PAVmed(PAVM) - 2025 Q2 - Quarterly Results

Introduction This section introduces PAVmed Inc., its subsidiaries, and outlines the Q2 2025 conference call details Company Overview PAVmed Inc. is a diversified commercial-stage medical technology company operating in the medical device, diagnostics, and digital health sectors, with key subsidiaries Lucid Diagnostics Inc. and Veris Health Inc - PAVmed Inc. (NASDAQ: PAVM) is a diversified commercial-stage medical technology company, operating in the medical device, diagnostics, and digital health sectors[2] - Key subsidiaries include Lucid Diagnostics Inc. (NASDAQ: LUCD) and Veris Health Inc[2] Conference Call and Webcast A conference call and webcast were held on August 14, 2025, at 8:30 AM EDT to discuss the business update and financial results. A replay will be available for 30 days on the company's investor relations website - Conference call and webcast held on Thursday, August 14, 2025, at 8:30 AM EDT[1][3] - A replay will be available for 30 days on the investor relations section of the Company's website[4] Business Update Highlights This section highlights PAVmed's corporate strategy and key updates for Lucid Diagnostics and Veris Health PAVmed Corporate Strategy PAVmed has stabilized its corporate structure, strengthened its balance sheet, and is positioned to advance as a diversified commercial life sciences company. It operates with multiple independently-financed subsidiaries under a shared services model and actively evaluates new opportunities to leverage its platform - PAVmed has stabilized its corporate structure, strengthened its balance sheet, and is positioned to advance its vision as a diversified commercial life sciences company[5] - Operates with multiple independently-financed subsidiaries under a shared services model[5] - Remains actively engaged in evaluating new opportunities to leverage its shared services model and further diversify its portfolio[5][8] Lucid Diagnostics Updates Lucid Diagnostics processed 2,756 EsoGuard tests and recognized $1.2 million in revenue for Q2 2025. The company secured a Contractor Advisory Committee (CAC) meeting for Medicare LCD, strengthened its balance sheet with a $16.1 million public offering, initiated commercial insurance coverage, and partnered with Hoag for a comprehensive testing program Lucid Diagnostics Q2 2025 Key Metrics | Metric | Value | | :-------------------------------- | :---------- | | EsoGuard Tests Processed (2Q25) | 2,756 | | EsoGuard Esophageal DNA Test Revenue (2Q25) | $1.2 million | - MolDX-participating Medicare Administrative Contractors (MACs) to convene a Contractor Advisory Committee (CAC) meeting on September 4, 2025, regarding Medicare LCD for EsoGuard[8] - Strengthened balance sheet with an underwritten public offering of common stock, netting approximately $16.1 million in proceeds, extending runway into 2026[8] - Initiated patient testing and billing under the first positive commercial insurance coverage policy for EsoGuard from Highmark Blue Cross Blue Shield, effective May 26, 2025, and partnered with Hoag to launch a comprehensive EsoGuard esophageal precancer testing program[8] Veris Health Updates Veris Health completed a $2.5 million direct equity financing, supplementing a previous $2.4 million financing, securing sufficient capital for its implantable physiological monitor's development through FDA clearance. It also established a long-term strategic partnership with The Ohio State's James Cancer Hospital, with EHR integration underway and plans for full commercial deployment and expansion into AI-enabled clinical decision support - Completed a $2.5 million direct equity financing, supplementing a previous $2.4 million financing, now sufficiently capitalized to fund development of its implantable physiological monitor through FDA clearance[8] - Completed a long-term strategic partnership with The Ohio State's James Cancer Hospital; integration with the hospital's electronic health record (EHR) system is in process, with full commercial deployment to commence thereafter[8] - Advancing long-term strategic plan, which includes refining its commercial strategy, expanding commercial operations following FDA clearance, and broadening its scope of offering to include AI-enabled clinical decision support[8] Financial Results This section presents PAVmed's Q2 2025 GAAP and non-GAAP financial results, including statements and reconciliations Summary of Q2 2025 Financials (GAAP) For the three months ended June 30, 2025, PAVmed reported operating expenses of approximately $4.7 million, including $0.2 million in stock-based compensation, and a GAAP net loss attributable to common stockholders of approximately $13.3 million, or $(0.74) per diluted common share. Cash and cash equivalents significantly increased to $4.0 million as of June 30, 2025, from $1.2 million at December 31, 2024 PAVmed Q2 2025 GAAP Financial Summary | Metric | Value (approx.) | | :------------------------------------ | :-------------- | | Operating Expenses | $4.7 million | | Stock-based Compensation (included) | $0.2 million | | GAAP Net Loss Attributable to Common Stockholders | $13.3 million | | GAAP Net Loss Per Common Share (diluted) | $(0.74) | Cash and Cash Equivalents Trend | Date | Cash and Cash Equivalents | | :------------- | :------------------------ | | June 30, 2025 | $4.0 million | | December 31, 2024 | $1.2 million | - The unaudited financial results for the three and six months ended June 30, 2025, were filed with the SEC on Form 10-Q on August 14, 2025[10] Non-GAAP Financial Measures Explanation PAVmed provides non-GAAP financial measures, including EBITDA and non-GAAP adjusted loss, to offer greater transparency into its financial performance. These measures adjust GAAP results for non-cash items like