Lucid Diagnostics Inc. Financials
Lucid Diagnostics Inc. (LUCD) reported $4.7M in revenue for fiscal year 2025, up 8.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Lucid Diagnostics remains a capital-funded development-stage business, with commercial revenue still too small to absorb operating costs.
Cash increased despite steady burn: FY2025 cash reached$34.7M from$22.4M even as operating cash outflow stayed near-$46.5M , because fresh financing, not operations, supplied$59.0M . The same pattern shows up in dilution: shares outstanding nearly doubled in one year while revenue moved only from$4.3M to$4.7M , so the balance sheet was stabilized externally rather than through commercial scale.
Gross economics improved but remain negative: gross loss narrowed from
Spend mix shifted away from R&D over the last three years, with research expense falling from
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Lucid Diagnostics Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Lucid Diagnostics Inc. scores -9.44, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($183.4M) relative to total liabilities ($29.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Lucid Diagnostics Inc. passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Lucid Diagnostics Inc. reported a net loss of $58.0M while operations used $46.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Lucid Diagnostics Inc. reported an operating loss of $49.6M against $22K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Lucid Diagnostics Inc. generated $4.7M in revenue in fiscal year 2025. This represents an increase of 8.3% from the prior year.
Lucid Diagnostics Inc.'s EBITDA was -$48.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 8.7% from the prior year.
Lucid Diagnostics Inc. reported -$58.0M in net income in fiscal year 2025. This represents a decrease of 27.4% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Lucid Diagnostics Inc. recorded an outflow of $46.7M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 5.1% from the prior year.
Lucid Diagnostics Inc. held $34.7M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Lucid Diagnostics Inc.'s gross margin was -41.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 21.6 percentage points from the prior year.
Lucid Diagnostics Inc.'s ROE was -530.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 314.1 percentage points from the prior year.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Lucid Diagnostics Inc. invested $5.7M in research and development in fiscal year 2025. This represents a decrease of 5.2% from the prior year.
Lucid Diagnostics Inc. invested $197K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 33.4% from the prior year.
Not reported for fiscal year 2025.
LUCD Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Revenue | $5.4M | $4.7M+8.3% | $4.3M+79.0% | $2.4M+544.0% | $377K-24.6% | $500K | N/A |
| Cost of Revenue | N/A | $6.7M-6.0% | $7.1M | N/A | $100.0M+16994.0% | $585K | N/A |
| Gross Profit | N/A | -$2.0M+28.7% | -$2.8M | N/A | -$99.6M-117103.5% | -$85K | N/A |
| R&D Expenses | $5.4M | $5.7M-5.2% | $6.0M-17.4% | $7.3M-35.6% | $11.3M+21.1% | $9.3M+70.8% | $5.4M |
| SG&A Expenses | $23.3M | $23.9M+18.4% | $20.2M+4.7% | $19.3M-19.7% | $24.0M+114061.9% | $21K+200.0% | $7K |
| Operating Income | -$50.7M | -$49.6M-7.8% | -$46.1M+5.0% | -$48.5M+13.8% | -$56.3M-105.2% | -$27.4M-231.1% | -$8.3M |
| Interest Expense | $17K | $22K-15.4% | $26K-93.8% | $416K+5100.0% | $8K-98.8% | $659K | N/A |
| Income Tax | N/A | $0 | $0 | N/A | N/A | N/A | N/A |
| Net Income | -$52.3M | -$58.0M-27.4% | -$45.5M+13.6% | -$52.7M+6.2% | -$56.2M-100.1% | -$28.1M-239.1% | -$8.3M |
| EPS (Diluted) | — | N/A | -$1.05+16.7% | -$1.26+18.7% | -$1.55 | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
LUCD Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $40.4M+31.7% | $30.7M+12.6% | $27.3M-16.1% | $32.5M-44.9% | $59.0M+2587.9% | $2.2M |
| Current Assets | $37.5M+49.0% | $25.1M+13.9% | $22.1M-9.4% | $24.4M-57.5% | $57.3M+3879.4% | $1.4M |
| Cash & Equivalents | $34.7M+55.2% | $22.4M+18.3% | $18.9M-15.9% | $22.5M-58.1% | $53.7M+48238.7% | $111K |
| Inventory | $353K+3.5% | $341K+22.7% | $278K+150.5% | $111K | N/A | N/A |
| Accounts Receivable | $643K+1328.9% | $45K0.0% | $45K+164.7% | $17K-91.5% | $200K | N/A |
| Total Liabilities | $29.5M+16.5% | $25.3M-14.4% | $29.6M+212.6% | $9.5M+122.1% | $4.3M-72.9% | $15.7M |
| Current Liabilities | $28.6M+21.5% | $23.5M-19.9% | $29.4M+248.7% | $8.4M+97.8% | $4.3M | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | $13.3M |
| Total Equity | $10.9M+102.9% | $5.4M+333.3% | -$2.3M-110.0% | $23.0M-57.9% | $54.7M+504.9% | -$13.5M |
| Retained Earnings | -$274.3M-34.6% | -$203.8M-35.2% | -$150.7M-53.7% | -$98.1M-134.0% | -$41.9M-203.1% | -$13.8M |
Not reported in any period shown, so not listed: Goodwill.
