PAVM - PAVmed stock dips as net loss widens revenue shrinks in Q4

2023-03-15 11:26:43 ET

• PAVmed ( NASDAQ: PAVM ) stock fell ~9% following its Q4 results.
• Non-GAAP adjusted loss was -$0.15, same as in Q4 2021.
• Net loss widened to -$24.57M, compared to -$19.68M in Q4 2021.
• Revenue (EsoGuard related revenues) declined -62.6% Y/Y to $112K.
• "Over the past two months, the PAVmed team has executed on its strategic restructuring plan to protect long-term shareholder interests during challenging market conditions by tightly focusing its efforts and resource allocation on near-term commercial activities and milestones," said PAVmed's Chairman and CEO Lishan Aklog.
• In January, the company had announced strategic changes which included workforce reduction and other cost-cutting measures.
• Aklog added that, "The plan is working and appears to have been right-sized—extending cash runway while assuring the commercial efforts are adequately resourced."
• As of Dec. 31, 2022, PAVmed had cash and cash equivalents of $39.7M, compared to $77.3M as of Dec. 31, 2021.

For further details see: