PAVmed Inc. reported consolidated revenue of $5,000 for the nine‑month period ending September 30 2025, a sharp decline from $996,000 in the same period last year and from $6,000 in Q2 2025. The GAAP net loss attributable to common shareholders was $6.3 million, compared with a $21.75 million loss in Q3 2024 and a $11.92 million loss in Q2 2025. The company’s consensus revenue estimate for the quarter was $30,000 to $30,000, so the actual revenue fell short by roughly $25,000, while the consensus EPS estimate of –$0.20 was missed by about $0.09 per share.
The bulk of the quarter’s revenue came from Lucid Diagnostics, which generated $1.2 million in EsoGuard sales and processed 2,841 tests. The remaining $3,800 of consolidated revenue came from other subsidiaries, which contributed negligible amounts. Operating expenses were $4.8 million, largely driven by research and development and general administrative costs, and were consistent with the $4.8 million expense reported in Q2 2025.
Operating margin contracted to –0.8 % from –0.5 % in the prior year, reflecting the disproportionate impact of the low consolidated revenue on the company’s cost base. The loss of scale in the parent company’s operations has amplified the effect of fixed costs, while Lucid Diagnostics’ revenue growth has not yet offset the overall decline.
Management reiterated its “substantial doubt” about the company’s ability to continue as a going concern within one year, citing the low revenue, ongoing operating losses, and liquidity needs. The company’s recent $27 million public offering has strengthened its balance sheet, but the cash runway remains limited. The company also highlighted the unanimous support for Medicare coverage of EsoGuard, a potential tailwind that could boost future revenue.
Analysts noted that the earnings miss was driven by the consolidated revenue shortfall and the high operating expense base. The company’s guidance for the next quarter remains unchanged, with no new revenue or earnings targets announced. Investors are closely watching the company’s cash position and the progress of its subsidiaries’ commercialization efforts.
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