PAVmed(PAVM)2024-11-14 20:49Financial Data and Key Metrics Changes - PAVmed reported a significant transformation in its financial structure due to the deconsolidation of Lucid Diagnostics, which resulted in a substantial reduction of the shareholder deficit from 61 million for the third quarter, primarily due to the elimination of Lucid's cumulative historical losses, leading to a positive primary EPS of 1.44 [21][22] Business Line Data and Key Metrics Changes - Lucid Diagnostics reported record revenue in the third quarter, with a 20% increase quarter-on-quarter, and completed the ESOGUARD BE-1 clinical validation study [8] - Veris Health completed a pilot program with The Ohio State University, receiving a 25.5 million for its 31.3 million shares in Lucid, which is expected to increase as Lucid's stock price rises [18] Company Strategy and Development Direction - PAVmed is positioned as a diversified commercial life sciences company with multiple independently financed subsidiaries, including Lucid Diagnostics and Veris Health, under a shared services model [7] - The company is actively pursuing new assets and technologies to enhance its portfolio, with a focus on innovative medical technologies addressing unmet clinical needs [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the successful restructuring efforts that have stabilized the company's financial footing and positioned it for growth [6][33] - The company anticipates that the funding efforts for Veris and PortIO will drive future operating expenses, with a baseline operating expense expected to remain steady until additional financing is secured [26] Other Important Information - PAVmed has entered into a term sheet with an angel fund for a direct investment in PortIO Corp at a pre-money valuation of 42 million, which is currently undergoing due diligence [17] Q&A Session Summary Question: Learnings from work with The Ohio State - The pilot program with The Ohio State University was successful, leading to discussions for a strategic partnership [25] Question: Future OpEx for PAVmed - Future operating expenses will depend on securing direct financing for Veris and PortIO, with a baseline expected to remain steady [26] Question: Veris program submission timeline - The submission to the FDA may be delayed into the early second half of 2025 due to financing delays [28] Question: Financing for PMX incubator - An angel network is engaged to raise 4 million for PortIO, with the diligence process nearing completion [29] Question: Competitive landscape for The Ohio State pilot - The cancer center has not previously engaged with a digital health platform specific for cancer, making PAVmed's offering unique in this context [31]