PAVmed (PAVM) Q1 2026 earnings summary

Executive summary

• Completed a two-year restructuring, resulting in a simplified capital structure with only common stock and term debt, and 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 with upcoming clinical guideline updates favoring its use.

• Recent developments include a contract with the U.S. Department of Veterans Affairs for EsoGuard, real-world data on EsoGuard/EsoCheck, and a strategic partnership for Veris with OSUCCC – The James.

• Ended the quarter with $45 million in proforma cash, extending the cash runway into 2027, and strengthened the balance sheet through a $17 million public offering.

• Lucid Diagnostics and Veris Health are approaching transformative milestones, including Medicare coverage and commercial expansion.

Financial highlights

• Q1 2026 revenue was $1.3 million, up from $828,000 in Q1 2025, with all reported revenue derived 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.

• Cash and cash equivalents stood at $27.9 million as of March 31, 2026, down from $34.7 million at year-end 2025, with $45 million in proforma cash after the public offering.

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

• Completed a $30 million Series D preferred stock offering, issued a $15 million senior secured note, and redeemed Series C preferred stock.

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.

• Veris Health implantable physiological monitor development is on track for submission by year-end, with commercial expansion dependent on additional capital raising.

• 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.