Lucid reports record quarterly EsoGuard® test volume and held productive meeting with CMS Medicare Administrative Contractor (MAC) Palmetto GBA's MolDX Program Veris Health actively pursuing financing following launch of pilot program with The Ohio State's James Cancer Hospital Conference call and webcast to be held today, August 13th at 8:30 AM EDT NEW YORK, Aug. 13, 2024 /PRNewswire/ -- PAVmed Inc. (NASDAQ:PAVM, PAVMZ)) ("PAVmed" or the "Company"), a diversified commercial-stage medical technology company, operating in the medical device, diagnostics, and digital health sectors, today provided a business update for the Company and its subsidiaries, Lucid Diagnostics Inc. (NASDAQ:LUCD) ("Lucid") and Veris Health Inc. ("Veris"), and presented financial results for the Company for the three months ended June 30, 2024. Conference Call and Webcast The webcast will take place on Tuesday, August 13, 2024, at 8:30 AM and is accessible in the investor relations section of the Company's website at pavmed.com.  Alternatively, to access the conference call by telephone, U.S.-based callers should dial 1-800-836-8184 and international listeners should dial 1-646-357-8785. All listeners should provide the operator with the conference call name "PAVmed Business Update" to join. Following the conclusion of the conference call, a replay will be available for 30 days on the investor relations section of the Company's website at pavmed.com. Business Update Highlights "Our strategy for PAVmed remains to strengthen its finances and long-term stability by seeking to have each of its subsidiaries become independently financeable and well-positioned to leverage PAVmed's shared infrastructure," said Lishan Aklog, M.D., PAVmed's Chairman and Chief Executive Officer. "Lucid remains PAVmed's strongest asset and it has been able to independently finance its operations and continue to make solid progress over multiple fronts towards fulfilling its large commercial potential. PAVmed's two other subsidiaries, Veris Health and the PMX incubator are also advancing consistent with this strategy, with Veris and PMX asset PortIO actively pursuing independent financing. Highlights from the second quarter and recent weeks: Lucid reported that 2Q24 EsoGuard® Esophageal DNA Test revenue was $1.0 million, which was flat compared to 1Q24 and represents a 514 percent increase from 2Q23. Lucid's CLIA-certified clinical laboratory performed 3,147 commercial EsoGuard tests in 2Q24, which represents a single-quarter record and 31 percent increase sequentially from 1Q24 and a 44 percent annual increase from 2Q23. Released positive data from both the ENVET-BE clinical utility study and ESOGUARD BE-1 clinical validation study Held productive meeting with CMS Medicare Administrative Contractor (MAC) Palmetto GBA's Molecular Diagnostics Program (MolDX) focused on EsoGuard's clinical data. Lucid held first major #CheckYourFoodTube Precancer Testing Event with upfront contracted payment. Veris launched pilot program with The Ohio State's James Cancer Hospital and enrolled first patients onto the Veris Cancer Care Platform. Veris actively pursuing financing to relaunch the development of its implantable monitor. PMX incubator making meaningful advancements in its efforts to raise capital for PortIO Corp. Financial Results: For the three months ended June 30, 2024, EsoGuard related revenues were $1.0 million. Operating expenses were approximately $14.6 million, which includes stock-based compensation expenses of $1.9 million. GAAP net loss attributable to common stockholders was approximately $10.9 million, or $(1.19) per common share. As shown below and for the purpose of illustrating the effect of stock-based compensation and other non-cash income and expenses on the Company's financial results, the Company's non-GAAP adjusted loss was approximately $7.7 million or $(0.84) per common share. PAVmed had cash and cash equivalents of $25.5 million as of June 30, 2024, compared to $19.6 million as of December 31, 2023. The unaudited financial results for the three months ended June 30, 2024 were filed with the SEC on Form 10-Q on August 12, 2024, and are available at www.pavmed.com or www.sec.gov. PAVmed Non-GAAP Measures To supplement our financial results presented in accordance with U.S. generally accepted accounting principles (GAAP), management provides certain non-GAAP financial measures of the Company's financial results. These non-GAAP financial measures include net loss before interest, taxes, depreciation, and amortization (EBITDA) and non-GAAP adjusted loss, which further adjusts EBITDA for stock-based compensation expense, loss on the issuance or modification of convertible securities, the periodic change in fair value of convertible securities, and loss on debt extinguishment. The foregoing non-GAAP financial measures of EBITDA and non-GAAP adjusted loss are not recognized terms under U.S. GAAP. Non-GAAP financial measures are presented with the intent of providing greater transparency to the information used by us in our financial performance analysis and operational decision-making. We believe these non-GAAP financial measures provide meaningful information to assist investors, shareholders, and other readers of our financial statements in making comparisons to our historical financial results and analyzing the underlying performance of our results of operations. These non-GAAP financial measures are not intended to be, and should not be, a substitute for, considered superior to, considered separately from, or as an alternative to, the most directly comparable GAAP financial measures. Non-GAAP financial measures are provided to enhance readers' overall understanding of our current financial results and to provide further information for comparative purposes. Management believes the non-GAAP financial measures provide useful information to management and investors by isolating certain expenses, gains, and losses that may not be indicative of our core operating results and business outlook. Specifically, the non-GAAP financial measures include non-GAAP adjusted loss, and its presentation is intended to help the reader understand the effect of the loss on the issuance or modification of convertible securities, the periodic change in fair value of convertible securities, the loss on debt extinguishment and the corresponding accounting for non-cash charges on financial performance. In addition, management believes non-GAAP financial measures enhance the comparability of results against prior periods. A reconciliation to the most directly comparable GAAP measure of all non-GAAP financial measures included in this press release for the three and six months ended June 30, 2024 and 2023 are as follows:   Condensed Consolidated Statement of Operations (Unaudited) For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 (in thousands except per-share amounts) Revenue $                979 $                166 $             1,989 $                612 Operating expenses 14,663 16,650 29,711 37,496 Other (Income) Expense 1,230 1,408 5,704 3,222 Net Loss 14,914 17,892 33,426 40,106 Net income (loss) per common share, basic and diluted $             (1.19) $             (2.10) $             (3.78)