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PAVmed
(NASDAQ:PAVM)
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Rating:43Neutral
Price Target:
$5.00
▼(-5.30% Downside)
Action:Reiterated
Date:08/17/26
The score is driven primarily by very weak financial performance, led by extreme cash burn and ongoing losses on a minimal revenue base, despite a currently improved balance sheet snapshot. Technicals are mixed with only modest near-term support while the longer-term trend remains negative. Valuation is hard to support using earnings metrics due to negative P/E and no dividend. The earnings call adds some positive program momentum, but near-term liquidity and contingent funding needs materially raise execution risk.
Positive Factors
Diversified Product Pipeline
Progress across four healthcare technology programs diversifies PAVmed’s development base and creates multiple paths to future commercialization, regulatory approval, partnerships or licensing rather than relying on a single device.
Negative Factors
Severe Cash Burn
Cash outflows remain exceptionally large relative to the company’s revenue base, indicating substantial ongoing funding needs. This limits financial flexibility and raises the risk that future capital must be obtained before operations mature.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified Product Pipeline
Progress across four healthcare technology programs diversifies PAVmed’s development base and creates multiple paths to future commercialization, regulatory approval, partnerships or licensing rather than relying on a single device.
Read all positive factors
PAVmed (PAVM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$42.54M
Dividend YieldN/A
Average Volume (3M)377.79K
Price to Earnings (P/E)―
Beta (1Y)1.41
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. Volume774,204
30 Day Avg. Volume377,786
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
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’s primary intended path to monetization is typical of medical device companies: (1) selling commercialized medical device products (when and where products have been launched) to healthcare providers and/or through distributors, and (2) gen...
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 | -17.19M | -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 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% | |
50 Neutral | $41.38M | -1.79 | -79.21% | ― | 53.42% | 22.08% | |
47 Neutral | $54.16M | -3.59 | -34.09% | ― | -53.40% | -1719.88% | |
44 Neutral | $46.40M | -2.67 | -2156.12% | ― | 219.99% | 25.98% | |
43 Neutral | $42.54M | -0.31 | -33.51% | ― | -89.02% | -107.75% | |
43 Neutral | $31.03M | -0.84 | 1248.13% | ― | 6.09% | 30.65% | |
42 Neutral | $45.03M | -4.01 | -23.45% | ― | -14.27% | -132.84% |
* Healthcare Sector Average
PAVM
PAVmed
5.07
-8.97
-63.89%
NSPR
InspireMD
0.89
-1.53
-63.31%
XTNT
Xtant Medical Holdings
0.33
-0.30
-47.62%
SRTS
Sensus Healthcare
3.37
0.07
2.12%
TELA
TELA Bio
0.65
-1.15
-63.89%
QTI
QT Imaging Holdings
3.12
-4.20
-57.38%
PAVmed Corporate Events
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...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
PAVmed Shareholders Approve Plan Changes at Annual Meeting
Positive
Jun 24, 2026
On June 24, 2026, PAVmed Inc. held its annual meeting of stockholders, with approximately 59.6% of eligible shares represented in person or by proxy, and shareholders re-elected Class A directors Ronald M. Sparks and Timothy Baxter to the company&...
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.