Financial Performance - PAVmed's Q1 2025 revenue and management fee income was $3158 thousand, a decrease of $352 thousand compared to $3510 thousand in Q1 2024[23] - The company's operating expenses decreased significantly from $15046 thousand in Q1 2024 to $5454 thousand in Q1 2025, a reduction of $9592 thousand[23] - Net income for Q1 2025 was $18623 thousand, a substantial improvement of $37135 thousand compared to a loss of $18512 thousand in Q1 2024[23] - PAVmed reported an EBITDA of $19007 thousand in Q1 2025, compared to a negative EBITDA of $14813 thousand in Q1 2024, an increase of $33820 thousand[23] - Non-GAAP adjusted loss improved by $7705 thousand, from a loss of $8615 thousand in Q1 2024 to a loss of $910 thousand in Q1 2025[23] - Non-GAAP adjusted loss per share improved from $(099) in Q1 2024 to $(007) in Q1 2025, an increase of $092[23] Balance Sheet - PAVmed's cash position increased by $1515 thousand, from $1185 thousand in 4Q24 to $2700 thousand in 1Q25[22] - Equity method investments in Lucid increased by $21004 thousand, from $25637 thousand in 4Q24 to $46641 thousand in 1Q25[22] - Senior secured convertible notes decreased by $22500 thousand, from $29100 thousand in 4Q24 to $6600 thousand in 1Q25[22] - Preferred shares outstanding were 24480 thousand in 1Q25[22] - Shares outstanding increased from 112 million to 168 million, an increase of 56 million shares[22] Business Updates - Lucid Diagnostics' EsoGuard revenue for Q1 2025 was $08 million, with a test volume of 3034[17] - PAVmed strengthened its balance sheet by netting approximately $161 million in proceeds from an underwritten public offering of common stock[17]

Financial Data and Key Metrics Changes - The company reported a revenue of $800,000 for the last quarter, with a test volume of 3,034, which is at the upper end of the target range of 2,500 to 3,000 tests per quarter [9] - A significant balance sheet improvement was noted with a public offering netting $16,100,000, resulting in a pro forma cash position of $40,000,000 at the end of Q1, extending the runway well into 2026 [10] - The company achieved a large GAAP net income of $18,600,000 before non-controlling interest and preferred dividends, resulting in a positive primary EPS of $1.28 and a positive diluted EPS of $0.34 [22][23] Business Line Data and Key Metrics Changes - Lucid, the diagnostic subsidiary, is positioned to capitalize on a large clinical and market opportunity, with ongoing efforts to secure Medicare coverage [6][11] - Verus has restarted the development of a key implantable physiologic monitor, with favorable engagement from the FDA and a targeted filing for the first half of 2026 [12] - The incubator PMX is focusing on the PortIO implantable intraosseous device, with discussions ongoing with potential strategic partners [13] Market Data and Key Metrics Changes - The company is seeing momentum in new sales channels, particularly in concierge medicine and employer market contracts, which are expected to impact revenue in the second half of the year [10][11] - The company has a significant equity method investment balance of almost $47,000,000 reflecting a gain of $21,000,000 since year-end, representing an 82% increase in Lucid's stock price [18][19] Company Strategy and Development Direction - The company aims to diversify into the biopharma space, leveraging its infrastructure and management services model to pursue attractive biopharma assets [8][36] - The strategic vision includes expanding partnerships and exploring new opportunities while maintaining focus on existing subsidiaries like Lucid and Verus [53][54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning and ability to execute on strategic initiatives, highlighting the strong relationships with key cancer centers and the positive feedback from pilot programs [30][31] - The management team believes that the current market conditions will not hinder their ability to raise capital, citing successful recent financings [46][48] Other Important Information - The company has deconsolidated Lucid from its financial statements, which has impacted the historical understanding of its financials [16][21] - The company