.August 12, 2024 06:46 PM

Needham analysts reiterated a Buy rating for Lucid Diagnostics with a $2.50 price target, despite Q2 2024 revenue missing expectations. EsoGuard test volumes rose by 30% sequentially and 43% year-over-year to 3,147 tests. Lucid Diagnostics is holding back on test volume and sales force expansion until final Medicare reimbursement. Operating expenses were slightly higher than expected, with the company ending the quarter with around $25 million in cash. Analysts anticipate revenue growth to improve as claims are processed and payments are collected, with a potential reacceleration in EsoGuard test volume growth once Medicare coverage is secured.