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PAVM

PAVmed Inc.

PAVM

PAVmed Inc. • NASDAQ
$0.37 ▲ 2.04% (+0.01)
Market Cap $6.40 M
52w High $1.25
52w Low $0.30
Dividend Yield 0%
P/E -0.93
Volume 66.58K
Outstanding Shares 17.29M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $5K ▼ $4.794B ▲ $-6.328B ▼ -126.56M% ▼ $-0.29 ▲ $-5.981B ▼
Q2-2025 $6K ▼ $4.68M ▼ $-11.921M ▼ -198.683K% ▼ $-0.74 ▼ $-12.298M ▼
Q1-2025 $8K ▼ $5.375M ▲ $18.968M ▲ 237.1K% ▲ $1.275 ▲ $18.67M ▲
Q4-2024 $10K ▼ $5.149M ▼ $1.431M ▼ 14.31K% ▲ $0.12 ▼ $1.218M ▼
Q3-2024 $996K $11.193M $64.399M 6.466K% $6.428 $60.961M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.103M ▼ $38.069M ▼ $12.282M ▼ $35.78M ▼
Q2-2025 $4.004M ▲ $43.893M ▼ $12.474M ▲ $40.79M ▼
Q1-2025 $2.7M ▲ $52.823M ▲ $11.891M ▼ $46.994M ▲
Q4-2024 $1.185M ▼ $30.66M ▲ $37.693M ▼ $-2.495M ▲
Q3-2024 $1.245M $30.55M $39.937M $-4.869M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-5.383M ▲ $-896K ▲ $-3K ▲ $-2K ▼ $-900.999K ▼ $-899K ▲
Q2-2025 $-12.323M ▼ $-1.178M ▲ $-8K ▼ $2.49M ▼ $1.304M ▼ $-1.186M ▲
Q1-2025 $18.623M ▲ $-1.581M ▼ $-6K ▼ $3.102M ▲ $1.515M ▲ $-1.587M ▼
Q4-2024 $1.431M ▼ $94K ▲ $-4K ▲ $330K ▲ $420K ▲ $90K ▲
Q3-2024 $60.711M $-8.883M $-16.135M $284K $-24.734M $-8.889M

Revenue by Products

Product Q3-2022Q4-2022Q1-2023Q2-2023
Royalty
Royalty
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement PAVmed still looks like a pre‑commercial company at the parent level. Over the past several years it has reported essentially no meaningful revenue and no gross profit, which means its core technologies are not yet generating substantial sales on the consolidated financials. Operating results have been consistently in the red, reflecting ongoing spending on research, commercialization, and overhead. The recent swing to an accounting profit is almost certainly driven by one‑off or financial items rather than a true turnaround in the underlying business, since there is still no real revenue base. Earnings per share also look very volatile, influenced by the reverse stock split and capital structure changes rather than by operating progress.

Balance Sheet

Balance Sheet The balance sheet is small and quite thin. Total assets are modest, and the cash position has declined sharply, leaving only a very limited liquidity cushion. Debt is now a meaningful part of the capital structure and is roughly comparable to, or larger than, the company’s asset base, while shareholders’ equity has hovered around zero or even dipped negative at times. That pattern points to accumulated losses and repeated reliance on external financing. Overall, financial flexibility appears constrained, and the company’s ability to support its growth plans depends heavily on access to new capital or a marked improvement in operating performance.

Cash Flow

Cash Flow Cash flow tells a clear story of an early‑stage, cash‑burning business. Operating cash flow has been negative every year, and because there is essentially no capital spending, free cash flow is similarly negative. Most of the cash outflow appears tied to operating expenses such as clinical development, commercialization, and corporate costs, not to large physical investments. While the size of the annual burn has improved somewhat, the company is still a net user of cash and must periodically raise fresh funds to keep advancing its programs. The mention of active capital‑raising efforts underscores that funding risk is an ongoing consideration.

Competitive Edge

Competitive Edge PAVmed’s competitive position is built on focused niches rather than broad scale. Through Lucid Diagnostics, it targets early detection of esophageal disease with a non‑invasive test and collection device that aim to replace or complement traditional endoscopy. That approach, backed by patents and a Breakthrough Device designation, gives it a differentiated offering, especially if reimbursement and physician adoption continue to advance. Veris Health brings a specialized remote‑monitoring platform for cancer care, seeking to stand out in a crowded digital health field by concentrating on oncology and integrating devices, software, and data. CarpX offers a minimally invasive option for carpal tunnel treatment, attempting to improve on conventional surgery. The strengths here are novel technology, regulatory traction, and a focus on unmet needs; the weaknesses are small scale, early commercialization, reimbursement uncertainty, and competition from entrenched procedures and larger medical‑device and diagnostics companies.

Innovation and R&D

Innovation and R&D Innovation is clearly the core of PAVmed’s strategy. The company is pushing multiple fronts: Lucid’s EsoGuard/EsoCheck system for esophageal precancer screening, Veris’s cancer care platform with a planned implantable monitor, and the CarpX device for minimally invasive carpal tunnel release. Several of these technologies have received important regulatory designations or clearances, and Lucid is building clinical evidence to support broader coverage and adoption. PAVmed is also looking to expand its esophageal disease toolkit with new imaging technology and to deepen partnerships with major cancer centers. This innovation engine comes with typical trade‑offs: high R&D and commercialization spending, long timelines to widespread adoption, regulatory and reimbursement hurdles, and the risk that clinical or market uptake falls short of expectations.

Summary

Overall, PAVmed is a small, highly innovative medical‑technology platform company that is still in the early stages of commercializing its portfolio. Financially, it remains pre‑revenue at the parent level, consistently loss‑making, and reliant on external funding, with a thin balance sheet and ongoing cash burn. Strategically, it has carved out interesting positions in esophageal cancer screening, digital oncology care, and minimally invasive hand surgery, supported by patents, regulatory milestones, and early commercial traction at its subsidiaries. The company’s future will be shaped by its ability to secure and maintain reimbursement, drive physician and patient adoption, execute on product launches, and keep funding its operations until revenues scale enough to cover its costs. That combination creates a mix of high uncertainty and potentially significant long‑term upside if its technologies gain broad clinical and commercial acceptance.

NEWS

November 20, 2025 · 8:15 AM UTC

Lucid Diagnostics Named a GenomeWeb 2025 Best Places to Work Top-Ranking Honoree

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November 13, 2025 · 8:15 AM UTC

Lucid Diagnostics to Participate in the Canaccord Genuity MedTech, Diagnostics and Digital Health & Services Forum

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November 13, 2025 · 8:00 AM UTC

PAVmed Provides Business Update and Reports Third Quarter 2025 Financial Results

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November 12, 2025 · 8:00 AM UTC

Lucid Diagnostics Provides Business Update and Reports Third Quarter 2025 Financial Results

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October 30, 2025 · 8:01 AM UTC

PAVmed to Hold a Business Update Conference Call and Webcast on November 13, 2025

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