beta (1Y)0.25
Revenue Growth23.03%
EPS Growth60.80%
CountryUS
Employees72
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.47
Shares Outstanding203,066,790
10 Day Avg. Volume957,876
30 Day Avg. Volume918,411
Financial Highlights & Ratios
PEG Ratio0.06
Price to Book (P/B)10.16
Price to Sales (P/S)23.61
P/FCF Ratio>-0.01
Enterprise Value/Market Cap0.52
Enterprise Value/Revenue19.72
Enterprise Value/Gross Profit-49.26
Enterprise Value/Ebitda-2.39
Forecast
1Y Price Target
$3.90Price Target Upside219.67% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.23
Revenue Forecast (FY)$9.94M
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...
How the Company Makes Money
Lucid Diagnostics primarily makes money by providing diagnostic testing services and recognizing revenue when its laboratory performs an EsoGuard test on a patient sample collected with the EsoCheck device. The company’s revenue model is therefore...
Lucid Diagnostics Earnings Call Summary
Earnings Call Date:May 14, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 17, 2026
Earnings Call Sentiment Neutral
The call conveyed a mix of constructive commercial and balance-sheet progress (test volume above targets, LBM policy secured, VA contract and initial PO, strengthened pro forma cash position, favorable draft guideline mention) alongside material near-term reimbursement and collection challenges (Medicare LCD delays, conservative revenue recognition practices, adjudication volatility and denials, elevated burn rate). Management expressed confidence and has positioned to scale once Medicare coverage is issued, but the company currently faces meaningful timing and cash-collection risk that keeps fundamentals mixed.Positive Updates
Solid Test Volume
Performed 3,177 EsoGuard tests in Q1 2026 (reported as 'almost 3,200'), which is above the company's stated pre-Medicare target range of 2,500–3,000 tests.
Negative Updates
Revenue Recognition Constraints
Due to transitional reimbursement status and insufficient predictive collection history, the majority of claims are recognized as revenue only upon cash collection (ASC 606 variable consideration). This depressed recognized revenue relative to billable value (recognized revenue ~14% of billable).
Read all updates
Q1-2026 Updates
Positive
Negative
Solid Test Volume
Performed 3,177 EsoGuard tests in Q1 2026 (reported as 'almost 3,200'), which is above the company's stated pre-Medicare target range of 2,500–3,000 tests.
Read all positive updates
Company Guidance
Management guided that in Q1 the company ran 3,177 EsoGuard tests (vs. 3,664 in Q4), with a billable value of >$8.7M (≈$9.0M at list price $27.49) and recognized revenue of $1.3M (about 14% of billable), noting ~72% of recognized revenue came from prior claims; of claims submitted in Q1 ~77% are adjudicated (23% pending) and ~31% of adjudicated claims produced allowable payments averaging $1,646 (Medicare/FSS rate referenced ~$1,938). They strengthened the balance sheet with ~ $16.8M of offering proceeds to bring cash from $27.9M at 3/31 to ~$44.8–45M pro forma, extending runway into 2027; the average cash burn was $11.3M/quarter (Q1 ≈$12.1M), non‑GAAP OpEx was $11.7M (five‑quarter average $12.0M), and non‑GAAP net loss per share was $0.07 (≈$0.03 improvement vs prior quarters). Share metrics: GAAP shares 164.9M (3/31), diluted/unvested ~203M (potential ~225M if ~22.3M advance shares are issued). Management reiterated confidence in a near‑term positive Medicare LCD outcome while continuing to pursue VA (9M lives on FSS at the Medicare rate), LBM and health‑system commercialization.Lucid Diagnostics Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
8
Very Negative
Cash Flow
10
