Lucid Diagnostics Inc. — Earnings Quality Grade F
LUCD · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 46 days (4 → 50)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR growth 1328.9% exceeds revenue growth 8.3%
Revenue 8.3%, CFFO -5.3%. Cash follows revenue
Expense Quality
Inventory 3.5% vs COGS -6.0%. Normal
CapEx growth -69.5% vs revenue 8.3%. Normal
SG&A/Gross Profit = -2117.0%, excellent (<30%)
Gross margin rose +21.6pp while AR increased and AP decreased. Fraud pattern
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -28.5%. Low accruals
Cash $0.0B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 3% of equity. Manageable
Interest coverage = -2256.4x (<2x). Financial stress
Other assets -95.8% vs revenue 8.3%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change -57% YoY. Normal
Manipulation Score
M-Score = 7.42 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25