PAVmed Inc. (NASDAQ: PAVM) released a business update and preliminary financial results for the third quarter ended September 30, 2026. The company reported that its subsidiary Lucid Diagnostics has begun receiving payments from Medicare for the EsoGuard Esophageal DNA Test, with claims being submitted to Novitas, the Medicare Administrative Contractor for its Texas laboratory. Lucid is also expanding access to at-risk Medicare beneficiaries, who represent approximately 50% of the 30 million patients recommended for esophageal precancer testing.
In the third quarter of 2026, Lucid performed 2,871 EsoGuard tests and recognized $1.2 million in revenue. October was a record month for the test, with over 1,800 tests administered. Additionally, Lucid published an 11,991-patient real-world study in the journal Diagnostics, the largest peer-reviewed study of nonendoscopic esophageal precancer testing to date.
Regarding its other subsidiaries, Veris Health achieved a design freeze for its implantable physiological monitor and initiated a 90-day GLP animal study in October. The company is on track for an early 2027 FDA 510(k) submission. PAVmed also stated that it has held an initial meeting with the FDA regarding its PortIO device and completed development of Octeris’ next-generation multimodal endoscopic imaging probe.
On the financial front, PAVmed reported operating expenses of approximately $6.8 million for the three months ended September 30, 2026, which included $1.0 million in stock-based compensation expenses. The company had cash and cash equivalents of $8.9 million as of September 30, 2026, including $5.3 million in restricted cash. This represents an increase from $1.5 million in cash and cash equivalents, including $0.3 million in restricted cash, as of December 31, 2025.
For the three months ended September 30, 2026, revenue was reported at $41,000. The company provided a non-GAAP adjusted net loss of approximately $1.2 million, or $(0.19) per common share. A conference call and webcast to discuss these results was held on November 13, 2026, at 8:30 AM EST.
