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Lucid Diagnostics
(NASDAQ:LUCD)
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Rating:46Neutral
Price Target:
$1.00
▲(9.34% Upside)
Action:Reiterated
Date:07/17/26
Overall score is held back primarily by weak financial performance (negative gross profit, heavy losses, high leverage, and sustained cash burn). Earnings-call updates add some support via improved liquidity and early commercialization milestones, but reimbursement and collection uncertainty remains a major near-term risk. Technical signals are neutral-to-soft and valuation is constrained by ongoing losses.
Positive Factors
Test Volume
Consistent test volume above the company’s pre‑Medicare target shows durable commercial adoption and clinical demand. Sustained procedure throughput supports lab utilization, provider familiarity, and a scalable revenue base that can compound if reimbursement rates normalize and distribution expands.
Negative Factors
Negative Gross Profit
Negative gross margins indicate the core test currently loses money on a unit basis, making scale alone insufficient to restore profitability. Persistent loss on sales undermines margin sustainability and requires either pricing/reimbursement improvements or material cost reductions to achieve lasting operating leverage.
Read all positive and negative factors
Positive Factors
Negative Factors
Test Volume
Consistent test volume above the company’s pre‑Medicare target shows durable commercial adoption and clinical demand. Sustained procedure throughput supports lab utilization, provider familiarity, and a scalable revenue base that can compound if reimbursement rates normalize and distribution expands.
Read all positive factors
Lucid Diagnostics (LUCD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$176.99M
Dividend YieldN/A
Average Volume (3M)1.86M
Price to Earnings (P/E)―
Beta (1Y)0.37
Revenue Growth23.03%
EPS Growth60.80%
CountryUS
Employees82
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.47
Shares Outstanding203,066,790
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
$3.95Price Target Upside334.07% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.24
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 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 13, 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 | -44.12M | -57.12M | -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 | -46.48M | -44.79M | -33.04M | -30.59M | -18.53M |
| Operating Cash Flow | -46.12M | -46.48M | -44.14M | -32.82M | -29.68M | -17.67M |
| Investing Cash Flow | -319.00K | -197.00K | -646.00K | -221.00K | -4.11M | -862.00K |
| Financing Cash Flow | 49.08M | 59.03M | 48.25M | 29.46M | 2.61M | 72.08M |
Lucid Diagnostics Technical Analysis
Neutral
0.91
Price Trends
1.00
Negative
1.08
Negative
1.14
Negative
Market Momentum
-0.03
Negative
48.94
Neutral
57.96
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LUCD, the sentiment is Neutral. The current price of 0.91 is below the 20-day moving average (MA) of 0.96, below the 50-day MA of 1.00, and below the 200-day MA of 1.14, indicating a bearish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 48.94 is Neutral, neither overbought nor oversold. The STOCH value of 57.96 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
52 Neutral | $163.93M | -1.47 | -35.17% | ― | 6.85% | -90.71% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $176.99M | -1.87 | -370.21% | ― | 23.03% | 60.80% | |
45 Neutral | $8.65M | -0.17 | 74.16% | ― | 88.49% | 21.17% | |
45 Neutral | $4.60M | -1.42 | -98.14% | ― | -23.81% | 32.96% | |
45 Neutral | $106.12M | -1.92 | -131.52% | ― | 15.99% | -8.91% | |
43 Neutral | $328.76M | -6.27 | 126.84% | ― | ― | ― |
* Healthcare Sector Average
LUCD
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Lucid Diagnostics Corporate Events
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...
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 ...
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.