PAVmed Inc. (NASDAQ: PAVM) reported its fourth‑quarter and full‑year 2025 financial results on March 30 2026. The company posted a GAAP net loss of $2.8 million for the quarter and a net loss of $2.469 million for the year. Revenue for the quarter was $52,000, while full‑year revenue totaled $71,000.
The quarter’s revenue represents a 52% increase from the $33,000 reported in Q4 2024, but the figure is dwarfed by the $2.995 million in full‑year revenue recorded in 2024. The sharp decline in 2025 revenue is largely attributable to the deconsolidation of Lucid Diagnostics, which removed a significant portion of the company’s top line from the consolidated statements.
Earnings per share were $‑2.05 for the quarter and $‑5.63 for the year, beating the consensus estimate of $‑4.50 for the quarter by $2.45. The beat was driven by disciplined cost management that helped the company maintain margins despite a modest 4% decline in revenue. The company’s operating expenses for the quarter were $6.9 million, largely driven by capital expenditures and stock‑based compensation.
Cash burn remained near $0.9 million per quarter, consistent with the company’s focus on preserving liquidity while investing in its diagnostics and digital‑health portfolio. The company’s balance sheet has been strengthened by a recent recapitalization that eliminated toxic convertible debt and raised new capital, extending the cash runway and reducing financial risk.
Management emphasized its continued focus on strengthening the balance sheet and maintaining near‑breakeven cash flow. The company highlighted progress in its subsidiary portfolio, particularly Lucid Diagnostics’ EsoGuard test and Veris Health’s implantable monitoring platform, as key drivers of future growth. While the company did not provide new guidance, it reiterated its commitment to disciplined spending and strategic investment in high‑potential assets.
Headwinds remain the deconsolidation of Lucid Diagnostics and a low cash balance, but tailwinds include the successful recapitalization, a growing pipeline of diagnostics products, and a VA contract for EsoGuard that could accelerate commercial adoption. The company’s financial results reflect a company in transition, balancing short‑term losses with long‑term growth potential.
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