PAVmed Reports Significant Revenue Decline and Increased Losses in Q3 2025

PAVmed Inc. reported a significant decline in financial performance for the third quarter of 2025, with revenues dropping to less than $0.1 million compared to $996,000 in the same period last year. This decrease is primarily attributed to the deconsolidation of Lucid Diagnostics, which occurred on September 10, 2024, resulting in the absence of revenue from Lucid's EsoGuard Esophageal DNA Tests in the current reporting period. The company's operating expenses also saw a substantial reduction, totaling $4.8 million for the quarter, down from $12.6 million in the prior year, reflecting the impact of Lucid's deconsolidation.

In terms of net income, PAVmed reported a loss of $6.3 million for the third quarter of 2025, a stark contrast to a net income of $64.3 million in the same quarter of 2024, which included a significant gain from the deconsolidation of Lucid. The company’s operating loss for the nine months ended September 30, 2025, was $15 million, compared to a loss of $39.3 million for the same period in 2024. The decrease in losses is attributed to reduced operating expenses, particularly in sales and marketing, which fell from $11.5 million to $668,000 year-over-year.

PAVmed's strategic developments include a focus on its subsidiary Veris Health, which is working on expanding its Cancer Care Platform and developing an implantable physiological monitor. The company has also entered into a management services agreement with Lucid, generating $9.5 million in management fee income for the nine months ended September 30, 2025, compared to $700,000 in the prior year. This increase reflects the full inclusion of management fees from Lucid in the current period, whereas only a portion was included in the previous year due to the deconsolidation.

Operationally, PAVmed's cash position improved, ending the quarter with $3.1 million in cash, up from $1.2 million at the end of 2024. The company has also been active in financing, raising approximately $5.6 million through various equity transactions during the nine months ended September 30, 2025. However, PAVmed continues to face challenges, including a working capital deficiency of approximately $6.3 million and ongoing losses, raising substantial doubt about its ability to continue as a going concern within the next year.

Looking ahead, PAVmed's management emphasizes the need to control operating costs and increase revenues from the Veris Cancer Care platform. The company is exploring additional capital-raising opportunities through equity or debt financing to support its operations and product development initiatives. The outlook remains cautious, with management acknowledging the risks associated with ongoing losses and the need for strategic partnerships to enhance product offerings and market reach.