Financial Data and Key Metrics Changes - For Q3 2025, revenue increased by 76% to $6.8 million compared to $3.9 million in Q3 2024, and 78% sequentially from Q2 2025 [7][9] - For the nine months ended September 30, 2025, revenue increased by approximately $2.3 million, or 20%, to $13.6 million compared to $11.3 million for the same period in 2024 [9][12] - Gross profit for Q3 2025 increased by approximately $1.6 million to $3.9 million, with gross margin slightly decreasing to 58% from 60% in Q3 2024 [11][12] Business Line Data and Key Metrics Changes - The increase in revenue was driven by a $2.2 million increase in OSA sleep testing services primarily from the Sleep Center of Nevada, and $1.3 million from new treatment centers [8][9] - VIP enrollment revenue from the legacy business model decreased by $800,000, indicating a shift towards the new business model [9][10] Market Data and Key Metrics Changes - The company is currently servicing significantly less than 40% of the potential new patients being tested each month at the Sleep Center of Nevada, indicating substantial growth potential [24] - Over 210,000 OSA patients have been tested and seen by SCN providers since 2019, with many legacy patients potentially seeking alternatives to CPAP [24] Company Strategy and Development Direction - The strategic pivot towards acquiring sleep medical practices and forming alliances is aimed at increasing market penetration and financial returns [19][20] - The establishment of Sleep and Airway Medicine Centers (SAMHSA Centers) is part of the strategy to educate and evaluate patients for treatment options [22][30] Management's Comments on Operating Environment and Future Outlook - Management views Q3 2025 as a watershed quarter, indicating a significant inflection point in the company's ability to monetize its technology for treating sleep-related disorders [16][19] - The company expects revenue growth to outpace expenses as new teams are deployed and operational efficiencies are realized [23][33] Other Important Information - The company has secured $14.2 million in net cash from financing activities, which will support its growth initiatives [13] - General and administrative expenses increased by approximately $5.7 million, primarily due to costs associated with the Sleep Center of Nevada operations [12] Q&A Session Summary Question: How should sales be modeled for the next few quarters? - Management expects top-line revenues to continue to grow as new dental providers and nurse practitioners are added to the teams [35] Question: What is the expected ramp-up time for revenue generation? - A ramp-up period of approximately three to six months is anticipated to reach optimized revenue levels [36] Question: What are the expected contribution margins for SAMHSA operations? - Steady-state operations are expected to yield contribution margins of 50%-60% [38] Question: What is the goal for cash flow break-even? - The goal is to achieve cash flow break-even, with ongoing efforts to manage growth and operational expenses [39] Question: How should investors view the company now and in six months? - Management believes the company has finally found a monetization model that aligns with its technological advantages, indicating strong future growth potential [41][42]

Core Viewpoint - The company, HeFu (China) Medical Technology Co., Ltd., will resume trading of its shares on November 20, 2025, after applying to the Shanghai Stock Exchange [1] Group 1 - The company has conducted a self-inspection and confirmed that its daily operations are normal [1] - There have been no significant changes in the internal and external operating environment of the company [1]

Group 1 - The core point of the article highlights the significant decline in the stock price of Furuya Co., which dropped by 5.06% to 67.91 CNY per share, with a total market value of 17.995 billion CNY, and a cumulative decline of 8.12% over the past five days [1] - Furuya Co. specializes in the production and sales of pharmaceuticals, instrument research and development, and medical services, with its main business revenue composition being 67.57% from equipment and technology, 27.47% from pharmaceuticals, 4.30% from medical services, and 0.65% from other sources [1] - The company is located in Beijing and was established on December 26, 2001, with its listing date on January 20, 2010 [1] Group 2 - The Huatai-PineBridge Fund holds a significant position in Furuya Co., with the Health ETF (516790) owning 46,100 shares, accounting for 2.35% of the fund's net value, ranking as the ninth largest holding [2] - The Health ETF has experienced a floating loss of approximately 166,900 CNY today and a cumulative floating loss of 291,400 CNY over the past five days [2] - The Health ETF was established on August 12, 2021, with a current scale of 146 million CNY, and has reported a year-to-date return of 10.48%, ranking 3661 out of 4216 in its category [2]

2 LISHAN AKLOG, MD Chairman & CEO DENNIS MCGRATH President & CFO Disclaimer Nasdaq: PAVM Q3 2025 Business Update November 13, 2025 ▪ This presentation may contain certain forward-looking statements related to PAVmed Inc. or Lucid Diagnostics Inc. (the "Companies") that involve risks and uncertainties. ▪ Actual results and events may differ significantly from results and events discussed in forward- looking statements. ▪ Factors that might cause or contribute to such differences include, but are not limited ...

