PAVmed Announces Q4 and Full Year 2024 Financial Results
NEW YORK, March 25, 2025 /PRNewswire/ — PAVmed Inc. (NASDAQ: PAVM, PAVMZ), a diversified commercial-stage medical technology company, has provided a business update and reported financial results for the fourth quarter and full year ending December 31, 2024. The company highlighted notable progress within its subsidiaries, Lucid Diagnostics Inc. (NASDAQ: LUCD) and Veris Health Inc.
“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,” stated Lishan Aklog, M.D., PAVmed’s Chairman and Chief Executive Officer. “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.”
Lucid Diagnostics Achieves Record Test Volumes
Lucid Diagnostics saw significant growth, processing a record 4,042 EsoGuard tests in Q4 2024, representing a 45% sequential increase and an 84% increase year-over-year. This resulted in $1.2 million in revenue for the quarter. The company also secured its first commercial insurance coverage from Highmark Blue Cross Blue Shield, a crucial step in expanding market access.
Veris Health Completes Private Placement
Veris Health completed a private placement, raising $2.4 million at a pre-money valuation of $35 million. These funds, supplemented by an $1.8 million NIH grant, will support the advancement of their implantable physiological monitor through FDA clearance.
Financial Highlights
PAVmed reported Q4 revenues from approximately 125 patients utilizing the Veris Cancer Care Platform.
- Operating expenses totaled $5.2 million, which included $0.7 million in stock-based compensation.
- GAAP net income reached $1.3 million, translating to $0.12 per diluted share.
- The company reported a non-GAAP adjusted loss of $0.7 million.
- Cash and cash equivalents stood at $1.2 million, with a pro forma cash position of $3.6 million, including the Q1 2025 private placement.
Business Update Highlights
- Lucid Diagnostics: Record revenue and test volumes, demonstrating strong market traction for the EsoGuard test.
- Commercial Insurance Coverage: First commercial coverage secured from Highmark Blue Cross Blue Shield, validating the EsoGuard test.
- Veris Health Financing: Successful private placement to advance its implantable physiological monitor.
- Nasdaq Compliance: PAVmed regained compliance with Nasdaq minimum equity requirements.
Conference Call
A conference call and webcast to discuss these results was held on March 25, 2025.
Forward-Looking Statements
This press release contains forward-looking statements subject to risks and uncertainties. Actual results may differ from those projected. Please refer to the company’s SEC filings for a detailed discussion of these risks.
About PAVmed and its Subsidiaries
PAVmed Inc. is a commercial-stage medical technology company. Its subsidiary, Lucid Diagnostics Inc., focuses on cancer prevention diagnostics, including the EsoGuard Esophageal DNA Test. Veris Health Inc. is a digital health company focused on remote patient monitoring in oncology.
