PAVmed Provides Business Update and Reports First Quarter 2026 Financial Results

Rhea-AI Summary

PAVmed (NASDAQ:PAVM) reported Q1 2026 results and a business update spanning Lucid Diagnostics (NASDAQ:LUCD) and Veris Health. Revenue was $22 thousand, operating expenses $8.1 million, and GAAP net loss attributable to common stockholders about $7.0 million or $(4.42) per share. Non-GAAP adjusted net loss was $1.9 million or $(1.17) per share. Cash and equivalents rose to $6.5 million from $1.5 million at year-end. Lucid recognized $1.3 million in EsoGuard revenue on 3,177 tests and raised roughly $17 million, ending with $45 million pro forma cash and runway into 2027. Veris advanced its implantable physiological monitor toward a planned FDA 510(k) submission and expanded its commercial engagement with OSU-The James.

Positive

• Quarter-end cash and equivalents increased to $6.5 million from $1.5 million
• Revenue grew to $22 thousand in Q1 2026 from $8 thousand in Q1 2025
• Non-GAAP adjusted net loss limited to $1.9 million or $1.17 per share
• Lucid recorded $1.3 million EsoGuard revenue on 3,177 tests in Q1 2026
• Lucid raised approximately $17 million, ending Q1 with $45 million pro forma cash
• Guideline preview names EsoGuard/EsoCheck as only non-endoscopic test with high certainty of evidence

Negative

• GAAP net loss attributable to common stockholders was approximately $7.0 million
• Operating expenses rose to $8.1 million from $5.5 million year over year
• Non-GAAP adjusted net loss widened to $1.9 million from $0.9 million year over year

News Market Reaction – LUCD

-2.83%

1 alert

-2.83% News Effect

-$5M Valuation Impact

$185.59M Market Cap

0.2x Rel. Volume

On the day this news was published, LUCD declined 2.83%, reflecting a moderate negative market reaction. This price movement removed approximately $5M from the company's valuation, bringing the market cap to $185.59M at that time.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement combines PAVmed’s Q1 2026 financials with updates on Lucid and Veris. It highlight...

Analysis

This announcement combines PAVmed’s Q1 2026 financials with updates on Lucid and Veris. It highlights revenue of $22,000, operating expenses of $8.1M, GAAP net loss attributable to common stockholders of $7.0M, and a reduced non-GAAP adjusted loss of $1.9M. Cash rose to $6.5M, while Lucid’s EsoGuard business generated $1.3M from 3,177 tests and proforma cash of $45M. Investors may track future quarters for loss trends, product uptake, regulatory milestones, and any further use of the $175M shelf.

Key Figures

Revenue: $22,000 Operating expenses: $8,057,000 GAAP net loss (attrib.): $6,988,000 +5 more

8 metrics

Revenue $22,000 PAVmed Q1 2026 revenue vs $8,000 in Q1 2025

Operating expenses $8,057,000 PAVmed Q1 2026 operating expenses

GAAP net loss (attrib.) $6,988,000 Q1 2026 net loss attributable to common stockholders

Non-GAAP adjusted net loss $1,851,000 PAVmed Q1 2026 non-GAAP adjusted loss

Cash & equivalents $6,500,000 PAVmed cash as of March 31, 2026 (vs $1.5M at Dec 31, 2025)

EsoGuard revenue $1,300,000 Lucid EsoGuard revenue for Q1 2026

EsoGuard tests processed 3,177 tests Lucid EsoGuard test volume in Q1 2026

Lucid proforma cash $45,000,000 Lucid proforma cash after underwritten offering, runway into 2027

