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PAVmed Provides Business Update and Reports Third Quarter 2025 Financial Results

1. Lucid Diagnostics approaches transformative Medicare coverage for EsoGuard. 2. Veris Health relaunches development of implantable physiological monitor for 2026 FDA submission. 3. PAVmed sees potential from new strategic partnerships and technology licensing. 4. Financial results show revenue growth, but still operating at a loss. 5. Strengthened balance sheet with $27 million from public stock offering.

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Why Bullish?

Lucid's potential Medicare coverage is a major catalyst for revenue growth, similar to previous healthcare reforms boosting stock prices in diagnostics sectors.

How important is it?

The news signifies foundational developments essential for Lucid's future growth, portraying positive investor sentiment, particularly regarding Medicare coverage, a substantial factor for market access.

Why Short Term?

The expected Medicare coverage will drive immediate interest and potential price increases as it approaches implementation.

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PAVMOSUNASDAQ: PAVM
Veris Health launched commercial phase of strategic partnership and relaunched development of implantable physiological monitor PAVmed signed letter of intent (LOI) to license groundbreaking endoscopic esophageal imaging technology Conference call and webcast to be held today, November 13, at 8:30 AM EST , /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 quarter ended September 30, 2025. Conference Call and Webcast The webcast will take place on Thursday, November 13, 2025, 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 "Over the past 18 months, we have taken decisive steps to stabilize PAVmed's corporate structure and strengthen its balance sheet, and we believe we are entering the final stages of that process," said Lishan Aklog, M.D., PAVmed's Chairman and Chief Executive Officer. "As our subsidiaries continue to execute and advance toward major milestones, we expect PAVmed to benefit directly from their success. Veris is progressing toward FDA submission of its implantable physiological monitor, expanding its partnership with OSU-The James, and developing new value-add capabilities beyond remote patient monitoring. Lucid remains firmly on track as it approaches transformative Medicare coverage for EsoGuard, supported by a strengthened balance sheet, continued commercial execution, and a new world-class market access team driving payor engagement. We also signed a letter of intent with Duke University to license a promising endoscopic imaging technology, adding another potential growth engine to our innovation pipeline." Highlights from the third quarter and recent weeks: Veris launched commercial phase of strategic partnership with The Ohio State University James Cancer Hospital, advancing deployment of the Veris Cancer Care Platform. Veris fully relaunched implantable physiological monitor development in preparation for a planned 2026 FDA 510(k) submission. Veris completed a long-term strategic partnership with The Ohio State's James Cancer Hospital. Integration with the hospital's electronic health record (EHR) system is now in process, with full commercial deployment of the Veris Cancer Care Platform to commence thereafter. Veris continued executing on its expanded vision, focusing on commercial expansion and value-add offerings beyond remote patient monitoring (RPM), including clinical support services and AI-based clinical decision tools such as risk stratification. PAVmed signed a letter of intent to license, through a newly formed subsidiary, groundbreaking endoscopic esophageal imaging technology, as it continues to evaluate new opportunities to leverage its shared services model across diverse sectors. Lucid Diagnostics announced third quarter 2025 financial results and key business developments, including: Recognized $1.2 million in EsoGuard® Esophageal DNA Test revenue for 3Q25 and processed 2,841 EsoGuard tests. Medicare Contractor Advisory Committee (CAC) meeting held where medical experts unanimously supported Medicare coverage for EsoGuard. Strengthened balance sheet with underwritten public offering of common stock, netting approximately $27.0 million in proceeds. Recruited world-class market access team focused on payor engagement, broad insurance coverage, and patient access. Financial Results: For the three months ended September 30, 2025, Operating expenses were approximately $4.8 million which include stock-based compensation expenses of $0.4 million. GAAP net loss attributable to common stockholders was approximately $6.3 million, or $(0.29) per common share on a diluted basis. As shown below and for the purpose of illustrating the effect of stock-based compensation and other non-cash income and expenses on the Company's financial results, the Company's non-GAAP adjusted loss was approximately $0.4 million or $(0.02) per common share. PAVmed had cash and cash equivalents of $3.1 million as of September 30, 2025, compared to $1.2 million as of December 31, 2024. The unaudited financial results for the three and nine months ended September 30, 2025 were filed with the SEC on Form 10-Q on November 12, 2025, and are available at www.pavmed.com or www.sec.gov. PAVmed Non-GAAP Measures To supplement our financial results presented in accordance with U.S. generally accepted accounting principles (GAAP), management provides certain non-GAAP financial measures of the Company's financial results. These non-GAAP financial measures include net loss before interest, taxes, depreciation, and amortization (EBITDA) and non-GAAP