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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0113 | -37.79% | 0.0186 | 0.0186 | 0.0489 | 0.0242 | 0.0186 | 0.0242 | 61,430 | 00:48:31 |
Lucid’s EsoGuard test volume grows 60% and LucidDx Labs fully operational
Veris Health Cancer Care Platform to commercially launch this year
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 financial results for the three and six months ended June 30, 2022.
Conference Call and Webcast
A conference call and webcast for today’s business update and second quarter 2022 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., and international listeners should dial 201-493-6780, and ask to join the “PAVmed Inc. Business Update Conference Call”. The conference call will be available live via a webcast and for replay at the investor relations section of the Company’s website at https://ir.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 from outside the U.S., followed by the PIN number: 13730495.
Business Update Highlights
“PAVmed and its subsidiaries continue to make solid progress as we push forward on our long-term growth strategy and mission to create a leading, diversified medical technology company across all three sectors – medical devices, diagnostics and digital health,” said Lishan Aklog, M.D., PAVmed’s Chairman and Chief Executive Officer. “Our combined team has grown to over one hundred and fifty employees and is singularly focused on growing the PAVmed enterprise while enhancing long-term shareholder value. Lucid, Veris and our pre-commercial products are all moving on a solid path forward.”
Highlights from the second quarter and recent weeks include:
Preliminary Financial Results
The unaudited financial results for the three months ended June 30, 2022 were filed with the SEC on Form 10-Q on August 15, 2022, and are available at www.pavmed.com or www.sec.gov.
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 the 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 three months and six months ended June 30, 2022, and 2021 is as follows:
For the three months ended June 30,
For the six months ended June 30,
2022
2021
2022
2021
Revenue
$
-
$
-
$
189
$
-
Gross profit
-
-
(180
)
-
Operating expenses
23,477
12,970
42,930
21,046
Other (Income) Expense
5,624
(300
)
5,624
1,733
Net Loss
(29,101
)
(12,670
)
(48,734
)
(22,779
)
Net income (loss) per common share, basic and diluted$
(0.29
)
$
(0.14
)
$
(0.49
)
$
(0.27
)
Net loss attributable to common stockholders
(25,595
)
(11,545
)
(42,535
)
(21,051
)
Preferred Stock dividends and deemed dividends
70
74
138
149
Net income (loss) as reported
(25,525
)
(11,471
)
(42,397
)
(20,902
)
Adjustments: Depreciation and amortization expense1
815
16
1,031
28
EBITDA
(24,710
)
(11,455
)
(41,366
)
(20,821
)
Other non-cash or financing related expenses: Stock-based compensation expense3
5,007
5,203
9,820
6,639
Debt extinguishment2
(300
)
-
3,415
Acquisition related2
66
133
239
133
Change in FV convertible debt2
2,000
-
2,000
(1,682
)
Offering costs convertible debt2
3,101
-
3,101
-
Other non-cash charges
28
-
57
-
Non-GAAP adjusted (loss)
(14,508
)
(6,419
)
(26,149
)
(12,316
)
Basic and Diluted shares outstanding
86,957
82,235
86,690
78,118
Non-GAAP adjusted (loss) income per share
($
0.17
)
($
0.08
)
($
0.30
)
($
0.16
)
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 June 30,
For the six month ended June 30,
2022
2021
2022
2021
Sales and marketing expense
4,898
1,875
8,823
3,262
Stock-based compensation expense
(591
)
(298
)
(1,216
)
(500
)
Net commercial operations expense excluding SBC
4,307
1,577
7,607
2,762
General and administrative expense total
11,839
6,837
21,436
10,211
Stock-based compensation expense
(4,162
)
(4,599
)
(8,164
)
(5,722
)
Net general and administrative expense excluding SBC
7,677
2,238
13,272
4,489
Research and development expense total
6,740
4,258
12,671
7,573
Stock-based compensation expense
(254
)
(306
)
(440
)
(417
)
Net research and development expense excluding SBC
6,486
3,952
12,231
7,156
Total operating expenses
23,477
12,970
42,930
21,046
Stock-based compensation expense
(5,007
)
(5,203
)
(9,820
)
(6,639
)
Net operating expenses excluding SBC
18,470
7,767
33,110
14,407
Lucid Diagnostics (Nasdaq: LUCD) Preliminary Financial Results
Lucid Non-GAAP Measures
2022
2021
2022
2021
Revenue
$
-
$
-
$
189
$
-
Gross profit
-
-
(180
)
-
Operating expenses
14,624
6,016
26,714
9,669
Other (Income) expense
-
147
-
147
Net loss
(14,624
)
(6,163
)
(26,894
)
(9,816
)
Net income (loss) per common share, basic and diluted$
(0.41
)
$
(0.44
)
$
(0.76
)
$
(0.70
)
Adjustments: Depreciation and amortization expense1
704
-
728
3
Interest expense, net3
-
147
-
147
EBITDA
(13,920
)
(6,016
)
(26,166
)
(9,666
)
Other non-cash or financing related expenses: Stock-based compensation expense3
3,843
2,580
7,679
3,384
Non-GAAP adjusted (loss)
(10,077
)
(3,436
)
(18,487
)
(6,282
)
Basic and Diluted shares outstanding
35,760
14,115
35,444
14,115
Non-GAAP adjusted (loss) income per share
($
0.28
)
($
0.24
)
($
0.52
)
($
0.45
)
1
Included in general and administrative expenses in the financial statements For the three months ended June 30, For the six months ended June 30,
2022
2021
2022
2021
2
Stock-based compensation ("SBC") expenses: Sales and Marketing expense total
3,873
1,021
7,191
1,710
Stock-based compensation expense
(375
)
-
(816
)
-
Net commercial operations expense excluding SBC
3,498
1,021
6,375
1,710
General and administrative expense total
7,311
3,122
13,202
4,334
Stock-based compensation expense
(3,390
)
(2,505
)
(6,659
)
(3,294
)
Net general and administrative expense excluding SBC
3,921
617
6,543
1,040
Research and development expense total
3,440
1,873
6,321
3,625
Stock-based compensation expense
(78
)
(75
)
(204
)
(90
)
Net research and development expense excluding SBC
3,362
1,798
6,117
3,535
Total operating expenses
14,624
6,016
26,714
9,669
Stock-based compensation expense
(3,843
)
(2,580
)
(7,679
)
(3,384
)
Net operating expenses excluding SBC
10,781
3,436
19,035
6,285
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), is a commercial-stage cancer prevention medical diagnostics company which 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. Lucid operates its own CLIA-certified, CAP-approved molecular diagnostic laboratory, LucidDx Labs and a network of Lucid Test Centers. Another major 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. The product pipeline also includes the CarpX® Minimally Invasive Device for Carpal Tunnel Syndrome, EsoCure™ Esophageal Ablation Device with Caldus™ Technology, which complements EsoGuard and EsoCheck, NextFlo™ Intravenous Infusion Set, PortIO™ Implantable Intraosseous Vascular Access Device, and other earlier stage technologies. For more information on PAVmed, please visit PAVmed.com and follow PAVmed on Twitter, LinkedIn, and YouTube. For more information on Lucid, please visit LucidDx.com and follow Lucid on Twitter, and LinkedIn. For detailed information on EsoGuard, please visit EsoGuard.com and follow EsoGuard 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 of 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 and Lucid’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/20220816005894/en/
Investors Adrian K. Miller PAVmed Inc. AKM@PAVmed.com Media Shani Lewis LaVoieHealthScience (609) 516-5761 PAVmed@lavoiehealthscience.com
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