PAVM - PAVmed its units Lucid Diagnostics Veris Health implement strategic changes layoffs

• PAVmed ( NASDAQ: PAVM ) on Tuesday, along with its units Lucid Diagnostics ( NASDAQ: LUCD ) and Veris Health, announced strategic changes which include workforce reduction and other cost-cutting measures.
• The companies said they would prioritize near-term Lucid and Veris Health commercialization efforts.
• The companies added that they would implement a workforce reduction of about 20%.
• Other changes include product portfolio streamlining, and implementing cost-cutting measures to lower quarterly cash burn by at least 25%, the companies said in a statement .
• PAVM operates in the medical device, diagnostics and digital health sectors. Its unit LUCD is a cancer prevention medical diagnostics company, while Veris Health is a digital health company.
• Lucid ( LUCD ) stock was slightly higher by 1.9% to $1.59 after hours, while shares of PAVmed ( PAVM ) were marginally up to $0.64.

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