Q1 2024 PAVmed Inc Earnings Call Transcript
Key Points
- PAVmed Inc (PAVM) has secured a memorandum of understanding with Ohio State's James Cancer Hospital to implement a pilot program, indicating potential growth in large academic centers.
- The company reported a 10% quarter-on-quarter growth in test volume for EsoGuard, showing continued demand for its flagship product.
- PAVmed Inc (PAVM) has a clear path to FDA clearance for its implantable monitoring device, which is expected to enhance patient compliance and monitoring efficiency.
- The company has successfully completed a $30 million Series B preferred offering, strengthening its balance sheet and funding capabilities.
- PAVmed Inc (PAVM) has made significant progress with its PMX incubator, partnering with Hitachi Medical to develop and fund new medical technologies.
- EsoGuard revenue was reported as flat, indicating potential challenges in revenue growth despite increased test volume.
- The company's ability to fund operations beyond one year is largely dependent on the ramp-up of revenues and the improvement of the reimbursement landscape for EsoGuard.
- Approximately 53% of EsoGuard's adjudicated claims were deemed not medically necessary or required prior authorization, highlighting challenges in insurance coverage and payment.
- The company faces a high quarterly burn rate of $11.7 million, which could impact long-term financial stability if not managed.
- PAVmed Inc (PAVM) is still in the early stages of executing its updated strategy, and success is contingent upon the effectiveness of new initiatives and market acceptance.
Good morning, ladies and gentlemen, and welcome to the PAVmed first quarter 2024 business update conference call. (Operator Instructions) This call is being recorded on Tuesday, May 14, 2024.
I would now like to turn the conference over to Matt Reilly, 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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