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PAVmed Inc. (PAVM+1.60%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $996,000 from $791,000 in the same quarter the previous year. This increase is attributed to a higher volume of EsoGuard Esophageal DNA Tests performed.
Cost of revenue for the quarter was $1,381,000, compared to $1,779,000 in the same quarter of the previous year. The decrease is primarily related to reduced manufacturing costs associated with EsoCheck devices.
The company reported a gross loss of $385,000 for the quarter, compared to a gross loss of $988,000 in the previous year, with the improvement attributed to increased revenues.
Sales and marketing expenses decreased to $2,920,000 from $4,016,000, primarily due to reduced compensation-related costs.
General and administrative expenses were $6,649,000, down from $6,858,000, primarily due to decreased third-party professional fees.
Research and development expenses decreased to $1,542,000 from $3,161,000, primarily due to reduced development costs and compensation expenses.
The company reported a net income of $60,711,000 for the quarter, compared to a net loss of $21,750,000 in the previous year. This was largely due to a gain on deconsolidation of Lucid Diagnostics.
PAVmed had cash of $765,000 as of September 30, 2024, down from $19,639,000 at the end of 2023. The company acknowledges its dependence on raising additional capital to meet future obligations.
The filing also details various financial activities, including a securities purchase agreement for senior secured convertible notes and preferred stock offerings by Lucid Diagnostics.
PAVmed does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a need to raise additional capital to continue operations beyond 12 months from the issuance of the financial statements.
PAVmed continues to focus on the commercialization of its EsoGuard and Veris Cancer Care Platform products, while exploring strategic partnership opportunities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PAVmed Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.