Guided Therapeutics, Inc.

What they do

Guided Therapeutics develops and sells the LuViva Advanced Cervical Scan, a non-invasive cervical cancer detection device that scans the cervix with light and analyzes reflected and fluorescent light (biophotonics). Management targets two applications: screening in developing countries lacking Pap test infrastructure, and triage after a positive Pap or HPV test in developed markets. Prototypes have been tested for esophageal cancer detection, but the stated focus is large-scale commercialization of LuViva. The company is headquartered in Peachtree Corners, Georgia, and was incorporated in 1992 as SpectRx, Inc.

Revenue drivers

• LuViva device and disposable sales — All 2025 and 2024 revenue came from selling components of LuViva devices and disposables; 2025 revenue was $767,000 versus $7,000 in 2024.
• China market — Management describes China as one of three primary markets and states that demand depends on Chinese regulatory approval, which has not yet been achieved.
• Turkey and Indonesia orders — The company says it has received orders from Turkey and Indonesia, where regulatory approvals are in place, and expects these to produce approximately $200,000 of 2026 revenue.
• United States and Europe — Named alongside China as the three primary target markets for increasing LuViva demand, with no separate revenue figures disclosed.

Recent performance

Revenue rose to $767,000 in 2025 from $7,000 in 2024, but was concentrated in one quarter: $590,000 in Q4 2025 and $60,000 in Q3 2025. The quarters ended March 31, 2026 and June 30, 2026 each reported $0 of revenue. Net loss was $3.2 million in 2025, versus $2.4 million in 2024, and operating cash flow was negative $1.1 million in both years. At June 30, 2026, the company reported total assets of $1.2 million, total liabilities of $7.0 million, shareholder equity of negative $5.8 million, and cash and equivalents of $12,000. Diluted EPS improved to negative $0.04 in 2025 from negative $0.05 in 2024, reflecting share count changes rather than profitability.

Strategy

The company says it expects most 2026 revenue to come from sales of LuViva devices and disposables. Based on existing purchase orders and ongoing customer and partner discussions, management cites potential sales of approximately $1.0 million within the next twelve months, contingent on Chinese regulatory approval that has not been obtained. It is preparing to fulfill orders in Turkey and Indonesia, expected to yield roughly $200,000 in 2026, and continues to focus on the United States, China and Europe. Management states it has implemented operating actions to reduce cash requirements and will need additional debt or equity financing to continue as a going concern. The company also holds $1.13 million of senior unsecured convertible debentures that are in default.

Risks

• Going concern and financing need — The company states substantial doubt about its ability to continue as a going concern and says additional debt or equity financing will be required, with $1.13 million of senior unsecured convertible debentures currently in default.
• Lumpy, minimal revenue — Revenue was $7,000 in 2024 and $767,000 in 2025, and both quarters ended March 31 and June 30, 2026 reported $0, so results depend on a small number of orders.
• Chinese regulatory approval outstanding — Management states demand for LuViva is contingent on Chinese regulatory approval, which has not yet been achieved, placing the stated ~$1.0 million twelve-month sales potential at risk.
• Cash position and history of losses — Cash and equivalents were $12,000 at June 30, 2026, against an accumulated deficit of approximately $157.1 million as of December 31, 2025, with operating cash flow negative in each year from 2021 through 2025.

Outlook

Management expects the majority of 2026 revenue from LuViva devices and disposables, including about $200,000 from Turkey and Indonesia orders. It cites potential sales of approximately $1.0 million within the next twelve months based on existing purchase orders and ongoing discussions, while stating it cannot assure these orders will be received, not canceled, or supported by available parts. The company says it cannot confidently predict sales beyond that period and has not identified particular sales trends. It states it will need additional financing to fund planned operations.