PAVmed strengthened its capital structure and relaunched its medical device portfolio under new leadership
Veris Health advanced strategic partnership with OSU and progressed implantable physiological monitor toward FDA submission
Lucid Diagnostics expanded EsoGuard healthcare system access and clinical evidence base
Conference call and webcast to be held today, March 30, at 8:30 AM EST
NEW YORK, March 30, 2026 /PRNewswire/ -- PAVmed Inc. $(PAVM)$ ("PAVmed" or the "Company"), a diversified commercial-stage medical technology company, operating in the medical device, diagnostics, and digital health sectors, today provided a business update for the Company and its subsidiaries, Lucid Diagnostics Inc. (NASDAQ: LUCD) ("Lucid") and Veris Health Inc. ("Veris"), and reported financial results for the fourth quarter and year ended December 31, 2025.
Conference Call and Webcast
The webcast will take place on Monday, March 30, 2026, at 8:30 AM and is accessible in the investor relations section of the Company's website at pavmed.com. Alternatively, to access the conference call by telephone, U.S.-based callers should dial 1-800-836-8184 and international listeners should dial 1-646-357-8785. All listeners should provide the operator with the conference call name "PAVmed Business Update" to join.
Following the conclusion of the conference call, a replay will be available for 30 days on the investor relations section of the Company's website at pavmed.com.
Business Update Highlights
"Over the past two years, we've undertaken a series of deliberate, systematic actions to fix PAVmed's legacy capital structure and strengthen its balance sheet," said Lishan Aklog, M.D., PAVmed's Chairman and Chief Executive Officer. "This process is now complete and we believe PAVmed is exceptionally well positioned to execute on its founding mission -- to operate as a high-growth diversified commercial life sciences company with multiple independently financed subsidiaries operating under a shared services model. Veris is now well underway in the commercial phase of its strategic engagement with OSU-The James while progressing its implantable physiological monitor toward FDA submission. Lucid continues to maintain a strong commercial foundation as it approaches transformative Medicare coverage for EsoGuard. We have also relaunched PAVmed's medical device portfolio under experienced leadership and completed the licensing of our endoscopic esophageal imaging technology from Duke University, adding another potential growth engine to our pipeline."
Highlights from the fourth quarter and recent weeks:
-- PAVmed strengthened its balance sheet through the completion of a $30
million Series D preferred stock offering and a $15 million senior
secured note financing. A portion of the proceeds from these activities
was used to eliminate all previously outstanding convertible securities,
removing a significant legacy capital structure overhang and extending
the Company's cash runway. In addition, the Company issued $30 million in
Series D warrants, which are callable upon the publication of a draft CMS
coverage policy for Lucid's EsoGuard Esophageal DNA Test.
-- PAVmed relaunched its medical device portfolio and appointed industry
veteran Joseph Virgilio as Chief Business Officer of Medical Devices to
oversee development and commercialization of its current and future
device portfolio, including the PortIO implantable intraosseous vascular
access device and endoscopic esophageal imaging technology licensed from
Duke University.
-- Veris advanced its strategic engagement with The Ohio State University's
James Cancer Hospital, with the commercial phase well underway and full
integration with the hospital's electronic health record (EHR) system now
complete.
-- Veris is engaged with its development and manufacturing partner for its
implantable physiological monitor, supporting a planned late 2026 FDA
510(k) submission.
-- Lucid Diagnostics announced fourth quarter and full year 2025 financial
results and key business developments, including:
-- Recognized $1.5 million in EsoGuard$(R)$ Esophageal DNA Test revenue
for 4Q25 and processed 3,664 EsoGuard tests.
-- Awarded U.S. Department of Veterans Affairs (VA) contract for
EsoGuard, expanding access across the nation's largest integrated
healthcare system serving approximately nine million veterans.
-- Announced positive data from the largest reported real-world
experience of esophageal precancer detection, evaluating Lucid's
EsoGuard and EsoCheck(R) Esophageal Cell Collection Device in
nearly 12,000 at-risk patients.
Financial Results:
-- For the three months ended December 31, 2025, Operating expenses were
approximately $6.9 million which include stock-based compensation
expenses of $0.3 million. GAAP net loss attributable to common
stockholders was approximately $1.8 million, or $(2.05) per common share
on a diluted basis.
-- As shown below and for the purpose of illustrating the effect of
stock-based compensation and other non-cash income and expenses on the
Company's financial results, the Company's non-GAAP adjusted loss was
approximately $0.9 million or $(1.05) per common share.
-- PAVmed had cash and cash equivalents of $1.5 million as of December 31,
2025, compared to $1.2 million as of December 31, 2024.
