- The shares of PAVmed Inc. ( NASDAQ: PAVM ) traded lower for the second straight session in the morning hours Wednesday even after the medical device company exceeded Street forecasts with its Q2 2022 financials.
- Thanks to the fully operational LucidDx lab operated by the PAVM subsidiary, Lucid Diagnostics ( LUCD ), the company processed 850 commercial EsoGuard tests for the period. That indicates a ~60% sequential increase and more than 300% YoY rise from the previous year’s quarter.
- However, PAVM did not record any revenue for the quarter as its new revenue cycle management (“RCM”) partner did not file initial submission of claims until Jun. 30. The company recognizes GAAP revenue based on actual collections during the period.
- Driven by $5M of stock-based compensation expenses, the operating costs jumped ~81% YoY to $23.5M, while the net loss more than doubled to $29.1M.
- Lucid ( LUCD ) is on track to expand its sales team to 60 by the end of the year and plans to open Lucid Test Centers in four new metropolitan areas.
- Despite the selloff, Wall Street stands firmly behind the prospects of PAVM with four Buy ratings and no Hold or Sell ratings.
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PAVmed extends losses despite Q2 earnings beat