Revenue growth remains highly volatile, fluctuating between a 17.3% contraction in 2025Q1 and a 51.7% expansion in 2026Q1, while gross margins persist in negative territory at -47.1%.
| Sales/Revenue | 5.13M | 4.71M | 4.35M | 2.43M | 377K | 500K | 0 | 0 | 0 |
| Revenue Growth % | 23.03% | 8.28% | 79% | 544.03% | -24.6% | - | - | - | - |
| Cost of Goods Sold | 7.19M | 7.54M | 8.27M | 8.48M | 3.61M | 585K | 0 | 0 | 0 |
| COGS % of Revenue | - | 160.26% | 190.2% | 349.18% | 958.62% | 117% | - | - | - |
| Gross Profit | -2.06M | -2.84M | -3.92M | -6.05M | -3.24M | -85K | 0 | 0 | 0 |
| Gross Margin % | -40.03% | -60.26% | -90.2% | -249.18% | -858.62% | -17% | - | - | - |
| Gross Profit Growth % | - | 27.65% | 35.21% | -86.9% | -3708.24% | - | - | - | - |
| Operating Expenses | 47.21M | 46.8M | 42.13M | 42.43M | 52.93M | 27.33M | 8.28M | 4.42M | 1.13M |
| OpEx % of Revenue | - | 994.56% | 969.44% | 1747.61% | 14040.85% | 5466.8% | - | - | - |
| Selling, General & Admin | 20.08B | 41.58B | 36.62B | 35.66M | 39.82M | 18.04M | 2.84M | 958.72K | 410.29K |
| SG&A % of Revenue | - | 883489.16% | 842590.89% | 1468.62% | 10562.07% | 3607.6% | - | - | - |
| Research & Development | 5.46M | 5.68B | 5.99M | 7.25M | 11.47M | 9.3M | 5.44M | 3.46M | 715.63K |
| R&D % of Revenue | - | 120654.48% | 137.87% | 298.68% | 3041.38% | 1859.2% | - | - | - |
| Other Operating Expenses | -1.79M | -47.21B | -36.58B | -478K | 1.65M | 0 | 0 | 278 | 0 |
| Operating Income | -49.27M | -49.64M | -46.05M | -48.48M | -56.17M | -27.42M | -8.28M | -4.42M | -1.13M |
| Operating Margin % | -959.64% | -1054.82% | -1059.64% | -1996.79% | -14899.47% | -5483.8% | - | - | - |
| Operating Income Growth % | - | -7.79% | 5.01% | 13.69% | -104.86% | -231.15% | -87.29% | -292.63% | - |
| EBITDA | -48.4M | -48.77M | -44.88M | -45.98M | -54.23M | -27.41M | 0 | 0 | 563K |
| EBITDA Margin % | -942.64% | -1036.29% | -1032.79% | -1893.86% | -14385.94% | -5483% | - | - | - |
| EBITDA Growth % | -3.27% | -8.65% | 2.39% | 15.22% | -97.83% | - | - | -100% | - |
| D&A (Non-Cash Add-back) | 873K | 872K | 1.17M | 2.5M | 1.94M | 4K | 8.28M | 4.42M | 1.69M |
| EBIT | -43.2M | -49.64M | -45.5M | -52.25M | -56.17M | -27.42M | -8.28M | -4.42M | -1.13M |
| Net Interest Income | 371K | 364K | 296K | 8K | 80K | -659K | 0 | 0 | 0 |
| Interest Income | 391K | 386K | 322K | 424K | 88K | 0 | 0 | 0 | 0 |
| Interest Expense | 20K | 22K | 26K | 416K | 8K | 659K | 0 | 0 | 0 |
| Other Income/Expense | 4.26M | -8.37M | 523K | -4.18M | 0 | -659K | 0 | 0 | 0 |
| Pretax Income | -45.01M | -58.01M | -45.53M | -52.67M | -56.17M | -28.08M | -8.28M | -4.42M | -1.13M |
| Pretax Margin % | -876.72% | -1232.68% | -1047.61% | -2169.11% | -14899.47% | -5615.6% | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -45.01M | -58.01M | -45.53M | -52.67M | -56.17M | -28.08M | -8.28M | -4.42M | -1.13M |
| Net Margin % | -876.72% | -1232.68% | -1047.61% | -2169.11% | -14899.47% | -5615.6% | - | - | - |
| Net Income Growth % | 27.2% | -27.41% | 13.55% | 6.24% | -100.05% | -239.11% | -87.29% | -292.63% | - |
| Net Income (Continuing) | -45.01M | -58.01M | -45.53M | -52.67M | -56.17M | -28.08M | -8.28M | -4.42M | -1.13M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.44 | -0.69 | -1.05 | -1.26 | -1.55 | -0.78 | -0.22 | -0.12 | -0.03 |
| EPS Growth % | 61.18% | 34.29% | 16.67% | 18.71% | -98.72% | -254.55% | -83.33% | -294.74% | - |
| EPS (Basic) | - | -0.69 | -1.05 | -1.26 | -1.55 | -0.78 | -0.22 | -0.12 | -0.03 |
| Diluted Shares Outstanding | 101.95M | 101.95M | 50.52M | 41.76M | 36.17M | 36.06M | 36.99M | 36.99M | 36.99M |
