PAVM - Earnings call 3 2023

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Operator

Good day, and welcome to the PAVmed Third Quarter 2023 Business Update Conference Call [Operator Instructions] Please also note that today's event is being recorded. I would now like to turn the conference over to Michael Parks, Vice President of Investor Relations. Please go ahead, Michael.

Michael Parks

Thank you, operator. Good morning, everyone, and thank you for participating in today's third quarter 2023 business update call. the our the for ended three XXXX, available announcing financial company September release is for results and on press business the update and XX, The website. PAVmed nine months moment a disclaimer statements. read Please take to about the forward-looking release are differ The statements may call both these to cause uncertainties materially that known made. and actual this include business and conference to statements, from forward-looking statements update and and results press subject forward-looking unknown risks described cause in filings could results actual in differ are disclaimer that our the Factors with to and U.S. the and Exchange Securities Commission.

obligation on or or or likelihood may or conditions the and the statements important Risk forward-looking quarterly see entitled list Form may filed events, subsequent in intentions in any circumstances with reflect affect uncertainties revise annual required Part changes risk the a that SEC Except based to those now or description expectations factors expectations that be PAVmed's and reports that publicly call which and differ XA the will from to Item Factors For any Form I subsequent of any report CEO. Dr. law, in on X-K in these other would and factors and in operations, Chairman filings. actual to statements. Dr. by I like XX-Q results forward-looking the turn Aklog, to as contained updates risk over XX-Q PAVmed's Lishan and may most Aklog? disclaims future on update Form affect or recent PAVmed filed

Lishan Aklog

PAVmed's you thanks, to this with update Mike, business morning. on everyone, and We providing us joining finances. and forward Thanks, this for look

you my on business for will view that for business the of available reminder from call Diagnostics subsidiary, further call, on would key business yesterday's update. the recording we First, to limit Lucid's Lucid yesterday. encourage PAVmed's is details I update highlights. Lucid's Today, a which a to Lucid held separate I comments quick website

and a commercial-stage two medical marketing Diagnostics. products, is which are background. commercial quick some listed and subsidiaries, Health with technology PAVmed First, NASDAQ company Lucid Veris held privately

That PAVmed and including acquisition As scale as as drives infrastructure, opportunities in very the services high-value very company, PAVmed which licensing calls, or I active completed a early substantial of will that business active assets services three enhance R&D the each reflect That current parent in The provides substantially on ultrasound such development remain neurovascular one our to device. offer is strategic implemented I'll Veris. will have next-generation shared provide Lucid model to conditions economies facilitates we internal progress of of well, project to progressing and note, develop milestones. subsidiary. real Update our said, We on focus that a with in to side and having a commercial recent also infrastructure we XXXX which I restructuring briefly partnership since assets, resources management enterprises. Novosound may have all note or two plethora efforts the value. shareholder high-value of two strategy. market

proceeding before Lucid of a Gary Manning, President, commercial months ago. Veris that our is a several underway and Veris Health to currently undergoing for leadership highlights expansion who the Veris some with is start under deeper me started Let update. restructuring

strategic discussions active We there. medical great have feel with promise academic centers and large there's

companies we is Cancer Cancer Veris digital have as large discussions cancer Platform for therapeutics. companion the to serve Our Care platform's launch And scheduled on to a biopharma novel biopharma next-generation with this module active quarter.

and in submission commercial FDA towards progressing launch is monitor, XXXX. implantable the Finally,

XXX%. and Briefly, volume grew in into test revenue translating growth and steady mentioned growth XX%, we've As the critical quarterly revenue yesterday, growth. revenue quarterly been volume has Lucid's I most important crossed several quarter increased as QX in history test milestones cigar

first the management have been Clinical quarter perfect review them released cycle revenue of reporting. in pending. results two have accepted one full solid progress peer results had utility demonstrated and been Our upgrade their with for has near studies publication, some was

direct new of benefit pursuing as as in is week, benefits contract to Markets our has employers. well And VP Our as its offering sample assay EsoGuard was EsoGuard netted launched and Employer announced first per contracting performance employer finally, in X.X the with we clear this a initiative as cost.

to Let's Veris. on deeper a update now proceed

that Next to slide. stage health care. digital a cancer commercial is personalized seeks company Veris Health enhance

portal of which part the connected a smartphone from Veris as a includes patient It module is a the patient and to devices have operates variety the care. presented is provides physiologic two cancer opportunities their We for of Cancer data and able where platform, to from team is that with parameters enhance interface that has Verisbox. a features. clinician our transmit also clinicians and One Care to care

is tools that's be We trends to at has port. mission designed also implantable have the detection complications, implanted an management. to a of remote monitoring modern monitor immunotherapy care through to utilize longitudinal same risk that early is patient Veris's in works, or chemotherapy the and improve time

