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, and a 1-for-30 reverse stock split to regain Nasdaq compliance.

• Now positioned as a high-growth, diversified life sciences company with subsidiaries in medical devices, diagnostics, and digital health, focusing on Lucid Diagnostics and Veris Health.

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

• Lucid Diagnostics and Veris Health are progressing toward key milestones, including Medicare coverage and commercial expansion.

• Strengthened balance sheet through $17 million public offering and ended Q1 2026 with $45 million in proforma cash, extending runway into 2027.

Financial highlights

• Q1 2026 revenue was $1.3 million, up from $828,000 in Q1 2025, with all revenue from EsoGuard Esophageal DNA Tests.

• 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, improving from $(0.16) year-over-year.

• Cash and cash equivalents stood at $27.9 million as of March 31, 2026, with $45 million in proforma cash after the public offering.

• Operating expenses were $13.4 million, including $1.4 million in stock-based compensation.

Outlook and guidance

• Confident in achieving Medicare coverage and other key reimbursement milestones for EsoGuard.

• Commercial momentum expected to accelerate as reimbursement milestones are met and commercial expansion for Veris is contingent on additional capital.

• Management expects recurring losses and negative cash flows from operations to continue in the near term, with ability to continue operations dependent on controlling costs, increasing revenues, and raising additional capital.