PAVmed Provides Business Update and Reports Preliminary Third Quarter 2026 Financial Results

(NASDAQ:PAVM) PAVmed Inc. provided a business update and reported financial results for the third quarter ended September 30, 2026. Lucid Diagnostics (NASDAQ:LUCD), a subsidiary, began receiving Medicare payments for the EsoGuard® Esophageal DNA Test in October, submitting claims for tests performed at its Texas laboratory to Novitas, the Medicare Administrative Contractor, and receiving payments at the established Clinical Laboratory Fee Schedule rate. Lucid focused commercial efforts on expanding EsoGuard access among at-risk Medicare beneficiaries, who represent approximately 50% of the 30 million patients recommended for esophageal precancer testing by professional society guidelines. Lucid announced publication of an 11,991-patient real-world EsoGuard study in Diagnostics, the largest peer-reviewed study of nonendoscopic esophageal precancer testing to date, demonstrating the efficiency and scalability of the EsoCheck® Esophageal Cell Collection Device. Lucid performed 2,871 EsoGuard tests and recognized revenue of $1.2 million in Q3 2026, with October being a record month for test volume at over 1,800 tests. Veris Health, another subsidiary, saw monthly patient enrollment at OSU-The James nearly double from July to September as the commercial phase accelerated and the clinical rollout expanded. Veris achieved design freeze for its implantable physiological monitor and initiated a 90-day GLP animal study in October, keeping the device on track for an early 2027 FDA 510(k) submission. PAVmed held an initial meeting with the FDA on PortIO in late October, with an in-person pre-submission meeting scheduled for January 2027. Octeris Medical completed its next-generation multimodal endoscopic imaging probe, ready for clinical testing, and expects to submit its initial FDA pre-submission package this month, with enrollment in the University of North Carolina clinical validation study expected to begin in January 2027. For the three months ended September 30, 2026, PAVmed reported operating expenses of $6.8 million, including $1.0 million in stock-based compensation expenses. Non-GAAP adjusted net loss was approximately $1.2 million or $(0.19) per common share. As of September 30, 2026, PAVmed had cash and cash equivalents of $8.9 million, including restricted cash of $5.3 million, compared to $1.5 million, including $0.3 million of restricted cash, as of December 31, 2025. For the three months ended September 30, 2026, revenue was $41, operating expenses were $6,768,000, other (income) expense, net was $6,308,000, net (income) loss was $13,035,000, net income (loss) attributable to common stockholders was $(11,752,000), preferred stock dividends and deemed dividends were $97,000, and net income (loss) as reported was $(11,655,000). For the nine months ended September 30, 2026, revenue was $96,000, operating expenses were $21,879,000, other (income) expense, net was $(1,087,000), net (income) loss was $20,696,000, net income (loss) attributable to common stockholders was $(24,219,000), preferred stock dividends and deemed dividends were $7,120,000, and net income (loss) as reported was $(17,099,000). Non-GAAP adjusted (loss) for the three months ended September 30, 2026 was $(1,240,000), and for the nine months ended September 30, 2026 was $(4,759,000). Non-GAAP shares outstanding, basic and diluted, were 6,640,000 for the three months ended September 30, 2026. Non-GAAP adjusted (loss) income per share, basic and diluted, was $(0.19) for the three months ended September 30, 2026. Net operating expenses for the three months ended September 30, 2026 were $5,642,000. Cost of revenue for the three months ended September 30, 2026 was $158,000. Sales and marketing expenses for the three months ended September 30, 2026 were $206,000. General and administrative expenses for the three months ended September 30, 2026 were $4,482,000. Research and development expenses for the three months ended September 30, 2026 were $1,922,000.