PAVmed Provides Business Update and Reports Fourth Quarter and Full Year 2024 Financial Results
PAVmed (NASDAQ: PAVM) reported its Q4 and full year 2024 financial results, highlighting significant progress across its subsidiaries. Lucid Diagnostics achieved record test volumes with 4,042 EsoGuard tests in Q4 (45% sequential, 84% annual increase) and $1.2 million in revenue. The company secured its first commercial insurance coverage from Highmark Blue Cross Blue Shield.
Veris Health completed a private placement raising $2.4 million at a $35 million pre-money valuation, supplementing a $1.8 million NIH grant. The funds will advance their implantable physiological monitor through FDA clearance.
PAVmed reported Q4 revenues from approximately 125 Veris Cancer Care Platform patients. Operating expenses were $5.2 million, including $0.7 million in stock-based compensation. The company achieved GAAP net income of $1.3 million ($0.12 per diluted share), with non-GAAP adjusted loss of $0.7 million. Cash position stood at $1.2 million, with pro forma cash of $3.6 million including Q1 2025 private placement.
PAVmed (NASDAQ: PAVM) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024, evidenziando progressi significativi nelle sue filiali. Lucid Diagnostics ha raggiunto volumi record di test con 4.042 test EsoGuard nel quarto trimestre (aumento del 45% rispetto al trimestre precedente, 84% su base annua) e un fatturato di 1,2 milioni di dollari. L'azienda ha ottenuto la sua prima copertura assicurativa commerciale da Highmark Blue Cross Blue Shield.
Veris Health ha completato un collocamento privato raccogliendo 2,4 milioni di dollari a una valutazione pre-money di 35 milioni di dollari, integrando un finanziamento di 1,8 milioni di dollari della NIH. I fondi serviranno per sviluppare il loro monitor fisiologico impiantabile attraverso l'approvazione della FDA.
PAVmed ha riportato ricavi del quarto trimestre da circa 125 pazienti della Veris Cancer Care Platform. Le spese operative sono state di 5,2 milioni di dollari, inclusi 0,7 milioni di dollari in compensi basati su azioni. L'azienda ha registrato un reddito netto GAAP di 1,3 milioni di dollari (0,12 dollari per azione diluita), con una perdita rettificata non GAAP di 0,7 milioni di dollari. La posizione di cassa si attestava a 1,2 milioni di dollari, con una cassa pro forma di 3,6 milioni di dollari, inclusa la raccolta privata del primo trimestre 2025.
PAVmed (NASDAQ: PAVM) informó sobre sus resultados financieros del cuarto trimestre y del año completo 2024, destacando avances significativos en sus filiales. Lucid Diagnostics alcanzó volúmenes récord de pruebas con 4,042 pruebas de EsoGuard en el cuarto trimestre (un aumento del 45% secuencial, 84% anual) y 1.2 millones de dólares en ingresos. La compañía aseguró su primera cobertura de seguro comercial de Highmark Blue Cross Blue Shield.
Veris Health completó una colocación privada recaudando 2.4 millones de dólares a una valoración pre-money de 35 millones de dólares, complementando una subvención de 1.8 millones de dólares del NIH. Los fondos se destinarán a avanzar su monitor fisiológico implantable a través de la aprobación de la FDA.
PAVmed reportó ingresos del cuarto trimestre de aproximadamente 125 pacientes de la Plataforma de Cuidado del Cáncer Veris. Los gastos operativos fueron de 5.2 millones de dólares, incluidos 0.7 millones de dólares en compensación basada en acciones. La compañía logró un ingreso neto GAAP de 1.3 millones de dólares (0.12 dólares por acción diluida), con una pérdida ajustada no GAAP de 0.7 millones de dólares. La posición de efectivo se situó en 1.2 millones de dólares, con un efectivo pro forma de 3.6 millones de dólares, incluida la colocación privada del primer trimestre de 2025.
PAVmed (NASDAQ: PAVM)는 2024년 4분기 및 연간 재무 결과를 보고하며 자회사에서 상당한 진전을 강조했습니다. Lucid Diagnostics는 4분기에 4,042개의 EsoGuard 테스트를 통해 기록적인 테스트량을 달성했으며(전분기 대비 45%, 전년 대비 84% 증가) 120만 달러의 수익을 올렸습니다. 이 회사는 Highmark Blue Cross Blue Shield로부터 최초의 상업 보험 보장을 확보했습니다.
Veris Health는 3,500만 달러의 사전 평가액으로 240만 달러의 사모 배치를 완료하였으며, 180만 달러의 NIH 보조금을 보완하였습니다. 이 자금은 FDA 승인을 통해 이식 가능한 생리학적 모니터를 발전시키는 데 사용될 것입니다.
