Thu, Nov 14, 11:07 AM (237 days ago)
PAVmed Inc. (PAVM) reported significant changes in its financial health for the quarter ending September 30, 2024. The company generated revenue of $996,000, a 26% increase from $791,000 in the same quarter of 2023, primarily from its EsoGuard Esophageal DNA tests. Operating expenses decreased to $12.6 million from $16.3 million, reflecting reductions in sales and marketing, general and administrative, and research costs. Notably, PAVmed recorded a gain of $72.3 million from the deconsolidation of its subsidiary, Lucid Diagnostics, which resulted in a net income attributable to common stockholders of $64.3 million, contrasting with a loss of $17.7 million a year prior. However, the company faces liquidity challenges, ending the quarter with $765,000 in cash and negative working capital of $35.4 million, largely due to $32.1 million in current liabilities from convertible notes. PAVmed's future operations hinge on increasing revenues, securing reimbursement for its tests, and raising additional capital, raising concerns about its ability to continue as a going concern. The company is currently under a Nasdaq compliance extension until January 31, 2025, following previous non-compliance with market capitalization requirements.