PAVmed(PAVM) - 2024 Q3 - Quarterly Results

Financial Performance - Lucid reported record EsoGuard revenue of $1.2 million in Q3 2024, a 20% increase sequentially from Q2 2024[5] - GAAP net income attributable to common stockholders was approximately $64.3 million, or $1.44 per diluted share[9] - PAVmed's non-GAAP adjusted loss for Q3 2024 was approximately $5.4 million, or $(0.54) per common share[10] - For the three months ended September 2024, total operating expenses were $12,574, a decrease of 22.4% compared to $16,319 in the same period of 2023[15] - Net operating expenses for the nine months ended September 2024 were $34,992, down 14.9% from $41,099 in the same period of 2023[15] - Sales and marketing expenses for the three months ended September 2024 were $2,920, a decrease of 27.3% from $4,016 in the same period of 2023[15] - Research and development expenses for the three months ended September 2024 were $1,542, a decrease of 51.2% compared to $3,161 in the same period of 2023[15] Operational Highlights - A total of 2,787 commercial EsoGuard tests were performed in Q3 2024, with over 1,400 tests conducted in October alone, marking the largest three-month total in the company's history[5] - Lucid's ESOGUARD BE-1 clinical validation study has been accepted for peer-reviewed publication, completing the clinical evidence package for Medicare coverage submission[6] - PAVmed completed the deconsolidation of Lucid from its balance sheet on September 10, 2024, as part of efforts to regain compliance with Nasdaq listing standards[8] - PAVmed has until January 31, 2025, to regain compliance with Nasdaq listing standards through a proposed exchange of $25 million of convertible debt into preferred equity[8] Research and Development - Veris Health received a $1.8 million NIH grant to optimize its Cancer Care Platform in partnership with an academic cancer center[7] - The company operates in the medical device, diagnostics, and digital health sectors, with subsidiaries focused on cancer prevention and personalized cancer care[16] - Lucid Diagnostics markets the EsoGuard Esophageal DNA Test and EsoCheck Esophageal Cell Collection Device, the first tools for early detection of esophageal precancer[16] - Veris Health is developing an implantable physiological monitor to enhance personalized cancer care through remote patient monitoring[16] Risk Management - The company faces risks related to stock price volatility, regulatory approvals, and market acceptance of its products[18] - PAVmed and its subsidiaries are committed to advancing their products through research and development despite inherent uncertainties[18] - The company has a proactive approach to managing risks and uncertainties that may affect future operations[18]