PAVmed (PAVM) Q4 2023 earnings summary

Executive summary

• Strategy centered on independently financed subsidiaries, shared services, and advancing existing technologies through Lucid, Veris and PMX.

• Lucid’s commercial growth supported independent financeability; Veris shifted toward large cancer centers, and PMX launched to develop and commercialize its portfolio.

Financial highlights

• Q4 2023 revenue was $1.049M vs. $112K in Q4 2022; FY revenue was $2.452M vs. $377K in FY 2022.

• Q4 net loss was $17.408M vs. $24.572M a year earlier; FY net loss was $79.263M vs. $103.238M. GAAP net loss attributable to common stockholders was $15.9M in Q4 and $66.3M for FY 2023.

• Operating expenses were $17.434M in Q4 and $71.247M for FY 2023, down $7.278M and $20.217M YoY, respectively.

• Cash and cash equivalents were $19.639M at Dec. 31, 2023, vs. $39.7M a year earlier; senior secured convertible notes were $44.2M.

Outlook and guidance

• EsoGuard health-fair testing events were fully booked through July, with more than a dozen strategic accounts running active testing programs.

• Veris expected a near-term engagement with a large academic or regional cancer center, followed by a phased rollout through pilots and longer-term partnerships.

• Veris’ implantable monitor has a path to FDA submission and 510(k) clearance after independent financing is secured.

• PMX plans independent financing for separate technology subsidiaries, beginning with PortIO.