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PAVmed (PAVM) investor relations material

PAVmed Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary13 Aug, 2025

Executive summary

  • Q2 2025 revenue from EsoGuard was $1.2M with 2,756 tests performed, supported by expanded commercial initiatives and new insurance coverage, including Highmark Blue Cross Blue Shield.

  • Strengthened balance sheet with a $16.1M public offering, ending Q2 with $31.1M in cash, extending runway into 2026.

  • Strategic partnerships launched, including Hoag Health System, to expand EsoGuard access and a resumed product development for Veris Health after $2.5M equity financing.

  • NCI-sponsored and pilot studies published, supporting expanded indications and market opportunity for EsoGuard.

  • Joined Russell 2000 and 3000 Indexes, enhancing institutional investor visibility.

Financial highlights

  • Q2 2025 revenue was $1.2M, up from $976,000 in Q2 2024, with 2,756 tests performed.

  • Non-GAAP net loss for Q2 2025 was $9.9M, or $(0.10) per share, an improvement over prior periods.

  • Operating expenses for Q2 2025 were $12.5M, including $1.1M in stock-based compensation.

  • Cash and cash equivalents at June 30, 2025, were $31.1M, up from $22.4M at year-end 2024.

  • High contribution margin of 90% per test, with costs under $200 and Medicare rate as benchmark.

Outlook and guidance

  • Anticipates significant progress with the upcoming Medicare Local Coverage Determination (LCD) meeting for EsoGuard on September 4, 2025.

  • Expects to accelerate commercialization and revenue growth as Medicare coverage and other reimbursement milestones are achieved.

  • No plans to increase headcount or OpEx until Medicare coverage is obtained; resource allocation will be adjusted as needed.

  • Company expects recurring losses and negative cash flows to persist; additional capital will be needed.

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Frequently asked questions

PAVmed Inc. holds interests in various medical device technologies at various stages of development. Its initial pipeline includes: carPIX, a technology that transforms the humble stethoscope into a highly effective imaging tool; EsoGuard/EsoCheck, a novel, multi-marker screening test for esophageal cancer and Barrett's esophagus; PortIO, an implantable intraosseous vascular access device that could revolutionize the way patients needing vascular access are treated. NextCath, a revolutionary self-anchoring catheter technology based on an internally developed platform that eliminates the need for sutures or tissue adhesives to secure a catheter to the body; and NextVessel, which is being developed by NextCath Inc., and is designed to provide early detection of coronary atherosclerosis and other vascular conditions. PAVmed Inc. was founded in 2014 and is headquartered in New York, New York.

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