PAVmed Inc. reported a significant decline in revenue for the fiscal year ending December 31, 2025, with total revenue of $0.1 million compared to $3.0 million in the previous year. This decrease is primarily attributed to the deconsolidation of its subsidiary, Lucid Diagnostics, which accounted for the majority of revenue until September 10, 2024. The company's cost of revenue also fell sharply to $0.2 million from $4.8 million, reflecting the absence of Lucid's operations in the current fiscal year. PAVmed's net loss before noncontrolling interests was approximately $2.5 million, with cash used in operations amounting to $5.2 million.
In terms of strategic developments, PAVmed has made notable advancements, including the hiring of Joseph Virgilio as Chief Business Officer for Medical Devices in March 2026, aimed at overseeing the commercialization of its medical device portfolio. The company is also pursuing a contract with the U.S. Department of Veterans Affairs to expand access to its EsoGuard test, which is designed for early detection of esophageal cancer. Additionally, PAVmed entered into a licensing agreement with Duke University for endoscopic imaging technology, further diversifying its product offerings.
Operationally, PAVmed's employee count stood at 41 as of March 27, 2026, and the company is focusing on enhancing its sales and marketing capabilities to drive product adoption. The company has also been actively pursuing reimbursement approvals, with a recent positive coverage policy from Highmark Blue Cross Blue Shield for the EsoGuard test in New York. However, the company continues to face challenges in securing Medicare coverage for its products, which is critical for its commercial success.
Looking ahead, PAVmed's management expressed concerns regarding its ability to continue as a going concern, citing the need for additional capital to fund operations and product development. The company ended the year with $1.5 million in cash and is exploring various financing options, including equity and debt transactions. The outlook remains uncertain as PAVmed navigates the complexities of the medical device market, regulatory approvals, and reimbursement landscapes, which will significantly impact its future financial performance.
About PAVmed Inc.
PAVmed Inc. is a multi-product life sciences company developing and commercializing innovative healthcare technologies. Its core segments include Lucid Diagnostics, offering non-invasive esophageal cancer screening tests, and Veris Health, providing digital cancer care platforms and remote monitoring solutions. The company targets large markets such as oncology and gastroenterology, leveraging proprietary diagnostics, digital health tools, and strategic partnerships to improve early detection, patient outcomes, and healthcare efficiency.
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