PAVmed issues update about Q4 and full-year 2023 result

PAVmed Inc. provided a business update for the company and its subsidiaries, Lucid Diagnostics Inc. and Veris Health Inc. and presented financial results for the year ended December 31, 2023.

Business update highlights
“We are very pleased by Lucid’s sustained ability to translate commercial activity into revenue and revenue growth, which has enabled it to remain independently financeable despite challenging market conditions,” said Lishan Aklog, M.D., PAVmed’s Chairman and Chief Executive Officer. “PAVmed has revised its overall strategy to drive shareholder value through independently financed subsidiaries, much like we have done with Lucid. In light of this strategic shift, we have concluded that Veris’s best opportunity for independent financing lies with a focus on large academic and regional cancer centers. We are finalizing contract negotiations with our first such target in an otherwise robust pipeline. Similarly, the recently-announced launch of our PMX incubator and partnership with Hatch Medical to finance, develop, and commercialize our existing portfolio technologies aligns with this revised strategy. Finally, consistent with this revised strategy, we remain extremely active in seeking out groundbreaking, independently financeable technologies with large market opportunities, agnostic of sector.”

Financial results:

• For the three months ended December 31, 2023, revenues were $1.0 million, while for the year ended December 31, 2023, revenues were $2.5 million. Fourth quarter and full year 2023 operating expenses were approximately $17.4 million and $71.2 million, respectively, which include stock-based compensation expenses of $2.0 million and $11.1 million, respectively. GAAP net loss attributable to common stockholders for the fourth quarter and full year 2023 were approximately $15.9 million and $66.3 million, or $(1.98) and $(9.16) per common share.
• 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 for the fourth quarter and full year 2023, was approximately $10.7 million and $41.8 million or $(1.33) and $(5.78) per common share.
• PAVmed had cash and cash equivalents of $19.6 million as of December 31, 2023, compared to $39.7 million as of December 31, 2022.
• The audited financial results for the year ended December 31, 2023 were filed with the SEC on Form 10-K on March 25, 2024.

MB Bureau