PAVmed Provides Business Update and Reports Third Quarter 2025 Financial Results

Rhea-AI Summary

PAVmed (NASDAQ: PAVM) and subsidiaries Lucid Diagnostics (NASDAQ: LUCD) and Veris Health provided a business update and reported 3Q25 results on November 13, 2025. Key operating items: Lucid recognized $1.2M of EsoGuard revenue and processed 2,841 tests, and a Medicare Contractor Advisory Committee meeting showed unanimous expert support for Medicare coverage. Lucid completed an underwritten offering netting approximately $27.0M. Veris launched commercial deployment with OSU James and relaunched development of an implantable physiological monitor ahead of a planned 2026 510(k) submission. Financials: consolidated revenue was $5K for the quarter, GAAP net loss attributable to common stockholders was approximately $6.3M (loss per diluted share $(0.29)), non-GAAP adjusted loss was approximately $0.4M, and cash and cash equivalents totaled $3.1M.

Positive

• Lucid EsoGuard revenue of $1.2M in 3Q25
• Processed 2,841 EsoGuard tests in 3Q25
• Lucid raised approximately $27.0M net from an underwritten public offering
• Veris launched commercial phase with OSU James and began EHR integration

Negative

• Consolidated revenue of $5K for 3Q25
• GAAP net loss attributable to common stockholders of approximately $6.3M in 3Q25
• Cash and cash equivalents of $3.1M as of September 30, 2025

Insights

Corporate Strategist

Subsidiary commercial progress contrasts with consolidated losses and limited cash runway; near-term milestones drive material exposure.

PAVmed now reports operational advances at its subsidiaries alongside quarterly financials: Veris launched the commercial phase with The Ohio State University James Cancer Hospital, resumed development of its implantable physiological monitor targeting a planned 2026 510(k) submission, and began EHR integration for broader deployment; Lucid Diagnostics recognized $1.2 million in EsoGuard revenue for 3Q25, processed 2,841 tests, and reported Medicare CAC support for EsoGuard coverage.

The company-level financials show low reported revenue ($5 for the quarter), a GAAP net loss attributable to common stockholders of approximately $6.3 million (loss per share $(0.29)), and cash and equivalents of $3.1 million as of September 30, 2025. Management also highlights non-GAAP adjusted loss of about $(0.4) million and an underwritten Lucid equity raise that netted roughly $27.0 million.

Dependencies and risks include execution of the Veris EHR integration and the planned 2026 510(k) submission, Lucid achieving Medicare coverage implementation after the CAC support, and the sufficiency of consolidated liquidity given current cash and operating losses. Watchables over the next 6–12 months include the progress of Veris’ FDA filing and commercial deployment, formal Medicare coverage decisions affecting EsoGuard reimbursement timing, and any follow-on financing given the consolidated cash position.

Veris Health launched commercial phase of strategic partnership and relaunched development of implantable physiological monitor

PAVmed signed letter of intent (LOI) to license groundbreaking endoscopic esophageal imaging technology

Conference call and webcast to be held today, November 13, at 8:30 AM EST

NEW YORK, Nov. 13, 2025 /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 quarter ended September 30, 2025.

Conference Call and Webcast

The webcast will take place on Thursday, November 13, 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, 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

"Over the past 18 months, we have taken decisive steps to stabilize PAVmed's corporate structure and strengthen its balance sheet, and we believe we are entering the final stages of that process," said Lishan Aklog, M.D., PAVmed's Chairman and Chief Executive Officer. "As our subsidiaries continue to execute and advance toward major milestones, we expect PAVmed to benefit directly from their success. Veris is progressing toward FDA submission of its implantable physiological monitor, expanding its partnership with OSU-The James, and developing new value-add capabilities beyond remote patient monitoring. Lucid remains firmly on track as it approaches transformative Medicare coverage for EsoGuard, supported by a strengthened balance sheet, continued commercial execution, and a new world-class market access team driving payor engagement. We also signed a letter of intent with Duke University to license a promising endoscopic imaging technology, adding another potential growth engine to our innovation pipeline."

Highlights from the third quarter and recent weeks:

• Veris launched commercial phase of strategic partnership with The Ohio State University James Cancer Hospital, advancing deployment of the Veris Cancer Care Platform.
• Veris fully relaunched implantable physiological monitor development in preparation for a planned 2026 FDA 510(k) submission.
• Veris completed a long-term strategic partnership with The Ohio State's James Cancer Hospital. Integration with the hospital's electronic health record (EHR) system is now in process, with full commercial deployment of the Veris Cancer Care Platform to commence thereafter.
• Veris continued executing on its expanded vision, focusing on commercial expansion and value-add offerings beyond remote patient monitoring (RPM), including clinical support services and AI-based clinical decision tools such as risk stratification.
• PAVmed signed a letter of intent to license, through a newly formed subsidiary, groundbreaking endoscopic esophageal imaging technology, as it continues to evaluate new opportunities to leverage its shared services model across diverse sectors.
• Lucid Diagnostics announced third quarter 2025 financial results and key business developments, including:
  • Recognized $1.2 million in EsoGuard^® Esophageal DNA Test revenue for 3Q25 and processed 2,841 EsoGuard tests.
  • Medicare Contractor Advisory Committee (CAC) meeting held where medical experts unanimously supported Medicare coverage for EsoGuard.
  • Strengthened balance sheet with underwritten public offering of common stock, netting approximately $27.0 million in proceeds.
  • Recruited world-class market access team focused on payor engagement, broad insurance coverage, and patient access.