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.13M | 4.71M | 4.35M | 2.43M | 377.00K | 500.00K |
| Gross Profit | -2.06M | -2.84M | -3.92M | -6.05M | -3.24M | -85.00K |
| EBITDA | -42.33M | -48.77M | -44.34M | -49.75M | -54.23M | -27.41M |
| Net Income | -45.01M | -58.01M | -45.53M | -52.67M | -56.17M | -28.08M |
Balance Sheet | ||||||
| Total Assets | 34.08M | 40.45M | 30.71M | 27.27M | 32.51M | 59.00M |
| Cash, Cash Equivalents and Short-Term Investments | 27.88M | 34.70M | 22.36M | 18.90M | 22.47M | 53.66M |
| Total Debt | 26.80M | 25.82M | 21.25M | 15.26M | 2.00M | 0.00 |
| Total Liabilities | 30.08M | 29.51M | 25.32M | 29.58M | 9.46M | 4.26M |
| Stockholders Equity | 4.00M | 10.94M | 5.39M | -2.31M | 23.05M | 54.74M |
Cash Flow | ||||||
| Free Cash Flow | -46.44M | -46.48B | -44.79M | -33.04M | -30.59M | -18.53M |
| Operating Cash Flow | -46.12M | -46.48B | -44.14M | -32.82M | -29.68M | -17.67M |
| Investing Cash Flow | -319.00K | -197.00M | -646.00K | -221.00K | -4.11M | -862.00K |
| Financing Cash Flow | 49.08M | 59.03B | 48.25M | 29.46M | 2.61M | 72.08M |
Lucid Diagnostics Technical Analysis
Negative
1.22
Price Trends
1.17
Negative
1.21
Negative
1.16
Negative
Market Momentum
-0.06
Positive
30.23
Neutral
11.80
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LUCD, the sentiment is Negative. The current price of 1.22 is above the 20-day moving average (MA) of 1.06, above the 50-day MA of 1.17, and above the 200-day MA of 1.16, indicating a bearish trend. The MACD of -0.06 indicates Positive momentum. The RSI at 30.23 is Neutral, neither overbought nor oversold. The STOCH value of 11.80 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
56 Neutral | $63.96M | -6.31 | 3.68% | ― | -0.32% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $193.95M | -2.90 | -370.21% | ― | 23.03% | 60.80% | |
46 Neutral | $128.95M | -26.62 | 305.45% | ― | 0.96% | 28.36% | |
44 Neutral | $55.33M | -0.99 | -82.79% | ― | 1.23% | 10.65% | |
44 Neutral | $158.93M | -1.40 | 1136.06% | ― | 26.87% | -85.65% |
* Healthcare Sector Average
LUCD
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Lucid Diagnostics Corporate Events
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Lucid Diagnostics Reports Q1 2026 Results and Outlook
Positive
May 14, 2026
On May 14, 2026, Lucid Diagnostics reported first-quarter 2026 results and a business update, highlighting 3,177 EsoGuard tests processed and $1.3 million in related revenue for the quarter ended March 31, 2026. The company stressed that securing ...
Business Operations and StrategyPrivate Placements and Financing
Lucid Diagnostics Raises Capital Through Direct Share Offering
Positive
Apr 24, 2026
On April 24, 2026, Lucid Diagnostics closed an underwritten registered direct offering of 18,000,000 common shares at $1.00 per share, generating gross proceeds of about $18 million and expected net proceeds of roughly $16.8 million. The deal was ...
Business Operations and StrategyPrivate Placements and Financing
Lucid Diagnostics Prices $18 Million Public Equity Offering
Positive
Apr 23, 2026
On April 23, 2026, Lucid Diagnostics Inc. priced an underwritten public offering of 18,000,000 shares of common stock at $1.00 per share, under an agreement with Canaccord Genuity and BTIG as joint bookrunners. The underwriters agreed to purchase ...
Business Operations and StrategyFinancial Disclosures
Lucid Diagnostics Reports Q4 2025 Results, Highlights VA Contract
Positive
Mar 26, 2026
Lucid Diagnostics reported that in the fourth quarter of 2025 it processed 3,664 EsoGuard tests and generated $1.5 million in EsoGuard revenue, while full-year 2025 revenue reached $4.7 million. For the quarter ended December 31, 2025, operating e...
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.