continues to explore additional assets and opportunities to diversify its portfolio, with a focus on maintaining operational independence among its subsidiaries [8][40] Q&A Session Summary Question: Feedback from the pilot program - Management received excellent feedback from the pilot program, meeting all pre-specified performance metrics and demonstrating clinical success [29][30] Question: Exclusive rights to the platform - There are no exclusive rights limiting broader commercialization; the agreement allows for a registry and initial implantable procedures at the cancer center [32][33] Question: Strategic rationale for biopharma expansion - The company is leveraging its infrastructure and management services to pursue biopharma opportunities, which align with its history of adapting to market needs [36][39] Question: Impact of market volatility on capital raising - Management indicated that market volatility has not affected their ability to raise capital, with successful recent financings demonstrating investor confidence [46][48]

Financial Data and Key Metrics Changes - The company reported a net income of $18.6 million for the first quarter, resulting in a positive primary EPS of $1.28 and a positive diluted EPS of $0.34 [23][24]. - A significant liability reduction of approximately $25 million was achieved, primarily from a reduction in convertible notes and accrued expenses [19][20]. - The company ended the quarter with $40 million in pro forma cash, extending its runway well into 2026 [11]. Business Line Data and Key Metrics Changes - Lucid, the company's diagnostic subsidiary, reported revenue of $800,000 with a test volume of 3,034, meeting the target range [10]. - Verus has restarted the development of a key implantable physiologic monitor after securing financing [12][14]. - The incubator PMX is focused on advancing technologies, particularly the PortIO device, with ongoing discussions with strategic partners [8][14]. Market Data and Key Metrics Changes - The company is seeing momentum in new sales channels, particularly in concierge medicine and employer market contracts, which are expected to impact revenue in the second half of the year [11][12]. - The company is awaiting a response from the MolDX program regarding Medicare coverage for EsoGuard, which is anticipated to be imminent [12]. Company Strategy and Development Direction - The company aims to diversify into the biopharma space, leveraging its infrastructure and management services model to capitalize on early-stage assets in oncology and cardiometabolic areas [9][39]. - The strategic focus includes expanding partnerships and exploring new assets that fit within the shared services model [10][39]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning and ability to execute its strategic vision, highlighting the potential value creation from Lucid and Verus [51][52]. - The company is optimistic about leveraging its model and infrastructure to pursue significant opportunities in the near future [52][53]. Other Important Information - The company has deconsolidated Lucid from its financial statements, which will affect year-over-year comparisons in the upcoming quarters [16][22]. - PAVmed remains the largest shareholder of Lucid, holding approximately 29% of the common shares outstanding [20]. Q&A Session Summary Question: Feedback from the pilot program - Management received excellent feedback from the pilot program, with all pre-specified performance metrics met and enthusiasm from academic medical centers [31][32]. Question: Exclusive rights to the platform - There are local rights for advancing the platform, but no exclusivity that limits broader commercialization efforts [34][35]. Question: Rationale for expanding into biopharma - The company is leveraging its adjusted corporate structure and management services to explore opportunities in biopharma, particularly in early-stage assets that require clinical research [39][40]. Question: Impact of market volatility on capital raising - Management indicated that market volatility has not significantly affected their ability to raise capital, with successful financing in the first quarter [47][48].

