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NEW YORK - Lucid Diagnostics Inc. (NASDAQ: LUCD), a medical diagnostics company specializing in cancer prevention, has finalized its public offering of common stock, raising approximately $16.1 million in net proceeds. The offering included 14,375,000 shares, with an additional 1,875,000 shares issued through the underwriters' option, each priced at $1.20. According to InvestingPro data, the stock has shown strong momentum with a 60% gain over the past six months, despite a recent 13% decline in the past week.
The company, a subsidiary of PAVmed Inc. (NASDAQ: PAVM), announced that the funds would be allocated for working capital and general corporate purposes. The funding comes at a crucial time, as InvestingPro analysis shows the company is quickly burning through cash, with an EBITDA of -$44.9 million in the last twelve months. Canaccord Genuity LLC served as the sole bookrunner for the offering, with Maxim Group LLC acting as co-manager.
The offering was made under a shelf registration statement, which was declared effective by the Securities and Exchange Commission on December 6, 2022. The prospectus supplement and accompanying base prospectus were filed on April 10, 2025.
Lucid Diagnostics is known for its focus on patients with gastroesophageal reflux disease (GERD), who are at risk of developing esophageal precancer and cancer. The company's EsoGuard Esophageal DNA Test, used along with the EsoCheck Esophageal Cell Collection Device, is the first and only commercially available tool designed to aid in the early detection of esophageal precancer in at-risk patients. Financial data from InvestingPro reveals impressive revenue growth of 79% in the last twelve months, though the company maintains negative gross profit margins of -63%.
This announcement of the offering's closing is based on a press release statement and should not be considered an offer to sell or a solicitation of an offer to buy any securities. The securities may not be sold in any jurisdiction where such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. For more details about Lucid Diagnostics and its parent company PAVmed, interested parties can visit their respective websites.
The forward-looking statements included in the company's press release involve risks and uncertainties that could cause actual results to differ from those stated. Lucid Diagnostics has cautioned that these forward-looking statements are based on current beliefs and expectations and are subject to change due to various factors, including market conditions and regulatory reviews. For deeper insights into LUCD's financial health, valuation metrics, and growth potential, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro, which covers over 1,400 US stocks with expert analysis and actionable intelligence.
In other recent news, Lucid Diagnostics reported its earnings for the fourth quarter of 2024, revealing a revenue of approximately $1.2 million, which marked a 15% increase year-over-year but fell short of the expected $1.43 million. The company also noted a significant rise in test volumes, reaching a record of 4,042 tests, attributed to expanded satellite testing activities and events focused on firefighter health. Cantor Fitzgerald maintained its Overweight rating on Lucid Diagnostics, expressing confidence in the company's future performance despite the revenue miss. Meanwhile, BTIG adjusted its price target for Lucid Diagnostics to $2.00 from $2.50, citing recent financing activities but maintaining a Buy rating due to strong fourth-quarter performance and revenue growth of 79% year-over-year. Canaccord Genuity and Needham also reiterated Buy ratings, with Needham raising its price target to $3.00, reflecting an optimistic outlook on the company's revenue growth. Lucid Diagnostics is also anticipating a Local Coverage Determination decision in the first half of 2025, which could secure Medicare coverage for its EsoGuard test, potentially expanding its market reach. Additionally, the inclusion of EsoGuard in the National Comprehensive Cancer Network guidelines is expected to expedite coverage by certain payors, enhancing the company's reimbursement landscape.
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