PAVmed Inc. Announces Business Update and Third Quarter 2024 Financial Results

On November 14, 2024, PAVmed Inc. (NASDAQ: PAVM, PAVMZ) released its financial results for the fiscal quarter ending September 30, 2024, along with significant business updates. The company revealed a press release detailing these developments, which included a thorough summary of its operations and financial performance during the period.

Key Highlights:

Business Transformation:
During the third quarter and recent weeks, PAVmed has undertaken crucial transformation steps to establish itself as a sustainable and diversified commercial life sciences company. This strategic approach aligns with the company’s updated business strategy unveiled earlier in the year.

Lucid Diagnostics Achievements:
Lucid Diagnostics Inc., a subsidiary of PAVmed, reported notable accomplishments. It achieved a record quarterly revenue of $1.2 million from the EsoGuard ® Esophageal DNA Test, representing a 20% increase sequentially from the previous quarter. Moreover, Lucid performed 2,787 commercial EsoGuard tests in the quarter and successfully completed its ESOGUARD BE-1 clinical validation study, setting the stage for Medicare coverage application.

Advancements by Veris Health:
Veris Health Inc., another subsidiary, completed a pilot program with The Ohio State’s James Cancer Hospital and secured a $1.8 million National Institutes of Health (NIH) grant to further optimize its Veris Cancer Care Platform. The company is actively pursuing financing to resume the development of its implantable monitor.

Nasdaq Listing Compliance:
To comply with Nasdaq listing standards by increasing stockholders’ equity, PAVmed completed the deconsolidation of Lucid from its balance sheet and reached an agreement in principle with its convertible debt holder. This agreement involves the exchange of $25 million of PAVmed’s convertible debt into preferred equity.

Financial Results:
For the third quarter ending September 30, 2024, EsoGuard related revenues amounted to $1.0 million, net of deconsolidation. Operating expenses, including stock-based compensation expenses of $1.9 million, totaled approximately $12.6 million. The GAAP net income attributable to common stockholders was approximately $64.3 million or $1.44 per common share on a diluted basis.

Non-GAAP Measures:
To provide deeper insights into financial performance, PAVmed included non-GAAP financial measures in its reporting. The non-GAAP adjusted loss for the quarter was approximately $5.4 million or $(0.54) per common share. PAVmed had cash and cash equivalents of $0.8 million as of September 30, 2024, compared to $19.6 million at the end of 2023.

The company’s unaudited financial results for the quarter were filed with the SEC on Form 10-Q on November 13, 2024.

PAVmed’s Subsidiaries:
PAVmed operates through its subsidiaries, Lucid Diagnostics Inc. and Veris Health Inc. Lucid focuses on cancer prevention diagnostics, while Veris Health specializes in personalized cancer care through remote patient monitoring using implantable biologic sensors.

Forward-Looking Statements:
As with any forward-looking statements, there are inherent risks and uncertainties that could affect actual results. PAVmed encourages investors to refer to the most recent Annual Report on Form 10-K and any subsequent Quarterly Report on Form 10-Q for a detailed discussion of risk factors.

Investor and Media Contact:
For more information, including about Lucid Diagnostics and Veris Health, please visit pavmed.com and luciddx.com, respectively. Any inquiries can be directed to Matt Riley at PAVmed and Lucid Diagnostics via [email protected].

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read PAVmed’s 8K filing here.

About PAVmed

PAVmed Inc focuses on acquiring, developing, and commercializing novel products that target unmet needs in the United States. The company's lead products include CarpX, a patented, single-use, disposable, and minimally invasive surgical device for use in the treatment of carpal tunnel syndrome; EsoCheck Esophageal Cell Collection Device, which consists of diagnostic test that serves as a testing tool for preventing esophageal adenocarcinoma deaths, through early detection of esophageal precancer in at-risk gastroesophageal reflux disease, including chronic heartburn and acid reflux or simply reflux in patients; and EsoGuard, a bisulfite-converted next-generation sequencing DNA assay performed on surface esophageal cells collected with EsoCheck.