[Business Update and Financial Results](index=1&type=section&id=Business%20Update%20and%20Financial%20Results) The company reports strategic business advancements and Q1 2025 financial performance, including key non-GAAP reconciliations [Business Update Highlights](index=1&type=section&id=Business%20Update%20Highlights) PAVmed stabilized its finances, enabling its subsidiaries to pursue key milestones and supporting expansion into biopharma - PAVmed is leveraging its infrastructure to expand into the biopharma sector by evaluating clinical and late preclinical-stage assets for a potential new subsidiary[5](index=5&type=chunk) - Lucid Diagnostics secured approximately **$30.6 million** from stock offerings, ending Q1 2025 with over **$40 million in pro forma cash**, extending its operational runway past key reimbursement milestones[1](index=1&type=chunk)[8](index=8&type=chunk) - Veris Health completed a financing round in Q1 2025, enabling it to resume the development of its implantable physiological monitor and launch a commercial partnership with a major cancer center[1](index=1&type=chunk)[8](index=8&type=chunk) Lucid Diagnostics Q1 2025 Operational Highlights | Metric | Value | | :--- | :--- | | EsoGuard Test Revenue | $0.8 million | | EsoGuard Tests Processed | 3,034 | [Financial Results](index=2&type=section&id=Financial%20Results) The company reported a significant GAAP net income for Q1 2025 driven by non-cash items, alongside a much smaller non-GAAP adjusted loss PAVmed Q1 2025 Key Financial Metrics | Metric | Q1 2025 Value | | :--- | :--- | | GAAP Net Income Attributable to Common Stockholders | $17.7 million | | GAAP Diluted EPS | $0.34 | | Non-GAAP Adjusted Loss | $(0.9) million | | Non-GAAP Adjusted Loss Per Share | $(0.07) | | Cash and Cash Equivalents (as of Mar 31, 2025) | $2.7 million | - Due to deconsolidation effective September 10, 2024, EsoGuard-related revenues are no longer consolidated; PAVmed's management service income from Lucid, totaling **$3.2 million**, is now recorded under Other Income[8](index=8&type=chunk) - Total operating expenses for Q1 2025 were approximately **$5.5 million**, which includes **$1.0 million** in stock-based compensation[8](index=8&type=chunk) [PAVmed Non-GAAP Measures](index=3&type=section&id=PAVmed%20Non-GAAP%20Measures) The company uses non-GAAP measures like EBITDA and adjusted loss to provide greater transparency into its core operational performance - Management provides non-GAAP financial measures, including EBITDA and non-GAAP adjusted loss, to offer greater transparency for analyzing financial performance and operational decision-making[9](index=9&type=chunk) - Non-GAAP adjusted loss further adjusts EBITDA by excluding items like **stock-based compensation**, loss on issuance of convertible securities, and periodic changes in fair value of convertible securities[9](index=9&type=chunk) - The purpose of these non-GAAP measures is to help investors understand the impact of non-cash charges and to enhance the comparability of financial results against prior periods[9](index=9&type=chunk) [Condensed Consolidated Statement of Operations (Unaudited)](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Operations%20(Unaudited)) Q1 2025 operations show a shift to net income driven by other income, with a significantly narrowed non-GAAP adjusted loss year-over-year Condensed Consolidated Statement of Operations (in thousands) | | For the three months ended March 31, | | :--- | :---: | :---: | | | **2025** | **2024** | | Revenue | $8 | $1,010 | | Operating expenses | $5,454 | $15,046 | | Other (Income) Expense | $(24,069) | $4,476 | | Net (Income) Loss | $(18,623) | $18,512 | | Net income (loss) attributable to common stockholders | $17,695 | $(22,788) | Reconciliation to Non-GAAP Adjusted Loss (in thousands) | | For the three months ended March 31, | | :--- | :---: | :---: | | | **2025** | **2024** | | Net income (loss) as reported | $18,968 | $(15,212) | | Adjustments (Depreciation, Interest, etc) | $39 | $400 | | EBITDA | $19,007 | $(14,813) | | Other non-cash/financing adjustments | $(19,917) | $6,198 | | **Non-GAAP adjusted (loss)** | **$(910)** | **$(8,615)** | [Reconciliation of GAAP Operating Expenses to Non-GAAP Net Operating Expenses](index=5&type=section&id=Reconciliation%20of%20GAAP%20Operating%20Expenses%20to%20Non-GAAP%20Net%20Operating%20Expenses) This reconciliation adjusts GAAP operating expenses to non-GAAP net operating expenses by removing non-cash items like stock-based compensation GAAP to Non-GAAP Operating Expense Reconciliation (in thousands) | | For the three months ended March 31, | | :--- | :---: | :---: | | | **2025** | **2024** | | Total operating expenses (GAAP) | $5,454 | $15,046 | | Depreciation and amortization expense | $(43) | $(586) | | Operating expenses issued in stock | $(50) | $(23) | | Stock-based compensation expense | $(930) | $(1,882) | | **Net operating expenses (Non-GAAP)** | **$4,431** | **$12,555** | [About PAVmed and its Subsidiaries](index=5&type=section&id=About%20PAVmed%20and%20its%20Subsidiaries) PAVmed Inc is a commercial-stage medical technology company with operations in medical devices, diagnostics, and digital health - PAVmed is a diversified commercial-stage medical technology company[13](index=13&type=chunk) - Subsidiary **Lucid Diagnostics (NASDAQ: LUCD)** markets the EsoGuard DNA Test and EsoCheck Device for early detection of esophageal precancer[13](index=13&type=chunk) - Subsidiary **Veris Health** is a digital health company focused on personalized cancer care via remote patient monitoring and is developing an implantable physiological monitor[13](index=13&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) This report contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially - The press release contains forward-looking statements that are not historical facts and are subject to risks and uncertainties[17](index=17&type=chunk) - Key risks include **stock price volatility**, **R&D uncertainties**, **regulatory approval challenges**, market acceptance, and the ability to raise additional capital[17](index=17&type=chunk) - The company disclaims any obligation to update forward-looking statements and refers readers to its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for a full description of risks[17](index=17&type=chunk)

Core Insights - PAVmed Inc. has stabilized its corporate structure and balance sheet, positioning itself to execute its strategic vision as a diversified commercial life sciences company with multiple independently-financed subsidiaries [4] - Lucid Diagnostics has recognized $0.8 million in revenue from its EsoGuard® Esophageal DNA Test for the first quarter of 2025, processing a total of 3,034 tests [5] - Veris Health has resumed development of its implantable physiological monitor and is set to launch a commercial partnership with a major cancer center [4][7] Financial Performance - PAVmed ended the first quarter of 2025 with over $40 million in pro forma cash, following stock offerings that netted approximately $30.6 million [7] - For the three months ended March 31, 2025, PAVmed reported revenues of $8,000, a significant decrease from $1,010,000 in the same period of 2024 [11] - The company incurred operating expenses of approximately $5.5 million, which included stock-based compensation expenses of $1.0 million [8] Strategic Initiatives - PAVmed is actively evaluating clinical and late preclinical stage assets to expand into the biopharma sector [4] - The company has launched a campaign targeting gastroenterologists and gained traction in cash-pay concierge medicine and employer markets [7] - An NCI-sponsored study indicated that EsoGuard effectively detects esophageal precancer in at-risk patients, potentially expanding its market opportunity [7] Subsidiary Developments - Lucid Diagnostics is focused on cancer prevention through its EsoGuard® and EsoCheck® products, which are designed for early detection of esophageal precancer [16] - Veris Health is enhancing personalized cancer care through remote patient monitoring and is developing an implantable physiological monitor to interface with its Cancer Care Platform [16]

Part I - Financial Information [Financial Statements](index=3&type=section&id=Item%201%2E%20Financial%20Statements) The company reported a Q1 2025 net income of $17.7 million, reversing a prior-year loss, driven by a significant gain on its Lucid Diagnostics investment and reduced operating expenses [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $52.8 million and stockholders' equity turned positive to $38.9 million, driven by an increased investment value and a significant reduction in liabilities from a debt-for-equity exchange Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash | $2,700 | $1,185 | | Total current assets | $3,638 | $2,164 | | Equity method investment - at fair value | $46,641 | $25,637 | | **Total assets** | **$52,823** | **$30,660** | | **Liabilities & Equity** | | | | Senior Secured Convertible Notes - at fair value | $6,600 | $29,100 | | Total current liabilities | $9,781 | $35,446 | | **Total liabilities** | **$11,891** | **$37,693** | | **Total Stockholders' Equity (Deficit)** | **$38,932** | **($7,033)** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company shifted to a $17.7 million net income in Q1 2025 from a $22.8 million loss in Q1 2024, mainly due to a $21.0 million