PAVmed Inc. reported a significant decline in revenue for the first quarter of 2025, generating less than $0.1 million compared to $1.0 million in the same period of 2024. This decrease is primarily attributed to the deconsolidation of Lucid Diagnostics, which previously contributed to the company's revenue through its EsoGuard Esophageal DNA tests. The company's operating expenses also saw a substantial reduction, totaling $5.5 million in Q1 2025, down from $15.0 million in Q1 2024, reflecting the absence of Lucid's operational costs in the current financial results.
The company achieved a net income of approximately $18.6 million for the three months ended March 31, 2025, a notable turnaround from a net loss of $18.5 million in the prior year. This improvement was largely driven by a $21.0 million unrealized gain on the fair value of its investment in Lucid Diagnostics, which is now accounted for under the equity method following its deconsolidation. The net income attributable to PAVmed common stockholders was reported at $17.7 million, translating to a basic earnings per share of $1.28, compared to a loss of $2.62 per share in the previous year.
In terms of strategic developments, PAVmed has focused on expanding its product offerings and partnerships. The company continues to support the commercial expansion of its flagship product, EsoGuard, through its subsidiary Lucid Diagnostics. Additionally, PAVmed is working on the Veris Cancer Care Platform, aiming to establish strategic partnerships with leading oncology systems. The company has also initiated the development of an implantable physiological monitor designed to work alongside chemotherapy ports.
Operationally, PAVmed's cash position improved, ending the quarter with $2.7 million in cash, up from $1.2 million at the end of 2024. The company utilized its at-the-market equity facility to raise approximately $0.8 million during the quarter. However, PAVmed faces ongoing challenges, including a negative working capital of approximately $6.1 million and the need to control operating costs while increasing revenues from its cancer care platform. The company has indicated that its ability to continue operations will depend on its success in raising additional capital and managing its expenses effectively.
About PAVmed Inc.
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