PAVmed는 Veris Cancer Care Platform의 약 125명의 환자로부터 4분기 수익을 보고했습니다. 운영 비용은 520만 달러로, 이 중 70만 달러는 주식 기반 보상에 해당합니다. 회사는 GAAP 기준 순이익 130만 달러(희석 주당 0.12달러)를 달성하였으며, 비GAAP 조정 손실은 70만 달러입니다. 현금 보유액은 120만 달러였으며, 2025년 1분기 사모 배치를 포함한 프로포르마 현금은 360만 달러에 달했습니다.
PAVmed (NASDAQ: PAVM) a publié ses résultats financiers du quatrième trimestre et de l'année complète 2024, mettant en avant des progrès significatifs dans ses filiales. Lucid Diagnostics a atteint des volumes de tests record avec 4 042 tests EsoGuard au quatrième trimestre (augmentation de 45 % par rapport au trimestre précédent, 84 % sur une base annuelle) et 1,2 million de dollars de revenus. L'entreprise a obtenu sa première couverture d'assurance commerciale de Highmark Blue Cross Blue Shield.
Veris Health a complété un placement privé levant 2,4 millions de dollars à une valorisation pré-money de 35 millions de dollars, en complément d'une subvention de 1,8 million de dollars du NIH. Les fonds serviront à faire avancer leur moniteur physiologique implantable à travers l'approbation de la FDA.
PAVmed a rapporté des revenus du quatrième trimestre d'environ 125 patients de la plateforme de soins contre le cancer Veris. Les dépenses d'exploitation se sont élevées à 5,2 millions de dollars, dont 0,7 million de dollars en rémunération basée sur des actions. L'entreprise a réalisé un revenu net GAAP de 1,3 million de dollars (0,12 dollar par action diluée), avec une perte ajustée non-GAAP de 0,7 million de dollars. La position de trésorerie s'élevait à 1,2 million de dollars, avec une trésorerie pro forma de 3,6 millions de dollars, y compris le placement privé du premier trimestre 2025.
PAVmed (NASDAQ: PAVM) hat seine finanziellen Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht und dabei signifikante Fortschritte in seinen Tochtergesellschaften hervorgehoben. Lucid Diagnostics erzielte mit 4.042 EsoGuard-Tests im vierten Quartal Rekord-Testvolumina (45% im Vergleich zum Vorquartal, 84% im Jahresvergleich) und einen Umsatz von 1,2 Millionen Dollar. Das Unternehmen sicherte sich seine erste kommerzielle Krankenversicherungsdeckung von Highmark Blue Cross Blue Shield.
Veris Health schloss eine Privatplatzierung ab und sammelte 2,4 Millionen Dollar bei einer Pre-Money-Bewertung von 35 Millionen Dollar, zusätzlich zu einem NIH-Zuschuss in Höhe von 1,8 Millionen Dollar. Die Mittel werden verwendet, um ihren implantierbaren physiologischen Monitor durch die FDA-Zulassung voranzutreiben.
PAVmed berichtete im vierten Quartal über Einnahmen von etwa 125 Patienten der Veris Cancer Care Platform. Die Betriebskosten betrugen 5,2 Millionen Dollar, einschließlich 0,7 Millionen Dollar an aktienbasierten Vergütungen. Das Unternehmen erzielte einen GAAP-Nettoertrag von 1,3 Millionen Dollar (0,12 Dollar pro verwässerter Aktie) mit einem nicht-GAAP bereinigten Verlust von 0,7 Millionen Dollar. Die Liquiditätsposition betrug 1,2 Millionen Dollar, mit einer Pro-Forma-Liquidität von 3,6 Millionen Dollar, einschließlich der Privatplatzierung im ersten Quartal 2025.
- Record EsoGuard test volume with 4,042 tests in Q4 2024 (+84% YoY)
- First commercial insurance coverage secured from Highmark Blue Cross Blue Shield
- Positive GAAP net income of $1.3 million in Q4 2024
- Successful $2.4M private placement for Veris Health
- Over 20 cash-pay concierge medicine contracts secured
- Regained Nasdaq compliance
- Low cash position of $1.2M as of December 31, 2024
- Operating expenses of $5.2M in Q4 2024
- Non-GAAP adjusted loss of $0.7M in Q4
Insights
PAVmed's Q4 results suggest a pivotal inflection point in its commercialization strategy. The company reported GAAP net income of $1.3 million ($0.12 per diluted share), though this includes significant non-cash accounting benefits from the Lucid deconsolidation. The non-GAAP adjusted loss of
Lucid Diagnostics is emerging as PAVmed's most valuable asset with impressive operational metrics: 4,042 EsoGuard tests processed in Q4 (
The insurance reimbursement landscape shows meaningful progress with first commercial coverage from Highmark BCBS and the Rhode Island BCBS agreement. These represent crucial validation points that could accelerate payor adoption.