gain on its Lucid investment and lower operating expenses post-deconsolidation Q1 2025 vs Q1 2024 Statement of Operations (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue | $8 | $1,010 | | Total operating expenses | $5,454 | $15,046 | | Operating loss | ($5,446) | ($14,036) | | Change in fair value - equity method investment | $21,004 | $— | | Management fee income | $3,150 | $— | | Net income (loss) attributable to PAVmed Inc. | $18,968 | ($15,212) | | Net income (loss) per share attributable to common stockholders – basic | $1.28 | ($2.62) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations significantly decreased to $1.6 million from $13.1 million year-over-year, while financing activities provided $3.1 million, ending the quarter with $2.7 million in cash Q1 2025 vs Q1 2024 Cash Flow Summary (in thousands) | Cash Flow Category | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash flows used in operating activities | ($1,581) | ($13,109) | | Net cash flows used in investing activities | ($6) | ($42) | | Net cash flows provided by financing activities | $3,102 | $19,048 | | **Net increase in cash** | **$1,515** | **$5,897** | | **Cash, end of period** | **$2,700** | **$25,536** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes highlight a 'going concern' risk, detail accounting changes from the Lucid Diagnostics deconsolidation, and describe significant debt restructuring and equity financing activities - The company's financial statements raise **substantial doubt about its ability to continue as a going concern** due to recurring losses, negative working capital of $6.1 million, and dependence on raising additional capital[24](index=24&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) - PAVmed ceased consolidating Lucid Diagnostics on September 10, 2024, and now accounts for its investment using the **equity method with a fair value option**, significantly changing its financial presentation[30](index=30&type=chunk)[46](index=46&type=chunk) - In January 2025, the company consummated a debt exchange, satisfying **$27.5 million in senior convertible notes** by issuing 22,347 shares of new Series C Convertible Preferred Stock[78](index=78&type=chunk)[85](index=85&type=chunk)[87](index=87&type=chunk) - The company issued new **Series C Convertible Preferred Stock** with a 7.875% dividend and complex conversion features, a portion of which was temporarily classified as mezzanine equity[115](index=115&type=chunk)[119](index=119&type=chunk)[130](index=130&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202%2E%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the financial impact of the Lucid Diagnostics deconsolidation, strategic priorities for its subsidiaries, and the 'going concern' issue requiring future capital raises [Overview and Recent Developments](index=36&type=section&id=Overview%20and%20Recent%20Developments) The company is focused on supporting its subsidiaries' product commercialization and technology incubation, highlighted by recent regulatory submissions for EsoGuard and multiple financing activities - The company's current strategy is to **raise capital directly into its subsidiaries**, such as Lucid and Veris, to fund product development and commercialization[166](index=166&type=chunk) - Lucid Diagnostics submitted a clinical evidence package to MolDx to secure **Medicare coverage for EsoGuard** and noted positive updates to NCCN Guidelines[168](index=168&type=chunk)[169](index=169&type=chunk) - In February 2025, PAVmed and Veris completed a joint offering, raising **gross proceeds of $2.37 million** for Veris's development and general working capital[175](index=175&type=chunk) - Lucid Diagnostics conducted two separate offerings, raising combined **net proceeds of approximately $31 million** for working capital and general corporate purposes[176](index=176&type=chunk)[177](index=177&type=chunk)[178](index=178&type=chunk) [Results of Operations Comparison (Q1 2025 vs. Q1 2024)](index=39&type=section&id=Results%20of%20Operations%20Comparison) The Q1 2025 versus Q1 2024 comparison shows a sharply lower operating loss due to the deconsolidation of Lucid Diagnostics and a significant unrealized gain on the remaining investment Operating Results Comparison (in millions) | Item | Q1 2025 | Q1 2024 | Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | <$0.1 | $1.0 | ($1.0) | Deconsolidation of Lucid | | Cost of Revenue | <$0.1 | $1.7 | ($1.7) | Deconsolidation of Lucid | | Sales & Marketing | $0.2 | $4.3 | ($4.1) | Deconsolidation of Lucid | | General & Admin | $4.4 | $6.7 | ($2.3) | Deconsolidation of Lucid | | R&D Expenses | $0.8 | $1.9 | ($1.1) | Deconsolidation of Lucid | | Change in fair