-- The audited financial results for the year ended December 31, 2025 were
filed with the SEC on Form 10-K on March 27, 2026, and are available
at www.pavmed.com or www.sec.gov.
PAVmed Non-GAAP Measures
-- To supplement our financial results presented in accordance with U.S.
generally accepted accounting principles (GAAP), management provides
certain non-GAAP financial measures of the Company's financial results.
These non-GAAP financial measures include net loss before interest, taxes,
depreciation, and amortization (EBITDA) and non-GAAP adjusted loss, which
further adjusts EBITDA for stock-based compensation expense, loss on the
issuance or modification of convertible securities, the periodic change
in fair value of convertible securities, and loss on debt extinguishment.
The foregoing non-GAAP financial measures of EBITDA and non-GAAP adjusted
loss are not recognized terms under U.S. GAAP.
-- Non-GAAP financial measures are presented with the intent of providing
greater transparency to the information used by us in our financial
performance analysis and operational decision-making. We believe these
non-GAAP financial measures provide meaningful information to assist
investors, shareholders, and other readers of our financial statements in
making comparisons to our historical financial results and analyzing the
underlying performance of our results of operations. These non-GAAP
financial measures are not intended to be, and should not be, a
substitute for, considered superior to, considered separately from, or as
an alternative to, the most directly comparable GAAP financial measures.
-- Non-GAAP financial measures are provided to enhance readers' overall
understanding of our current financial results and to provide further
information for comparative purposes. Management believes the non-GAAP
financial measures provide useful information to management and investors
by isolating certain expenses, gains, and losses that may not be
indicative of our core operating results and business outlook.
Specifically, the non-GAAP financial measures include non-GAAP adjusted
loss, and its presentation is intended to help the reader understand the
effect of the loss on the issuance or modification of convertible
securities, the periodic change in fair value of convertible securities,
the loss on debt extinguishment and the corresponding accounting for
non-cash charges on financial performance. In addition, management
believes non-GAAP financial measures enhance the comparability of results
against prior periods.
-- A reconciliation to the most directly comparable GAAP measure of all
non-GAAP financial measures included in this press release for the three
months and year ended December 31, 2025 and 2024 are as follows:
Condensed Consolidated Statement of Operations (Unaudited)
For the three months ended For the year ended
December 31, December 31,
2025 2024 2025 2024
---------------- -------------- --------------- ---------------
(in thousands
except per-share
amounts)
Revenue $ 52 $ 10 $ 71 $ 2,995
Operating expenses 6,853 5 198 21,877 47,482
Other (Income)
Expense (4,046) (6 330) (19,337) (72,914)
---------------- -------------- --------------- ---------------
Net (Income) Loss 2,755 (1,142) 2,469 (28,427)
---------------- -------------- --------------- ---------------
Net income (loss)
per common share,
diluted $ (2.05) $ 3.60 $ (5.63) $ 14.90
Net income (loss)
attributable to
common
stockholders (1,832) 1,346 (3,774) 31,966
Preferred Stock
dividends and
deemed dividends 569 85 4,175 7,825
---------------- -------------- --------------- ---------------
Net income (loss)
as reported (1,263) 1,431 401 39,791
Adjustments:
Depreciation and
amortization
expense(1) 18 69 105 1,198
Interest expense,
net(2) -- 4 (8) (209)
NCI ownership share
of Interest and
Depreciation
adjustments (715) -- (715) (229)
---------------- -------------- --------------- ---------------
EBITDA (1,960) 1,504 (217) 40,551
Other non-cash or
financing related
expenses:
Stock-based
compensation
expense(3) 232 733 1,707 6,449
Operating expenses
issued in
stock(1) 350 150 505 598
Gain on
deconsolidation of
subsidiary -- -- -- (72,287)
Change in FV equity
method
investments (2,504) (125) (8,483) (532)
Change in FV
convertible
debt(2) 2,940 (2,950) 3,249 (462)
Loss on debt
extinguishment(2) -- -- 58 2,535
Debt modification
expense -- -- -- 2,000
NCI ownership share
of non-GAAP
adjustments -- -- -- (1,262)
---------------- -------------- --------------- ---------------
Non-GAAP adjusted
(loss) $ (942) $ (688) $ (3,141) $ (22,410)
================ ============== =============== ===============
Non-GAAP shares
outstanding, basic
and diluted 893 361 670 322
Non-GAAP adjusted
(loss) income per
share, basic and
diluted $(1.05) $(1.91) $(4.69) $(69.51)
(1) Included in general and administrative expenses in the financial
statements.