The two-pronged financial restructuring – Lucid's deconsolidation plus convertible debt restructuring – successfully strengthened PAVmed's balance sheet, adding approximately
Veris Health's
The EsoGuard diagnostic platform is demonstrating compelling market traction with its
The NCCN guideline update to include esophageal precancer screening represents a significant clinical validation milestone. These guidelines directly influence physician practice patterns and insurance coverage decisions, potentially accelerating adoption curves.
Securing first commercial insurance coverage from Highmark BCBS marks a crucial reimbursement breakthrough. Early private payor adoption typically precedes broader coverage decisions and establishes pricing benchmarks. The Rhode Island BCBS agreement leveraging state biomarker legislation demonstrates a creative pathway to securing coverage.
The peer-reviewed publications of CLUE and ENVET-BE clinical utility studies strengthen the scientific foundation for wider adoption. Evidence-based medicine requires this level of validation before technologies achieve standard-of-care status.
The
Veris Health's implantable physiological monitor represents a potentially disruptive approach to remote patient monitoring in oncology, with the extended pilot at Ohio State's James Cancer Hospital providing valuable real-world validation data while the regulatory pathway advances.
Lucid processed record test volume, saw rapid initial uptake in concierge medicine contracts, and secured first commercial insurance coverage policies
Veris Health secured financing to resume advancement of implantable physiological monitor through FDA clearance and commercial launch
PAVmed completed debt restructuring and Lucid deconsolidation to regain Nasdaq compliance and strengthen balance sheet
Conference call and webcast to be held today, March 25th, at 8:30 AM EDT
Conference Call and Webcast
The webcast will take place on Tuesday, March 25, 2025, 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,
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
"Following the critical steps taken to stabilize PAVmed's corporate structure and balance sheet, PAVmed is now in a very strong position to operate as it was designed—as a diversified commercial life sciences company with multiple independently-financed subsidiaries operating under a shared services model," said Lishan Aklog, M.D., PAVmed's Chairman and Chief Executive Officer. "With Lucid and Veris both having sufficient capital to advance their commercial strategies, we expect PAVmed to directly benefit from their success. The performance of PAVmed's subsidiaries, particularly Lucid and its recent achievements with EsoGuard, serve as key drivers of PAVmed's long-term success and sustainability."
Highlights from the fourth quarter and recent weeks:
- Lucid Diagnostics, PAVmed's single largest asset, continues to deliver operational milestones and drive increased market value (link to Lucid press release), thereby strengthening PAVmed's balance sheet:
- Recognized
$1.2 million 45% sequential increase and84% annual increase. - Executed over 20 cash-pay concierge medicine contracts in the first few weeks following the launch of new sales channels targeting contractually-guaranteed revenue.
- Secured first positive commercial insurance coverage policy for EsoGuard from Highmark Blue Cross Blue Shield, and an agreement with Blue Cross Blue Shield of
Rhode Island to pay for EsoGuard under state biomarker legislation. - Updated National Comprehensive Cancer Network® (NCCN) Clinical Practice Guidelines now includes a section on esophageal precancer screening.
- CLUE and ENVET-BE clinical utility studies accepted for peer-reviewed publication, further strengthening EsoGuard's already robust clinical evidence package.
- Case Western Reserve University and University Hospitals investigators awarded
$8 million ~ .$60 billion - Completed a convertible debt refinancing and common stock financing, yielding sufficient net proceeds to extend cash runway beyond key reimbursement milestones.
- Regained compliance with Nasdaq minimum bid price requirement for continued listing on the Nasdaq Capital Market.
- Recognized
- PAVmed and Veris completed private placement financing with gross proceeds of approximately
$2.4 million $35 million $1.8 million - Veris' pilot program with The Ohio State's James Cancer Hospital extended through April 2025. Definitive long-term strategic and commercial agreement imminent.
- PMX Incubator is engaged in ongoing discussions with both financial and strategic investors regarding a direct investment to finance PortIO.
