Needham Reiterates Buy Rating on Lucid Diagnostics Inc (LUCD)

Needham analyst Mike Matson reiterated a Buy rating and $2.50 price target on Lucid Diagnostics Inc (NASDAQ: LUCD).

The analyst comments "In 2Q24, EsoGuard test volume grew 30% sequentially and 43% Y/Y to 3,147. LUCD missed consensus revenue in 2Q24 and we note that LUCD has moderated test volume and sales-force growth until it receives final Medicare reimbursement. LUCD's operating expenses were somewhat above our estimate, and it ended 2Q24 with ~$25M of cash. We expect LUCD's revenue growth to improve as it processes claims and collects payments. Longer-term, we expect LUCD to reaccelerate EsoGuard volume growth as it gains coverage from Medicare and other insurers."

For an analyst ratings summary and ratings history on Lucid Diagnostics Inc click here. For more ratings news on Lucid Diagnostics Inc click here.

Shares of Lucid Diagnostics Inc closed at $0.79 yesterday.

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