We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
PAVmed Inc | NASDAQ:PAVMZ | NASDAQ | Equity Warrant |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.011 | -19.30% | 0.046 | 0.035 | 0.065 | 0.046 | 0.035 | 0.035 | 1,118 | 21:00:02 |
Conference call to be held today at 4:30 PM EDT
PAVmed Inc. (Nasdaq: PAVM, PAVMZ) (the “Company” or “PAVmed”), 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 preliminary financial results for the year ended December 2021.
Conference Call and Webcast
A conference call and webcast for today’s business update and fourth quarter and year ended December 31, 2021, financial results will take place at 4:30 PM EDT. To access the conference call, listeners should dial 877-407-3982 toll-free in the U.S. or 201-493-6780, and ask to join the “PAVmed, Inc. Business Update Conference Call.” The conference call will be available live via webcast and for replay at the investor relations section of the Company’s website at www.pavmed.com. Following the conclusion of the conference call, a replay will be available for one week and can be accessed by dialing 844-512-2921 toll-free in the U.S. or 412-317-6671, followed by the PIN number: 13727143.
Business Update Highlights
“I am happy to report that PAVmed and its subsidiaries are making solid progress on all fronts and are laying a solid foundation for us to continue driving our long-term growth strategy and mission to create a leading, diversified medical technology company,” said Lishan Aklog, M.D., PAVmed’s Chairman and Chief Executive Officer. “This includes EsoGuard commercialization, advancing our Veris Health portfolio, CarpX’s limited commercial release, preparing to commercially launch NextFlo, PortIO first-in-human cases, and advancing the rest of our portfolio towards commercialization. Over the past several quarters we have transformed our business model, expanded our infrastructure and substantially grown our team to accommodate our transition from a technology-focused to a commercial-focused enterprise.”
Preliminary Financial Results
PAVmed Non-GAAP Measures
To supplement our unaudited 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 under U.S. GAAP.
Non-GAAP financial measures are presented with the intent of providing greater transparency to 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 unaudited 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 fourth quarter and year ended December 31, 2021, and 2020 is as follows:
For the three months endedDecember 31, For the year endedDecember 31,
2021
2020
2021
2020
Revenue
$
300
$
-
$
500
$
-
Gross profit
(229
)
-
(85
)
-
Operating expenses
19,538
7,556
54,308
23,351
Loss from operations
(19,767
)
(7,556
)
(54,393
)
(23,351
)
Net income (loss) per common share, basic and diluted$
(0.20
)
$
(0.14
)
$
(0.65
)
$
(0.73
)
Net loss attributable to common stockholders
(17,285
)
(8,812
)
(50,630
)
(34,563
)
Preferred Stock dividends and deemed dividends
67
72
283
287
Net income (loss) as reported
(17,218
)
(8,740
)
(50,347
)
(34,276
)
Adjustments: Depreciation and amortization expense1
166
6
226
23
Interest expense, net2
-
-
-
53
EBITDA
(17,052
)
(8,734
)
(50,121
)
(34,200
)
Other non-cash or financing related expenses: Stock-based compensation expense3
4,380
586
15,009
2,044
Debt extinguishment/debt forgiveness2
-
1,897
3,415
6,497
Acquisition related1
-
-
133
-
Change in FV convertible debt2
-
(194
)
(1,682
)
5,327
Offering costs convertible debt2
-
-
-
660
Non-GAAP adjusted (loss)
(12,672
)
(6,445
)
(33,246
)
(19,672
)
Basic and Diluted shares outstanding
86,368
63,820
77,516
47,432
Non-GAAP adjusted (loss) income per share
($
0.15
)
($
0.10
)
($
0.43
)
($
0.41
)
1
Included in general and administrative expenses in the financial statements2
Included in other income and expenses3
Stock-based compensation ("SBC") expenses: (ooo's except per-share amounts)For the three months ended December 31,
For the year ended December 31,
2021
2020
2021
2020
Commercial operations expense total
3,103
1,257
8,895
2,789
Stock-based compensation expense
(337
)
(95
)
(1,177
)
(278
)
Net commercial operations expense excluding SBC
2,766
1,162
7,718
2,511
General and administrative expense total
9,466
2,657
25,566
9,599
Stock-based compensation expense
(3,737
)
(356
)
(12,799
)
(1,304
)
Net general and administrative expense excluding SBC
5,729
2,301
12,767
8,295
Research and development expense total
6,969
3,642
19,847
10,963
Stock-based compensation expense
(306
)
(135
)
(1,033
)
(462
)
Net research and development expense excluding SBC
6,663
3,507
18,814
10,501
Total operating expenses
19,538
7,556
54,308
23,351
Stock-based compensation expense
(4,380
)
(586
)
(15,009
)
(2,044
)
Net operating expenses excluding SBC
15,158
6,970
39,299
21,307
Lucid Diagnostics (Nasdaq: LUCD) Preliminary Financial Results
Lucid Non-GAAP Measures
A reconciliation to the most directly comparable GAAP measure of all non-GAAP financial measures included in this press release for the fourth quarter and year ended December 31, 2021, and 2020 is as follows:
For the three months endedDecember 31, For the year endedDecember 31,
2021
2020
2021
2020
Revenue
$
300
$
-
$
500
$
-
Gross profit
(141
)
-
(85
)
-
Operating expenses
11,100
2,731
27,334
8,280
Interest expense
65
-
659
-
Net loss
(11,306
)
(2,731
)
(28,078
)
(8,280
)
Net income (loss) per common share, basic and diluted$
(0.32
)
$
(0.19
)
$
(1.51
)
$
(0.59
)
Adjustments: Depreciation and amortization expense1
-
-
3
-
Interest expense, net3
65
-
659
-
EBITDA
(11,241
)
(2,731
)
(27,416
)
(8,280
)
Other non-cash or financing related expenses: Stock-based compensation expense3
3,542
16