Core Insights - The "Digital Health Forum" at the World Internet Conference focuses on the integration of digital technology and public health, emphasizing the transformative role of artificial intelligence (AI) in the healthcare industry [2][3] - The forum highlights China's initiatives to promote AI in healthcare, including the implementation of 24 key applications across various areas such as clinical diagnosis and patient services [2] - The collaboration between Sichuan University West China Hospital and Ant Group aims to enhance healthcare services through AI and big data, promoting proactive health management [3][5] Group 1: Digital Health Integration - The forum discusses the dual integration of digital technology and public health, marking a significant shift in the healthcare landscape driven by AI advancements [2] - Experts agree that AI is becoming a crucial force in medical innovation and healthcare system transformation, particularly in addressing global public health challenges like brain health [2][3] - The Chinese government has issued guidelines to deepen AI applications in healthcare, focusing on infrastructure, data supply, and talent development [2] Group 2: Innovations in Healthcare Management - Sichuan University West China Hospital has developed a smart healthcare system utilizing AI for automatic medical record generation and intelligent imaging interpretation [3] - The hospital plans to implement a new health management model that uses wearable devices to collect health data throughout a person's life, enabling proactive interventions [3] - Ant Group emphasizes the importance of making AI healthcare solutions accessible, aiming to create reliable health management services [3] Group 3: Global Expansion of AI Healthcare Solutions - Sichuan University West China Hospital is collaborating with international medical institutions to advance technology and share successful AI healthcare solutions with Southeast Asia and Africa [5] - The hospital is promoting AI quality control experiences through alliances, remote consultations, and training programs for healthcare professionals in various countries [5] - The development of digital health is seen as an "ecological transformation," reshaping the operational logic of medical institutions and the entire healthcare ecosystem [5]

Group 1 - The core point of the article is that 合富中国 reported a consolidated revenue of RMB 587 million for the period from January to October 2025, which represents a decline of 23.91% compared to the same period last year [1]

Core Viewpoint - Waters Corporation reported a strong Q3 performance with sales of $800 million, an 8% year-over-year increase, exceeding market expectations for both revenue and profit [3][10]. Group 1: Pharmaceutical Market Performance - The pharmaceutical segment experienced a robust demand, achieving an 11% year-over-year growth, with double-digit increases in both the Americas and Asia, while Europe maintained a solid single-digit growth [3][10]. - The Chinese market was a key highlight, with pharmaceutical sales growing over 20% year-over-year, reflecting increased R&D investments from local CDMO and biotech companies [3][10]. - Revenue related to GLP-1 testing doubled globally, driven by the expansion of drug development and production in the Americas and Europe [3][10]. Group 2: Instrument Sales and Innovations - Instrument sales grew by 11% quarter-over-quarter, marking the best performance outside of the pandemic year of 2020, supported by a comprehensive product matrix [7][8]. - The Alliance series HPLC products saw over 300% year-over-year growth, indicating strong user recognition of the platform [8]. - The Xevo™ TQ Absolute series platform grew by 30% year-over-year, bolstered by the market introduction of the new Xevo™ TQ Absolute XR model [8][10]. Group 3: Technological Advancements - Waters is enhancing its core technological advantages in large molecule drug analysis, launching the Xevo™ charge detection mass spectrometer, which offers ten times faster analysis speed and requires only 1% of the sample volume compared to traditional methods [12][18]. - The Empower platform is being upgraded to integrate various technologies, including flow cytometry, to create a unified, compliant data environment, with cloud and AI/ML functionalities expected by 2026 [14][18]. Group 4: Strategic Integration and Long-term Growth - Waters is actively pursuing a merger with BD Biosciences and Diagnostic Solutions, expected to complete in Q1 2026, which will enhance its product portfolio and market access, particularly in high-growth areas like cancer immunotherapy and personalized medicine [17][18]. - The company aims to leverage the merger to accelerate its long-term growth strategy while maintaining high standards of innovation and operational execution [17][18].

