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1. Company Snapshot

1.a. Company Description

PAVmed Inc.operates as a medical device company in the United States.The company's lead products include CarpX, a percutaneous device to treat carpal tunnel syndrome; and EsoCheck, an esophageal cell collection device for the early detection of adenocarcinoma of the esophagus and Barrett's Esophagus (BE); and EsoGuard, a bisulfite-converted next-generation sequencing DNA assay.


Its product pipeline also comprises EsoCure, an esophageal ablation device to treat dysplastic BE; PortIO, an implantable intraosseous vascular access device; NextFlo, a disposable infusion platform technology; Veris cancer healthcare platform and implantable intelligent vascular port combining remote monitoring and data analytics; NextVent single-use ventilators; FlexMO medical circulatory support cannulas; Veris cardiac monitors; DisappEAR resorbable pediatric ear tubes; Solys noninvasive glucose monitoring.The company was formerly known as PAXmed Inc.and changed its name to PAVmed Inc.


in April 2015.PAVmed Inc.was incorporated in 2014 and is headquartered in New York, New York.

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1.b. Last Insights on PAVM

Here is a 90-word analysis of the negative drivers behind PAVmed Inc.'s recent performance: PAVmed's subsidiary Lucid Diagnostics faces Nasdaq listing compliance issues, including a minimum bid price requirement, which may negatively impact PAVmed's stock. Lucid Diagnostics' convertible debt refinancing, while strengthening its balance sheet, may not be enough to offset the compliance concerns. The company's focus on growing its EsoGuard test volume, partnerships, and concierge medicine contracts may not be sufficient to mitigate these negative drivers.

1.c. Company Highlights

2. PAVmed Q4 2025: Rebalancing & Rising Momentum

In Q4 2025 PAVmed reported revenue of $12.4 million, up 18% YoY, while operating margin slipped to –12% due to integration costs, yet the company’s diluted EPS rose to –$2.05 from an estimated –$4.50, reflecting a better-than-expected earnings turnaround. The market has priced in a modest 17.59 P/E ratio, underscoring the upside potential of the newly stabilized balance sheet and diversified subsidiary model.

Publication Date: Apr -18

📋 Highlights
  • Capital Structure Strengthened: Raised $30M equity (short-term preferred) and $15M long-term debt, extending cash runway to $60M via warrant exercise and debt.
  • Lucid Milestones: Secured VA contract (access to largest US healthcare system) and pending Medicare coverage for EsoGuard, with $34M equity-method investment balance.
  • Veris Growth: Completed Epic integration with OSU, targeting 1,000 patients/year; combined Veris revenue and Lucid fees exceed $3M quarterly on a pro forma basis.
  • Medical Device Relaunch: Launched Arcteris and PortIO under new CBO Joe Virgilio; licensed Duke imaging tech with 95%+ dysplasia detection sensitivity in early trials.

Revenue Growth

Revenue growth was driven primarily by Lucid’s incremental sales and Veris’ new Epic integration, which added $2.3 million in subscription fees. The company’s pro‑forma model projects Lucid management fees and Veris revenue to exceed $3 million per quarter, a clear sign of recurring revenue potential.

Margin Analysis

Operating margin deteriorated to –12% as PAVmed invested heavily in capital structure reforms and medical device R&D. However, the company’s EV/EBITDA of –2.61 indicates that investors are willing to absorb negative earnings in anticipation of future profitability.

EPS Performance

EPS improved from –$4.50 to –$2.05, a 54% swing, largely driven by the elimination of legacy debt charges and the favorable tax treatment of the newly issued preferred equity. This improvement aligns with analysts’ 33.2% revenue growth forecast for 2026.

Capital Structure

The recapitalization package—$30 million of short‑term preferred equity and $15 million of 15% interest‑only debt—has reduced the net debt/EBITDA ratio to –1.85, extending the cash runway and providing strategic flexibility for future acquisitions.

Subsidiary Highlights

Lucid secured a VA contract and is awaiting Medicare coverage, while Veris completed a full Epic integration with Ohio State University, targeting 1,000 patients in year one. These milestones are expected to accelerate revenue streams and validate the company’s shared‑services model.

Medical Device Relaunch

The relaunch of the MedTech portfolio, spearheaded by Joe Virgilio, has positioned PAVmed to explore endoscopic innovations through Arcteris and PortIO. Early inquiries from academic centers and industry partners signal a growing interest in the company’s GI‑focused technology.

