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PAVmed
(NASDAQ:PAVM)
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Rating:42Neutral
Price Target:
$2.00
▼(-62.12% Downside)
Action:Reiterated
Date:10/23/26
The score is held down primarily by very weak financial performance (minimal revenue, negative gross profit, ongoing losses) and especially severe cash burn. Technicals also remain bearish with price below all key moving averages and negative MACD, despite oversold readings. Earnings-call progress provides some offset via multiple operational catalysts, but near-term liquidity and reliance on contingent financing keep risk elevated; valuation provides limited support due to a negative P/E and no dividend yield.
Positive Factors
Medicare Reimbursement Progress
Medicare payment initiation is a meaningful structural advance for EsoGuard because reimbursement supports recurring diagnostic revenue and broader clinical adoption. It improves the commercial pathway for Lucid’s testing business and may reduce a major barrier to expanding ordering clinicians and health-system utilization.
Negative Factors
Severe Cash Burn
Persistent, very large negative operating and free cash flow indicates that the current business is consuming substantial capital relative to its revenue base. This creates continuing funding needs, limits financial flexibility, and raises execution risk while the company works toward scalable commercialization.
Read all positive and negative factors
Positive Factors
Negative Factors
Medicare Reimbursement Progress
Medicare payment initiation is a meaningful structural advance for EsoGuard because reimbursement supports recurring diagnostic revenue and broader clinical adoption. It improves the commercial pathway for Lucid’s testing business and may reduce a major barrier to expanding ordering clinicians and health-system utilization.
Read all positive factors
PAVmed (PAVM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$16.75M
Dividend YieldN/A
Average Volume (3M)22.58K
Price to Earnings (P/E)―
Beta (1Y)1.38
Revenue Growth-89.02%
EPS Growth-107.75%
CountryUS
Employees41
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-16.36
Shares Outstanding7,995,918
10 Day Avg. Volume11,987
30 Day Avg. Volume22,577
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)0.13
Price to Sales (P/S)62.51
P/FCF Ratio>-0.01
Enterprise Value/Market Cap2.31
Enterprise Value/Revenue344.94
Enterprise Value/Gross Profit-135.55
Enterprise Value/Ebitda-2.37
Forecast
1Y Price Target
$36.50Price Target Upside591.29% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-3.14
Revenue Forecast (FY)$182.50K
PAVmed Business Overview & Revenue Model
Company Description
PAVmed Inc. operates as a U.S.-based medical technology firm. Its principal commercialized products include CarpX, a percutaneous device designed to address carpal tunnel syndrome. Other key offerings are EsoCheck, an esophageal cell collection de...
How the Company Makes Money
PAVmed makes money primarily through (1) subsidiary-level commercial operations and (2) transactions and arrangements tied to its medical device and diagnostic products. Through Lucid Diagnostics, revenue is generated from performing and billing f...
PAVmed Earnings Call Summary
Earnings Call Date:Aug 14, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 17, 2026
Earnings Call Sentiment Neutral
The call highlighted clear operational and technical progress across multiple programs (Lucid reimbursement gains, Veris commercial onboarding and device development milestones, positive first-in-human PortIO data, Octeris technical improvements) and structural financing moves. However, the company faces material near-term liquidity constraints (cash $3.8M) and depends on contingent financing events (warrants tied to a Lucid LCD and Veris FDA clearance), while R&D and operating expenses are rising and key regulatory approvals remain uncertain. Positives demonstrate momentum and multiple potential value catalysts, but funding and regulatory timing introduce significant execution risk.Positive Updates
Progress Across Core Businesses
Tangible advancement across Lucid, Veris, PortIO and Octeris with active commercialization and regulatory initiatives underway for each business line.
Negative Updates
Low Cash Position
Cash at June 30 was $3.8M, a limited liquidity position that does not reflect contingent proceeds tied to future warrant exercises (e.g., $30M contingent on a positive EsoGuard LCD and $2.5M tied to Veris FDA clearance).
Read all updates
Q2-2026 Updates
Positive
Negative
Progress Across Core Businesses
Tangible advancement across Lucid, Veris, PortIO and Octeris with active commercialization and regulatory initiatives underway for each business line.