value of Equity Method Investment | $21.0 | $0.0 | +$21.0 | Unrealized gain on Lucid investment post-deconsolidation | [Liquidity and Capital Resources](index=42&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity position raises 'going concern' doubts, with future operations dependent on cost control, revenue growth, and securing additional capital through recent and planned financing - Management has concluded that recurring losses and negative cash flows raise **substantial doubt about the Company's ability to continue as a going concern** for the next year[203](index=203&type=chunk) - The company's financing strategy is to **obtain capital directly into its subsidiaries** (Lucid, Veris) while retaining flexibility to raise capital at the parent level[202](index=202&type=chunk) - In January 2025, the company **exchanged $22.3 million of its Senior Convertible Notes** for newly created Series C Convertible Preferred Stock, significantly deleveraging its balance sheet[214](index=214&type=chunk) - During Q1 2025, the company issued over 1.2 million shares through its at-the-market (ATM) facility for **net proceeds of approximately $0.8 million**[208](index=208&type=chunk)[211](index=211&type=chunk) [Controls and Procedures](index=46&type=section&id=Item%204%2E%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of the quarter-end, with no material changes to internal controls over financial reporting - The principal executive and financial officers concluded that the company's **disclosure controls and procedures were effective** as of March 31, 2025[232](index=232&type=chunk) - **No material changes** in internal control over financial reporting occurred during the quarter ended March 31, 2025[233](index=233&type=chunk) Part II - Other Information [Legal Proceedings](index=47&type=section&id=Item%201%2E%20Legal%20Proceedings) The company is not currently aware of any pending legal proceedings that would materially impact its financial condition - The Company is not aware of any pending legal proceedings that are **reasonably likely to have a material impact** on the Company[235](index=235&type=chunk) [Other Information](index=47&type=section&id=Item%205%2E%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading plans during the first quarter of 2025 - **No directors or officers adopted or terminated** a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the fiscal quarter ended March 31, 2025[240](index=240&type=chunk) [Exhibits](index=47&type=section&id=Item%206%2E%20Exhibits) This section lists all exhibits filed with the report, including required CEO and CFO certifications - The report includes an index of all filed exhibits, such as material contracts and **Sarbanes-Oxley certifications**[241](index=241&type=chunk)[247](index=247&type=chunk)

Company Overview - PAVmed Inc. is a diversified commercial-stage medical technology company operating in the medical device, diagnostics, and digital health sectors [4] - The company has two subsidiaries: Lucid Diagnostics, which focuses on cancer prevention diagnostics, and Veris Health, which enhances personalized cancer care through remote patient monitoring [4] Upcoming Conference Call - PAVmed will host a business update conference call and webcast on May 15, 2025, at 8:30 AM ET [1] - The call will feature Lishan Aklog, M.D., providing an overview of the company's operations and growth strategy, and Dennis McGrath discussing the first quarter 2025 financial results [1] Access Information - The webcast will be available on the investor relations section of the company's website [2] - U.S.-based callers can join the conference call by dialing 1-800-836-8184, while international listeners should dial 1-646-357-8785 [2] Replay Availability - A replay of the conference call will be available for 30 days on the investor relations section of the company's website [3]

Core Viewpoint - PAVmed Inc. has been upgraded to a Zacks Rank 2 (Buy), indicating a positive trend in earnings estimates which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - Rising earnings estimates for PAVmed suggest an improvement in the company's underlying business, likely leading to increased stock prices [5][10]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks which have averaged a +25% annual return since 1988 [7][9]. - PAVmed's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10]. Earnings Estimate Revisions for PAVmed - For the fiscal year ending December 2025, PAVmed is expected to earn -$1.14 per share, reflecting a 50.9% change from the previous year [8]. - Over the past three months, the Zacks Consensus Estimate for PAVmed has increased by 48.5%, indicating a positive shift in analyst sentiment [8].

