PAVmed Provides Business Update and Reports First Quarter 2025 Financial Results
Lucid secured capital to extend runway well past key upcoming reimbursement milestones; ended 1Q25 with over
Conference call and webcast to be held today,
Conference Call and Webcast
The webcast will take place on
Following the conclusion of the conference call, a replay will be available for 30 days on the investor relations section of the Company's website at pavmed.com.
Business Update Highlights
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Highlights from the first quarter and recent weeks:
- Strengthened balance sheet with stock offerings netting approximately
$30.6 million ; ended 1Q25 with over$40 million in pro forma cash. - Launched "Embrace the Future" campaign targeting gastroenterologists.
- Gained traction in cash-pay concierge medicine and employer markets sales channels.
- NCI-sponsored study showed EsoGuard effectively detects esophageal precancer in at-risk patients without GERD, supporting expanded indication and may increase market opportunity.
- Veris restarted development of its implantable physiological monitor after completing a private placement financing.
- Veris completed pilot program with The
Ohio State's James Cancer Hospital and will soon launch long-term commercial and strategic partnership. - PMX Incubator actively engaged with multiple potential strategic partners on PortIO.
Financial Results:
- For the three months ended
March 31, 2025 ,PAVmed's revenues reflect subscription revenues from the Veris Cancer Care Platform. EsoGuard-related revenues are no longer consolidated withPAVmed's results due to the deconsolidation effectiveSeptember 10, 2024 .PAVmed's management service income fromLucid Diagnostics , amounting to$3.2 million post-deconsolidation, is reflected in Other Income. Operating expenses were approximately$5.5 million which include stock-based compensation expenses of$1.0 million . GAAP net income attributable to common stockholders was approximately$17.7 million , or$0.34 per common share on a diluted basis. - As shown below and for the purpose of illustrating the effect of stock-based compensation and other non-cash income and expenses on the Company's financial results, the Company's non-GAAP adjusted loss was approximately
$0.9 million or$(0.07) per common share. -
PAVmed had cash and cash equivalents of$2.7 million as ofMarch 31, 2025 , compared to$1.2 million as ofDecember 31, 2024 . - The unaudited financial results for the three months ended
March 31, 2025 were filed with theSEC on Form 10-Q onMay 15, 2025 , and are available at www.pavmed.com or www.sec.gov.
PAVmed Non-GAAP Measures
- To supplement our financial results presented in accordance with
U.S. generally accepted accounting principles (GAAP), management provides certain non-GAAP financial measures of the Company's financial results. These non-GAAP financial measures include net loss before interest, taxes, depreciation, and amortization (EBITDA) and non-GAAP adjusted loss, which further adjusts EBITDA for stock-based compensation expense, loss on the issuance or modification of convertible securities, the periodic change in fair value of convertible securities, and loss on debt extinguishment. The foregoing non-GAAP financial measures of EBITDA and non-GAAP adjusted loss are not recognized terms underU.S. GAAP. - Non-GAAP financial measures are presented with the intent of providing greater transparency to the information used by us in our financial performance analysis and operational decision-making. We believe these non-GAAP financial measures provide meaningful information to assist investors, shareholders, and other readers of our financial statements in making comparisons to our historical financial results and analyzing the underlying performance of our results of operations. These non-GAAP financial measures are not intended to be, and should not be, a substitute for, considered superior to, considered separately from, or as an alternative to, the most directly comparable GAAP financial measures.
- Non-GAAP financial measures are provided to enhance readers' overall understanding of our current financial results and to provide further information for comparative purposes. Management believes the non-GAAP financial measures provide useful information to management and investors by isolating certain expenses, gains, and losses that may not be indicative of our core operating results and business outlook. Specifically, the non-GAAP financial measures include non-GAAP adjusted loss, and its presentation is intended to help the reader understand the effect of the loss on the issuance or modification of convertible securities, the periodic change in fair value of convertible securities, the loss on debt extinguishment and the corresponding accounting for non-cash charges on financial performance. In addition, management believes non-GAAP financial measures enhance the comparability of results against prior periods.
