PAVmed reports second quarter 2026 results and Lucid coverage policy

The business update

PAVmed Inc. (NASDAQ: PAVM) provided a business update and reported financial results for the second quarter ended June 30, 2026 on August 14, 2026. The company calls itself a diversified commercial-stage medical technology company. Its subsidiaries include Lucid Diagnostics Inc. (NASDAQ: LUCD), Veris Health Inc., and Octeris Medical Inc.

Lishan Aklog, M.D., Chairman and Chief Executive Officer, said: "PAVmed saw tangible progress across its core businesses during this past quarter and recent weeks."

Veris Health

Veris Health increased patient onboarding at OSU-The James, as named in the release. The commercial phase of the strategic engagement accelerated, and clinical rollout continued across additional departments.

Veris continued development of its implantable physiological monitor toward an early 2027 FDA 510(k) submission. That is a plan, not a filing, and the release reports no revenue figure for Veris and no patient count for the OSU engagement. The release says the design freeze is nearing completion and that manufacturing test runs are performing well in preliminary verification and validation, ahead of final clinical testing.

Lucid Diagnostics

Lucid recognized $1.5 million in EsoGuard Esophageal DNA Test revenue for the second quarter and processed 2,770 EsoGuard tests. It secured its first laboratory benefit manager coverage policy for EsoGuard. The policy recognizes EsoGuard as medically necessary for patients who meet established screening criteria, and multiple client health plans have already adopted it.

Lucid also developed a health economic cost-effectiveness model for payor talks. Preliminary results show improved clinical outcomes and cost-effectiveness across nearly all modeled scenarios. The model is the company's own, the results are preliminary, and "nearly all" leaves some scenarios where the result did not hold. The release does not name the health plans or say how many people the coverage reaches. Revenue of $1.5 million from 2,770 tests is small beside the quarter's losses reported below.

Medical device portfolio

Aklog said the relaunched medical device portfolio is on track, with PortIO and Octeris progressing toward key milestones.

PortIO first-in-human results were published in the Journal of Vascular Access. The results show 100% device patency, 90% completion of the intended implant duration, and no device-related adverse events. The release gives no number of patients, so those percentages come from a first-in-human study of unstated size. The FDA step ahead is only a meeting request. PAVmed advanced PortIO's FDA pre-submission process and plans an FDA meeting request in 4Q26.

Octeris continued development of its multimodal endoscopic imaging probe, improving its form factor and image-processing speed. It completed its FDA pre-submission draft and is preparing for a clinical validation study at the University of North Carolina.

Financial results

For the three months ended June 30, 2026, operating expenses were approximately $7.1 million, including stock-based compensation of $0.9 million. GAAP net loss attributable to common stockholders was approximately $5.5 million, or $(0.87) per common share on a diluted basis. Revenue for the quarter was $33 thousand, against operating expenses of $7.1 million.

The company's non-GAAP adjusted loss was approximately $1.7 million, or $(0.27) per common share, far smaller than the GAAP loss because it leaves out items such as stock-based compensation and changes tied to convertible securities. The company defines non-GAAP adjusted loss as EBITDA further adjusted for stock-based compensation, loss on the issuance or modification of convertible securities, the periodic change in fair value of convertible securities, and loss on debt extinguishment.

PAVmed had cash and cash equivalents of $3.8 million as of June 30, 2026, compared with $1.5 million as of December 31, 2025. The release does not say where the increase came from and does not give cash used in the quarter. Its adjusted-loss definition refers to convertible securities and debt extinguishment, which points to financing activity the release does not describe. The company filed its unaudited results for the three and six months ended June 30, 2026 on Form 10-Q on August 13, 2026.

What comes next

The company expects an FDA 510(k) submission for the Veris monitor in early 2027 and an FDA meeting request for PortIO in 4Q26.

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