Executive Summary

Q3 2025 was largely an execution quarter: PAVmed maintained tight non‑GAAP OpEx (~$4.4M run‑rate), delivered a non‑GAAP adjusted loss of $(0.4)M ($0.02/share), and ended with $3.1M cash, while advancing Veris and positioning for Lucid’s Medicare inflection through its equity stake.
Against S&P Global consensus, Primary EPS beat by $0.18 (actual $(0.02)* vs $(0.20)), while revenue was light versus a small-base estimate ($5k vs $12.5k*). GAAP EPS was $(0.29). Values retrieved from S&P Global.
Strategic progress: Veris launched commercial phase at OSU‑The James (EHR integration underway; Yr1 registry target 1,000 patients) and fully relaunched its implantable physiologic monitor program targeting a 2026 FDA 510(k) submission.
Lucid Diagnostics update (deconsolidated but strategic): 3Q25 EsoGuard revenue $1.2M on 2,841 tests; CAC experts unanimously supported Medicare coverage—management frames near‑term coverage as transformative for adoption and revenue recognition.
Incremental pipeline catalyst: PAVmed signed an LOI to license Duke’s endoscopic a/LCI+OCT imaging technology for real‑time detection/treatment of esophageal dysplasia, creating an additional potential growth engine.

What Went Well and What Went Wrong

What Went Well
- Veris commercialization turning the corner: commercial phase launched at OSU‑The James; EHR integration in process; Yr1 registry target 1,000 patients. “We are finalizing EHR integration… launching this in a broader patient population… The agreement targets 1,000 patients in the first year.”
- Clear regulatory path for Veris implantable: 510(k) predicated device; only a small “skin study” needed; bulk of remaining work is engineering/biocompatibility—management “extremely happy” with the pathway.
- Lucid momentum toward Medicare: CAC experts “unanimously” supported Medicare coverage; Q3 revenue $1.2M with 2,841 tests; balance sheet strengthened earlier with ~$27M offering.
What Went Wrong
- Core company revenue still de minimis and below small‑base consensus; Q3 revenue ~$5k* vs $12.5k*, reflecting the deconsolidation of Lucid and limited Veris subscription revenue at this stage. Values retrieved from S&P Global.
- GAAP loss remains material given equity method/mark‑to‑market and financing items: GAAP net loss to common stockholders $(6.3)M; diluted EPS $(0.29).
- Cash modest at parent level: cash and equivalents $3.1M; while OpEx is controlled, execution relies on dedicated financings at Veris and on the timing of Lucid’s Medicare coverage to unlock value.

Financial Results

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue ($USD Thousands)	8*	6*	5*
GAAP Net Income (Loss) ($USD Millions)	17.7	(11.9)	(6.3)
GAAP Diluted EPS ($)	0.34	(0.74)	(0.29)
Non‑GAAP Adjusted (Loss) ($USD Millions)	(0.9)	(1.8)	(0.446)
Non‑GAAP Adjusted EPS ($)	(0.07)	(0.11)	(0.02)
Total Operating Expenses ($USD Millions)	5.5	4.7	4.8
Cash & Equivalents ($USD Millions)	2.7	4.0	3.1

Note: Asterisks (*) indicate values retrieved from S&P Global.

Q3 2025 vs S&P Global Consensus

Metric	Consensus	Actual	Delta
Revenue ($USD Thousands)	12.5*	5*	(7.5) / (60%)*
Primary EPS ($)	(0.20)*	(0.02)*	+0.18 (beat)*

Notes: “Primary EPS” here aligns with S&P’s framework (appears to reflect adjusted EPS); GAAP diluted EPS was $(0.29). Values retrieved from S&P Global.

Strategic KPIs (deconsolidated Lucid Diagnostics, for context)

KPI	Q1 2025	Q2 2025	Q3 2025
EsoGuard revenue ($USD Millions)	0.8	1.2	1.2
EsoGuard tests processed (units)	3,034	2,756	2,841

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Veris implantable physiologic monitor regulatory path	2026	FDA 510(k) “planned for next year” (Aug 2025, implying 2026)	510(k) submission planned for 2026; development fully relaunched with new partner; small “skin study” only	Maintained/clarified
Veris OSU commercialization scale	Yr1	N/A	Launching registry targeting 1,000 patients in Yr1	New quantified target
Lucid (Medicare coverage for EsoGuard)	N/A	CAC scheduled for Sept 4; draft LCD expected thereafter; final follows comment period	CAC meeting held; experts unanimously supported Medicare coverage; management frames coverage as near‑term	Progressed

No formal numeric guidance (revenue, margins, OpEx) was issued.

