Earnings call transcript: PAVmed Q3 2026 loss widens as Lucid gains traction

PAVmed Inc. reported a preliminary third-quarter net loss of $13.0 million, a significant increase from the $6.0 million loss in the same quarter last year. The company attributes the widening loss to non-cash valuation changes tied to its stake in Lucid Diagnostics, particularly a $10 million decline in the value of Lucid shares.

Despite the GAAP loss, PAVmed's non-GAAP net loss improved to $1.2 million from $1.7 million in the previous quarter, suggesting better underlying operating performance. Lucid Diagnostics secured Medicare reimbursement for its EsoGuard, marking a transformational milestone. Veris Health reported nearly doubled monthly enrollment at Ohio State University’s James Cancer Center between July and September.

PortIO may pursue a 510(k) regulatory path, potentially shortening the timeline and lowering capital needs. Octeris is making progress toward clinical testing, with a pre-submission package expected and enrollment planned for January 2027. The company's cash balance stands at $8.9 million, with a quarterly burn rate of about $2.8 million.

Despite the financial challenges, PAVmed's stock rose 4.56% in premarket trading to $1.40. Analysts forecast 227% revenue growth for fiscal 2026, but the company remains deeply in the pre-commercial stage, with a deeply negative gross profit margin of -221%.