PAVmed(PAVM) - 2024 Q1 - Quarterly Results

PAVmed Q1 2024 Business Update and Financial Results Business Update PAVmed reported significant progress across its subsidiaries, focusing on driving value through Lucid, Veris, and the PMX Incubator - PAVmed's updated strategy is to drive shareholder value through its independently-financed subsidiaries (Lucid, Veris, and PMX Incubator) that utilize a shared infrastructure[4] Lucid Diagnostics Highlights Lucid Diagnostics reported 124% YoY revenue growth, secured $29.8 million in financing, and advanced key clinical milestones | Metric | Value | Change (YoY) | | :--- | :--- | :--- | | Q1 2024 EsoGuard Revenue | $1.0 million | +124% vs Q1 2023 | - Strengthened its balance sheet by completing a $29.8 million Series B Preferred Stock Offering, providing runway through key reimbursement milestones[4][5] - Secured a critical MolDX pre-submission meeting for July 17, 2024, to review data for technical assessment under its foundational LCD[8] - Published positive data from a landmark National Cancer Institute (NCI)-sponsored clinical validation study, strengthening clinical data for payor engagement[8] Veris Health and PMX Incubator Highlights Veris Health advanced its cancer care platform pilot while the PMX incubator actively seeks capital for its portfolio companies - Veris Health completed a Memorandum of Understanding (MOU) with The Ohio State's James Cancer Hospital to implement a pilot program for the Veris Cancer Care Platform[8] - Veris has a clear path to FDA clearance for its implantable monitor, which is contingent on securing additional financing[8] - The PMX incubator is actively seeking to raise capital for PortIO Corp. and other technologies including EsoCure and CarpX[8] Financial Results The company reported $1.0 million in Q1 revenue, a GAAP net loss of $22.8 million, and an improved non-GAAP adjusted loss of $8.6 million Q1 2024 Key Financial Metrics Q1 revenue more than doubled to $1.01 million YoY, operating expenses decreased, and the cash position strengthened to $25.5 million | Financial Metric (in thousands, except per-share) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Revenue | $1,010 | $446 | | Operating Expenses | $15,046 | $20,847 | | Net Loss Attributable to Common Stockholders | $(22,788) | $(18,005) | | Net Loss per Common Share | $(2.62) | $(2.78) | | Balance Sheet Item | As of Mar 31, 2024 | As of Dec 31, 2023 | | :--- | :--- | :--- | | Cash and Cash Equivalents | $25.5 million | $19.6 million | Non-GAAP Financial Measures The company uses non-GAAP measures to provide transparency, reporting an improved adjusted loss of $8.6 million for Q1 2024 - Management uses non-GAAP financial measures like EBITDA and non-GAAP adjusted loss to provide greater transparency and analyze underlying operational performance by excluding certain non-cash and financing-related expenses[7][8] | Non-GAAP Reconciliation (in thousands, except per-share) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Loss | $(18,512) | $(22,214) | | Non-GAAP Adjusted (Loss) | $(8,638) | $(11,169) | | Non-GAAP Adjusted (Loss) per Share | $(0.99) | $(1.73) | | Operating Expense Reconciliation (in thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total Operating Expenses (GAAP) | $15,046 | $20,847 | | Stock-based compensation expense | $(1,882) | $(4,419) | | Depreciation and amortization expense | $(586) | $(727) | | Net Operating Expenses (Non-GAAP) | $12,578 | $14,988 | About PAVmed and its Subsidiaries PAVmed is a commercial-stage med-tech company with subsidiaries focused on esophageal cancer diagnostics and digital cancer care - PAVmed is a diversified commercial-stage medical technology company[12] - Its subsidiary, Lucid Diagnostics, markets the EsoGuard Esophageal DNA Test and EsoCheck Esophageal Cell Collection Device for early detection of esophageal precancer[12] - Its subsidiary, Veris Health, is a digital health company focused on personalized cancer care through remote patient monitoring with implantable sensors[12] Forward-Looking Statements The press release contains forward-looking statements subject to inherent risks and uncertainties that could affect actual results - The press release includes forward-looking statements that involve risks and uncertainties and are not historical facts[16] - Potential risks include stock price volatility, economic conditions, R&D uncertainties, regulatory hurdles, and market acceptance of products[16]