PAVmed — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue for the three months ended September 30, 2026, was $41,000, compared to $5,000 in the same period in 2025.
• Revenue for the nine months ended September 30, 2026, was $96,000, compared to $19,000 in the same period in 2025.
• Operating expenses for the three months ended September 30, 2026, were $6.8 million ($6,768,000), compared to $4.8 million ($4,849,000) in 2025.
• Operating expenses for the nine months ended September 30, 2026, were $21.9 million ($21,879,000), compared to $15.0 million ($15,022,000) in 2025.
• Net loss for the three months ended September 30, 2026, was $11.7 million ($11,655,000), compared to a net loss of $5.4 million ($5,383,000) in 2025.
• Net loss for the nine months ended September 30, 2026, was $17.1 million ($17,099,000), compared to net income of $1.7 million ($1,664,000) in 2025.
• Non-GAAP adjusted net loss for the three months ended September 30, 2026, was approximately $1.2 million ($1,240,000) or $(0.19) per share, compared to a non-GAAP adjusted net loss of $446,000 or $(0.62) per share in 2025.
• Non-GAAP adjusted net loss for the nine months ended September 30, 2026, was approximately $4.8 million ($4,759,000) or $(0.98) per share, compared to a non-GAAP adjusted net loss of $2.2 million ($2,199,000) or $(3.69) per share in 2025.
• Cash and cash equivalents as of September 30, 2026, were $8.9 million, including $5.3 million in restricted cash, compared to $1.5 million in cash and cash equivalents, including $0.3 million in restricted cash, as of December 31, 2025.
• Stock-based compensation expense for the three months ended September 30, 2026, was $1.0 million ($967,000), compared to $383,000 in 2025.
• Stock-based compensation expense for the nine months ended September 30, 2026, was $2.1 million ($2,065,000), compared to $1.5 million ($1,475,000) in 2025.
• EBITDA for the three months ended September 30, 2026, was $(11.9) million, compared to $(5.4) million in 2025.
• EBITDA for the nine months ended September 30, 2026, was $(17.8) million, compared to $1.7 million in 2025.

Business Segments and Product Lines:

• Lucid Diagnostics began receiving Medicare payments for the EsoGuard Esophageal DNA Test in October 2026, submitting claims to Novitas at the established Clinical Laboratory Fee Schedule rate.
• Lucid recognized $1.2 million in revenue from 2,871 EsoGuard tests performed in the third quarter of 2026.
• Lucid recorded a record month for EsoGuard test volume in October 2026, with more than 1,800 tests performed.
• Lucid published an 11,991-patient real-world study in the journal Diagnostics, the largest peer-reviewed study of nonendoscopic esophageal precancer testing to date.
• Veris Health monthly patient enrollment at Ohio State University-The James nearly doubled from July to September 2026 as the commercial phase accelerated and clinical rollout expanded.
• Veris Health achieved a design freeze for its implantable physiological monitor and initiated a 90-day GLP animal study in October 2026, targeting an early 2027 FDA 510(k) submission.
• PortIO held an initial meeting with the FDA in late October 2026, with an in-person pre-submission meeting scheduled for January 2027.
• Octeris completed its next-generation multimodal endoscopic imaging probe, ready for clinical testing, and expects to submit its initial FDA pre-submission package in November 2026.
• Octeris expects enrollment in its University of North Carolina clinical validation study to begin in January 2027.

Management Commentary and Tone:

• Lishan Aklog, M.D., Chairman and CEO, stated the company is "very encouraged by developments across the PAVmed portfolio."
• Management described Lucid securing Medicare reimbursement for EsoGuard as a "critical and transformational milestone" that positions PAVmed to benefit directly from near-term revenue opportunities.
• Management expressed belief that current progress puts PAVmed in a "strong position to create real long-term shareholder value."

Other Key Points:

• A conference call and webcast regarding the business update and financial results was held on November 13, 2026, at 8:30 AM EST.
• PAVmed is a diversified commercial-stage medical technology company operating in medical device, diagnostics, and digital health sectors, with subsidiaries Lucid Diagnostics, Veris Health, and Octeris Medical.
• The press release includes detailed reconciliations of GAAP to Non-GAAP financial measures, including EBITDA and non-GAAP adjusted loss, for the three and nine months ended September 30, 2026 and 2025.
• The document contains standard forward-looking statements and risk factor disclosures regarding regulatory approval, market acceptance, and funding requirements.