PAVmed (PAVM) Q1 2026 earnings summary

Executive summary

• Completed a two-year restructuring and recapitalization, resulting in a simplified capital structure with only common stock and term debt, positioning for high growth and diversified operations in medical devices, diagnostics, and digital health.

• Advanced commercial expansion for Veris Health, including EHR integration and partnerships, and development of an implantable physiological monitor toward FDA submission.

• Lucid Diagnostics built commercial momentum for EsoGuard, expanded VA and commercial payer relationships, and is nearing transformative milestones such as anticipated Medicare coverage.

• Medical device portfolio relaunched under new leadership, focusing on high-margin, unmet clinical needs and evaluating new business development assets.

• Strategic partnerships and product development milestones highlighted, including a contract with the U.S. Department of Veterans Affairs and a strategic partnership for Veris with OSUCCC – The James.

Financial highlights

• Q1 2026 revenue was $1.3 million, primarily from EsoGuard, with 3,177 tests processed; management fee income and other revenue totaled $3.18 million, nearly flat year-over-year.

• Operating expenses increased to $8.1 million, including $0.2 million in stock-based compensation; non-GAAP operating expenses were $5.9 million.

• GAAP net loss attributable to common stockholders was $7.0 million, or $(4.42) per diluted share; non-GAAP adjusted net loss was $1.9 million, or $(1.17) per share.

• Cash and cash equivalents at March 31, 2026, were $6.5 million, up from $1.5 million at year-end 2025, primarily due to financing activities.

• Completed a $30 million Series D Preferred Stock financing, redeemed Series C Preferred Stock, refinanced convertible notes, and issued $30 million in warrants callable upon positive LCD publication.

Outlook and guidance

• Management expects recurring losses and negative cash flows from operations to continue in the near term, with substantial doubt about the ability to continue as a going concern within one year of the financial statement issuance.

• Commercial expansion and product development for Veris Health and Lucid Diagnostics remain key priorities, with anticipation of major clinical practice guideline updates recommending EsoGuard and EsoCheck.

• Ability to continue operations depends on controlling costs, increasing revenues from Veris, and raising additional capital.