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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's Q3 2025 Earnings: A Stabilization Story Unfolds

PAVmed reported a GAAP net loss of $6 million and a non-GAAP loss of $446,000 for the third quarter of 2025, with an EPS of -$0.28, missing estimates of -$0.2. The company's cash burn rate was $900,000 for the quarter, with non-GAAP operating expenses averaging approximately $4.4 million over the last four quarters. The financial performance indicates a continued effort to stabilize the company's structure and balance sheet, as highlighted by Dr. Lishan Aklog, Chairman and CEO, on the conference call.

Publication Date: Nov -30

📋 Highlights
  • Lucid's EsoGuard Revenue & Funding: Generated $1.2M revenue with ~2,800 tests; raised $27M in public offering for runway through 2026.
  • Veris FDA Submission & OSU Partnership: Implanted monitor FDA submission planned for 2026; commercial partnership with Ohio State University launched.
  • Financial Performance: Q3 GAAP net loss $6M, non-GAAP loss $446K; cash burn $900K with $32M equity stake in Lucid.
  • Implantable Monitor Development: Collaborating with new partner for cardiac monitor; FDA submission prep underway with skin study pending.
  • Duke Endoscopic Imaging Agreement: Letter of intent secured for licensing technology; separate from Lucid, with FDA submission roadmap.

Subsidiary Performance: Lucid and Veris

Lucid, a publicly traded diagnostic company, reported $1.2 million in EsoGuard revenue for the quarter, with test volumes of over 2,800, consistent with the previous quarter. The successful completion of a Medicare contractor meeting was a crucial step towards securing Medicare coverage for EsoGuard. Lucid also raised approximately $27 million in an underwritten public offering, providing a strong runway through 2026. Veris, a digital health company, launched the commercial phase of its strategic partnership with Ohio State University (OSU) and started enrolling patients in a registry, with an FDA submission planned for 2026 for its implantable physiologic monitor.

Financial Health and Capital Structure

PAVmed's equity method investment balance in Lucid was $32 million as of September 30. The company's cash position and the capital raise by Lucid indicate a sufficient runway for the subsidiaries to achieve their milestones. PAVmed's financial restructuring efforts, including debt restructuring, have been critical in stabilizing its corporate structure and balance sheet.

Growth Initiatives and Future Prospects

The company is working on executing an expanded strategy for Veris, including providing clinical support services and AI-based clinical decision tools. PAVmed is also exploring opportunities to bring other technologies into its portfolio, including an Endoscopic Imaging Technology for esophageal pre-cancer under a licensing agreement with Duke University and the University of North Carolina. Analysts estimate next year's revenue growth at 1023.6%, indicating a potential significant increase in revenue.

Valuation and Outlook

With a P/S Ratio of 0.58 and an EV/EBITDA of -1.04, the current valuation suggests that the market has already priced in significant challenges. However, the progress made by the subsidiaries, Lucid and Veris, and the potential for future growth initiatives, including the development of the implantable monitor and the endoscopic imaging technology, could be positive catalysts for the stock. The ROE of -77.53% and ROIC of -35.77% reflect the current operational challenges, but the steps taken to stabilize the company and the growth prospects indicate a potential turnaround.

3. NewsRoom

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PAVmed Inc. (PAVM) Shareholder/Analyst Call Prepared Remarks Transcript

Dec -05

Source: seekingalpha.com

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Lucid Diagnostics Named a GenomeWeb 2025 Best Places to Work Top-Ranking Honoree

Nov -20

Source: prnewswire.com

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PAVmed Inc. (PAVM) Q3 2025 Earnings Call Transcript

Nov -13

Source: seekingalpha.com

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Lucid Diagnostics to Participate in the Canaccord Genuity MedTech, Diagnostics and Digital Health & Services Forum

Nov -13

Source: prnewswire.com

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PAVmed Provides Business Update and Reports Third Quarter 2025 Financial Results

Nov -13

Source: prnewswire.com

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Lucid Diagnostics Provides Business Update and Reports Third Quarter 2025 Financial Results

Nov -12

Source: prnewswire.com

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PAVmed Inc. (NASDAQ:PAVM) Sees Large Growth in Short Interest

Nov -03

Source: defenseworld.net

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PAVmed to Hold a Business Update Conference Call and Webcast on November 13, 2025

Oct -30

Source: prnewswire.com

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
Outset Medical

A-Score: 4.5/10

Value: 8.2

Growth: 4.9

Quality: 4.5

Yield: 0.0

Momentum: 8.5

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
AdaptHealth

A-Score: 4.3/10

Value: 8.0

Growth: 6.4

Quality: 3.7

Yield: 0.0

Momentum: 4.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
CVRx

A-Score: 3.5/10

Value: 6.8

Growth: 4.7

Quality: 3.8

Yield: 0.0

Momentum: 5.0

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Cytosorbents

A-Score: 3.4/10

Value: 7.6

Growth: 4.7

Quality: 3.9

Yield: 0.0

Momentum: 3.0

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
PAVmed

A-Score: 3.3/10

Value: 5.4

Growth: 7.7

Quality: 6.0

Yield: 0.0

Momentum: 0.0

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Pacific Biosciences

A-Score: 2.4/10

Value: 6.6

Growth: 2.2

Quality: 2.4

Yield: 0.0

Momentum: 2.0

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

0.33$

Current Price

0.33$

Potential

-0.00%

Expected Cash-Flows