LUCD Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$46.9M | -$46.5M-5.3% | -$44.1M-34.5% | -$32.8M-10.6% | -$29.7M-68.0% | -$17.7M-213.9% | -$5.6M |
| Capital Expenditures | N/A | $197K-33.4% | $296K | N/A | $3.2M+271.2% | $862K | N/A |
| Free Cash Flow | N/A | -$46.7M-5.1% | -$44.4M | N/A | -$32.9M-77.5% | -$18.5M | N/A |
| Investing Cash Flow | -$315K | -$197K+69.5% | -$646K-192.3% | -$221K+94.6% | -$4.1M-376.6% | -$862K | N/A |
| Financing Cash Flow | $49.5M | $59.0M+22.3% | $48.2M+63.8% | $29.5M+1028.3% | $2.6M-96.4% | $72.1M+1190.7% | $5.6M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
LUCD Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Gross Margin | -41.7%+21.6pp | -63.3% | N/A | -26425.2% | -17.0% | N/A |
| Operating Margin | -1054.8% | -1059.6% | -1996.8% | -14920.7% | -5483.8% | N/A |
| Net Margin | -1232.7% | -1047.6% | -2169.1% | -14899.5% | -5615.6% | N/A |
| Return on Equity | -530.5%+314.1pp | -844.5% | N/A | -243.7%-192.4pp | -51.3% | N/A |
| Return on Assets | -143.4%+4.8pp | -148.2%+44.9pp | -193.1%-20.3pp | -172.8%-125.2pp | -47.6%+329.6pp | -377.2% |
| Current Ratio | 1.31+0.2x | 1.07+0.3x | 0.75-2.1x | 2.89-10.6x | 13.45 | N/A |
| Debt-to-Equity | 2.70-2.0x | 4.70 | N/A | 0.41+0.3x | 0.08 | N/A |
| FCF Margin | -992.0% | -1022.5% | N/A | -8722.8% | -3706.0% | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin, FCF Margin.
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Where Lucid Diagnostics Inc. Ranks
Frequently Asked Questions
What is Lucid Diagnostics Inc.'s annual revenue?
Lucid Diagnostics Inc. (LUCD) reported $4.7M in total revenue for fiscal year 2025. This represents a 8.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Lucid Diagnostics Inc.'s revenue growing?
Lucid Diagnostics Inc. (LUCD) revenue grew by 8.3% year-over-year, from $4.3M to $4.7M in fiscal year 2025.
Is Lucid Diagnostics Inc. profitable?
No, Lucid Diagnostics Inc. (LUCD) reported a net income of -$58.0M in fiscal year 2025.
What is Lucid Diagnostics Inc.'s EBITDA?
Lucid Diagnostics Inc. (LUCD) had EBITDA of -$48.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Lucid Diagnostics Inc.'s gross margin?
Lucid Diagnostics Inc. (LUCD) had a gross margin of -41.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Lucid Diagnostics Inc.'s return on equity (ROE)?
Lucid Diagnostics Inc. (LUCD) has a return on equity of -530.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Lucid Diagnostics Inc.'s free cash flow?
Lucid Diagnostics Inc. (LUCD) recorded an outflow of $46.7M in free cash flow during fiscal year 2025. This represents a -5.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Lucid Diagnostics Inc.'s operating cash flow?
Lucid Diagnostics Inc. (LUCD) recorded an outflow of $46.5M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Lucid Diagnostics Inc.'s total assets?
Lucid Diagnostics Inc. (LUCD) had $40.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Lucid Diagnostics Inc.'s capital expenditures?
Lucid Diagnostics Inc. (LUCD) invested $197K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Lucid Diagnostics Inc. spend on research and development?
Lucid Diagnostics Inc. (LUCD) invested $5.7M in research and development during fiscal year 2025.
What is Lucid Diagnostics Inc.'s current ratio?
Lucid Diagnostics Inc. (LUCD) had a current ratio of 1.31 as of fiscal year 2025, which is considered adequate.
What is Lucid Diagnostics Inc.'s debt-to-equity ratio?
Lucid Diagnostics Inc. (LUCD) had a debt-to-equity ratio of 2.70 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Lucid Diagnostics Inc.'s return on assets (ROA)?
Lucid Diagnostics Inc. (LUCD) had a return on assets of -143.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Lucid Diagnostics Inc.'s cash runway?
Based on fiscal year 2025 data, Lucid Diagnostics Inc. (LUCD) had $34.7M in cash against an annual operating cash burn of $46.5M. This gives an estimated cash runway of approximately 9 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Lucid Diagnostics Inc.'s Altman Z-Score?
Lucid Diagnostics Inc. (LUCD) has an Altman Z-Score of -9.44, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Lucid Diagnostics Inc.'s Piotroski F-Score?
Lucid Diagnostics Inc. (LUCD) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Lucid Diagnostics Inc.'s earnings high quality?
Lucid Diagnostics Inc. (LUCD) reported a net loss of $58.0M while operations used $46.5M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Lucid Diagnostics Inc. cover its interest payments?
Lucid Diagnostics Inc. (LUCD) reported an operating loss of $49.6M against $22K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Lucid Diagnostics Inc.?
Lucid Diagnostics Inc. (LUCD) scores 47 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.