Q2 2026 PAVmed Inc Earnings Call Transcript
Key Points
- Lucid's new positive EsoGuard coverage policy from Concert, with multiple client health plans adopting it, expands commercial coverage.
- VARIS commercial phase at Ohio State University is accelerating, with patient onboarding increasing and a large purchase order secured.
- PortIO's first-in-human results published in the Journal of Vascular Access, showing 100% device patency and no device-related adverse events.
- Potential shift to a 510(k) regulatory pathway for PortIO could shorten timeline and reduce capital requirements for commercialization.
- PAVmed's financial position improved with a $30 million Series D preferred stock offering and a $15 million senior secured note, reducing net loss year-over-year.
- Cash at June 30 is only $3.8 million, which may not be sufficient to fund operations without additional financing.
- The company's net loss, though reduced, remains significant at $5.5 million GAAP for the quarter.
- R&D expenses increased by $1.3 million year-over-year, primarily for the VARIS implantable device, putting pressure on cash flow.
- The equity method investment in Lucid decreased in value, with shares dropping from $1.09 to $1.07, reflecting market volatility.
- The Octeris project is still several years away from commercialization, requiring ongoing investment without near-term revenue.
Good morning, and welcome to the PavMed Second Quarter 2026 Business Update Conference Call.
(Operator instructions)
Please note, this event is being recorded. I would now like to turn the conference over to Matt Riley, Vice President of Investor Relations. Please go ahead.
Thank you, operator, and good morning, everyone. Thank you for participating in today's business update call. Joining me today on the call are Dr. Lishan Aklog, Chairman and Chief Executive Officer of PAVmed; along with Dennis McGrath, Chief Financial Officer The press release announcing our business update and financial results is available on PAVmed's website. Please take a moment to read the disclaimers about forward-looking statements in the press release.
The business update press release and conference call all include forward-looking statements, and these forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from
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