PAVM — PAVmed Inc.

Summary of PAVmed Q4 2025 Earnings Call

1. Key Financial Results and Metrics:

• Revenue: Lucid Diagnostics reported approximately $1.5 million in EsoGuard revenue for Q4 2025, a 24% increase from Q3 2025, with test volume increasing by 29% to 3,664 tests.
• Cash Burn Rate: PAVmed reported a cash burn rate of $1.5 million for Q4, primarily due to Veris operating costs and development expenses for the implantable device.
• Balance Sheet: PAVmed's equity method investment balance was $34 million, reflecting a year-over-year increase of $8.5 million due to a 33% rise in Lucid's stock. Total assets exceeded $100 million post-recapitalization.
• Net Loss: The company reported a GAAP net loss of $2.8 million for Q4, with a non-GAAP loss of $942,000, primarily driven by development costs and franchise taxes.

2. Strategic Updates and Business Highlights:

• Restructuring Completed: PAVmed completed a significant restructuring and recapitalization in February 2025, removing toxic convertible securities and establishing a clean capital structure.
• Lucid Diagnostics: PAVmed remains Lucid's largest shareholder (approximately 18% of common shares) and is positioned to benefit from Lucid's upcoming milestones, including a recent contract with the U.S. Department of Veterans Affairs.
• Veris Health: The company is advancing a cancer care platform and an implantable physiologic monitor, with FDA submission planned for later in 2026. Positive feedback has been received from the integration with Ohio State University (OSU).
• MedTech Portfolio Relaunch: PAVmed is re-engaging in the medical device sector, appointing Joe Virgilio as Chief Business Officer to oversee new opportunities, including the licensed endoscopic imaging technology from Duke University.

3. Forward Guidance and Outlook:

• PAVmed aims to leverage its new capital structure to accelerate growth across its subsidiaries, particularly in the medical device space.
• The company is focused on completing the FDA submission for the Veris implantable device and expanding its commercial partnerships, particularly with OSU.
• Future growth is anticipated through the development of AI-based clinical decision support tools and the relaunch of its MedTech portfolio.

4. Bad News, Challenges, or Points of Concern:

• Dependence on Lucid: While PAVmed has divested from Lucid's operational results, its financial health remains closely tied to Lucid's performance and stock price.
• Funding and Resource Allocation: The company is prioritizing capital resources towards the Veris implantable device, which may delay broader commercial expansion efforts.
• Market Competition: The competitive landscape in the diagnostic and medical device sectors poses ongoing risks, particularly as PAVmed seeks to differentiate its offerings.

5. Notable Q&A Insights:

• Commercial Relationship with OSU: PAVmed is tracking metrics such as patient enrollment and departmental engagement as it rolls out its platform at OSU, aiming for a minimum of 1,000 patients in the first year.
• Integration of New Tools: Development of AI-based risk stratification tools is in early stages, with plans to integrate these into the Veris platform as data becomes available.
• Future Opportunities: PAVmed is open to new partnerships across various medical technology sectors, particularly those aligned with its existing expertise in gastroesophageal diseases.

Overall, PAVmed is positioned for potential growth following its restructuring, with a focus on advancing its subsidiaries and exploring new opportunities in the medical device market, despite facing challenges related to market competition and resource allocation.