PAVmed(US:PAVM)2024-08-13 22:59Financial Data and Key Metrics Changes - The company reported revenue of approximately $1 million for Q2 2024, which is flat compared to the previous two quarters but reflects a six-fold increase year-over-year [18] - The average quarterly burn rate for the trailing four quarters is $11.6 million, and the company has $25.5 million in cash as of June 30 [14][15] - Non-GAAP loss for Q2 2024 was $7.7 million, showing a $1 million sequential improvement compared to Q1 and a $2.5 million improvement year-over-year [20] Business Line Data and Key Metrics Changes - Lucid Diagnostics' EsoGuard revenue was flat, but test volume increased approximately 31% quarter-on-quarter and 44% year-on-year, marking a record quarter [5][7] - Veris Health is close to securing an independent financing round and has onboarded approximately 26 patients in its pilot program with the Ohio State James Cancer Center [10][6] Market Data and Key Metrics Changes - The company has submitted reimbursement claims for nearly 5,600 claims during the first half of 2024, representing just under $14 million in pro-forma revenue, with 77% adjudicated [22] - The turnaround times for claims have been increasing for the largest payers, with 43% of denied claims deemed not medically necessary [22] Company Strategy and Development Direction - The company aims to strengthen its finances and long-term stability by ensuring each subsidiary is independently financeable [4] - The PMX Incubator is focused on raising capital for PortIO, which addresses a large unmet need in the market [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the progress made in securing financing for Veris Health and the PMX Incubator, with expectations to close on additional financing soon [30][29] - The timeline for FDA submission of the implantable monitor is projected for mid-2025, contingent on securing financing [26] Other Important Information - The company has engaged in a productive meeting with the CMS Medicare Contractor MolDX program, looking to secure Medicare coverage for EsoGuard [5][8] - The company has a pipeline of about a dozen large centers for potential contracts, with active conversations ongoing [24] Q&A Session Summary Question: Can you provide more details on the scale of the pilot launch and timeline for full launch? - The pilot is progressing well, with plans to enroll 100 patients, and is expected to wrap up in several months [23] Question: What is the pipeline for additional contracts with large centers? - There are active conversations with several large centers, and the company expects to secure additional accounts post-pilot completion [24] Question: What is the timeline for FDA submission of the implantable monitor? - The company anticipates submitting for FDA approval by mid-2025, pending financing [26] Question: Have valuations changed significantly for funding? - Valuations depend on individual assets, with positive interest noted for both Veris and PortIO [34]