- PAVmed regained compliance with Nasdaq minimum equity requirement through the deconsolidation of Lucid and the restructuring of PAVmed's convertible debt, which will add approximately
$25 million
Financial Results:
- For the three months ended December 31, 2024, PAVmed's revenues reflect approximately 125 patients on the Veris Cancer Care Platform. EsoGuard-related revenues are no longer consolidated with PAVmed's results due to the deconsolidation effective September 10, 2024. PAVmed's management service income from Lucid Diagnostics, amounting to
$3.2 million $5.2 million $0.7 million $1.3 million $0.12 - 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
$0.7 million $(0.06) - As of December 31, 2024, PAVmed had cash and cash equivalents of
$1.2 million $3.6 million - The audited financial results for the year ended December 31, 2024 were filed with the SEC on Form 10-K on March 24, 2025, 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 underU.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, 2024 and 2023 are as follows:
Condensed Consolidated Statement of Operations (Unaudited) | ||||||||
For the three months ended December 31, | For the year ended December 31, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
(in thousands except per-share amounts) | ||||||||
Revenue | $ 10 | $ 1,049 | $ 2,995 | $ 2,452 | ||||
Operating expenses | 5,198 | 17,433 | 47,482 | 71,247 | ||||
Other (Income) Expense | (6,330) | 1,024 | (72,914) | 10,468 | ||||
Net (Income) Loss | (1,142) | 17,408 | (28,427) | 79,263 | ||||
Net income (loss) per common share, diluted | $ 0.12 | $ (1.98) | $ 0.50 | $ (9.16) | ||||
Net income (loss) attributable to common stockholders | 1,346 | (15,905) | 31,966 | (66,270) | ||||
Preferred Stock dividends and deemed dividends | 85 | 1,869 | 7,825 | 2,095 | ||||
Net income (loss) as reported | 1,431 | (14,036) | 39,791 | (64,175) | ||||
Adjustments: | ||||||||
Depreciation and amortization expense1 | 69 | 725 | 1,198 | 2,932 | ||||
Interest expense, net2 | 4 | (80) | (209) | 84 | ||||
NCI ownership share of Interest and Depreciation adjustments | — | (133) | (229) | (608) | ||||
EBITDA | 1,504 | (13,524) | 40,551 | (61,767) | ||||
Other non-cash or financing related expenses: | ||||||||
Stock-based compensation expense3 | 733 | 1,968 | 6,449 | 11,139 | ||||
ResearchDx acquisition/settlement paid in stock1 | — | — | — | 713 | ||||
Operating expenses issued in stock1 | 150 | — | 598 | 625 | ||||
Gain on deconsolidation of subsidiary | — | — | (72,287) | — | ||||
Change in FV equity method investments | (125) | — | (532) | — | ||||
Change in FV convertible debt2 | (2,950) | 255 | (462) | 6,026 | ||||
Offering costs convertible debt2 | — | — | — | 1,186 | ||||
Loss on debt extinguishment2 | — | 750 | 2,535 | 3,782 | ||||
Debt modification expense | — | — | 2,000 | — | ||||
NCI ownership share of non-GAAP adjustments | — | (103) | (1,262) | (2,860) | ||||
Non-GAAP adjusted (loss) | $ (688) | $ (10,654) | $ (22,410) | $ (41,156) | ||||
Non-GAAP shares outstanding, basic and diluted | 10,819 | 8,014 | 9,672 | 7,232 | ||||
Non-GAAP adjusted (loss) income per share, basic and diluted | ||||||||
1 Included in general and administrative expenses in the financial statements. |
2 Included in other income and expenses. |
3 Stock-based compensation ("SBC") expense included in operating expenses 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 amounts) | For the three months ended December 31, | For the year ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | |||||
Cost of revenue | $ 48 | $ 1,610 | $ 4,840 | $ 6,420 | ||||
Stock-based compensation expense3 | — | (35) | (112) | (122) | ||||
Net cost of revenue | 48 | 1,575 | 4,728 | 6,298 | ||||
Amortization of acquired intangible assets | — | 505 | 559 | 2,021 | ||||
Sales and marketing | 155 | 4,690 | 11,627 | 17,583 | ||||
Stock-based compensation expense3 | (18) | (413) | (1,100) | (1,715) | ||||
Net sales and marketing | 137 | 4,277 | 10,527 | 15,868 | ||||
General and administrative | 4,188 | 7,032 | 24,524 | 30,947 | ||||
Depreciation expense | (69) | (220) | (639) | (911) | ||||
ResearchDx acquisition/settlement paid in stock | — | — | — | (713) | ||||
Operating expenses issued in stock | (150) | — | (598) | (625) | ||||
Stock-based compensation expense3 | (653) | (1,175) | (4,370) | (7,935) | ||||
Net general and administrative | 3,316 | 5,637 | 18,917 | 20,763 | ||||
Research and development | 807 | 3,596 | 5,932 | 14,276 | ||||
Stock-based compensation expense3 | (62) | (345) | (867) | (1,367) | ||||
Net research and development | 745 | 3,251 | 5,065 | 12,909 | ||||
Total operating expenses | 5,198 | 17,433 | 47,482 | 71,247 | ||||
Depreciation and amortization expense | (69) | (725) | (1,198) | (2,932) | ||||
ResearchDx acquisition/settlement paid in stock | — | — | — | (713) | ||||
Operating expenses issued in stock | (150) | — | (598) | (625) | ||||
Stock-based compensation expense3 | (733) | (1,968) | (6,449) | (11,139) | ||||
Net operating expenses | $ 4,246 | $ 14,740 | $ 39,237 | $ 55,838 | ||||
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; PAVmed's Series Z warrants; 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
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