Wednesday - January 8, 2025
NEW YORK, Aug. 15, 2023 /PRNewswire/ -- PAVmed Inc. (NASDAQ: PAVM, PAVMZ) ("PAVmed" or the "Company"), a diversified commercial-stage medical technology company, operating in the medical device, diagnostics, and digital health sectors, today provided a business update for the Company and its subsidiaries, Lucid Diagnostics Inc. (NASDAQ: LUCD) ("Lucid") and Veris Health Inc. ("Veris"), and presented financial results for the Company for the three and six months ended June 30, 2023.
Conference Call and Webcast
The webcast will take place on Wednesday, August 16, 2023, at 8:30 AM and is accessible in the investor relations section of the Company's website at pavmed.com. Alternatively, to access the conference call by telephone, U.S.-based callers should dial 1-833-816-1419 and international listeners should dial 412-317-0512. All listeners should provide the operator with the conference call name "PAVmed Business Update" to join.
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
"Both Lucid and Veris have strong momentum as we enter the second half of the year and we look forward to both delivering on their commercial and strategic plans in the coming quarters," said Lishan Aklog, M.D., PAVmed's Chairman and Chief Executive Officer.
"The Veris Cancer Care Platform is having a meaningful impact on the care of enrolled cancer patients at early adopter practices, as we have focused on optimizing customer acceptance and validation together with customization and integration with their respective EHR platforms. A next generation version of the platform incorporating early feedback will launch later this year. Gary Manning, President of Veris Health, has accelerated our progress, completing a detailed review of the software and hardware programs, revamping the commercial operation with plans to expand the commercial team this year, and launching two exciting strategic initiatives which we believe will significantly expand the company's value proposition. These include a biopharma module to serve as a companion to novel cancer therapeutics and an upgrade of the platform to an FDA-cleared Software as a Medical Device clinical decision support tool," Dr. Aklog added.
"We covered exciting developments and strategic accomplishments at Lucid in some depth yesterday, highlighting strong EsoGuard® test volume growth, our revenue cycle management upgrade and its immediate impact on claims and payment, our first direct contract with an employer, upcoming release of critical clinical utility data and unprecedented results from an NCI-funded study," Dr. Aklog concluded.
Highlights from the first quarter and recent weeks include:
Financial Results:
PAVmed Non-GAAP Measures
For the three months ended June 30, | For the six months ended June 30, | |||||||
2023 | 2022 | 2023 | 2022 | |||||
(in thousands except per-share amounts) | ||||||||
Revenue | $ 166 | $ — | $ 612 | $ 189 | ||||
Operating expenses | 16,650 | 23,484 | 37,496 | 43,308 | ||||
Other (Income) Expense | 1,408 | 5,617 | 3,222 | 5,615 | ||||
Net Loss | 17,892 | 29,101 | 40,106 | 48,734 | ||||
Net income (loss) per common share, basic and diluted | $ (0.14) | $ (0.29) | $ (0.32) | $ (0.49) | ||||
Net loss attributable to common stockholders | (14,612) | (25,595) | (32,617) | (42,535) | ||||
Preferred Stock dividends and deemed dividends | 75 | 70 | 149 | 138 | ||||
Net income (loss) as reported | (14,537) | (25,525) | (32,468) | (42,397) | ||||
Adjustments: | ||||||||
Depreciation and amortization expense1 | 747 | 815 | 1,474 | 1,031 | ||||
Interest expense, net2 | 65 | 516 | 128 | 514 | ||||
EBITDA | (13,725) | (24,194) | (30,866) | (40,852) | ||||
Other non-cash or financing related expenses: | ||||||||
Stock-based compensation expense3 | 2,507 | 5,007 | 6,926 | 9,820 | ||||
ResearchDx acquisition paid in stock | — | 66 | 713 | 239 | ||||
Change in FV convertible debt2 | 340 | 2,000 | 1,380 | 2,000 | ||||
Offering costs convertible debt2 | — | 3,101 | 1,186 | 3,101 | ||||
Loss on debt extinguishment | 743 | — | 1,268 | — | ||||
Change in fair value - derivative liability | 260 | — | 260 | — | ||||
Other non-cash charges | — | 28 | — | 57 | ||||
Non-GAAP adjusted (loss) | (9,875) | (13,992) | (19,133) | (25,635) | ||||
Basic and Diluted shares outstanding | 104,350 | 86,957 | 100,743 | 86,690 | ||||
