PAVmed (NASDAQ:PAVM) reported first-quarter financial results on Friday. The transcript from the company’s first-quarter earnings call has been provided below.
This transcript is brought to you by Benzinga APIs. For real-time access to our entire catalog, please visit https://www.benzinga.com/apis/ for a consultation.
The full earnings call is available at https://app.webinar.net/Q1Al7VQqbJL
Summary
PAVmed Inc completed a restructuring process, improving its capital structure to focus on growth as a diversified life sciences company with independently financed subsidiaries.
The company relaunched its medical device portfolio under new leadership, focusing on opportunities like Point IO and endoscopic imaging technology from Duke.
Lucid Diagnostics is nearing Medicare coverage, with ongoing efforts to expand through partnerships with the VA and commercial payers, and has extended its runway into 2027.
Verus is advancing its commercial phase with Ohio State University, focusing on its implantable physiologic monitor with developmental progress towards submission by year-end.
Financially, PAVmed Inc reported a GAAP net loss of $1.1 million before non-controlling interest, with a restructuring improving its balance sheet and eliminating preferred stock.
Full Transcript
OPERATOR
Good morning and welcome to the PAVmed’s first quarter 2026 business update conference call. At this time all participants are in a listen only mode. There will be a question and answer session following the prepared remark. To require operator assistance, please press 0. Please note this event is being recorded. I would now like to turn the conference call over to Matt Riley, PavMed’s vice president of Investor Relations. Please go ahead.
Matt Riley (Vice President of Investor Relations)
Thank you Operator and good morning everyone. Thank you for participating in today’s business update call. Joining me today on the call are Dr. Leshawn Aklog, Chairman and Chief Executive Officer of PAVMED, along with Dennis McGrath, Chief Financial Officer of PAVMED. The press release announcing our business update and financial results is available on pavmed’s website. Please take a moment to read the disclaimers about forward looking statements in the press release. The business update press release and conference call all include forward looking statements and these forward looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from statements made. Factors that could cause actual results to differ are described in the disclaimer and in our filings with the SEC. For a list and a description of these and other important risks and uncertainties that may affect future operations, see Part 1, Item 1A entitled Risk Factors in PAVMED’s most recent Annual Report on Forms 10-K filed with the SEC and any subsequent updates filed in the Quarterly reports on Forms 10-Q and subsequent Forms 8-K. Except as required by law, PAVMED disclaims any intentions or obligations to publicly update or revise any forward looking statements to reflect the changes in expectations on events, conditions or circumstances on which the expectations may be based or that may affect the likelihood that actual results will differ from those contained in the forward looking statements. I would now turn the call over to Dr. Lishan Aklog, chairman and CEO of PAVmed.
Lishan Aklog
Thank you Matt and good morning everyone. Thank you for joining our quarterly update call today. At our last business update call, we discussed the two year process we undertook to permanently fix PAVmed’s legacy capital structure and strengthen its balance sheet. The final step has been completed in the last couple of weeks and the cap table is now clean. Dennis will discuss this in more depth. But a cap table now just consists of common stock and term debt and with that we now truly believe that PavMed is really well positioned to execute on its founding mission for us to operate as a high growth, diversified commercial life sciences company with multiple independently financed subsidiaries operating under our shared services model and that we are well positioned to evaluate new opportunities as they come along. I’ll talk a little bit about how that has accelerated since the restructuring took place. As we described on our last call, part of one major initiative that followed this restructuring has been the relaunching of our medical device portfolio under Joe Virgilio. He’s been on board now and has hit the ground running. He’s actively focusing on advancing multiple medical device opportunities, including Point IO and the endoscopic imaging technology we licensed for Duke under the Acteris umbrella, as well as broader responsibilities across our entire medical device portfolio, utilizing his expertise on building and scaling growth stage businesses and raising capital for these individual medical device initiatives. As I mentioned, the pipeline has definitely opened up. We are evaluating business development assets that are being brought forth to us. We’re on our second major diligence exercise. We did pass up the first opportunity, as attractive as it was, and we really do expect those to bear fruit for us bringing in commercial assets into our portfolio. So now let’s move on to Lucid Diagnostics. So Lucid is on the cusp of transformative milestones, including what we believe is impending Medicare coverage. As we discussed on our previous call, we’re awaiting Medicare. We’re a bit of frustration that this has dragged on, but our confidence has not wavered. And I encourage you to listen to yesterday’s Lucid Business Update call for greater details on this and other aspects of Lucid’s business. As a reminder, PAVmed remains Lucid’s largest shareholder. Lucid’s progress and upcoming major inflection points will benefit havmed. Just a couple of highlights from the call yesterday. In addition to Medicare, it’s clear that we’re not remaining idle on the Lucid front. As we discussed the VA’s off-circuit start following us, securing the Federal supply schedule and pricing. First orders are being placed, the pipeline is being expanded, then we look forward to driving volume and revenue along that segment. We also discussed our direct engagement with commercial payers that we have received positive coverage under one of the laboratory benefit managers and that will be public soon. And of course with all that, Lucid was also able to successfully raise a round of capital that extended our Runway well into 2027.
Lishan Aklog
So now let’s move on to Verus. So as we discussed in our last call, Verus is now well into the commercial phase of our strategic engagement with Ohio State University. That process is well underway. The clinical rollout has been focused on the three clinical departments that had participated in the successful pilot study and we’re now on the cusp of adding additional departments according to our rollout schedule that OSU leadership developed in collaboration with us as we announced last time, the EHR integration is now live.
Lishan Aklog
It’s working well and just overall the feedback both on the clinical and the administrative side from our partners at OSU remains excellent and we look forward to continuing to drive towards the targets that were established within as part of our strategic partnership with them. Of course, a major focus right now is on the implantable physiologic monitor that development is progressing towards plant by the end of this year. As we discussed last time, we have a new contract development and manufacturing partner firm. That partnership is going well. That’s Valentium and the design and development efforts leading to design freeze and the transitions of the final pre submission development work and testing is going well. A lot of the most recent efforts have been around the technical aspects of optimizing the battery life to get a full 2 year 2 years of battery life and we’ve made excellent progress on that and look forward to continuing the work towards submitting by the end of the year.
Lishan Aklog
We’re also continuing to work on this expanded strategic vision for the company that we spent a bit of time on discussing during our last call that includes ultimately expanding our commercial efforts beyond our single strategic partner and a variety of initiatives that are focused on transforming beyond simple remote patient monitoring into additional strategic areas. We’re looking to leverage our commercial success at OSU to support this expansion into additional centers.
Lishan Aklog
The Other strategic the other aspects of the strategic transformation that we are working on, although within the limited confines of our capital resources today, are additional work on clinical support services and development efforts around AI based projects beyond remote patient monitoring. So with that I’ll hand the call over to Dennis for an update on the financials.
Dennis McGrath (Chief Financial Officer)
Thanks Leshawn and good morning everyone. Our summary financial results for the first quarter were reported in our press release that has been distributed on the next three slides. I’ll emphasize a few key highlights from the first quarter, but I encourage you to consider those remarks in the context of full disclosures covered in our quarterly report on Form 10-Q as filed with the SEC. So with regard to the balance sheet, you’ll recall from our last investor update that in February we completed a $30 million Series D preferred stock offering. Concurrently, the company issued a $15 million senior secured note to an existing investor. The company used the proceeds from these financings consisting of $22.3 million cash payment and a $15 million senior secured note with a February 2029 maturity date to redeem all of the outstanding shares of the Series …
This post was originally published here
