In This Article:
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Revenue: Record revenue with a 20% increase quarter-on-quarter.
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Net Income: GAAP net income of $61 million due to deconsolidation adjustments.
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Earnings Per Share (EPS): Positive primary EPS of $6.43 and diluted EPS of $1.44.
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Cash Burn Rate: PAVmed's stand-alone burn rate for the third quarter is about breakeven.
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Operating Expenses: Total non-GAAP operating expenses of $10.1 million for the third quarter.
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Convertible Debt Restructuring: Agreement to exchange $25 million of existing obligations for Series C convertible preferred stock.
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NIH Grant: Received a $1.8 million NIH grant for Veris Health.
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Lucid Diagnostics Deconsolidation: Deconsolidation completed on September 10, reducing shareholder deficit by half.
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Lucid Share Ownership: PAVmed's balance sheet now includes $25.5 million market value of its 31.3 million Lucid shares.
Release Date: November 14, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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PAVmed Inc (NASDAQ:PAVM) reported a transformational quarter with strategic steps to strengthen its corporate structure and balance sheet.
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The company successfully deconsolidated Lucid Diagnostics, preserving ownership without absorbing operating losses.
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PAVmed Inc (NASDAQ:PAVM) restructured its convertible debt, allowing it to maintain its Nasdaq listing.
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Lucid Diagnostics reported record revenue with a 20% increase quarter-on-quarter.
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Veris Health received a $1.8 million NIH grant to optimize its Cancer Care Platform for underserved patients.
Negative Points
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The deconsolidation of Lucid Diagnostics led to a significant change in PAVmed Inc (NASDAQ:PAVM)'s financial presentation, complicating comparisons.
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The restructuring process delayed the capital raise for Veris Health, potentially affecting timelines for product development.
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PAVmed Inc (NASDAQ:PAVM) is reliant on obtaining direct funding for further R&D expenses, which could impact future operations if not secured.
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The company faces challenges in maintaining sustainable compliance with Nasdaq listing standards.
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The delay in financing may push the FDA submission for Veris Health's implantable monitor into the second half of 2025.
Q & A Highlights
Q: Could you share any learnings from your work with The Ohio State? A: We've had a strong engagement with The James Cancer Center at Ohio State University Medical Center. The pilot program enrolled 100 patients on the Veris platform and was extended for another 30 due to high demand. The pilot was successful, with positive feedback from the institution, and we're now discussing a strategic partnership for commercial engagement.