Q2 2024 PAVmed Inc Earnings Call Transcript
Key Points
- Lucid Diagnostics, a subsidiary of PAVmed Inc (PAVM), achieved a record quarter with a 31% increase in test volume quarter-on-quarter and 44% year-on-year.
- PAVmed Inc (PAVM) successfully held its first large 'Check Your Food Tube' event, securing upfront contracted payments.
- Veris Health, another subsidiary, is close to securing independent financing and has successfully onboarded patients in its pilot program with Ohio State James Cancer Center.
- PAVmed Inc (PAVM) has a clear path to FDA clearance for its implantable monitor, with multiple successful pre-submission meetings.
- The company has a strong cash position with $25.5 million at the end of Q2 2024, bolstered by an additional $11.6 million from Lucid financing.
- Second-quarter revenue for PAVmed Inc (PAVM) remained flat, reflecting challenges in revenue growth.
- The company faces delays in reimbursement turnaround times, with an increase in claims being designated as medically not necessary.
- Revenue recognition is limited due to the early stages of the reimbursement process, affecting the amount of billable revenue that can be recognized.
- The average quarterly burn rate is high at $11.6 million, raising concerns about long-term financial sustainability.
- The market conditions are not favorable for IPOs or public market financing for early-stage assets, limiting funding options.
Good morning, and welcome to PAVmed's second-quarter 2024 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, PAVmed Director 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 of PAVmed.
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 the 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
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