Company overview

PAVmed owns a majority interest in Veris Health and retains a significant stake in Lucid Diagnostics. Veris supplies oncology practices and hospitals with its Cancer Care Platform, which lets clinicians monitor patients remotely using connected devices and patient-reported symptoms. It charges monthly subscriptions for each patient on the platform; these subscriptions account for most of PAVmed’s current product and service revenue. Providers can seek reimbursement for remote monitoring services.

Lucid sells EsoGuard, a DNA test that checks esophageal cells collected with EsoCheck for signs of Barrett’s esophagus and esophageal cancer. Out-of-network commercial insurers supply the vast majority of Lucid’s revenue. EsoGuard is marketed in limited circumstances as a laboratory-developed test without FDA clearance or approval, although EsoCheck has FDA clearance. Broader commercialization depends heavily on insurance reimbursement, and a final Medicare coverage determination remains outstanding.

PAVmed’s sales remain small. It relies heavily on Lucid’s management-service payments to fund its own operations and also needs outside financing to support development and commercialization.