Lucid Diagnostics Inc.
LUCD Nasdaq Surgical & Medical Instruments & Apparatus Financials FY2020–FY2025
Revenue
Total sales reported in the income statement.
$4.7M
8.3%
vs prior year
Operating margin
Operating income as a share of revenue.
−1,054.8%
4.8 pts
Net income
Profit after all expenses, interest and tax.
−$58.0M
Free cash flow
Cash from operations minus capital spending.
−$46.7M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
What Lucid Diagnostics Inc. does
No business description yet.
- Legal name
- Lucid Diagnostics Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 25, 2026
- Accession · CIK
- 0001437749-26-009805
0001799011
Revenue and margins
Lucid Diagnostics Inc. had $4.7M of revenue in fiscal 2025, up 8.3% on the year before.
FY20
Revenue —
FY21
Revenue $0.5M
FY22
Revenue $0.4M
FY23
Revenue $2.4M
FY24
Revenue $4.3M
FY25
Revenue $4.7M
Q3 '23
Revenue $0.8M
Q4 '23
Revenue $1.0M
Q1 '24
Revenue $1.0M
Q2 '24
Revenue $1.0M
Q3 '24
Revenue $1.2M
Q4 '24
Revenue $1.2M
Q1 '25
Revenue $0.8M
Q2 '25
Revenue $1.2M
Q3 '25
Revenue $1.2M
Q4 '25
Revenue $1.5M
Q1 '26
Revenue $1.3M
Q2 '26
Revenue $1.5M
FY20
Gross —
Operating —
Net —
FCF —
FY21
Gross 100.0%
Operating −5,483.8%
Net −5,615.6%
FCF −3,706.0%
FY22
Gross 100.0%
Operating −14,920.7%
Net −14,899.5%
FCF −8,722.8%
FY23
Gross —
Operating −1,996.8%
Net −2,169.1%
FCF —
FY24
Gross −63.3%
Operating −1,059.6%
Net −1,047.6%
FCF −1,022.5%
FY25
Gross −41.7%
Operating −1,054.8%
Net −1,232.7%
FCF −992.0%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating −1,421.2%
Net −1,814.6%
FCF —
Q4 '23
Gross —
Operating −1,101.3%
Net −1,041.3%
FCF —
Q1 '24
Gross —
Operating −1,078.1%
Net −1,060.1%
FCF —
Q2 '24
Gross —
Operating −1,146.7%
Net −1,127.6%
FCF —
Q3 '24
Gross —
Operating −997.8%
Net −1,055.5%
FCF —
Q4 '24
Gross —
Operating −1,033.8%
Net −964.2%
FCF —
Q1 '25
Gross −87.3%
Operating −1,508.1%
Net −3,249.8%
FCF −1,516.7%
Q2 '25
Gross −34.4%
Operating −978.8%
Net −381.7%
FCF −909.2%
Q3 '25
Gross —
Operating −971.0%
Net −858.5%
FCF —
Q4 '25
Gross —
Operating −931.6%
Net −1,081.5%
FCF —
Q1 '26
Gross −29.4%
Operating −964.5%
Net −1,107.4%
FCF −980.6%
Q2 '26
Gross 2.0%
Operating −868.5%
Net −792.9%
FCF −767.8%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY20
Net income −$8.3M
FY21
Net income −$28.1M
FY22
Net income −$56.2M
FY23
Net income −$52.7M
FY24
Net income −$45.5M
FY25
Net income −$58.0M
Q3 '23
Net income −$14.2M
Q4 '23
Net income −$10.8M
Q1 '24
Net income −$10.6M
Q2 '24
Net income −$11.0M
Q3 '24
Net income −$12.4M
Q4 '24
Net income −$11.5M
Q1 '25
Net income −$26.9M
Q2 '25
Net income −$4.4M
Q3 '25
Net income −$10.4M
Q4 '25
Net income −$16.3M
Q1 '26
Net income −$13.9M
Q2 '26
Net income −$11.7M
FY20
Diluted EPS −$0.59
FY21
Diluted EPS −$1.51
FY22
Diluted EPS −$1.55
FY23
Diluted EPS −$1.26
FY24
Diluted EPS −$1.05
FY25
Diluted EPS —
Q3 '23
Diluted EPS −$0.34
Q4 '23
Diluted EPS −$0.25
Q1 '24
Diluted EPS −$0.40
Q2 '24
Diluted EPS −$0.23
Q3 '24
Diluted EPS −$0.25
Q4 '24
Diluted EPS −$0.17
Q1 '25
Diluted EPS −$0.52
Q2 '25
Diluted EPS −$0.08
Q3 '25
Diluted EPS −$0.10
Q4 '25
Diluted EPS —
Q1 '26
Diluted EPS —
Q2 '26
Diluted EPS —
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY20
Return on capital —
Return on equity —
Return on assets −377.2%
FY21
Return on capital —
Return on equity −136.2%
Return on assets −91.8%
FY22
Return on capital —
Return on equity −144.4%
Return on assets −122.8%
FY23
Return on capital —
Return on equity −508.0%
Return on assets −176.2%
FY24
Return on capital —
Return on equity −2,956.4%
Return on assets −157.0%
FY25
Return on capital —
Return on equity −710.6%
Return on assets −163.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$46.7M in fiscal 2025, −992.0% of revenue. Cash from operations minus capital spending.
