The following is a summary of the PAVmed Inc. (PAVM) Q1 2024 Earnings Call Transcript:

Financial Performance:

• PAVmed concluded Q1 2024 with a cash position of approximately $37.1 million.

• The average quarterly burn rate for the past year was $11.7 million.

• PAVmed's subsidiary Lucid Diagnostics registered Q1 revenues of around $1 million.

• About 4,000 claims worth nearly $10 million in pro forma revenue were submitted for reimbursement.

• The non-GAAP loss for the first quarter of $8.6 million represents a sequential improvement of $2 million from the last quarter and a $2.5 million year-over-year improvement.

Business Progress:

• A partnership with Ohio State University Comprehensive Cancer Center is underway for a pilot program involving the Veris Cancer Care platform.

• PAVmed's Lucid Diagnostics subsidiary is progressing its efforts to secure successful reimbursements for EsoGuard, esophageal DNA test.

• The PMX incubator is developed and the company's first target is PortIO.

• In 2024, the company plans to continue enhancing the reimbursement process and direct contracting efforts.

• Financial options are being explored for the PMX incubator and Veris Health.

• Commercial success is largely reliant on pilot success and ability to secure funds for expansion.

• The company is targeting partnerships with academic centers and their venture arms.

• Fundraising initiatives are ongoing with strong hopes of raising sufficient capital for individual projects like PortIO, EsoCure, and CarpX.

• PAVmed plans to operate a recurring revenue service model, providing $1000-$1200 per patient per year, and eyes transition from pilot program to a full commercial relationship for significant revenue growth.

More details: PAVmed IR

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