Lucid Diagnostics (NASDAQ:LUCD) Posts Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Lucid Diagnostics (NASDAQ:LUCD) posted its earnings results on Thursday. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.02), FiscalAI reports. The firm had revenue of $1.26 million for the quarter, compared to the consensus estimate of $1.38 million.

Here are the key takeaways from Lucid Diagnostics’ conference call:

• Lucid Diagnostics said first-quarter EsoGuard testing volume was 3,177 tests, above its pre-Medicare target range, and revenue of $1.3 million was broadly in line with the lower volume.
• The company raised about $16.8 million in an underwritten offering, ending Q1 with $44.8 million in pro forma cash and saying the runway extends well into 2027.
• Management reiterated that the Medicare LCD process is delayed by logistics rather than substance and said it remains highly confident a positive decision will come in the near term.
• Lucid highlighted early progress in the VA system, including its first purchase order and expectations to begin testing and generating revenue soon, with reimbursement at the Medicare-rate equivalent under the Federal Supply Schedule.
• The company also pointed to expanding commercial payer and LBM coverage, including its first not-yet-public coverage policy from a laboratory benefit manager and encouraging feedback from payers referencing EsoGuard as a triage test.

Lucid Diagnostics Stock Performance

Shares of Lucid Diagnostics stock traded down $0.03 during mid-day trading on Friday, hitting $0.99. 737,070 shares of the stock were exchanged, compared to its average volume of 1,146,479. Lucid Diagnostics has a 12 month low of $0.95 and a 12 month high of $1.70. The company has a 50-day simple moving average of $1.21 and a 200 day simple moving average of $1.19. The company has a market capitalization of $193.49 million, a P/E ratio of -1.03 and a beta of 1.10.

Institutional Trading of Lucid Diagnostics

A number of institutional investors and hedge funds have recently modified their holdings of LUCD. Centiva Capital LP purchased a new stake in shares of Lucid Diagnostics during the 3rd quarter valued at $25,000. Cubist Systematic Strategies LLC bought a new stake in Lucid Diagnostics in the first quarter worth about $39,000. Abel Hall LLC bought a new stake in Lucid Diagnostics in the fourth quarter worth about $33,000. JPMorgan Chase & Co. boosted its stake in Lucid Diagnostics by 71,026.1% in the second quarter. JPMorgan Chase & Co. now owns 32,718 shares of the company’s stock valued at $38,000 after acquiring an additional 32,672 shares during the last quarter. Finally, Invesco Ltd. purchased a new position in Lucid Diagnostics in the second quarter valued at about $41,000. 74.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on LUCD shares. Ascendiant Capital Markets lifted their price target on Lucid Diagnostics from $8.25 to $9.00 and gave the company a “buy” rating in a research note on Thursday, April 9th. Wall Street Zen downgraded Lucid Diagnostics from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Lucid Diagnostics in a report on Wednesday, May 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $3.00 target price on shares of Lucid Diagnostics in a research report on Thursday, March 26th. Finally, BTIG Research reiterated a “buy” rating and set a $2.50 price target on shares of Lucid Diagnostics in a report on Friday. Three research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Lucid Diagnostics currently has an average rating of “Moderate Buy” and an average target price of $4.13.

Lucid Diagnostics Company Profile

Lucid Diagnostics is a molecular diagnostics company focused on improving early detection of oral and oropharyngeal cancers. The company’s flagship offering, the LucidDx Oral Cytology Brush Test, combines a minimally invasive brush biopsy tool with proprietary laboratory analysis to identify cellular abnormalities indicative of malignancy. Samples collected in dental and medical offices are sent to Lucid’s CLIA-certified and CAP-accredited laboratory, where advanced imaging and cytopathology workflows generate diagnostic reports for clinicians and patients.

Since commencing commercial operations, Lucid Diagnostics has worked to integrate its testing platform into dental practices, oral surgery clinics and ENT specialists across the United States.