Previous Earnings Reports

5 past events · Latest: May 14 (Neutral)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 14	Lucid Q1 2026 results	Neutral	+0.0%	Reported Q1 2026 revenue growth but continued sizable GAAP and non-GAAP losses.
Mar 30	PAVmed FY 2025 results	Positive	+2.7%	Outlined 2025 results, new financings, device relaunch, and Lucid/Veris progress.
Mar 26	Lucid Q4 2025 results	Negative	-3.4%	Reported higher EsoGuard revenue but large GAAP and non-GAAP quarterly losses.
Nov 13	PAVmed Q3 2025 results	Positive	-3.6%	Highlighted Lucid revenue growth, Veris launch, and low adjusted loss despite selloff.
Nov 12	Lucid Q3 2025 results	Positive	+6.7%	Showed EsoGuard revenue gains, strong cash from offering, and Medicare coverage progress.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings and business updates for PAVmed/Lucid have typically produced modest single-digit moves, with most reactions aligning to the news tone and only one clear divergence.

Recent Company History

Over the last five earnings-related releases for PAVmed and Lucid, the companies have repeatedly highlighted EsoGuard growth, financing activities, and steps toward Medicare coverage. Prior updates on Nov 12–13, 2025 and Mar 26–30, 2026 mixed revenue gains with sizable losses but were often paired with capital raises and balance sheet actions. The latest Lucid Q1 2026 update on May 14, 2026 showed higher revenue yet persistent losses. Today’s PAVmed Q1 2026 results continue this pattern of operating loss alongside liquidity improvements and product pipeline progress.

Key Terms

ebitda, non-gaap, stock-based compensation, convertible securities, +4 more

8 terms

ebitda financial

"These non-GAAP financial measures include net loss before interest, taxes, depreciation, and amortization (EBITDA) and non-GAAP adjusted loss..."

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

non-gaap financial

"These non-GAAP financial measures include net loss before interest, taxes, depreciation, and amortization (EBITDA) and non-GAAP adjusted loss..."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

stock-based compensation financial

"Operating expenses were approximately $8.1 million which include stock-based compensation expenses of $0.2 million."

Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.

View in glossary

convertible securities financial

"which further adjusts EBITDA for stock-based compensation expense, loss on the issuance or modification of convertible securities..."

Convertible securities are bonds or preferred shares that can be exchanged for a company’s common stock at a predetermined price or under specified conditions. They matter because they combine the steadiness of a loan or fixed dividend with the potential upside of ownership; like a safety‑net that carries a one‑time ticket to become a shareholder, they affect expected returns and can dilute existing stock if converted.

View in glossary

debt extinguishment financial

"the periodic change in fair value of convertible securities, and loss on debt extinguishment."

Debt extinguishment is the process of eliminating a company's obligation to repay borrowed money, whether by paying it off, refinancing it with new borrowing, or settling it for less than the original amount. For investors, it matters because removing or replacing debt changes a business’s cash needs, risk profile and reported profit—much like paying off a mortgage early or refinancing at a different rate alters your monthly budget and long‑term costs.

warrant liability financial

"Change in fair value – warrant liability | | (1,831) | | —"

Warrant liability is the financial obligation a company records when it grants warrants—special options giving the holder the right to buy company shares at a set price in the future. It matters to investors because changes in this liability can affect a company's reported earnings and overall financial health, similar to how a pending contract can influence a company's future value.

510(k) submission regulatory

"ahead of a planned 2026 510(k) submission."

A 510(k) submission is a regulatory packet sent to the U.S. Food and Drug Administration showing a medical device is substantially similar to an already-allowed device so it can be marketed without a full, new safety review. For investors, clearance via 510(k) cuts time and cost to bring a device to market and reduces regulatory risk—think of it as proving a new model is close enough to a trusted one to sell it more quickly.

investor relations technical

"webcast will take place... and is accessible in the investor relations section of the Company's website"

Investor relations is the communication process between a company and its current or potential investors. It involves sharing information about the company's performance, strategies, and outlook to help investors make informed decisions. Effective investor relations build trust and transparency, similar to a clear conversation between a business and someone considering investing, ensuring both parties understand each other's interests and expectations.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Veris Health progressed commercial expansion and advanced implantable physiological monitor development toward FDA submission

Lucid Diagnostics continued building commercial momentum and strengthened its balance sheet ahead of key upcoming reimbursement milestones

PAVmed advanced its relaunched medical device portfolio; evaluation of additional acquisition opportunities ongoing

Conference call and webcast to be held today, May 15, at 8:30 AM EDT

NEW YORK, May 15, 2026 /PRNewswire/ -- PAVmed Inc. (NASDAQ: 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 first quarter ended March 31, 2026.

