PAVmed Provides Q1 2024 Business Update and Financial Results

PAVmed Inc. provides a business update and financial results for the first quarter of 2024, highlighting the progress of its subsidiaries, particularly Lucid Diagnostics, which has made significant commercial progress and is advancing towards profitability. The company's strategy focuses on driving shareholder value through independently-financed subsidiaries that leverage PAVmed's shared infrastructure, with implications for the healthcare industry. This description covers the primary topic (PAVmed's business update and financial results), main entities (PAVmed, Lucid Diagnostics, and other subsidiaries), context (healthcare industry), significant actions (Lucid's commercial progress and profitability), and objective details (financial results and company strategy). This information will guide the AI in creating an accurate and meaningful visual representation of the article's content.

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PAVmed Provides Q1 2024 Business Update and Financial Results

PAVmed Provides Q1 2024 Business Update and Financial Results

PAVmed Inc. (NASDAQ: PAVM, PAVMZ) provided a business update for the company and its subsidiaries, Lucid Diagnostics Inc. (NASDAQ: LUCD) and Veris Health Inc., and presented financial results for the three months ended March 31, 2024. The company will host a conference call and webcast on Tuesday, May 14, 2024, at 8:30 AM ET to discuss the business update and financial results.

"I am very pleased with the strong progress PAVmed's subsidiaries have made on multiple fronts during the first quarter and recent weeks," said Lishan Aklog, M.D., PAVmed's Chairman and Chief Executive Officer. "Lucid, PAVmed's strongest and most advanced asset, is making great commercial progress and continues to successfully finance its operations through long-term fundamental investors. Lucid now has the runway to advance through key reimbursement milestones on the pathway to profitability."

Why this matters: This update showcases the progress of PAVmed's subsidiaries, particularly Lucid Diagnostics, which could have significant implications for the healthcare industry. As Lucid advances towards profitability, it may pave the way for other healthcare companies to follow suit, potentially leading to improved healthcare outcomes and more efficient operations.

For the first quarter of 2024, Lucid Diagnostics reported EsoGuard related revenues of $1.0 million. PAVmed's total operating expenses were approximately $15.0 million, which included stock-based compensation expenses of $1.9 million. The GAAP net loss attributable to common stockholders was approximately $22.8 million, or $(2.62) per common share. On a non-GAAP basis, the adjusted loss was approximately $8.6 million, or $(0.99) per common share.

As of March 31, 2024, PAVmed had cash and cash equivalents of $25.5 million, compared to $19.6 million as of December 31, 2023. The unaudited financial results for the three months ended March 31, 2024 were filed with the SEC on Form 10-Q on May 13, 2024.

PAVmed's overall strategy is to drive shareholder value through independently-financed subsidiaries that leverage PAVmed's shared infrastructure. Veris Health and the PMX Incubator are progressing well in furtherance of this revised strategy. Veris completed a memorandum of understanding with the Ohio State James Cancer Hospital to implement a pilot program enrolling patients onto the Veris Cancer Care platform. The PMX Incubator, launched last quarter in partnership with Hatch Medical, is pursuing financing for its first target, PortIO, which has been created as a separate entity within the incubator.

PAVmed aims to follow the successful Lucid path and seek financing opportunities directly into Veris and the subsidiaries based on PMX technologies and future subsidiaries. The company is actively seeking out new groundbreaking, independently financiable technologies with large market opportunities that are agnostic to sector, to leverage existing PAVmed infrastructure.

Key Takeaways

  • PAVmed provides business update and Q1 2024 financial results.
  • Lucid Diagnostics reports $1.0 million in EsoGuard related revenues.
  • PAVmed's total operating expenses are approximately $15.0 million.
  • Company has $25.5 million in cash and cash equivalents as of March 31, 2024.
  • PAVmed aims to finance subsidiaries independently, following Lucid's path.