FY20
Free cash flow —
FY21
Free cash flow −$18.5M
FY22
Free cash flow −$32.9M
FY23
Free cash flow —
FY24
Free cash flow −$44.4M
FY25
Free cash flow −$46.7M
Q3 '23
Free cash flow —
Q4 '23
Free cash flow —
Q1 '24
Free cash flow —
Q2 '24
Free cash flow —
Q3 '24
Free cash flow —
Q4 '24
Free cash flow —
Q1 '25
Free cash flow −$12.6M
Q2 '25
Free cash flow −$10.6M
Q3 '25
Free cash flow —
Q4 '25
Free cash flow —
Q1 '26
Free cash flow −$12.3M
Q2 '26
Free cash flow −$11.3M
FY20
Cash from operations −$5.6M
Capital spending —
FY21
Cash from operations −$17.7M
Capital spending $0.9M
FY22
Cash from operations −$29.7M
Capital spending $3.2M
FY23
Cash from operations −$32.8M
Capital spending —
FY24
Cash from operations −$44.1M
Capital spending $0.3M
FY25
Cash from operations −$46.5M
Capital spending $0.2M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$8.8M
Capital spending —
Q4 '23
Cash from operations −$10.0M
Capital spending —
Q1 '24
Cash from operations −$12.6M
Capital spending —
Q2 '24
Cash from operations −$11.5M
Capital spending —
Q3 '24
Cash from operations −$10.2M
Capital spending —
Q4 '24
Cash from operations −$9.9M
Capital spending —
Q1 '25
Cash from operations −$12.5M
Capital spending $0.1M
Q2 '25
Cash from operations −$10.5M
Capital spending $0.0M
Q3 '25
Cash from operations −$10.9M
Capital spending —
Q4 '25
Cash from operations −$12.6M
Capital spending —
Q1 '26
Cash from operations −$12.1M
Capital spending $0.2M
Q2 '26
Cash from operations −$11.3M
Capital spending $0.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
Lucid Diagnostics Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY20
Diluted shares 0.01B
FY21
Diluted shares 0.02B
FY22
Diluted shares 0.04B
FY23
Diluted shares 0.04B
FY24
Diluted shares 0.05B
FY25
Diluted shares —
Balance sheet
Cash, debt and the ratios that show how comfortably Lucid Diagnostics Inc. can carry it.
FY20
Cash $0.1M
Debt $13.3M
FY21
Cash $53.7M
Debt —
FY22
Cash $22.5M
Debt —
FY23
Cash $18.9M
Debt —
FY24
Cash $22.4M
Debt —
FY25
Cash $34.7M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $53.7M | $22.5M | $18.9M | $22.4M | $34.7M |
| Interest coverage | −41.6x | −7,031.4x | −116.5x | −1,771.2x | −2,256.4x |
| Current ratio | 13.5x | 2.9x | 0.8x | 1.1x | 1.3x |
| Quick ratio | 13.5x | 2.9x | 0.7x | 1.1x | 1.3x |
| Total assets | $59.0M | $32.5M | $27.3M | $30.7M | $40.4M |
| Total liabilities | $4.3M | $9.5M | $29.6M | $25.3M | $29.5M |
| Shareholders' equity | $54.7M | $23.0M | −$2.3M | $5.4M | $10.9M |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | — | ✓ | ✕ | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — | — | — |
| Current ratio rose | — | — | ✕ | ✕ | ✓ | ✓ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | — |
| Gross margin rose | — | — | ✕ | — | — | ✓ |
| Revenue rose relative to assets | — | — | ✓ | ✓ | ✓ | ✕ |
| F-score | — / 3 | — / 5 | 2 / 8 | 2 / 7 | 4 / 7 | 4 / 7 |
| Accruals ratio | −120.8% | −34.0% | −57.9% | −66.4% | −4.8% | −32.4% |
| Altman Z'' | — | 13.95 | −15.69 | −31.81 | −31.13 | −28.53 |
6 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | — | $0.5M | $0.4M | $2.4M | $4.3M | $4.7M |
| Gross profit | — | $0.5M | $0.4M | — | −$2.8M | −$2.0M |
| Research and development | $5.4M | $9.3M | $11.3M | $7.3M | $6.0M | $5.7M |