Conference Call and Webcast

The webcast will take place on Friday, May 15, 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

"PAVmed now has a significantly simplified capital structure and strengthened balance sheet, positioning the Company to focus on execution across our core businesses and evaluate additional asset acquisition opportunities aligned with our long-term growth strategy," said Lishan Aklog, M.D., PAVmed's Chairman and Chief Executive Officer. "Veris continues to expand its commercial engagement with OSU-The James while progressing development of its implantable physiological monitor toward FDA submission, and Lucid continues to build commercial momentum for EsoGuard with a strengthened balance sheet pending Medicare coverage. We are also actively advancing multiple technologies within our relaunched medical device portfolio under Joseph Virgilio's leadership, while increasingly leveraging his experience building and scaling growth-stage businesses."

Highlights from the first quarter and recent weeks:

• Relaunched PAVmed medical device portfolio progressed multiple device opportunities under the leadership of Joseph Virgilio, including the PortIO implantable intraosseous vascular access device and endoscopic esophageal imaging technology licensed from Duke University. In addition to overseeing development and commercialization of the current and future device portfolio, Mr. Virgilio is also assuming broader responsibilities aligned with his experience building and scaling growth-stage medtech businesses.
• Veris continued development of its implantable physiological monitor, with presubmission and testing activities expected to begin soon in support of a planned FDA 510(k) submission.
• Veris further advanced its strategic engagement with The Ohio State University's James Cancer Hospital, with the commercial phase underway, expansion into additional departments in progress, and continued positive clinical and administrative feedback.
• Lucid Diagnostics announced first quarter 2026 financial results and key business developments, including:
  • Recognized $1.3 million in EsoGuard^® Esophageal DNA Test revenue for 1Q26 and processed 3,177 EsoGuard tests.
  • Strengthened balance sheet with underwritten public offering of common stock, netting approximately $17 million in proceeds; ended 1Q26 with $45 million in proforma cash, extending runway into 2027.
  • Strong presence at Digestive Disease Week (DDW), which included multiple EsoGuard abstracts, extensive engagement with the gastroenterology community, and a preview of a major upcoming clinical practice guideline update recommending EsoGuard and EsoCheck^® as the only non-endoscopic test with high certainty of evidence.

Financial Results:

• For the three months ended March 31, 2026, Operating expenses were approximately $8.1 million which include stock-based compensation expenses of $0.2 million. GAAP net loss attributable to common stockholders was approximately $7.0 million, or $(4.42) 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 net loss was approximately $1.9 million or $(1.17) per common share.
• PAVmed had cash and cash equivalents of $6.5 million as of March 31, 2026, compared to $1.5 million as of December 31, 2025.
• The unaudited financial results for the three months ended March 31, 2026 were filed with the SEC on Form 10-Q on May 14, 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 ended March 31, 2026 and 2025 are as follows:

