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- **Lucid Milestone**: Medicare coverage endorsement for EsoGuard, $27M capital raise extends runway to 2026.
- **Veris Growth**: Implantable device on track for 2026 FDA submission, expanding commercial reach with clinical support services.
- **New Technology**: Breakthrough endoscopic imaging partnership with Duke/UNC nearing definitive agreement.
- **Financial Stability**: Restructured debt, cash flow breakeven with $446K non-GAAP loss Q3.

**【CEO Summary Section】**
- **Corporate Restructuring Progress**: Completed debt restructuring, nearing final steps to stabilize balance sheet and enable subsidiary growth under shared services model.
- **Lucid Highlights**: 
  - EsoGuard Q3 revenue $1.2M, test volume 2,800, consistent with target range.
  - Medicare coverage endorsement from experts, expected near-term approval.
  - $27M capital raise extends runway to 2026.
- **Veris Developments**: 
  - Commercial launch at OSU Cancer Center with 1,000-patient registry target.
  - Implantable device development on track for 2026 FDA submission.
  - New AI-based clinical decision tools and clinical support services in development.
- **New Technology Partnership**: Finalizing license agreement with Duke/UNC for breakthrough endoscopic imaging technology for esophageal precancer detection.

**【CFO Financial Commentary】**
- **Financial Restructuring**: Deconsolidated Lucid from PAVmed financials, Series C preferred stock restructuring reduced debt burden.
- **Cash Flow Management**: Q3 cash burn $900K, fully funded by Veris-specific financings ($2.4M Q1, $2.5M Q2).
- **Equity Method Investment**: $32M equity value in Lucid (23% ownership), marked-to-market quarterly.
- **Non-GAAP Loss**: $446K Q3, driven by Veris device development costs.

**【Q&A Key Highlights】**
- **Implantable Device Regulatory Path**: 510(k) submission planned for 2026, requiring only skin-based clinical study for equivalence to predicate device.
- **Commercial Expansion Strategy**: 
  - Begin outreach to new cancer centers Q1 2026 with clinical support services offering.
  - AI-based risk stratification tools to be co-developed with OSU.
- **Duke Imaging Technology**: Definitive license agreement expected shortly, 510(k) regulatory pathway with modest clinical requirements.

PAVmed Inc. (PAVM) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PAVM

PAVM fundamentals

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