Financial Data and Key Metrics Changes - Third quarter 2025 sales reached $2.1 billion, representing a 2.7% increase on an organic basis compared to the prior year and a 0.7% increase on a reported basis [19] - Gross margins were 55.8% of sales, reflecting a 20 basis point sequential reduction primarily due to tariff headwinds [22] - Earnings per share (EPS) was reported at $1.50, exceeding expectations driven by sales outperformance and stronger gross margins [24] Business Line Data and Key Metrics Changes - The MedSurg segment generated $1.2 billion in sales, an increase of 1.1% on an organic basis, with advanced wound care growing by 2.7% [19][20] - Dental solutions sales were $340 million, up 6.5% on an organic basis, driven by back-order improvements and new product launches [21] - Health Information Systems (HIS) segment sales reached $345 million, a 5.6% organic increase, supported by strong performance in revenue cycle management solutions [22] Market Data and Key Metrics Changes - Foreign exchange contributed a 110 basis point benefit to reported growth, while the intra-quarter sale of the Purification & filtration business had a 310 basis point impact on reported growth [19] - The company noted that volume continues to be the main driver of growth, with pricing remaining stable within the expected range of ± 1% [19] Company Strategy and Development Direction - The company is executing a three-phase transformation plan, focusing on commercial restructuring, innovation revitalization, and portfolio optimization [5][9] - The "Transform for the Future" initiative aims to reshape the cost structure and improve operational efficiency while driving innovation [8][29] - The company is positioned to pursue tuck-in M&A opportunities valued under $1 billion in established markets [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate tariff pressures and achieve margin targets despite current challenges [31] - The company is progressing towards its long-range plan goal of 4%-5% growth faster than expected, with continued sales and margin improvement anticipated in 2026 [27][72] - Management highlighted the importance of innovation and commercial infrastructure in driving future growth [50][54] Other Important Information - The company completed the sale of the Purification & filtration business, resulting in a significant debt reduction and improved cash position [24][29] - Free cash flow guidance was updated to $150 million-$250 million due to the divestiture, with expectations for strong cash generation moving forward [28][70] Q&A Session Summary Question: Was the Transform for the Future program initiated early on or a response to tariffs? - Management indicated that the program was always contemplated but was initiated once the company was ready, following restructuring and separation activities [35][36] Question: What is the expected cadence of the $500 million cost for the Transform for the Future program? - The company has not provided specific details on the cadence of the spend, which will depend on various projects [44] Question: How should the market view the guidance for the remainder of the year, particularly in dental? - Management noted that Q4 growth would be impacted by absorbing first-half volume benefits but expected performance to align with previous quarters [47] Question: Were there geographic trends in the dental portfolio? - Management reported no significant regional differences, attributing momentum to new product launches globally [50] Question: Is there visibility on sustaining the underlying growth in dental? - Management expressed confidence in sustaining and potentially improving growth in the dental segment due to strong commercial infrastructure and innovation [54] Question: Why is the tariff impact range still wide? - Management stated that the dynamic environment necessitated maintaining a broader range for tariff impact estimates [55] Question: What are the potential areas of interest for future acquisitions? - The company is actively looking for tuck-in acquisitions under $1 billion in value, focusing on areas where they already operate [76]

Financial Data and Key Metrics Changes - Third quarter 2025 sales reached $2.1 billion, reflecting a 2.7% increase on an organic basis and a 0.7% increase on a reported basis [18] - Gross margins were 55.8% of sales, a 20 basis point sequential reduction, primarily due to tariff headwinds [20] - Earnings per share (EPS) was reported at $1.50, exceeding expectations, driven by sales outperformance and lower net interest expense [22] Business Line Data and Key Metrics Changes - The Med-Surg segment generated $1.2 billion in sales, a 1.1% organic increase, with advanced wound care growing by 2.7% [19] - Dental Solutions segment sales were $340 million, up 6.5% organically, driven by back-order improvements and new product launches [20] - Health Information Systems (HIS) segment sales reached $345 million, a 5.6% organic increase, supported by strong performance in revenue cycle management solutions [20] Market Data and Key Metrics Changes - Stronger-than-expected sales growth was noted in dental and HIS markets, with volume being the main driver of growth [18][20] - The company experienced a 110 basis point benefit from foreign exchange in reported growth [18] Company Strategy and Development Direction - The company is executing a three-phase transformation plan, focusing on commercial restructuring, innovation revitalization, and portfolio optimization [4][8] - The "Transform for the Future" initiative aims to reshape the cost structure and improve operational efficiency while driving innovation [6][27] - The company is targeting tuck-in acquisitions valued under $1 billion to build scale in attractive markets [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate tariff headwinds and achieve long-range plan revenue growth targets faster than expected [4][30] - The company anticipates continued sales and margin improvement in 2026, despite expected tariff pressures [25][71] Other Important Information - The company completed a significant debt reduction of $2.7 billion following the sale of the purification and filtration business, improving its balance sheet [22][28] - Free cash flow guidance was updated to $150-$250 million due to the P&F divestiture, with expectations of $450-$550 million excluding the divestiture impact [26][65] Q&A Session Summary Question: Was the Transform for the Future program initiated early on or a response to tariffs? - Management indicated that the program was always contemplated but was initiated after completing necessary restructuring and separation activities [34] Question: What is the expected cadence of the $500 million cost for the Transform for the Future program? - The $500 million cost is planned over the next four years, with specifics on the cadence not yet provided [43] Question: What factors might affect the fourth quarter growth guidance? - Management noted that the fourth quarter guidance includes absorbing the remaining first-half volume benefits, particularly in infection prevention and surgical solutions [45] Question: Were there geographic trends in the dental portfolio performance? - Management reported no significant geographic differences, attributing momentum to new product launches and a specialized sales organization [49] Question: Was there any tariff-related price uplift in the dental results? - Management stated that pricing remained in line with typical expectations and did not see extraordinary pricing benefits from tariffs [53] Question: How should investors think about margin expansion in 2026? - Management expects continued improvement in margins, but tariffs may exert pressure, which is being addressed through savings initiatives [71]

Financial Data and Key Metrics Changes - Total as-reported revenue grew 10% in the second quarter, with constant currency organic revenue growth of 9% driven by volume and a 210 basis points price increase [4] - Gross margin increased by 60 basis points to 44.3%, while EBIT margin rose 90 basis points to 23.1% of revenue, primarily due to operating expense leverage [4] - Adjusted earnings per diluted share from continuing operations were $2.47, reflecting a 15% increase year-over-year [5] - Free cash flow for the first half of fiscal 2026 was $527.7 million, indicating strong performance driven by increased earnings and improvements in working capital [6] Business Line Data and Key Metrics Changes - In the healthcare segment, constant currency organic revenue grew 9%, with services growing 13% and consumables increasing by 10% [7] - For AST, constant currency organic revenue grew 7%, with services up 13% but capital equipment revenue anticipated to decline [8] - Life sciences saw a 12% increase in constant currency organic revenue, driven by a 39% growth in capital equipment shipments [8] Market Data and Key Metrics Changes - The healthcare capital equipment backlog exceeded $400 million, with orders up 3% year-to-date [7] - Capital equipment backlog in life sciences increased over 50% to $114 million [8] Company Strategy and Development Direction - The company is increasing its revenue growth outlook to approximately 8%-9% for fiscal 2026, with constant currency organic revenue growth now expected to be 7%-8% [9] - The earnings outlook has been revised to a range of $10.15-$10.30, with EBIT margins expected to improve by 10-20 basis points [10] - Free cash flow outlook has been increased by $30 million to $850 million for fiscal 2026, indicating confidence in meeting revised expectations [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth trends, particularly in services, driven by stable volumes from medtech customers and recovery in bioprocessing [14] - The company acknowledged headwinds from tariffs and inflation, estimating a 90 basis point impact from tariffs and 130 basis points from material and labor inflation on margins [17] - Management noted that while there is some noise in customer volume due to manufacturing location shifts, the overall global footprint remains strong [14] Other Important Information - The company highlighted that the strong first half cash flow was due to improved working capital and faster collections [32] - Management indicated that the expansion of capacity in AST is a long-term process, taking two to three years from decision to operational status [38] Q&A Session Summary Question: What drove the second consecutive quarter of double-digit growth in AST services? - Management noted stable volume from medtech customers and recovery in bioprocessing as key drivers, with confidence in the 9%-10% outlook going forward [14] Question: Can you elaborate on the operating margins despite headwinds? - Management confirmed that tariffs and inflation were significant headwinds, with tariffs impacting margins by 90 basis points and material and labor inflation by 130 basis points [17] Question: What is the outlook for healthcare subsegments? - Management expects service growth to remain strong, with consumables performing well and capital equipment growth being a bit of a wild card due to timing [30] Question: How is the company addressing capacity constraints in AST? - Management stated that capacity expansion is a long process, with ongoing and planned expansions to meet demand [38] Question: What is the state of the single-use scopes trend? - Management indicated that while there is a place for single-use scopes, particularly small diameter ones, the bulk of the business remains with large diameter scopes [48]