implantable Clinical as remote outcomes, monitoring recurring in leverages Veris XX% business Software-as-a-Service results market support, charging millions admissions billion. to a through preventable. model revenue technical well of for cancer to of opportunities hospitalizations the increased provides CMS opportunity costs, the that oncology that There likely and results practice models per additional revenue value-based year It patient opportunity. such clinical The the admissions and total our these lower of attractive. unplanned with established also This as workflow EOM or enhancing The in about are market It are cost care improve revenue patient support enhanced efficiency codes. unplanned slide. very them and It's model for leverage cancer of integration. derived clinical such from substantial allows directly the as in provides. device. coverage as Next opportunities And opportunity is with a to $X X/X a addressable model approximately hospital. are substantial

remain is process oncology making we've practice. make feedback support, the their are of this on platform, streamlined that engaging Much of with from really -- medium to the and customer to are into focused spent the that our to A able these data version its quarter. early Care report we is streamline been patients for received and our several completing that billing. adopters, sure practice few months as and efficient And Cancer engagements and updates focused the possible incorporated We slide. which several last patients, launch Next integration customer commercial which next-generation development as operations X.X out to small and to have execution. the expected Veris adopters early early ironing on on

mentioned development incorporates and over of since expansion team several commercial a but cancer have under now restructuring hired undergone We early Gary across calling that country Manning's a the As significant product ago. our to that expand two earlier, leadership have it's adopters. feedback market managers, on months we've care from still our recently the new belt I that our he we number of practices accounts under the took we

a are, in leads hope in we're as is active about discussions with rather to and of which as the longer I excited very case, active consummate We strategic we always has Lars accounts mentioned, times, the into term. couple lead here, near different. And

Next slide.

the platform we're there's here opportunity, the opportunity The in The every to biopharma that. oncology about clear million, As goal are And a and day we on here undergo the goal last pursuing. required to drugs call, essentially blockbuster for to that our study separate costs Veris is excited drug. are about to $X.X and very introduced aggressively we chain through act to novel billion therapy. it clinics is drugs. move quite all therapeutics study the million a impressive numbers as clinical cost up It the market the companion post-marketing surveillance for $X $XX biopharma Phase use of surveillance a oncology to for oncology of to the about drugs create post-market certifying The per new for and administer platform execute are solution allows therapies. both value IV companies practice about

very patient well the drug care this second the with Veris move So module are we as biopharma and surveillance them to economic role. companies if to or engage initially see have first-line post that for and third several increase to as the and adherence cleared example, line to can to large fourth pathways a period.So impact drug discussions pharma company, in dramatic market it's defined Health platform we have with during serve the to active if a

surveillance. about full of approval FDA phase explained. submission. I believe way greatest post-FDA talked the we in of development the opportunities, this drugs market phase, that existing focus spectrum the had where previously drug time in during opportunity working their is that we the can both impact right initial now the previously But therapy as are So chain up include of And the commercial around near-term our for

slide. Next

a intended is device, upgrades unlimited us patients. provide or profiling. as this medical of for which transitioning platform the also the previously patient As which cleared data diagnosing under its medical use SAMD FDA a an a is we with status as to The for system, regulations, an potential device framework data with platform we will risk are into medical MDDS within software displaying only or regulatory current for treating have in modification SAMD, announced, which Veris that from really to FDA's an clinicians models is

that a FDA in submission device So medical XXXX. process as for a an as software progressing is XXX(k)

their can temperature excited implanted, Veris will progress implantable a mentioned, implantable This to designed and receive And monitoring supplement solid delivered. Next existing as that features very you activity. the monitor there right the external The have an cardiac structure slide. monitor. XX% a connected connectivity respiratory the That's with be triggered see on patient physiologic have devices. silver patients monitor. in which the can cancer finally, implanted to chemotherapy we're a port, monitor, have will approximately conjunction as It vascular is there, to rate access event continuous I be Bluetooth or which on making is be of will key that immunotherapy

well, all the the platform changer will place, for FDA well monitoring remote have assures a as requirements, as both the as and year. billing and be it side provides it FDA economics those presubmission next on patient extremely the on meetings, game compliance progressing added for care clinical design have practice multiple and and we're this substantial successful seeking patient feedback commercial all gone XXX% towards institution. these a the the have really value with we We launch had various submission Once and features, in really

slide. Next

highlights So were the Lucid to covered yesterday's again These stated, overview third the call. detail on greater substantially Lucid's as I'll in of from I business quarter. keep some