stock-based compensation, fair value changes of convertible securities, and debt extinguishment, aiming to provide a clearer view of core operating results and enhance comparability - Non-GAAP financial measures (EBITDA and non-GAAP adjusted loss) are provided to supplement GAAP results and enhance transparency for financial performance analysis and operational decision-making[10] - These measures adjust for stock-based compensation expense, loss on issuance or modification of convertible securities, periodic change in fair value of convertible securities, and loss on debt extinguishment[10] - Non-GAAP measures are not recognized under U.S. GAAP and are not intended to be a substitute for, or superior to, GAAP financial measures[10] Condensed Consolidated Statement of Operations (Unaudited) The unaudited condensed consolidated statement of operations shows a significant decrease in revenue and operating expenses for Q2 2025 compared to Q2 2024. The GAAP net loss per common share improved, and the non-GAAP adjusted loss also saw a substantial reduction Condensed Consolidated Statement of Operations (Unaudited) - Q2 2025 vs Q2 2024 | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | | :--------------------------------------------- | :------ | :------ | | Revenue | $6 | $979 | | Operating expenses | $4,721 | $14,663 | | Net income (loss) per common share, diluted | $(0.74) | $(1.19) | | Net income (loss) attributable to common stockholders | $(13,308) | $(10,908) | | Non-GAAP adjusted (loss) | $(845) | $(7,651) | | Non-GAAP adjusted (loss) income per share, basic and diluted | $(0.05) | $(0.84) | - Revenue decreased from $979 thousand in Q2 2024 to $6 thousand in Q2 2025[12] - Operating expenses decreased from $14,663 thousand in Q2 2024 to $4,721 thousand in Q2 2025[12] Reconciliation of GAAP Operating Expenses to Non-GAAP Net Operating Expenses The reconciliation details adjustments made to GAAP operating expenses to arrive at non-GAAP net operating expenses. For Q2 2025, total operating expenses were $4.721 million, which, after adjustments for depreciation, amortization, stock-based compensation, and stock-issued operating expenses, resulted in non-GAAP net operating expenses of $4.484 million Reconciliation of GAAP Operating Expenses to Non-GAAP Net Operating Expenses (Q2 2025 vs Q2 2024) | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | | :-------------------- | :------ | :------ | | Total operating expenses | $4,721 | $14,663 | | Depreciation and amortization expense | $(22) | $(305) | | Operating expenses issued in stock | $(53) | $(140) | | Stock-based compensation expense | $(162) | $(1,904) | | Net operating expenses | $4,484 | $12,314 | - Total operating expenses decreased from $14,663 thousand in Q2 2024 to $4,721 thousand in Q2 2025[14] - Stock-based compensation expense decreased from $1,904 thousand in Q2 2024 to $162 thousand in Q2 2025[14] About PAVmed and its Subsidiaries This section provides an overview of PAVmed Inc. and its key subsidiaries, Lucid Diagnostics and Veris Health PAVmed Inc. Overview PAVmed Inc. is a diversified commercial-stage medical technology company engaged in the medical device, diagnostics, and digital health sectors - PAVmed Inc. is a diversified commercial-stage medical technology company operating in the medical device, diagnostics, and digital health sectors[15] Lucid Diagnostics Inc. Overview Lucid Diagnostics Inc. is a commercial-stage cancer prevention medical diagnostics company, offering the EsoGuard Esophageal DNA Test and EsoCheck Esophageal Cell Collection Device for widespread early detection of esophageal precancer - Lucid Diagnostics Inc. is a commercial-stage cancer prevention medical diagnostics company[15] - Markets the EsoGuard Esophageal DNA Test and EsoCheck Esophageal Cell Collection Device—the first and only commercial tools for widespread early detection of esophageal precancer[15] Veris Health Inc. Overview Veris Health Inc. is a digital health company focused on enhanced personalized cancer care through remote patient monitoring, utilizing implantable biologic sensors with wireless communication and developing an implantable physiological monitor - Veris Health Inc. is a digital health company focused on enhanced personalized cancer care through remote patient monitoring[15] - Utilizes implantable biologic sensors with wireless communication along with a custom suite of connected external devices[15] - Concurrently developing an implantable physiological monitor, designed to be implanted alongside a chemotherapy port, which will interface with the Veris Cancer Care Platform[15] Forward-Looking Statements This section contains forward-looking statements based on current beliefs and expectations, which are subject to various risks and uncertainties. These risks, detailed in the company's SEC filings, could cause actual results to differ materially from those projected. The company disclaims any obligation to publicly update or revise these statements - This press release includes forward-looking statements that involve risks and uncertainties, based upon the current beliefs and expectations of PAVmed's and Lucid's management[19] - Risks and uncertainties that may cause actual results to differ include volatility in stock price, general economic and market conditions, R&D uncertainties, regulatory clearances, market acceptance, funding needs, and other competitive developments[19] - PAVmed and Lucid disclaim any intention or obligation to publicly update or revise any forward-looking statement[19] Investor and Media Contact Contact information for investor and media inquiries is provided for Matt Riley, representing PAVmed and Lucid Diagnostics - Matt Riley is the Investor and Media Contact for PAVmed and Lucid Diagnostics[20] - Contact email: mjr@pavmed.com[20]