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PAVmed reports Q1 2024 financial results

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 Company for the three months ended March 31, 2024.

“I am very pleased with the strong progress PAVmed’s subsidiaries have made on multiple fronts during the first quarter and recent weeks,” said Lishan Aklog, M.D., PAVmed’s Chairman and Chief Executive Officer. “Lucid, PAVmed’s strongest and most advanced asset, is making great commercial progress and continues to successfully finance its operations through long-term fundamental investors. Lucid now has the runway to advance through key reimbursement milestones on the pathway to profitability. As discussed last quarter, we updated the PAVmed overall strategy to drive shareholder value through independently-financed subsidiaries that leverage PAVmed’s shared infrastructure. Veris and the PMX Incubator are progressing well in furtherance of this revised strategy.”

Financial results:

  • For the three months ended March 31, 2024, EsoGuard related revenues were $1.0 million. Operating expenses were approximately $15.0 million which include stock-based compensation expenses of $1.9 million. GAAP net loss attributable to common stockholders was approximately $22.8 million, or $(2.62) 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 was approximately $8.6 million or $(0.99) per common share.
  • PAVmed had cash and cash equivalents of $25.5 million as of March 31, 2024, compared to $19.6 million as of December 31, 2023.
  • The unaudited financial results for the three months ended March 31, 2024 were filed with the SEC on Form 10-Q on May 13, 2024

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