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PAVmed Inc. (Nasdaq: PAVM) is a cutting-edge medical device company focused on bringing innovative medical technologies from concept to commercialization with exceptional speed and efficiency. Headquartered in New York, PAVmed is led by three seasoned medical device entrepreneurs. The company is structured to develop and commercialize a diversified pipeline of breakthrough products that address unmet clinical needs, thereby enhancing and accelerating value creation through a business model centered on capital and time efficiency.
PAVmed operates in a single segment as a medical technology company, with three primary lines of business: Diagnostics, Medical Devices, and Digital Health. Through its majority-owned subsidiary, Lucid Diagnostics Inc. (Nasdaq: LUCD), the company offers products such as the EsoGuard Esophageal DNA Test and the EsoCheck Esophageal Cell Collection Device. These tools are designed for the early detection of esophageal precancer, aiming to prevent esophageal cancer by identifying at-risk patients early.
Another significant subsidiary is Veris Health Inc., which focuses on enhanced personalized cancer care through remote patient monitoring. Veris is developing an innovative implantable physiological monitor that interfaces with the Veris Cancer Care Platform, providing real-time health data to improve patient outcomes.
Recent notable achievements include a partnership between Lucid Diagnostics and the Esophageal Cancer Action Network (ECAN) to promote Esophageal Cancer Awareness Month, highlighting the critical link between chronic heartburn and esophageal cancer. Additionally, Lucid has published positive data from a National Cancer Institute-sponsored clinical validation study, which demonstrated EsoGuard's unprecedented early detection capabilities for esophageal precancer compared to traditional endoscopic methods.
PAVmed's commitment to innovation is further exemplified by its business updates and financial results discussions, providing shareholders and potential investors with transparent insights into the company's operational progress and strategic direction. The company's diversified approach in the medical technology sector positions it as a significant player in advancing healthcare and improving patient outcomes.
Lucid Diagnostics reported a significant increase in its EsoGuard test volume, achieving a 28% growth sequentially and a remarkable 436% year-over-year increase. The company's financial results for Q3 2022 reflected revenues of $0.1 million against operating expenses of approximately $14.4 million, leading to a GAAP net loss of $14.3 million, or $(0.39) per share. Lucid is focused on cash preservation while expanding its sales team and test centers, with an aim to continue growth in a challenging reimbursement environment. The company had $26.9 million in cash at the end of September 2022.
PAVmed Inc. (NASDAQ: PAVM, PAVMZ), a diversified medical technology company, announced its participation in the Technologies Ushering in Next-Generation Diagnostics, Therapies, and Surgeries panel at the BTIG Digital Health Forum on November 21, 2022. CEO Lishan Aklog will discuss PAVmed's digital health subsidiary, Veris Health, and its innovative solutions in cancer care. PAVmed will also hold 1x1 virtual meetings during the event. For additional details, visit PAVmed.com.
Lucid Diagnostics Inc. (Nasdaq: LUCD), a cancer prevention medical diagnostics company, announced that its CEO, Lishan Aklog, M.D., will present at the CG MedTech, Diagnostics and Digital Health & Services Forum on November 17, 2022, from 11:00 am to 11:25 am EST at The Westin New York Grand Central. The presentation will focus on Lucid’s breakthrough EsoGuard Esophageal DNA Test, which is used for early detection of esophageal precancer in patients with gastroesophageal disease (GERD). A webcast of the presentation will be available for replay on Lucid's investor relations website.
Lucid Diagnostics (Nasdaq: LUCD) has begun high-volume production of its EsoCheck® Esophageal Cell Collection Devices at Coastline International, significantly reducing production costs by approximately 60%. This transition enhances manufacturing capacity to 20,000 units annually, with potential scalability to over one million units. The EsoCheck device is vital for the EsoGuard® Esophageal DNA Test, aimed at early detection of esophageal precancer in GERD patients. This strategic move underscores Lucid's commitment to improving cancer screening and prevention.
PAVmed Inc. (Nasdaq: PAVM, PAVMZ) will host a business update conference call on November 15, 2022, at 4:30 PM EDT. CEO Lishan Aklog and CFO Dennis McGrath will share insights on the company’s growth strategy and third-quarter 2022 financial results. The call can be accessed via telephone or live webcast on their investor relations website. PAVmed is a commercial-stage medical technology company, operational in diagnostics and digital health, with subsidiaries like Lucid Diagnostics focusing on cancer prevention.
Lucid Diagnostics Inc. (Nasdaq: LUCD), a commercial-stage cancer prevention medical diagnostics company, will host a conference call on November 14, 2022, at 4:30 PM EDT. CEO Lishan Aklog and CFO Dennis McGrath will discuss a business update and third-quarter financial results. Investors can join the call via telephone or webcast. Lucid focuses on early cancer detection in GERD patients with its EsoGuard Esophageal DNA Test and EsoCheck device, both crucial for preventing esophageal cancer.
PAVmed Inc. (Nasdaq: PAVM, PAVMZ) has announced that its Chairman and CEO, Lishan Aklog, M.D., will hold one-on-one investor meetings at the 6th Annual Best Ideas Growth (BIG6) Conference on September 14, 2022 and the A.G.P. Virtual MedTech Conference on September 21, 2022. PAVmed operates in the medical device, diagnostics, and digital health sectors, with subsidiaries including Lucid Diagnostics Inc. (Nasdaq: LUCD) and Veris Health Inc.. Lucid specializes in cancer prevention diagnostics, while PAVmed’s product pipeline includes various innovative medical devices.
PAVmed Inc. (Nasdaq: PAVM, PAVMZ) reports significant growth in Lucid Diagnostics' EsoGuard test volume, achieving a 60% sequential increase in Q2 2022 with 850 tests. This marks a 300% annual increase. Lucid plans to launch its Veris Health Cancer Care Platform this year, while expanding its sales team and regional presence. However, financial results reflect challenges, including a GAAP net loss of approximately $25.5 million and no recorded EsoGuard revenues. Cash reserves decreased to $65.2 million. The company continues developing its product pipeline with FDA submissions expected in 2023.
Lucid Diagnostics Inc. (Nasdaq: LUCD) reported a substantial increase in EsoGuard test volume, achieving 60% growth quarter-over-quarter and over 300% year-over-year. The company’s CLIA-Certified LucidDx Labs is now fully operational and billing independently. Operating expenses for Q2 2022 were approximately $14.6 million resulting in a net loss of $14.6 million or $(0.41) per share. Despite no recognized revenue for the 850 tests processed, Lucid continues to expand its sales team and has initiated new Lucid Test Centers in key metropolitan areas.
Lucid Diagnostics has expanded its services by launching four new Lucid Test Centers in Orange County, Dallas-Fort Worth, Palm Beach County, and Columbus, Ohio. These centers will offer a non-invasive test to detect esophageal precancer in patients with chronic heartburn, utilizing the EsoGuard DNA Esophageal Test and EsoCheck device. With a projected opening of nine new centers this year, Lucid aims to enhance its national footprint and accessibility to early cancer detection. The company emphasizes that early detection can significantly reduce the risk of progressing to fatal esophageal cancer.
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