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Needham Reaffirms Buy Rating for Lucid Diagnostics Despite Q2 Revenue Miss
Aug 12, 2024 10:46 PM - Davit Kirakosyan(Last modified: Aug 13, 2024 4:45 AM)
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Needham analysts reaffirmed a Buy rating with a $2.50 price target for Lucid Diagnostics (NASDAQ:LUCD), despite the company's second-quarter 2024 revenue missing consensus expectations.
EsoGuard test volumes increased by 30% sequentially and 43% year-over-year to 3,147 tests. However, Lucid Diagnostics has moderated test volume and sales force expansion pending final Medicare reimbursement. Operating expenses were slightly higher than anticipated, and the company ended the quarter with approximately $25 million in cash.
Looking ahead, the analysts expect revenue growth to improve as the company processes claims and begins collecting payments. Over the longer term, the analysts anticipate a reacceleration in EsoGuard test volume growth as Lucid Diagnostics secures coverage from Medicare and other insurers.
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