			For the three months ended March 31,
			2026		2025
(in thousands except per-share amounts)
Revenue			$           22		$                8
Operating expenses			8,057		5,454
Other (Income) Expense, net			(6,971)		(24,069)
Net (Income) Loss			1,064		(18,623)
Net income (loss) per common share, diluted			$        (4.42)		$     10.10
Net income (loss) attributable to common stockholders			(6,988)		17,695
Preferred Stock dividends and deemed dividends			6,928		1,273
Net income (loss) as reported			(60)		18,968
Adjustments:
Depreciation and amortization expense1			20		43
Interest expense, net2			(16)		(4)
NCI ownership share of Interest and Depreciation adjustments			(251)		—
EBITDA			(307)		19,007
Other non-cash or financing related expenses:
Stock-based compensation expense3			182		930
Operating expenses issued in stock1			1,951		50
Change in FV equity method investments			(1,878)		(21,004)
Change in FV convertible debt2			(3,260)		49
Loss on debt extinguishment2			3,422		58
Change in fair value – warrant liability			(1,831)		—
Change in fair value – rights liability			(30)		—
Non-GAAP adjusted net (loss)			$       (1,851)		$      (910)
Non-GAAP shares outstanding, basic and diluted			1,581		463
Non-GAAP adjusted net (loss) income per share, basic and diluted			$(1.17)		$(1.97)

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:

 

(in thousands except per-share amounts)			For the three months ended March 31,
			2026		2025
Cost of revenue			$          97		$        36
Stock-based compensation expense3			—		—
Net cost of revenue			97		36
Sales and marketing			216		247
Stock-based compensation expense3			(5)		(45)
Net sales and marketing			211		202
General and administrative			6,356		4,384
Depreciation expense			(20)		(43)
Operating expenses issued in stock			(1,951)		(50)
Stock-based compensation expense3			(155)		(796)
Net general and administrative			4,230		3,495
Research and development			1,388		787
Stock-based compensation expense3			(22)		(89)
Net research and development			1,366		698
Total operating expenses			8,057		5,454
Depreciation and amortization expense			(20)		(43)
Operating expenses issued in stock			(1,951)		(50)
Stock-based compensation expense3			(182)		(930)
Net operating expenses			$       5,904		$       4,431

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^® Esophageal DNA Test and EsoCheck^® 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.

FAQ

What were PAVmed’s Q1 2026 earnings results and key metrics impacting Lucid Diagnostics (NASDAQ: LUCD)?

PAVmed reported Q1 2026 revenue of $22 thousand and a GAAP net loss attributable to common stockholders of about $7.0 million. According to PAVmed, non-GAAP adjusted net loss was $1.9 million, while Lucid contributed $1.3 million in EsoGuard revenue on 3,177 tests.

How did Lucid Diagnostics (NASDAQ: LUCD) perform operationally in Q1 2026?

Lucid Diagnostics recognized $1.3 million in EsoGuard Esophageal DNA Test revenue in Q1 2026 from 3,177 processed tests. According to Lucid, it also had a strong presence at Digestive Disease Week with multiple EsoGuard abstracts and broad engagement with the gastroenterology community.

What is the cash runway for Lucid Diagnostics (LUCD) after Q1 2026?

Lucid ended Q1 2026 with approximately $45 million in pro forma cash, extending runway into 2027. According to Lucid, this followed an underwritten public offering of common stock that generated roughly $17 million in net proceeds to strengthen its balance sheet.

What were the main non-GAAP financial figures in PAVmed’s Q1 2026 results?

PAVmed reported a non-GAAP adjusted net loss of about $1.9 million, or $1.17 per share, for Q1 2026. According to PAVmed, EBITDA was approximately negative $0.3 million after adjustments for depreciation, interest, stock-based compensation, and fair value changes.

How did PAVmed’s operating expenses change in Q1 2026 compared with Q1 2025?

Operating expenses increased to $8.1 million in Q1 2026 from $5.5 million in Q1 2025. According to PAVmed, net operating expenses on a non-GAAP basis were $5.9 million versus $4.4 million a year earlier, reflecting higher general, administrative, and research spending.

What progress did Veris Health make in Q1 2026 that could impact LUCD investors?

Veris advanced development of its implantable physiological monitor toward a planned FDA 510(k) submission and expanded commercial use at OSU-The James. According to PAVmed, the commercial phase is underway, with additional departments being added and continued positive clinical and administrative feedback.