- A reconciliation to the most directly comparable GAAP measure of all non-GAAP financial measures included in this press release for the three months ended
March 31, 2025 , and 2024 are as follows:
Condensed Consolidated Statement of Operations (Unaudited) |
||||
|
|
For the three months ended
|
||
|
|
2025 |
|
2024 |
(in thousands except per-share amounts) |
|
|
|
|
Revenue |
|
$ 8 |
|
$ 1,010 |
Operating expenses |
|
5,454 |
|
15,046 |
Other (Income) Expense |
|
(24,069) |
|
4,476 |
Net (Income) Loss |
|
(18,623) |
|
18,512 |
Net income (loss) per common share, diluted |
|
$ 0.34 |
|
$ (2.62) |
Net income (loss) attributable to common stockholders |
|
17,695 |
|
(22,788) |
Preferred Stock dividends and deemed dividends |
|
1,273 |
|
7,576 |
Net income (loss) as reported |
|
18,968 |
|
(15,212) |
Adjustments: |
|
|
|
|
Depreciation and amortization expense1 |
|
43 |
|
586 |
Interest expense, net2 |
|
(4) |
|
(56) |
NCI ownership share of Interest and Depreciation adjustments |
|
— |
|
(131) |
EBITDA |
|
19,007 |
|
(14,813) |
|
|
|
|
|
Other non-cash or financing related expenses: |
|
|
|
|
Stock-based compensation expense3 |
|
930 |
|
1,882 |
Operating expenses issued in stock1 |
|
50 |
|
23 |
Change in FV equity method investments |
|
(21,004) |
|
— |
Change in FV convertible debt2 |
|
49 |
|
2,163 |
Loss on debt extinguishment2 |
|
58 |
|
369 |
Debt modification expense |
|
— |
|
2,000 |
NCI ownership share of non-GAAP adjustments |
|
— |
|
(239) |
Non-GAAP adjusted (loss) |
|
$ (910) |
|
$ (8,615) |
Non-GAAP shares outstanding, basic and diluted |
|
13,876 |
|
8,695 |
Non-GAAP adjusted (loss) income per share, basic and diluted |
|
|
|
|
|
|
1 |
Included in general and administrative expenses in the financial statements. |
2 |
Included in other income and expenses. |
3 |
Stock-based compensation ("SBC") expense included in operating expenses is detailed as follows in the table below by category within operating expenses for the non-GAAP Net operating expenses: |
Reconciliation of GAAP Operating Expenses to Non-GAAP Net Operating Expenses |
||||
|
||||
(in thousands except per-share amounts) |
|
For the three months ended
|
||
|
|
2025 |
|
2024 |
|
|
|
|
|
Cost of revenue |
|
$ 36 |
|
$ 1,744 |
Stock-based compensation expense3 |
|
— |
|
(36) |
Net cost of revenue |
|
36 |
|
1,708 |
|
|
|
|
|
Amortization of acquired intangible assets |
|
— |
|
372 |
|
|
|
|
|
Sales and marketing |
|
247 |
|
4,311 |
Stock-based compensation expense3 |
|
(45) |
|
(403) |
Net sales and marketing |
|
202 |
|
3,908 |
|
|
|
|
|
General and administrative |
|
4,384 |
|
6,678 |
Depreciation expense |
|
(43) |
|
(214) |
Operating expenses issued in stock |
|
(50) |
|
(23) |
Stock-based compensation expense3 |
|
(796) |
|
(1,078) |
Net general and administrative |
|
3,495 |
|
5,363 |
|
|
|
|
|
Research and development |
|
787 |
|
1,941 |
Stock-based compensation expense3 |
|
(89) |
|
(365) |
Net research and development |
|
698 |
|
1,576 |
|
|
|
|
|
Total operating expenses |
|
5,454 |
|
15,046 |
Depreciation and amortization expense |
|
(43) |
|
(586) |
Operating expenses issued in stock |
|
(50) |
|
(23) |
Stock-based compensation expense3 |
|
(930) |
|
(1,882) |
Net operating expenses |
|
$ 4,431 |
|
$ 12,555 |
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Forward-Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are any statements that are not historical facts. Such forward-looking statements, which are based upon the current beliefs and expectations of
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