PAVmed (PAVM) Q1 2026 earnings summary

Executive summary

• Completed a two-year restructuring and recapitalization, simplifying the capital structure and positioning for high growth and diversified operations in medical devices, diagnostics, and digital health.

• Q1 2026 saw continued commercial expansion, especially in digital health and diagnostics, with strategic partnerships and product development milestones, including progress toward FDA submission for new devices.

• Processed 3,177 EsoGuard tests in Q1 2026, generating $1.3 million in revenue, and showcased EsoGuard at Digestive Disease Week with upcoming clinical guideline updates.

• Ended Q1 2026 with $45 million in proforma cash, supported by a $17 million public offering and other financing activities, extending the cash runway into 2027.

• Entered into a $30 million Series D Preferred Stock financing, redeemed Series C Preferred Stock, refinanced convertible notes, and completed a 1-for-30 reverse stock split to regain Nasdaq compliance.

Financial highlights

• Q1 2026 revenue was $1.3 million, up from $828,000 in Q1 2025, with management fee income and other revenue sources nearly flat year-over-year.

• Operating expenses increased to $13.4 million, including $1.4 million in stock-based compensation, and general and administrative expenses rose to $6.4 million.

• GAAP net loss attributable to common stockholders was $23.6 million, or $(0.17) per share, including a $9.7 million preferred stock dividend; non-GAAP adjusted loss was $10.5 million, or $(0.07) per share.

• Cash and cash equivalents stood at $27.9 million as of March 31, 2026, with proforma cash at $45 million, up from $1.5 million at year-end 2025.

• Series D Warrants could provide an additional $30 million if exercised, and financing activities provided $7.6 million of cash in Q1 2026.

Outlook and guidance

• Confident in achieving Medicare coverage and other key reimbursement milestones for EsoGuard, with commercial momentum expected to accelerate as these are met.

• 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.

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