PAVmed (PAVM) Q4 2024 Earnings Call March 25, 2025 02:49 PM ET Company Participants Matt Riley - Director - Investor RelationsLishan Aklog - Chairman & CEODennis McGrath - President & CFOMatthew Park - Equity Research Associate Conference Call Participants Jeremy Pearlman - Equity AnalystEdward Woo - Director of Research & Senior Analyst Operator Good morning, and welcome to PAVmed Fourth Quarter twenty twenty four Business Update Conference Call. At this time, all lines are in a listen only mode. Following ...

Financial Data and Key Metrics Changes - PAVmed reported a GAAP net income of approximately $1.3 million or about $0.12 per common share on a diluted basis for the fourth quarter [35] - The company achieved a non-GAAP loss of $688,000, offset by NIH grant proceeds of $900,000 [33] - The deconsolidation of Lucid Diagnostics resulted in a significant net income of $28.4 million before non-controlling interest, reflecting the elimination of Lucid's cumulative historical losses [31] Business Line Data and Key Metrics Changes - Lucid Diagnostics generated $1.2 million in revenue with a test volume of over 4,000 tests, representing a 45% growth quarter-on-quarter [11] - EsoGuard revenue was approximately $1.2 million, with record test volume of 4,042 tests, exceeding the target of 2,500 to 3,000 tests per quarter [11] - PAVmed's management service income from Lucid Diagnostics was $3.2 million for the quarter, reflected in other income [34] Market Data and Key Metrics Changes - Highmark Blue Cross Blue Shield in New York established the first positive commercial insurance coverage policy for EsoGuard, indicating progress in market acceptance [12] - The National Comprehensive Cancer Network updated clinical practice guidelines to include esophageal precancer screening, which may drive positive commercial insurance coverage decisions [12] Company Strategy and Development Direction - PAVmed completed a strategic transformation to solidify its position as a diversified commercial life sciences company with independently financed subsidiaries [9] - The company is focusing on advancing the implantable physiologic monitor and regulatory clearance submission by the end of this year or early next year [16] - PAVmed is actively seeking direct financing for PortIO and engaging with angel investors and strategic partners [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's strong position following the restructuring and the successful completion of strategic initiatives [8] - The company anticipates significant milestones that will drive shareholder value, particularly through Lucid and Veris [82] - Management highlighted the importance of the upcoming FDA clearance for the implantable device, which is expected to enhance commercial potential [16] Other Important Information - PAVmed secured a private placement financing with gross proceeds of $2.4 million at a $35 million pre-money valuation for Veris Health [14] - The company received a $1.8 million NIH grant for Veris, which will support development activities [27] Q&A Session Summary Question: What will the contract with Ohio State look like? - The contract will be a comprehensive commercial and strategic partnership, with Ohio State committing to enroll a substantial portion of patients over the first year [44] Question: What is the timeline for FDA approval of the implantable device? - The submission is expected by the end of this year or early 2026, with a clear understanding of FDA requirements [48] Question: What discussions are happening with other institutions regarding Veris? - Conversations are ongoing with about a dozen cancer centers, but the focus remains on the Ohio State engagement and implantable advancement [56] Question: Are there competing products in the market for Veris? - The competitive landscape is favorable, with Veris' platform specifically designed for cancer patients, differentiating it from generic remote patient monitoring tools [74]