PAVmed (PAVM) Q4 2025 earnings summary

Executive summary

• Completed major restructuring and recapitalization in February, eliminating toxic convertible securities and resulting in a strengthened capital structure with $30M Series D preferred stock and $15M senior secured note financing.

• Now positioned as a high-growth, diversified life sciences company with independently financed subsidiaries under a shared services model.

• Core businesses include Lucid (diagnostics), Veris (digital health/cancer care), and a relaunching MedTech portfolio under new leadership, including licensing endoscopic imaging technology from Duke.

• Lucid Diagnostics expanded access to EsoGuard, securing a VA contract and reporting positive real-world data in nearly 12,000 at-risk patients.

• Veris Health advanced commercial and EHR integration, with implantable monitor development on track for late 2026 FDA submission and partnership with OSU.

Financial highlights

• Q4 2025 EsoGuard revenue was $1.5M, with 3,664 tests processed and test volume up 29% sequentially.

• Q4 2025 revenue and management fee income totaled $4.38M, up $1.22M year-over-year.

• Full-year 2025 revenue was $13.85M, down $0.45M from 2024.

• Q4 2025 GAAP net loss was $2.8M, with a non-GAAP loss of $0.94M and non-GAAP adjusted loss per share of $(1.05).

• Cash and cash equivalents at year-end 2025 were $1.54M, up $0.35M from prior year.

Outlook and guidance

• Lucid is approaching transformative milestones, including a major VA contract win and pending Medicare coverage for EsoGuard.

• Veris Health targets late 2026 FDA 510(k) submission for its implantable physiological monitor.

• MedTech portfolio relaunch underway, with new leadership and active evaluation of new technology opportunities.