PAVmed Announces Q4 and Full Year 2024 Financial Results
NEW YORK, March 25, 2025 /PRNewswire/ — PAVmed Inc. (NASDAQ: PAVM), a diversified medical technology company, today released a business update and reported financial results for the fourth quarter and full year ended December 31, 2024. The announcement highlighted significant progress and key milestones achieved by its subsidiaries, Lucid Diagnostics and Veris Health.
Lucid Diagnostics Drives Revenue with Record Test Volumes
Lucid Diagnostics saw impressive growth during the quarter, processing a record 4,042 EsoGuard tests. This represents a 45% increase sequentially and an 84% increase year-over-year. EsoGuard revenue for Q4 reached $1.2 million. Furthermore, the company secured its first commercial insurance coverage from Highmark Blue Cross Blue Shield. These achievements demonstrate the increasing market traction and acceptance of the EsoGuard test.
Veris Health Secures Funding to Advance Implantable Monitor
Veris Health completed a private placement, raising $2.4 million at a pre-money valuation of $35 million. This funding, along with a prior $1.8 million NIH grant, will support the advancement of its implantable physiological monitor through FDA clearance. The company also reported Q4 revenue from approximately 125 patients using the Veris Cancer Care Platform.
PAVmed’s Financial Performance and Strategic Developments
PAVmed’s Q4 revenues stemmed from the Veris Cancer Care Platform. Operating expenses totaled $5.2 million, including $0.7 million in stock-based compensation. The company reported a GAAP net income of $1.3 million, or $0.12 per diluted share, despite a non-GAAP adjusted loss of $0.7 million. The cash position as of December 31, 2024, was $1.2 million, with a pro forma cash figure of $3.6 million when including a Q1 2025 private placement.
“Following the critical steps taken to stabilize PAVmed’s corporate structure and balance sheet, PAVmed is now in a very strong position to operate as it was designed—as a diversified commercial life sciences company with multiple independently-financed subsidiaries operating under a shared services model,”.
“With Lucid and Veris both having sufficient capital to advance their commercial strategies, we expect PAVmed to directly benefit from their success. The performance of PAVmed’s subsidiaries, particularly Lucid and its recent achievements with EsoGuard, serve as key drivers of PAVmed’s long-term success and sustainability.” said Lishan Aklog, M.D., PAVmed’s Chairman and Chief Executive Officer.
PAVmed also noted that they successfully regained compliance with Nasdaq minimum bid price requirement for continued listing on the Nasdaq Capital Market. The financial restructuring efforts, including the Lucid deconsolidation and a convertible debt restructuring, have strengthened PAVmed’s balance sheet, adding approximately $25 million to equity in Q1 2025.
Conference Call and Webcast Details
PAVmed hosted a conference call and webcast on March 25, 2025, at 8:30 AM EDT to discuss these results and provide additional insights.