| Operating income | −$8.3M | −$27.4M | −$56.3M | −$48.5M | −$46.1M | −$49.6M |
| Interest expense | — | $0.7M | $0.0M | $0.4M | $0.0M | $0.0M |
| Pretax income | −$8.3M | −$28.1M | −$56.2M | −$52.7M | −$45.5M | −$58.0M |
| Income tax | — | — | — | — | $0.0M | $0.0M |
| Net income | −$8.3M | −$28.1M | −$56.2M | −$52.7M | −$45.5M | −$58.0M |
| Net income to common | — | — | — | −$52.7M | −$53.0M | −$70.6M |
| Diluted EPS | −$0.59 | −$1.51 | −$1.55 | −$1.26 | −$1.05 | — |
| Diluted shares | 0.01B | 0.02B | 0.04B | 0.04B | 0.05B | — |
| Cash flow | ||||||
| Cash from operations | −$5.6M | −$17.7M | −$29.7M | −$32.8M | −$44.1M | −$46.5M |
| Capital expenditure | — | $0.9M | $3.2M | — | $0.3M | $0.2M |
| Free cash flow | — | −$18.5M | −$32.9M | — | −$44.4M | −$46.7M |
| Depreciation and amortization | — | $0.0M | $1.9M | $2.5M | $1.2M | $0.9M |
| Stock-based compensation | $0.1M | $9.1M | $13.9M | $5.8M | $4.2M | $4.5M |
| Balance sheet | ||||||
| Cash and short-term investments | $0.1M | $53.7M | $22.5M | $18.9M | $22.4M | $34.7M |
| Total debt | $13.3M | — | — | — | — | — |
| Current assets | $1.4M | $57.3M | $24.4M | $22.1M | $25.1M | $37.5M |
| Current liabilities | — | $4.3M | $8.4M | $29.4M | $23.5M | $28.6M |
| Inventory | — | — | $0.1M | $0.3M | $0.3M | $0.4M |
| Property and equipment, net | — | $1.0M | $1.6M | $1.3M | $1.1M | $0.8M |
| Intangible assets | — | — | $3.4M | $1.4M | $0.7M | $0.3M |
| Total assets | $2.2M | $59.0M | $32.5M | $27.3M | $30.7M | $40.4M |
| Total liabilities | $15.7M | $4.3M | $9.5M | $29.6M | $25.3M | $29.5M |
| Preferred stock | — | — | — | $18.6M | $54.4M | $54.3M |
| Shareholders' equity | −$13.5M | $54.7M | $23.0M | −$2.3M | $5.4M | $10.9M |
| Margins | ||||||
| Gross margin | — | 100.0% | 100.0% | — | −63.3% | −41.7% |
| Operating margin | — | −5,483.8% | −14,920.7% | −1,996.8% | −1,059.6% | −1,054.8% |
| EBITDA margin | — | −5,483.0% | −14,407.2% | −1,893.9% | −1,032.8% | −1,036.3% |
| Net margin | — | −5,615.6% | −14,899.5% | −2,169.1% | −1,047.6% | −1,232.7% |
| FCF margin | — | −3,706.0% | −8,722.8% | — | −1,022.5% | −992.0% |
| Returns | ||||||
| Return on capital employed | — | −50.1% | −233.6% | 2,295.5% | −640.4% | −418.4% |
| Return on equity | — | −136.2% | −144.4% | −508.0% | −2,956.4% | −710.6% |
| Return on assets | −377.2% | −91.8% | −122.8% | −176.2% | −157.0% | −163.0% |
| Return on tangible equity | — | −51.3% | −286.6% | — | −1,139.1% | −664.4% |
| Growth | ||||||
| Revenue growth | — | — | −24.6% | 544.0% | 79.0% | 8.3% |
| Share count change | — | 31.8% | 94.4% | 15.4% | 21.0% | — |
| Financial health | ||||||
| Interest coverage | — | −41.6x | −7,031.4x | −116.5x | −1,771.2x | −2,256.4x |
| Current ratio | — | 13.5x | 2.9x | 0.8x | 1.1x | 1.3x |
| Quick ratio | — | 13.5x | 2.9x | 0.7x | 1.1x | 1.3x |
| Capital allocation | ||||||
| Capex / revenue | — | 172.4% | 848.8% | — | 6.8% | 4.2% |
| Stock comp / revenue | — | 1,826.8% | 3,676.1% | 237.3% | 96.2% | 95.4% |
| Quality scores | ||||||
| Piotroski F-score | — | — | 2.0 | 2.0 | 4.0 | 4.0 |
| Altman Z'' | — | 14.0 | −15.7 | −31.8 | −31.1 | −28.5 |
| Accruals ratio | −120.8% | −34.0% | −57.9% | −66.4% | −4.8% | −32.4% |
Source: SEC EDGAR XBRL filings (CIK 0001799011). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.