adjusted loss, which further adjusts EBITDA for stock-based compensation expense, loss on the issuance or modification of convertible securities, the periodic change in fair value of convertible securities, and loss on debt extinguishment. The foregoing non-GAAP financial measures of EBITDA and non-GAAP adjusted loss are not recognized terms under U.S. GAAP. Non-GAAP financial measures are presented with the intent of providing greater transparency to the information used by us in our financial performance analysis and operational decision-making. We believe these non-GAAP financial measures provide meaningful information to assist investors, shareholders, and other readers of our financial statements in making comparisons to our historical financial results and analyzing the underlying performance of our results of operations. These non-GAAP financial measures are not intended to be, and should not be, a substitute for, considered superior to, considered separately from, or as an alternative to, the most directly comparable GAAP financial measures. Non-GAAP financial measures are provided to enhance readers' overall understanding of our current financial results and to provide further information for comparative purposes. Management believes the non-GAAP financial measures provide useful information to management and investors by isolating certain expenses, gains, and losses that may not be indicative of our core operating results and business outlook. Specifically, the non-GAAP financial measures include non-GAAP adjusted loss, and its presentation is intended to help the reader understand the effect of the loss on the issuance or modification of convertible securities, the periodic change in fair value of convertible securities, the loss on debt extinguishment and the corresponding accounting for non-cash charges on financial performance. In addition, management believes non-GAAP financial measures enhance the comparability of results against prior periods. A reconciliation to the most directly comparable GAAP measure of all non-GAAP financial measures included in this press release for the three and nine months ended September 30, 2025 and 2024 are as follows: Condensed Consolidated Statement of Operations (Unaudited) For the three months ended September 30, For the nine months ended September 30, 2025 2024 2025 2024 (in thousands except per-share amounts) Revenue $                    5 $                996 $                  19 $             2,985 Operating expenses 4,849 12,574 15,022 42,285 Other (Income) Expense 1,167 (72,289) (15,291) (66,585) Net (Income) Loss 6,011 (60,711) (288) (27,285) Net income (loss) per common share, diluted $             (0.29) $               1.44 $             (0.11) $               0.79 Net income (loss) attributable to common stockholders (6,328) 64,316 (1,942) 30,620 Preferred Stock dividends and deemed dividends 945 83 3,606 7,740 Net income (loss) as reported (5,383) 64,399 1,664 38,360 Adjustments: Depreciation and amortization expense1 22 238 87 1,129 Interest expense, net2 (2) (58) (8) (214) NCI ownership share of Interest and Depreciation adjustments — (43) — (229) EBITDA (5,363) 64,536 1,743 39,046 Other non-cash or financing related expenses: Stock-based compensation expense3 383 1,931 1,475 5,716 Operating expenses issued in stock1 52 285 155 448 Gain on deconsolidation of subsidiary — (72,287) — (72,287) Change in FV equity method investments 4,382 (407) (5,979) (407) Change in FV convertible debt2 100 (240) 349 2,488 Loss on debt extinguishment2 — 1,403 58 2,535 Debt modification expense — — — 2,000 NCI ownership share of non-GAAP adjustments — (660) — (1,262) Non-GAAP adjusted (loss) $              (446) $           (5,439) $           (2,199) $         (21,723) Non-GAAP shares outstanding, basic and diluted 21,555 10,005 17,867 9,287 Non-GAAP adjusted (loss) income per share, basic and diluted $(0.02) $(0.54) $(0.12) $(2.34) 1 Included in general and administrative expenses in the financial statements. 2 Included in other income and expenses. 3 Stock-based compensation ("SBC") expense included in operating expenses is detailed as follows in the table below by category within operating expenses for the non-GAAP Net operating expenses: Reconciliation of GAAP Operating Expenses to Non-GAAP Net Operating Expenses (in thousands except per-share amounts) For the three months ended September 30, For the nine months ended September 30, 2025 2024 2025 2024 Cost of revenue $                  55 $             1,381 $                133 $             4,792 Stock-based compensation expense3 — (32) — (112) Net cost of revenue 55 1,349 133 4,680 Amortization of acquired intangible assets — 82 — 559 Sales and marketing 201 2,920 668 11,472 Stock-based compensation expense3 (13) (292) (59) (1,082) Net sales and marketing 188 2,628 609 10,390 General and administrative 3,505 6,649 11,557 20,337 Depreciation expense (22) (156) (87) (570) Operating expenses issued in stock (52) (285) (155) (448) Stock-based compensation expense3 (332) (1,426) (1,276) (3,717) Net general and administrative 3,099 4,782 10,039 15,602 Research and development 1,088 1,542 2,664 5,125 Stock-based compensation expense3 (38) (181) (140) (805) Net research and development 1,050 1,361 2,524 4,320 Total operating expenses 4,849 12,574 15,022 42,285 Depreciation and amortization expense (22) (238) (87) (1,129) Operating expenses issued in stock (52) (285) (155) (448) Stock-based compensation expense3 (383) (1,931) (1,475) (5,716) Net operating expenses $             4,392 $           10,120 $           13,305 $           34,992 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.

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