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PAVmed Inc. Business Update and Financial Results for Q3 2023

Conference Call and Webcast
The upcoming webcast will take place on Wednesday, November 15, 2023, at 8:30 AM EST and can be accessed in the investor relations section of the Company’s website at pavmed.com. Alternatively, to join the conference call by telephone, U.S.-based callers should dial 1-833-816-1419 and international listeners should dial 412-317-0512. When calling in, all listeners should provide the operator with the conference call name “PAVmed Business Update” to join. A replay of the conference call will be available for 30 days on the investor relations section of the Company’s website at pavmed.com following its conclusion.

Business Update Highlights
Lishan Aklog, M.D., PAVmed’s Chairman and Chief Executive Officer, stated that “Lucid’s sustained commercial success and Veris’s future commercial execution will be the primary drivers of PAVmed’s long-term success.” Lucid Diagnostics reported that quarterly EsoGuard testing volumes increased 17 percent sequentially from 2Q23 and 137 percent annually from 3Q22. Lucid’s upgraded revenue cycle management infrastructure showed sustained impact, driving $783K in quarterly revenue, representing a 392 percent increase sequentially from 2Q23 and a 930 percent annual increase from 3Q22. Veris, on the other hand, restructured its commercial organization and has begun expansion efforts aiming to accelerate patient enrollment at small-to-medium sized oncology practices and secure strategic accounts, such as large academic cancer centers. Additionally, Veris advanced development of the next-generation Veris Cancer Care Platform, which incorporates feedback from early adopters and aims to launch during 4Q23.

AI legalese decoder
The AI legalese decoder can help PAVmed Inc. in simplifying the legal language used in contracts, regulations, and other legal documents. This would be especially useful when engaging with large academic cancer centers and initiating dialogue with large pharma companies, as it can ensure that both parties understand the terms and conditions without getting lost in complex legal jargon. Furthermore, when it comes to regulatory submissions, the Decoder can aid in translating legal and regulatory requirements into plain language, making it easier for the team to understand and adhere to these guidelines. In terms of explaining non-GAAP financial measures, the Decoder can assist in making these complex financial concepts more accessible to the average investor or reader of financial statements.

Financial Results
For the three months ended September 30, 2023, revenues were $0.8 million. Operating expenses were approximately $16.3 million, which include various expenses such as stock-based compensation expenses. PAVmed had cash and cash equivalents of $26.4 million as of September 30, 2023, compared to $37.2 million as of June 30, 2023. The unaudited financial results have been filed with the SEC and are available at www.pavmed.com or www.sec.gov. The non-GAAP financial measures, including EBITDA and non-GAAP adjusted loss, are intended to provide transparency to the information used by the company in its financial performance analysis and operational decision-making. These measures are not meant to be a substitute for, considered superior to, considered separately from, or as an alternative to, the most directly comparable GAAP financial measures. Management believes these non-GAAP financial measures provide useful information to management and investors by isolating certain expenses, gains, and losses that may not be indicative of the core operating results and business outlook.

In conclusion, PAVmed’s sustained commercial success with Lucid and the future commercial execution of Veris are crucial for the company’s long-term success. The AI legalese decoder can be an invaluable tool in simplifying complex legal language for various aspects of the company’s operations, from commercial execution to regulatory submissions. Additionally, the non-GAAP financial measures provided by the company offer greater transparency and understanding of its financial performance to investors, shareholders, and other readers of its financial statements.

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