PAVmed Inc. (NASDAQ:PAVM) filed a third-quarter business update and preliminary financial results for the period ended September 30, 2026, disclosed on November 13, 2026, covering operations across its subsidiaries Lucid Diagnostics, Veris Health, and Octeris Medical.

Key Highlights

  • Medicare payments received: Lucid Diagnostics began receiving Medicare payments for EsoGuard in October 2026, submitting claims to Novitas at EsoGuard's established Clinical Laboratory Fee Schedule rate.
  • EsoGuard test volume: 2,871 EsoGuard tests were performed and $1.2 million in revenue was recognized in Q3 2026; October was described as a record month with more than 1,800 tests.
  • Non-GAAP adjusted net loss: For Q3 2026, PAVmed reported a non-GAAP adjusted net loss of approximately $1.2 million, or $(0.19) per common share.
  • Operating expenses: Total GAAP operating expenses for Q3 2026 were approximately $6.8 million, including $1.0 million in stock-based compensation.
  • Cash position: PAVmed held cash and cash equivalents of $8.9 million, including restricted cash of $5.3 million, as of September 30, 2026, compared to $1.5 million (including $0.3 million restricted) as of December 31, 2025.
  • Veris Health implantable monitor: Design freeze was achieved and a 90-day GLP animal study was initiated in October, targeting an early 2027 FDA 510(k) submission.
  • Regulatory engagement: PAVmed held an initial FDA meeting on PortIO in late October 2026, with an in-person pre-submission meeting planned for January 2027.

PAVmed Q3 2026 Subsidiary Progress and Preliminary Financials

According to the filing, PAVmed's subsidiary Lucid Diagnostics began receiving Medicare reimbursement for the EsoGuard Esophageal DNA Test in October 2026. Claims are being submitted to Novitas, the Medicare Administrative Contractor with jurisdiction over Lucid's Texas laboratory, at the established Clinical Laboratory Fee Schedule rate. The company also announced the publication of an 11,991-patient real-world EsoGuard study in the peer-reviewed journal Diagnostics, which the filing described as "the largest peer-reviewed study of nonendoscopic esophageal precancer testing to date."

For the three months ended September 30, 2026, Lucid performed 2,871 EsoGuard tests and recognized revenue of $1.2 million. PAVmed's consolidated GAAP revenue for the same period was $41 thousand, against operating expenses of $6,768 thousand. The GAAP net loss attributable to common stockholders was $(11,752) thousand. On a non-GAAP adjusted basis, the net loss was approximately $1.2 million, or $(0.19) per common share, after adjustments including stock-based compensation of $967 thousand and a change in fair value of equity method investments of $9,985 thousand, according to the filing's reconciliation table.

The filing reported that Veris Health's monthly patient enrollment at OSU-The James "nearly doubled from July to September" during Q3 2026, and that an implantable physiological monitor achieved design freeze with a 90-day GLP animal study initiated in October, keeping the device on track for an early 2027 FDA 510(k) submission. For Octeris Medical, the filing stated that a next-generation multimodal endoscopic imaging probe was completed and is ready for clinical testing, with an initial FDA pre-submission package expected to be submitted in November 2026 and clinical validation enrollment at the University of North Carolina expected to begin in January 2027.

What Was Disclosed

PAVmed provided a business update and preliminary Q3 2026 financial results, covering EsoGuard Medicare reimbursement progress, test volume and revenue, cash position, subsidiary pipeline milestones at Veris Health and Octeris, and FDA engagement on PortIO and Octeris.