| Basic Shares Outstanding | 101.95M | 101.95M | 50.52M | 41.76M | 36.17M | 36.06M | 36.99M | 36.99M | 36.99M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
High cash burn rate
As reported in recent financial statements, Lucid Diagnostics' revenue growth remains highly volatile, fluctuating between a 17.3% contraction in 2025Q1 and a 51.7% expansion in 2026Q1, suggesting that the company has yet to establish a predictable or sustainable trajectory for its EsoGuard diagnostic testing volume.
The erratic nature of top-line growth appears to reflect the challenges of a nascent commercialization strategy that relies heavily on individual test center performance rather than broad-based clinical adoption. Investors should monitor whether the recent 51.7% growth in 2026Q1 represents a durable inflection point or merely a temporary recovery from previous quarterly volatility.
Based on the provided income statement data, Lucid Diagnostics continues to operate with deeply negative gross margins, reaching -47.1% in 2026Q1, which indicates that the direct costs of laboratory operations and test kits currently exceed the revenue generated from each diagnostic event performed.
This structural margin deficit suggests that the company is far from achieving the economies of scale necessary to cover its fixed laboratory overhead. Until the company can demonstrate a clear path to positive unit economics, the current margin profile implies that every additional test performed may be effectively subsidizing the cost of clinical expansion.
According to historical income statement figures, Lucid Diagnostics exhibits no evidence of operating leverage, as SG&A expenses consistently dwarf gross profit, resulting in operating margins that have remained persistently negative throughout the entire ten-quarter period analyzed in the provided financial data.
The lack of scaling suggests that the company's heavy investment in its proprietary test center model is not yet yielding the expected efficiency gains. The persistent gap between revenue growth and operating expenses indicates that the business model remains in a high-burn, pre-profitability phase that requires significant external capital to sustain.
As indicated by the company's reliance on cash-basis accounting, the primary risk to the income statement is the potential for a significant disconnect between tests performed and actual cash collected, which may leave the firm vulnerable to unfavorable shifts in third-party payer reimbursement policies.
Short-term revenue recognition may be masking underlying difficulties in securing formal insurance coverage for the EsoGuard test. If the company fails to transition from out-of-network status to broad-based payer contracts, the current revenue trajectory may prove unsustainable, regardless of the volume of tests processed through its diagnostic centers.
Quick answers to the most common questions about buying LUCD stock.
For fiscal year 2025, Lucid Diagnostics Inc. (LUCD) reported total revenue of $4.7M.
Lucid Diagnostics Inc. (LUCD) reported a net loss of $58.0M for the fiscal year ending 2025.
Lucid Diagnostics Inc. (LUCD) reported an operating income of $-49.6M, resulting in an operating profit margin of -1054.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Lucid Diagnostics Inc. (LUCD) generated $-2.8M in gross profit for the year, representing a gross profit margin of -60.3%. This demonstrates the company's core pricing power and production efficiency.