(2) Included in other income and expenses.
(3) Stock-based compensation ("SBC") expense is included in operating expenses
and is detailed as follows in the table below by category within operating
expenses for the non-GAAP Net operating expenses:
Reconciliation of GAAP Operating Expenses to Non-GAAP Net Operating Expenses
(in thousands
except per-share For the three months ended For the year ended
amounts) December 31, December 31,
2025 2024 2025 2024
-------------- ---------------- -------------- --------------
Cost of revenue $ 86 $ 48 $ 218 $ 4,840
Stock-based
compensation
expense(3) -- -- -- (112)
-------------- ---------------- -------------- --------------
Net cost of
revenue 86 48 218 4,728
============== ================ ============== ==============
Amortization of
acquired
intangible
assets -- -- -- 559
Sales and
marketing 249 155 917 11,627
Stock-based
compensation
expense(3) (2) (18) (61) (1,100)
-------------- ---------------- -------------- --------------
Net sales and
marketing 247 137 856 10,527
============== ================ ============== ==============
General and
administrative 4,691 4,188 16,250 24,524
Depreciation
expense (18) (69) (105) (639)
Operating
expenses issued
in stock (350) (150) (505) (598)
Stock-based
compensation
expense(3) (207) (653) (1,483) (4,370)
-------------- ---------------- -------------- --------------
Net general and
administrative 4,116 3,316 14,157 18,917
============== ================ ============== ==============
Research and
development 1,827 807 4,492 5,932
Stock-based
compensation
expense(3) (23) (62) (163) (867)
-------------- ---------------- -------------- --------------
Net research and
development 1,804 745 4,329 5,065
============== ================ ============== ==============
Total operating
expenses 6,853 5,198 21,877 47,482
Depreciation and
amortization
expense (18) (69) (105) (1,198)
Operating
expenses issued
in stock (350) (150) (505) (598)
Stock-based
compensation
expense(3) (232) (733) (1,707) (6,449)
-------------- ---------------- -------------- --------------
Net operating
expenses $ 6,253 $ 4,246 $ 19,560 $ 39,237
============== ================ ============== ==============
About PAVmed and its Subsidiaries
PAVmed Inc. is a diversified commercial-stage medical technology company operating in the medical device, diagnostics, and digital health sectors. Its subsidiary, Lucid Diagnostics Inc. (NASDAQ: LUCD), is a commercial-stage cancer prevention medical diagnostics company that markets the EsoGuard(R) Esophageal DNA Test and EsoCheck(R) Esophageal Cell Collection Device--the first and only commercial tools for widespread early detection of esophageal precancer to mitigate the risks of esophageal cancer deaths. Its other subsidiary, Veris Health Inc., is a digital health company focused on enhanced personalized cancer care through remote patient monitoring using implantable biologic sensors with wireless communication along with a custom suite of connected external devices. Veris is concurrently developing an implantable physiological monitor, designed to be implanted alongside a chemotherapy port, which will interface with the Veris Cancer Care Platform.
For more and for more information about PAVmed, please visit pavmed.com.
For more information about Lucid Diagnostics, please visit luciddx.com.
For more information about Veris Health, please visit verishealth.com.
Forward-Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are any statements that are not historical facts. Such forward-looking statements, which are based upon the current beliefs and expectations of PAVmed's and Lucid's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Risks and uncertainties that may cause such differences include, among other things, volatility in the price of PAVmed's and Lucid's common stock; general economic and market conditions; the uncertainties inherent in research and development, including the cost and time required to advance PAVmed's and Lucid's products to regulatory submission; whether regulatory authorities will be satisfied with the design of and results from PAVmed's and Lucid's clinical and preclinical studies; whether and when PAVmed's and Lucid's products are cleared by regulatory authorities; market acceptance of PAVmed's and Lucid's products once cleared and commercialized; PAVmed's and Lucid's ability to raise additional funding as needed; and other competitive developments. In addition, new risks and uncertainties may arise from time to time and are difficult to predict. For a further list and description of these and other important risks and uncertainties that may affect PAVmed's and Lucid's future operations, see Part I, Item 1A, "Risk Factors," in PAVmed's and Lucid's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as the same may be updated in Part II, Item 1A, "Risk Factors" in any Quarterly Report on Form 10-Q filed by PAVmed or Lucid after its most recent Annual Report. PAVmed and Lucid disclaim any intention or obligation to publicly update or revise any forward-looking statement to reflect any change in its expectations or in events, conditions, or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements.
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SOURCE PAVmed Inc.
(END) Dow Jones Newswires
March 30, 2026 08:00 ET (12:00 GMT)
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