Financial Results:

• For the three months ended September 30, 2025, Operating expenses were approximately $4.8 million which include stock-based compensation expenses of $0.4 million. GAAP net loss attributable to common stockholders was approximately $6.3 million, or $(0.29) 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 loss was approximately $0.4 million or $(0.02) per common share.
• PAVmed had cash and cash equivalents of $3.1 million as of September 30, 2025, compared to $1.2 million as of December 31, 2024.
• The unaudited financial results for the three and nine months ended September 30, 2025 were filed with the SEC on Form 10-Q on November 12, 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 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 and nine months ended September 30, 2025 and 2024 are as follows:

Condensed Consolidated Statement of Operations (Unaudited)
		For the three months ended September 30,				For the nine months ended September 30,
		2025		2024		2025		2024
(in thousands except per-share amounts)
Revenue		$                    5		$                996		$                  19		$             2,985
Operating expenses		4,849		12,574		15,022		42,285
Other (Income) Expense		1,167		(72,289)		(15,291)		(66,585)
Net (Income) Loss		6,011		(60,711)		(288)		(27,285)
Net income (loss) per common share, diluted		$             (0.29)		$               1.44		$             (0.11)		$               0.79
Net income (loss) attributable to common stockholders		(6,328)		64,316		(1,942)		30,620
Preferred Stock dividends and deemed dividends		945		83		3,606		7,740
Net income (loss) as reported		(5,383)		64,399		1,664		38,360
Adjustments:
Depreciation and amortization expense1		22		238		87		1,129
Interest expense, net2		(2)		(58)		(8)		(214)
NCI ownership share of Interest and Depreciation adjustments		—		(43)		—		(229)
EBITDA		(5,363)		64,536		1,743		39,046
Other non-cash or financing related expenses:
Stock-based compensation expense3		383		1,931		1,475		5,716
Operating expenses issued in stock1		52		285		155		448
Gain on deconsolidation of subsidiary		—		(72,287)		—		(72,287)
Change in FV equity method investments		4,382		(407)		(5,979)		(407)
Change in FV convertible debt2		100		(240)		349		2,488
Loss on debt extinguishment2		—		1,403		58		2,535
Debt modification expense		—		—		—		2,000
NCI ownership share of non-GAAP adjustments		—		(660)		—		(1,262)
Non-GAAP adjusted (loss)		$              (446)		$           (5,439)		$           (2,199)		$         (21,723)
Non-GAAP shares outstanding, basic and diluted		21,555		10,005		17,867		9,287
Non-GAAP adjusted (loss) income per share, basic and diluted		$(0.02)		$(0.54)		$(0.12)		$(2.34)

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 September 30,				For the nine months ended September 30,
		2025		2024		2025		2024
Cost of revenue		$                  55		$             1,381		$                133		$             4,792
Stock-based compensation expense3		—		(32)		—		(112)
Net cost of revenue		55		1,349		133		4,680
Amortization of acquired intangible assets		—		82		—		559
Sales and marketing		201		2,920		668		11,472
Stock-based compensation expense3		(13)		(292)		(59)		(1,082)
Net sales and marketing		188		2,628		609		10,390
General and administrative		3,505		6,649		11,557		20,337
Depreciation expense		(22)		(156)		(87)		(570)
Operating expenses issued in stock		(52)		(285)		(155)		(448)
Stock-based compensation expense3		(332)		(1,426)		(1,276)		(3,717)
Net general and administrative		3,099		4,782		10,039		15,602
Research and development		1,088		1,542		2,664		5,125
Stock-based compensation expense3		(38)		(181)		(140)		(805)
Net research and development		1,050		1,361		2,524		4,320
Total operating expenses		4,849		12,574		15,022		42,285
Depreciation and amortization expense		(22)		(238)		(87)		(1,129)
Operating expenses issued in stock		(52)		(285)		(155)		(448)
Stock-based compensation expense3		(383)		(1,931)		(1,475)		(5,716)
Net operating expenses		$             4,392		$           10,120		$           13,305		$           34,992

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 did Lucid Diagnostics (LUCD) report for EsoGuard revenue and test volume in 3Q25?

Lucid reported $1.2M in EsoGuard revenue and processed 2,841 EsoGuard tests in 3Q25.

What is the status of Medicare coverage for Lucid's EsoGuard (LUCD)?

At a Medicare Contractor Advisory Committee meeting, medical experts unanimously supported Medicare coverage for EsoGuard.

How much did Lucid (LUCD) raise in its recent public offering and why does it matter?

Lucid completed an underwritten offering netting approximately $27.0M, strengthening its balance sheet to support market access and commercialization.

What did PAVmed announce about Veris Health's implantable physiological monitor and commercial plans?

Veris relaunched development of its implantable physiological monitor in preparation for a planned 2026 510(k) submission and launched commercial deployment with OSU James.

What were PAVmed's consolidated financial results for 3Q25 and the company's cash position?

PAVmed reported consolidated revenue of $5K, GAAP net loss attributable to common stockholders of ~$6.3M, non-GAAP adjusted loss of ~$0.4M, and cash of $3.1M as of September 30, 2025.

Did PAVmed sign any new licensing or development agreements in November 2025?

PAVmed signed a letter of intent to license an endoscopic esophageal imaging technology through a new subsidiary and is evaluating it for the innovation pipeline.