PAVmed, its units Lucid Diagnostics, Veris Health implement strategic changes, layoffs
- PAVmed (NASDAQ:PAVM) on Tuesday, along with its units Lucid Diagnostics (NASDAQ:LUCD) and Veris Health, announced strategic changes which include workforce reduction and other cost-cutting measures.
- The companies said they would prioritize near-term Lucid and Veris Health commercialization efforts.
- The companies added that they would implement a workforce reduction of about 20%.
- Other changes include product portfolio streamlining, and implementing cost-cutting measures to lower quarterly cash burn by at least 25%, the companies said in a statement.
- PAVM operates in the medical device, diagnostics and digital health sectors. Its unit LUCD is a cancer prevention medical diagnostics company, while Veris Health is a digital health company.
- Lucid (LUCD) stock was slightly higher by 1.9% to $1.59 after hours, while shares of PAVmed (PAVM) were marginally up to $0.64.