PAVmed Provides Business Update and Reports First Quarter 2026 Financial Results

PAVmed Provides Business Update and Reports First Quarter 2026 Financial Results Veris Health progressed commercial expansion and advanced implantable physiological monitor development toward FDA submission

Lucid Diagnostics continued building commercial momentum and strengthened its balance sheet ahead of key upcoming reimbursement milestones

PAVmed advanced its relaunched medical device portfolio; evaluation of additional acquisition opportunities ongoing

Conference call and webcast to be held today, May 15, at 8:30 AM EDT

NEW YORK, May 15, 2026 /PRNewswire/ -- PAVmed Inc. (NASDAQ: PAVM) ("PAVmed" or the "Company"), 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 reported financial results for the first quarter ended March 31, 2026.

Conference Call and Webcast

The webcast will take place on Friday, May 15, 2026, at 8:30 AM and is accessible in the investor relations section of the Company's website at pavmed.com. Alternatively, to access the conference call by telephone, U.S.-based callers should dial 1-800-836-8184 and international listeners should dial 1-646-357-8785. All listeners should provide the operator with the conference call name "PAVmed Business Update" to join.

Following the conclusion of the conference call, a replay will be available for 30 days on the investor relations section of the Company's website at pavmed.com.

Business Update Highlights

"PAVmed now has a significantly simplified capital structure and strengthened balance sheet, positioning the Company to focus on execution across our core businesses and evaluate additional asset acquisition opportunities aligned with our long-term growth strategy," said Lishan Aklog, M.D., PAVmed's Chairman and Chief Executive Officer. "Veris continues to expand its commercial engagement with OSU-The James while progressing development of its implantable physiological monitor toward FDA submission, and Lucid continues to build commercial momentum for EsoGuard with a strengthened balance sheet pending Medicare coverage. We are also actively advancing multiple technologies within our relaunched medical device portfolio under Joseph Virgilio's leadership, while increasingly leveraging his experience building and scaling growth-stage businesses."

Highlights from the first quarter and recent weeks:

Financial Results:

PAVmed Non-GAAP Measures

For the three months ended

March 31,

2026

2025

(in thousands except per-share amounts)

Revenue

$ 22

$ 8

Operating expenses

8,057

5,454

Other (Income) Expense, net

(6,971)

(24,069)

Net (Income) Loss

1,064

(18,623)

Net income (loss) per common share, diluted

$ (4.42)

$ 10.10

Net income (loss) attributable to common stockholders

(6,988)

17,695

Preferred Stock dividends and deemed dividends

6,928

1,273

Net income (loss) as reported

(60)

18,968

Adjustments:

Depreciation and amortization expense 1

Interest expense, net 2

(16)

(4)

NCI ownership share of Interest and Depreciation adjustments

(251)

—

EBITDA

(307)

19,007

Other non-cash or financing related expenses:

Stock-based compensation expense 3

182

930

Operating expenses issued in stock 1

1,951

Change in FV equity method investments

(1,878)

(21,004)

Change in FV convertible debt 2

(3,260)

Loss on debt extinguishment 2

3,422

Change in fair value – warrant liability

(1,831)

—

Change in fair value – rights liability

(30)

—

Non-GAAP adjusted net (loss)

$ (1,851)

$ (910)

Non-GAAP shares outstanding, basic and diluted

1,581

463

Non-GAAP adjusted net (loss) income per share, basic and diluted

$(1.17)

$(1.97)

Included in general and administrative expenses in the financial statements.

Included in other income and expenses.

Stock-based compensation ("SBC") expense is included in operating expenses and is detailed as follows in the table below by category within operating expenses for the non-GAAP Net operating expenses:

(in thousands except per-share amounts)

For the three months ended

March 31,

2026

2025

Cost of revenue

$ 97

$ 36

Stock-based compensation expense 3

—

Net cost of revenue

Sales and marketing

216

247

Stock-based compensation expense 3

(5)

(45)

Net sales and marketing

211

202

General and administrative

6,356

4,384

Depreciation expense

(20)

(43)

Operating expenses issued in stock

(1,951)

(50)

Stock-based compensation expense 3

(155)

(796)

Net general and administrative

4,230

3,495

Research and development

1,388

787

Stock-based compensation expense 3

(22)

(89)

Net research and development

1,366

698

Total operating expenses

8,057

5,454

Depreciation and amortization expense

(20)

(43)

Operating expenses issued in stock

(1,951)

(50)

Stock-based compensation expense 3

(182)

(930)

Net operating expenses

$ 5,904

$ 4,431

About PAVmed and its Subsidiaries

PAVmed Inc. is a diversified commercial-stage medical technology company operating in the medical device, diagnostics, and digital health sectors. Its subsidiary, Lucid Diagnostics Inc. (NASDAQ: LUCD), is a commercial-stage cancer prevention medical diagnostics company that 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 mitigate the risks of esophageal cancer deaths. Its other 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. Veris is concurrently developing an implantable physiological monitor, designed to be implanted alongside a chemotherapy port, which will interface with the Veris Cancer Care Platform.

For more and for more information about PAVmed, please visit pavmed.com.

For more information about Lucid Diagnostics, please visit luciddx.com.

For more information about Veris Health, please visit verishealth.com.

Forward-Looking Statements

This press release includes forward-looking statements that involve risks 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; 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, 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 1A, "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 or Lucid after its most recent Annual Report. 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.

SOURCE PAVmed Inc.