The following is a summary of the PAVmed Inc. (PAVM) Q4 2023 Earnings Call Transcript:

Financial Performance:

• PAVmed Inc. reported a 33% increase in quarterly revenue from Lucid Diagnosis primarily from insurance claims and testing under the Veterans Affairs and Ancira Auto Group contracts, bringing the recognized Lucid revenue for the fourth quarter to around $1.04 million.

• Lucid submitted claims worth about $5 million at the standard average selling price (ASP) of $2,499.

Business Progress:

• PAVmed revised its strategy to drive shareholder value through independently financed subsidiaries such as Lucid Diagnostics and Veris Health.

• Lucid Diagnostic's commercial progress is encouraging, with fully booked testing events and over a dozen strategic partnerships with large academic and regional medical centers, further reinforced through an $18.1 million preferred stock financing.

• PAVmed has launched PMX, a wholly-owned incubator, partnering with Hatch Medical, to independently finance and commercialize technological products like PortIO, EsoCure, and CarpX.

• PAVmed is progressively focusing on biomarker legislation in 15 states, aiming to mandate coverage for biomarker tests by commercial payers.

• Veris Health is on the move toward engaging larger, strategic accounts which are expected to provide more substantial and long-term revenue streams in the late stages of discussions.

• PAVmed anticipates maintaining the majority share in initial financing efforts to launch its incubator products and has plans to secure independent financing for the Veris system to achieve FDA submission and clearance.

More details: PAVmed IR

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