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 & Q2)	Current Period (Q3 2025)	Trend
Lucid Medicare (EsoGuard)	Q1: Prepared for reimbursement milestones; extended runway with capital raise . Q2: CAC meeting scheduled; pathway to draft and final LCD explained; Highmark BCBS coverage; guideline tailwinds .	CAC experts unanimously supported coverage; management expects near‑term Medicare coverage to be transformative .	Positive momentum toward coverage
Veris OSU partnership	Q1: Pilot complete; commercial partnership pending . Q2: EHR integration in process; commercial deployment to commence .	Commercial phase launched; EHR integration underway; Yr1 registry target 1,000 .	Execution ramping
Veris implantable monitor	Q1: Development resumed with financing . Q2: Relaunched development; planned 2026 FDA submission .	Clear 510(k) path; only small skin study required; development on track with new vendor .	Regulatory visibility improved
AI/clinical decision support	Q2: Strategy to broaden offering beyond RPM with AI-enabled tools .	Building AI risk‑stratification tools with OSU; expanding value‑add services (clinical support team) .	Expanding scope and service layer
Portfolio expansion	Q2: Evaluating opportunities leveraging esophageal expertise .	LOI to license Duke a/LCI+OCT esophageal imaging tech via new subsidiary .	New pipeline asset added

Management Commentary

“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.” — Lishan Aklog, M.D., Chairman & CEO.
“The agreement [with OSU‑The James] targets 1,000 patients in the first year… We’ve fully relaunched development [of the implantable monitor] in preparation for a planned 2026 FDA 510(k) submission.”
On the implantable monitor regulatory path: “The path is very clear… the only clinical data we’d need is what we refer to as a skin study… It’s a pretty straightforward, simple, small study.”
CFO on cost discipline and funding: “Non‑GAAP operating expenses for the last four quarters have averaged approximately $4.4 million… Q3 non‑GAAP loss of $446,000 has been funded in part by NIH grant proceeds and Veris financing.”

Q&A Highlights

Veris implantable monitor: Only a small “skin study” needed; 510(k) predicate-based pathway; principal gating items are engineering/biocomp and packaging—management “extremely happy” with the path.
Commercial expansion beyond OSU: Given strong OSU execution, PAVmed plans to pursue additional academic centers and to offer clinical support services to triage alerts and ease adoption burden.
Duke endoscopic imaging LOI: Management expects to quickly finalize a definitive license; will develop in a separate PAVmed subsidiary with a 510(k) path and likely small clinical study; Lucid holds a modest equity interest.
Medicare timeline nuance: Draft LCD viewed as the key milestone, with final following the 45‑day comment process; 12‑month lookback on Medicare claims post‑final LCD should support revenue capture.

Estimates Context

S&P Global consensus coverage is limited: Q3 2025 had 1 EPS estimate and 2 revenue estimates; Primary EPS consensus was $(0.20)* and revenue consensus was $12.5k*. Actuals vs this framework were $(0.02)* and $5k*, respectively. Values retrieved from S&P Global.
Implication: Sparse coverage and small revenue base can amplify beats/misses; as Veris scales and Lucid progresses toward Medicare coverage, we expect estimate dispersion and coverage breadth to increase. [GetEstimates]

Key Takeaways for Investors

Near‑term catalysts: (1) Lucid Medicare LCD progression (draft → final), with CAC unanimity a strong signal; (2) Veris OSU deployment ramp (registry to 1,000 Yr1 patients); (3) Veris implantable 510(k) program milestones into 2026; (4) Duke imaging tech license signing and early development updates.
Financial discipline continues: Non‑GAAP OpEx steady and Q3 non‑GAAP loss narrowed to $(0.446)M; however, parent‑level cash is modest at $3.1M, keeping emphasis on subsidiary‑specific financings and milestone execution.
EPS optics matter: S&P “Primary EPS” reflects adjusted metrics; Q3 beat versus consensus, but GAAP diluted EPS remained a $(0.29) loss due in part to below‑the‑line items. Values retrieved from S&P Global. [GetEstimates]
Strategy broadening: Veris is evolving beyond RPM into AI decision tools and clinical services, potentially improving economics and stickiness with cancer centers; the Duke imaging tech could create downstream synergy with EsoGuard‑identified patients.
Trading stance: Shares are likely to be sensitive to any LCD timing updates (draft issuance), evidence of OSU scaling, and implantable development checkpoints; limited sell‑side coverage can exacerbate move sizes on news.

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Asterisks (*) indicate values retrieved from S&P Global.

PAVmed Inc. (PAVM)·Q3 2025 Earnings Summary