Non-GAAP adjusted (loss) income per share | $(0.09) | $(0.16) | $(0.19) | $(0.30) |
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 June 30, | For the six months ended June 30, | ||||||
2023 | 2022 | 2023 | 2022 | |||||
Cost of revenue | 1,685 | — | 3,030 | 369 | ||||
Stock-based compensation expense3 | (31) | — | (54) | — | ||||
Net cost of revenue | 1,654 | — | 2,976 | 369 | ||||
Amortization of acquired intangible assets | 505 | 650 | 1,010 | 773 | ||||
Sales and marketing | 4,339 | 4,898 | 8,877 | 8,823 | ||||
Stock-based compensation expense3 | (455) | (591) | (899) | (1,216) | ||||
Net sales and marketing | 3,884 | 4,307 | 7,978 | 7,607 | ||||
General and administrative | 6,652 | 11,196 | 16,670 | 20,672 | ||||
Depreciation expense | (242) | (165) | (464) | (258) | ||||
Stock-based compensation expense3 | (1,674) | (4,162) | (5,262) | (8,164) | ||||
Net general and administrative | 4,736 | 6,869 | 10,944 | 12,250 | ||||
Research and development | 3,469 | 6,740 | 7,909 | 12,671 | ||||
Stock-based compensation expense3 | (347) | (254) | (711) | (440) | ||||
Net research and development | 3,122 | 6,486 | 7,198 | 12,231 | ||||
Total operating expenses | 16,650 | 23,484 | 37,496 | 43,308 | ||||
Depreciation and amortization expense | (747) | (815) | (1,474) | (1,031) | ||||
Stock-based compensation expense3 | (2,507) | (5,007) | (6,926) | (9,820) | ||||
Net operating expenses | 13,396 | 17,662 | 29,096 | 32,457 |
About PAVmed and its Subsidiaries
PAVmed Inc. is a diversified commercial-stage medical technology company operating in the medical device, diagnostics, and digital health sectors. Its majority-owned subsidiary, Lucid Diagnostics Inc. (NASDAQ: LUCD), is a commercial-stage cancer prevention medical diagnostics company that markets the EsoGuard® Esophageal DNA Test and EsoCheck® Esophageal Cell Collection Device—the first and only commercial tools for widespread early detection of esophageal precancer to mitigate the risks of esophageal cancer deaths. Its other majority-owned subsidiary, Veris Health Inc., is a digital health company focused on enhanced personalized cancer care through remote patient monitoring using implantable biologic sensors with wireless communication along with a custom suite of connected external devices. Veris is concurrently developing an implantable physiological monitor, designed to be implanted alongside a chemotherapy port, which will interface with the Veris Cancer Care Platform.
For more and for more information about PAVmed, please visit pavmed.com.
For more information about Lucid Diagnostics, please visit luciddx.com.
For more information about Veris Health, please visit verishealth.com.
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 PAVmed's and Lucid's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Risks and uncertainties that may cause such differences include, among other things, volatility in the price of PAVmed's and Lucid's common stock; PAVmed's Series Z warrants; general economic and market conditions; the uncertainties inherent in research and development, including the cost and time required to advance PAVmed's and Lucid's products to regulatory submission; whether regulatory authorities will be satisfied with the design of and results from PAVmed's and Lucid's clinical and preclinical studies; whether and when PAVmed's and Lucid's products are cleared by regulatory authorities; market acceptance of PAVmed's and Lucid's products once cleared and commercialized; PAVmed's and Lucid's ability to raise additional funding as needed; and other competitive developments. In addition, new risks and uncertainties may arise from time to time and are difficult to predict. For a further list and description of these and other important risks and uncertainties that may affect PAVmed's and Lucid's future operations, see Part I, Item 1A, "Risk Factors," in PAVmed's and Lucid's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. PAVmed and Lucid disclaim any intention or obligation to publicly update or revise any forward-looking statement to reflect any change in its expectations or in events, conditions, or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements.
Last Trade: | US$0.90 |
Daily Change: | -0.0038 -0.42 |
Daily Volume: | 66,160 |
Market Cap: | US$53.170M |
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