Read all positive updates
Company Guidance
Management provided clear near-term timing and milestone guidance: Lucid is focused on securing Medicare coverage (and has a new EsoGuard LBM Concert policy adopted by multiple plans), Veris is onboarding patients at OSU with a goal of 1,000 registry patients in a year (about two‑thirds of departments now onboarded), has a large purchase order to support year‑end onboarding, and is targeting an early‑2027 510(k) submission for its implantable (design freeze targeted this month, battery life now >2 years, long‑lead biocompatibility testing started, first‑phase animal testing completed); PortIO will request an FDA pre‑submission in Q4 (meeting may occur in early‑2027) after a 10‑patient first‑in‑human study showing 100% patency, 90% completed implant duration and no device‑related AEs and a possible shift from De Novo to 510(k); Octeris has an FDA pre‑submission draft complete and expects USC clinical validation IRB approval in October. Financially, PAVmed reported $3.8M cash at June 30, GAAP net loss of $6.6M (GAAP loss attributable $5.5M, $0.87/share), non‑GAAP loss $1.7M ($0.27/share), Q2 non‑GAAP OpEx $6.1M (up ~$200k q/q and ~$400k vs. the 4‑quarter average) with R&D rising ~$650k sequentially and ~$1.3M YoY, a $33M equity investment value (31.3M Lucid shares at $1.07), completed a $30M Series D and issued $30M warrants (callable on a positive EsoGuard LCD), and a $15M senior secured note maturing Feb 2029 (conversion price $4.50; interest‑only quarterly; balloon at maturity); cash excludes potential $30M warrant proceeds and $2.5M Veris‑warrant proceeds.PAVmed Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
40
Negative
Cash Flow
5
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 112.00K | 71.00K | 3.00M | 2.45M | 377.00K | 500.00K |
| Gross Profit | -285.00K | -252.00K | -3.04M | -3.97M | -3.24M | -85.00K |
| EBITDA | -16.33M | -2.34M | 29.67M | -75.74M | -99.50M | -55.90M |
| Net Income | -12.09M | 401.00K | 39.79M | -64.17M | -88.98M | -50.35M |
Balance Sheet | ||||||
| Total Assets | 40.21M | 38.81M | 30.66M | 33.12M | 53.98M | 86.98M |
| Cash, Cash Equivalents and Short-Term Investments | 3.78M | 1.54M | 1.19M | 19.64M | 42.75M | 79.25M |
| Total Debt | 17.07M | 13.35M | 31.86M | 48.73M | 36.64M | 0.00 |
| Total Liabilities | 20.91M | 16.51M | 37.69M | 57.14M | 43.05M | 7.56M |
| Stockholders Equity | 35.05M | 33.97M | -2.50M | -53.83M | -9.68M | 61.67M |
Cash Flow | ||||||
| Free Cash Flow | -2.63B | -5.21B | -33.61M | -52.28M | -72.53M | -42.06M |
| Operating Cash Flow | -2.63B | -5.21B | -33.55M | -52.04M | -70.98M | -40.59M |
| Investing Cash Flow | -22.03M | -31.00M | -16.18M | 758.00K | -4.74M | -3.72M |
| Financing Cash Flow | 7.56B | 5.59B | 31.28M | 31.17M | 38.21M | 104.31M |
PAVmed Technical Analysis
Negative
5.28
Price Trends
3.98
Negative
4.61
Negative
6.77
Negative
Market Momentum
-0.52
Positive
24.06
Positive
7.23
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PAVM, the sentiment is Negative. The current price of 5.28 is above the 20-day moving average (MA) of 2.86, above the 50-day MA of 3.98, and below the 200-day MA of 6.77, indicating a bearish trend. The MACD of -0.52 indicates Positive momentum. The RSI at 24.06 is Positive, neither overbought nor oversold. The STOCH value of 7.23 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PAVM.
PAVmed Risk Analysis
PAVmed disclosed 51 risk factors in its most recent earnings report. PAVmed reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
PAVmed Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $45.27M | -3.05 | -34.09% | ― | -53.40% | -1719.88% | |
46 Neutral | $49.21M | -1.40 | 1248.13% | ― | 6.09% | 30.65% | |
46 Neutral | $34.10M | -1.97 | -2156.12% | ― | 219.99% | 25.98% | |
44 Neutral | $42.51M | -3.60 | -23.45% | ― | -14.27% | -132.84% | |
43 Neutral | $20.39M | -0.90 | -79.21% | ― | 53.42% | 22.08% | |
42 Neutral | $16.75M | -0.13 | -33.51% | ― | -89.02% | -107.75% |
* Healthcare Sector Average
PAVM
PAVmed
2.05
-10.83
-84.08%
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QTI
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2.36
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PAVmed Corporate Events
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
PAVmed Subsidiary Lucid Diagnostics Completes Preferred Financing
Positive
Oct 22, 2026
On October 21, 2026, Lucid Diagnostics Inc., a subsidiary of PAVmed Inc., closed a $15 million private financing by selling 15,000 shares of its newly created Series C Convertible Preferred Stock at $1,000 per share to accredited investors. The co...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
PAVmed Launches New At-the-Market Equity Offering
Neutral
Sep 10, 2026
On September 9, 2026, PAVmed Inc. entered into a Sales Agreement with A.G.P./Alliance Global Partners to conduct an at‑the‑market offering of up to $9.4 million of its common stock under an existing SEC‑effective Form S‑3 s...
Business Operations and StrategyFinancial Disclosures
PAVmed Reports Q2 2026 Results and Operational Progress
Positive
Aug 14, 2026
In a business update on August 14, 2026, PAVmed reported second-quarter 2026 financial results and operational progress across its subsidiaries, highlighting growing engagement for Veris Health’s remote monitoring platform at OSU-The James a...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.