Although Lucid Diagnostics Inc (NASDAQ:LUCD) reported a revenue miss in its first-quarter print, its top-line is expected to grow "significantly" in 2026 and 2027, according to Ascendiant Capital analyst Edward Woo.
The Lucid Diagnostics Analyst: Woo maintained a Buy rating, and raised the price target from $9.00 to $9.25.
The Lucid Diagnostics Thesis: There is "significant upside from the current share price," Woo wrote regarding the medical technology company.
Check out other analyst stock ratings.
He noted the highlights of Lucid Diagnostics' first-quarter print:
- Revenue of $1.3 million missed consensus estimates of $1.4 million
- Pro forma net loss of $10.5 million equates to a loss of 7 cents per share, better than consensus of a loss of 8 cents per share
- Operating expenses declined to $12 million, from $14 million in the previous quarter
- The company processed 3,177 EsoGuard tests (esophageal DNA tests) in the first quarter, down from 3,664 in the previous quarter but higher than 3,034 in the first quarter of 2025.
Being early in the billing/collection process, Lucid Diagnostics has deferred revenue recognition from EsoGuard tests until cash is collected, the analyst stated. "We estimate that there are ~$40 million in potential test revenue backlog from those performed, but not yet collected," he further wrote.
Commercialization: "Lucid is still early in its commercialization so it generates relatively low revenue currently, but revenue is expected to grow significantly in 2026/27," the analyst stated.
Lucid Diagnostics plans to advance the commercialization of its two main products (EsoGuard and EsoCheck) and secure additional regulatory approvals to obtain government coverage, especially for Medicare, Woo said, adding that Medicare coverage could be announced soon and would be a catalyst for the stock.
LUCD Price Action: Shares of Lucid Diagnostics had risen by 3.02% to $1.00 at the time of publication on Monday.
Image: Shutterstock
Login to comment