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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