PAVmed(PAVM) - 2025 Q1 - Quarterly Results

Business Update and Financial Results The company reports strategic business advancements and Q1 2025 financial performance, including key non-GAAP reconciliations Business Update Highlights 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] - 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][8] - 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][8] Lucid Diagnostics Q1 2025 Operational Highlights | Metric | Value | | :--- | :--- | | EsoGuard Test Revenue | $0.8 million | | EsoGuard Tests Processed | 3,034 | Financial Results 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] - Total operating expenses for Q1 2025 were approximately $5.5 million, which includes $1.0 million in stock-based compensation[8] PAVmed Non-GAAP Measures 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] - 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] - 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] Condensed Consolidated Statement of Operations (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 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 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] - Subsidiary Lucid Diagnostics (NASDAQ: LUCD) markets the EsoGuard DNA Test and EsoCheck Device for early detection of esophageal precancer[13] - 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] Forward-Looking Statements 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] - Key risks include stock price volatility, R&D uncertainties, regulatory approval challenges, market acceptance, and the ability to raise additional capital[17] - 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]