9,599
65
Non-GAAP adjusted (loss)
(7,699
)
(2,715
)
(17,817
)
(8,215
)
Basic and Diluted shares outstanding
34,918
14,115
18,604
14,114
Non-GAAP adjusted (loss) income per share
($
0.22
)
($
0.19
)
($
0.96
)
($
0.58
)
1
Included in general and administrative expenses in the financial statements2
Included in other income and expenses For the three months endedDecember 31, For the year endedDecember 31,
2021
2020
2021
2020
3
Stock-based compensation ("SBC") expenses: Commercial operations expense total
2,571
633
5,260
1,305
Stock-based compensation expense
-
-
(210
)
-
Net commercial operations expense excluding SBC
2,571
633
5,050
1,305
General and administrative expense total
5,047
272
12,778
1,532
Stock-based compensation expense
(3,123
)
-
(9,111
)
-
Net general and administrative expense excluding SBC
1,924
272
3,667
1,532
Research and development expense total
3,482
1,826
9,296
5,443
Stock-based compensation expense
(110
)
(16
)
(278
)
(65
)
Net research and development expense excluding SBC
3,372
1,810
9,018
5,378
Total operating expenses
11,100
2,731
27,334
8,280
Stock-based compensation expense
(3,233
)
(16
)
(9,599
)
(65
)
Net operating expenses excluding SBC
7,867
2,715
17,735
8,215
About PAVmed
PAVmed Inc. is a diversified commercial-stage medical technology company operating in the medical device, diagnostics and digital health sectors. Its major subsidiary, Lucid Diagnostics Inc. (Nasdaq: LUCD), 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 prevent esophageal cancer deaths. Another major subsidiary, Veris Health Inc., is a digital health company developing the first intelligent implantable vascular access port with biologic sensors and wireless communication to improve personalized cancer care through remote patient monitoring. PAVmed’s CarpX® Minimally Invasive Device for Carpal Tunnel Syndrome is currently in limited commercial release. The product pipeline also includes the EsoCure™ Esophageal Ablation Device with Caldus™ Technology, which complements EsoGuard and EsoCheck, the NextFlo™ Intravenous Infusion Set, the PortIO™ Implantable Intraosseous Vascular Access Device, novel pediatric ear tubes, mechanical circulatory support technology and glucose monitoring. For more information, please visit www.pavmed.com, follow us on Twitter, connect with us on LinkedIn, and watch our videos on YouTube. For more information on our majority owned subsidiary, Lucid Diagnostics Inc., please visit www.luciddx.com, follow Lucid on Twitter, and connect with Lucid on LinkedIn. For detailed information on EsoGuard, please visit www.EsoGuard.com and follow us on Twitter, Facebook and Instagram.
About Lucid Diagnostics
Lucid Diagnostics Inc. (Nasdaq: LUCD) is a commercial-stage, cancer prevention medical diagnostics company, and subsidiary of PAVmed Inc. (Nasdaq: PAVM). Lucid is focused on the millions of patients with gastroesophageal disease (GERD), also known as chronic heartburn, who are at risk of developing esophageal precancer and cancer. Lucid’s EsoGuard® Esophageal DNA Test, performed on samples collected in a brief, noninvasive office procedure with its EsoCheck® Esophageal Cell Collection Device, is the first and only commercially available diagnostic test capable of serving as a widespread screening tool to prevent cancer and cancer deaths through early detection of esophageal precancer in at-risk GERD patients. EsoGuard is commercialized in the U.S. as a Laboratory Developed Test (LDT). EsoCheck is commercialized in the U.S. as a 510(k)-cleared esophageal cell collection device. EsoGuard, used with EsoCheck, was granted FDA Breakthrough Device designation and is the subject of two large, actively enrolling, international multicenter clinical trials to support FDA PMA approval. Lucid is building nationwide direct sales and marketing team targeting primary care physicians, gastroenterologists, and consumers, as well as a network of Lucid Test Centers where at-risk GERD patients can undergo the EsoCheck procedure for EsoGuard testing. For more information, please visit www.luciddx.com, follow Lucid on Twitter, and connect with Lucid on LinkedIn. For detailed information on EsoGuard, please visit www.EsoGuard.com and follow us on Twitter, Facebook and Instagram.
Forward-Looking Statements
This press release includes forward-looking statements that involve risk 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 W and 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, PAVmed and Lucid have been monitoring the COVID-19 pandemic and the pandemic’s impact on PAVmed’s and Lucid’s businesses. PAVmed and Lucid expect the significance of the COVID-19 pandemic, including the extent of its effect on its financial and operational results, to be dictated by, among other things, the success f efforts to contain the pandemic and the impact of such efforts on PAVmed’s and Lucid’s businesses. These factors are difficult or impossible to predict accurately and many of them are beyond PAVmed’s and Lucid’s control. 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 IA, “Risk Factors,” in PAVmed’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as the same may be updated in Part II, Item 1A, “Risk Factors” in any Quarterly Report on Form 10-Q filed by PAVmed after its most recent Annual Report and Lucid’s Registration Statement No. 333-259721 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220329005979/en/
Investors Adrian K. Miller PAVmed Inc. AKM@PAVmed.com
Media Shani Lewis LaVoieHealthScience (609) 516-5761 PAVmed@lavoiehealthscience.com
1 Year PAVmed Chart |
1 Month PAVmed Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions