Cancer prevention medical diagnostic company, Lucid Diagnostics Inc. (NASDAQ: LUCD) announced that it will be joining both the small cap Russell 2000 Index and the broad market Russell 3000 Index at market close on June 27, 2025.
The company made the announcement on Tuesday as part of its 2025 annual reconstitution, according to a preliminary list of additions posted by the FTSE Russell on Friday.
The broad market Russell 3000 Index tracks the largest 3,000 U.S. public companies by market capitalization. The Russell 2000 Index, a subset of the Russell 3000, focuses specifically on small cap companies. Each year, FTSE Russell reconstitutes the indexes by re-ranking companies based on total market capitalization. This year, the reconstitution rank date was April 30, 2025.
Once selected, companies remain in their respective indexes for one year. This inclusion also places them automatically in the corresponding growth and value style indexes. Investment managers and institutional investors widely use the Russell indexes for both index funds and active investment benchmarks. According to FTSE Russell, investors benchmark roughly $10.6 trillion in assets against the Russell U.S. Indexes.
“We are pleased that Lucid is joining these important market indices, which serve as leading benchmarks for institutional investors and as the basis for numerous index linked financial products,” said Dennis McGrath, Lucid’s chief financial officer.
“This important milestone is a testament to the significant progress Lucid has made in enhancing shareholder value over the past year. We are confident that it will increase our visibility and access to a broader range of institutional investors.”
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Inclusion in the Russell offers significant advantages
Lucid is a commercial-stage medical diagnostics company specializing in early cancer detection. Its flagship product, the EsoGuard Esophageal DNA Test, identifies precancerous cells in the esophagus. This non-invasive test, used alongside the EsoCheck Esophageal Cell Collection Device, targets patients with chronic acid reflux or GERD, a known risk factor for esophageal cancer.
In March 2022, Lucid also launched LucidDx Labs, a CLIA-certified and CAP-accredited laboratory in Lake Forest, California. This facility further enables the company to process EsoGuard tests internally, streamlining operations and supporting growth in testing volume.
Lucid operates as a majority-owned subsidiary of PAVmed Inc (NASDAQ: PAVM). While the specific date of acquisition isn’t detailed, the parent-subsidiary relationship indicates strategic alignment in advancing medical diagnostics.
Further, inclusion in the Russell 2000 Index offers Lucid significant advantages. The index, comprising 2,000 small-cap U.S. companies, serves as a benchmark for small-cap performance. Membership can enhance visibility among investors, attract institutional interest, and potentially increase liquidity through index-tracking funds.
For a company like Lucid, being part of the Russell 2000 can facilitate access to capital and support its mission to innovate in cancer diagnostics.
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Non-invasive cancer diagnostics market growing rapidly
The global non-invasive cancer diagnostics market is experiencing significant growth. Marketing firm Precedence Research places the market value at approximately USD$173.13 billion in 2025. The firm also projects the market to reach around USD$329.15 billion by 2034. This represents an expansion at an compound annual growth rate (CAGR) of 7.40 per cent during the forecast period.
The increasing demand for early cancer detection methods is behind this robust growth. As well as advancements in diagnostic technologies, and a shift towards less invasive procedures. Companies like Lucid Diagnostics, which focus on non-invasive diagnostic tools, are well-positioned to benefit from these market trends.
Conversely, large scale companies aren’t the only option for canny investors looking to get involved in the fight against cancer.
Breath Diagnostics Inc. is a Kentucky based medtech company pioneering non-invasive breath analysis for early lung cancer detection. Their flagship product, OneBreath, uses a single exhale to identify volatile organic compounds (VOCs) linked to cancer. Additionally, it has been validated in trials with over 800 patients, it demonstrates 94 per cent sensitivity and 85 per cent specificity, offering a fast, radiation free alternative to traditional screening methods.
To accelerate development and commercialization, Breath Diagnostics launched a Regulation CF crowdfunding campaign on Equifund in May 2025, aiming to raise up to $3 million. Funds will support research, FDA submissions, and market expansion.
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