PAVmed Inc. (NASDAQ:PAVM) Q1 2024 Results Conference Call May 14, 2024 8:30 AM ET

Company Participants

Matt Riley - Director of IR
Lishan Aklog - Chairman and CEO
Dennis McGrath - CFO

Conference Call Participants

Anthony Vendetti - Maxim Group
Frank Takkinen - Lake Street Capital Markets
Ed Woo - Ascendiant Capital

Operator

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 Riley, Director of Investor Relations. Please go ahead.

Matt Riley

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 Web site. 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 materially from statements made. Factors that could cause actual results to differ are described in the disclaimer and in our filings with the Securities and Exchange Commission. For a list and a description of these and other important risks and uncertainties that may affect future operations, see Part I, Item IA entitled Risk Factors in PAVmed's most recent annual report on Forms 10-K filed with the SEC and any subsequent updates filed in quarterly reports on Forms 10-Q and subsequent Forms 8-K. Except as required by law, PAVmed disclaims any intentions or obligations to publicly update or revise any forward-looking statements to reflect changes in expectations or in events, conditions or circumstances on which the expectations may be based or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements. I would now like to turn the call over to Dr. Lishan Aklog, Chairman and CEO of PAVmed. Lishan, you can take it away.

Lishan Aklog

Thank you, Matt. And good morning, everyone. Thank you for joining our PAVmed quarterly update call. Before proceeding, I'd like to thank our long term shareholders for your ongoing support and commitment. We continue to leave no stone unturned to enhance long term shareholder value. We continue to be pleased that Lucid, PAVmed's strongest and most advanced asset, is making such great commercial progress and it continues to successfully finance its operations through long term fundamental investors. Lucid has a runway to advance through key upcoming reimbursement milestones on its pathway to profitability. As we discussed during our last call, we have updated PAVmed's overall strategy to drive shareholder value through independently financed subsidiaries, which, like Lucid, can leverage PAVmed's shared infrastructures. The initiatives we announced in furtherance of this strategy, specifically Veris' updated commercial strategy and the PMX incubator, are progressing well. Let's begin with some highlights starting with Lucid. As we noted in yesterday's Lucid quarterly update call, first quarter EsoGuard revenue was flat quarterly. First quarter test volume grew 10% quarter-on-quarter. Lucid further strengthened the EsoGuard clinical data evidence base supporting ongoing engagement to secure commercial and Medicare payer coverage. Very importantly, a date for a MolDX pre-submission meeting was secured for July 17, 2024. On Veris Health, as I mentioned, we're executing on our new strategy, which is focusing on large academic cancer centers. I am very excited that we were able to complete a memorandum of understanding with the Ohio State James Cancer Hospital to implement a pilot program, enrolling their patients onto our Veris Cancer Care platform. We have made solid progress on pursuing financing of Veris and we have a clear path to FDA clearance of our implantable monitoring pending independent financing.