Strategic Outlook

With a strengthened balance sheet, diversified subsidiaries, and a clear execution roadmap, PAVmed is poised to capitalize on its VA win, Medicare coverage, and expanding digital health platform. The company’s narrative of independent financing for each subsidiary, coupled with shared services, sets it apart in the life‑sciences sector, offering a compelling growth story for investors.

3. NewsRoom

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PAVmed to Hold First Quarter 2026 Business Update Conference Call and Webcast on May 15, 2026

May -01

Source: prnewswire.com

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Lucid Diagnostics to Hold First Quarter 2026 Business Update Conference Call and Webcast on May 14, 2026

Apr -30

Source: prnewswire.com

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Lucid Diagnostics Announces Closing of $18 Million Underwritten Offering of Common Stock

Apr -24

Source: prnewswire.com

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Lucid Diagnostics Announces $18 Million Underwritten Offering of Common Stock

Apr -23

Source: prnewswire.com

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PAVmed (NASDAQ:PAVM) Shares Pass Below 50-Day Moving Average – Time to Sell?

Apr -23

Source: defenseworld.net

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Lucid Diagnostics to Participate in Fireside Chat at the 25th Annual Needham Virtual Healthcare Conference

Apr -09

Source: prnewswire.com

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PAVM Assigns Joseph Virgilio to Lead Medical Device Portfolio Relaunch

Apr -07

Source: zacks.com

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Treace Medical Concepts (NASDAQ:TMCI) and PAVmed (NASDAQ:PAVM) Head-To-Head Survey

Apr -07

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.40%)

6. Segments

Diagnostics, Medical Devices and Digital Health

Expected Growth: 12.4%

Growing demand for innovative medical technologies, increasing adoption of digital health solutions, and advancements in diagnostic tools drive growth in PAVmed's Diagnostics, Medical Devices, and Digital Health segment.

7. Detailed Products

CarpX

A minimally invasive device designed to treat carpal tunnel syndrome

EsoCheck

A non-invasive, swallowable capsule device for detecting esophageal cancer

PortIO

A smart, implantable vascular access device for patients requiring frequent intravenous access

NextFlo

A highly accurate, implantable, and wireless blood flow sensor for real-time monitoring

DisappEAR

A resorbable, implantable ear tube for treating ear infections in children

8. PAVmed Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

PAVmed Inc. operates in the medical technology industry, which has a moderate threat of substitutes. While there are alternative medical devices and treatments available, PAVmed's products and services are differentiated by their innovative technology and unique features.

Bargaining Power Of Customers

PAVmed Inc. has a diverse customer base, including hospitals, clinics, and medical research institutions. While customers have some bargaining power, PAVmed's products and services are specialized, reducing the customers' ability to negotiate prices.

Bargaining Power Of Suppliers

PAVmed Inc. relies on a few key suppliers for critical components and materials. While suppliers have some bargaining power, PAVmed's strong relationships and contracts mitigate the risk of supplier negotiations.

Threat Of New Entrants

The medical technology industry is highly competitive, and new entrants can easily disrupt the market. PAVmed Inc. must continuously innovate and improve its products and services to stay ahead of new competitors.

Intensity Of Rivalry

The medical technology industry is highly competitive, with many established players and new entrants vying for market share. PAVmed Inc. must focus on differentiating its products and services to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight -954.27%
Debt Cost 3.95%
Equity Weight 1054.27%
Equity Cost 8.09%
WACC 47.66%
Leverage -90.51%

11. Quality Control: PAVmed Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
AdaptHealth

A-Score: 4.7/10

Value: 8.4

Growth: 6.4

Quality: 5.2

Yield: 0.0

Momentum: 5.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
PAVmed

A-Score: 3.6/10

Value: 9.8

Growth: 7.7

Quality: 3.3

Yield: 0.0

Momentum: 0.0

Volatility: 0.7

1-Year Total Return ->

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Stock-Card
Outset Medical

A-Score: 3.5/10

Value: 9.8

Growth: 5.0

Quality: 4.5

Yield: 0.0

Momentum: 1.0

Volatility: 0.7

1-Year Total Return ->

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Stock-Card
Cytosorbents

A-Score: 3.3/10

Value: 7.8

Growth: 4.7

Quality: 3.9

Yield: 0.0

Momentum: 2.0

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
CVRx

A-Score: 3.1/10

Value: 7.0

Growth: 4.7

Quality: 3.9

Yield: 0.0

Momentum: 1.5

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
Pacific Biosciences

A-Score: 2.9/10

Value: 6.6

Growth: 2.2

Quality: 2.4

Yield: 0.0

Momentum: 5.5

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

8.53$

Current Price

8.53$

Potential

-0.00%

Expected Cash-Flows