-- strategic which On XXX% was the performed XXX,XXX of Revenue annual a test, quarter-on-quarter and strategic processes is events, important growth. and several revenue early infrastructure the recently strong clinical utility we on Other use tests, growth doubled upgraded tests We've XX% our as cycle annual quarter, commercial delivering our Lucid last high-volume very We announced of accounts. that continued nearly $XXX,XXX, EsoGuard the really basis. we X,XXX we satellite execution with data and sorry, growth results engagement. gaining payer our to side, and are and processing nearly our an solid testing substantial with coverage accomplishments of we're is had in a test our quarterly and and and XXX% from have had traction CheckYourFoodTube centers that results contributions to management in-network payments. revenue boost are claims which support

prevent and been three We're these pending. studies department EsoGuard that a employers contracting in peer the over publication direct the offer released, with and have one firefight activity have CL to We San across benefit. accepted review of accelerating Antonio as study for patients Two have is been study. X,XXX registries

is and has hired be Employment new Our of starting will week. Testing has VP our and contract signed. first markets begun, this

launched cost. with week, X.X been this has County, and EsoGuard Orange California, our announced performance laboratory we lower in assay in As our improved

with full point growth represents I'll quarter-on-quarter over slide. growth, that, the substantial here and With proceed eight that as we to XX.XX% over quarter. test reins X XX,XXX quarters will manufacturing update. shown tests years Next and or Dennis, I'll per the financial laboratory currently have indicate just volume our to steady capacity, who which still out hand consecutive of which is

Dennis McGrath

Thank Lishan. Good you, morning, everyone.

quarter financial for were summary reported our in the that Our third published last release was results night. press

you on three it I'll of was PAVmed encourage covered to million. remarks in next XX, previously I the in a burn balance our context quarterly the $XX.X reflects cash with few On our emphasize full from report consider our sheet disclosures and key slides, Form the sequential on those highlights the $XX.X available the rate is of that SEC XX-Q website. million, demonstrates Slide filed of quarter. a

this and the put level, reduction quarters securities that Lucid each net forma fourth of On in the purchase last quarterly of in average burn quarter related agreement the each remainder the cost nor agreement improvements the assuming rate for at to PAVmed burden a successive basis, year, shortly not March balance reduction after to we accelerate, cash at are under we including quarter. first initiatives are this three successfully us and the These further successive reflect Nor for entity is of of resources available can the draw end funding $XX since $X invoices. XXXX. continued of will the the signed receipt does place to in We have a payables. each about of the thrive quarter, at of by the purchase million levels. rate this our other Obviously, control cut $X continue more based securities million sustained than quarter. the They upon of is the in are the about Furthermore, timing year, with upcoming beginning us Vendor burn as in our vary of year. remaining can the additional million an runway million talk the year of burden reflecting to improvement vendor the in rate $X available as quarters. rate of cash the Lucid quarter second, collections a pro

prepaid increases certain increase. reflects increase reflected restricted in paid the get include over year. during spaces. sequential of in and sheet payable beginning the liabilities balance next Convertible up repayments assets million year are value equals $X.X the is as accounts which Although the offsetting the is the net decrease XX-Q. The on stock our the an the largest shares conversions the face the by to accrual and current today, in balance outstanding for office has awards in from related largely the as of XXX.X from slide on insurance liabilities sequentially, million the debt via as to amount unvested Other increase of sheet are lab outstanding charge the an current increase $X XX-Q quarter. noncash in capitalized The amounts. related million of stock million Other that debt, renewals of of is to GAAP as shares. adjustments, fair common well long-term are the offset $XXX.X leases Shares a

Administration quarter supplemental this and compares insurance items. similarly disclosure third XX quarter information. last particularly cautionary for Veris the in information nine-month totals plus Slide certain reflects amounts the for the light Lucid's comments tests and collections Revenue claims third the for EsoGuard review quarter invoice cash XX. slide the or about Slide to quarter platform. third So I on the for on year's actual my non-GAAP of year's of to the Care key the trust invoiced for you will information, Veterans plus largely Cancer reimbursement the bottom

Lucid the our began in yesterday, recognized quarter $XXX,XXX to first change the substantially quarter revenue versus discussion call Lucid the We regarding of the our on $X we in quarterly in revenue Lucid's the that pro million collections call cash made the May company. submitted As claims cycle nearly for revenue forma management detailed upgrade of we reflects of X,XXX tests. about in highlighted

XX% trending higher. yesterday, As far fourth so call collections mentioned are Lucid in quarter the

as process customization, months included third during The for patients customer on cancer of the first that quarter reflects information and very integration the A Lucid's the clients' and And EHR to patient versus the respective update and collected therefore, the actually the platform reporting each testing are in are fact and health the recognition that cash systems. an the validation, patients invoiced centers clients on of a when flow submitted with XX revenue claim other communicate Both collection. Veris speed the early care ability connecting platform. is two platform equivalent acceptance for initial when to stages put occurs due about relying And pressure are and patient positive recognition. the intense to effectively is to clinicians. and initial patient means our platform upon heavily probability electronic they reimbursement. the relates it the of to records is revenue processes onboarded we Veris of determinant report clinicians of the quickly systems. Generally, key the with care-related revenue controlled reimbursement

of presently, recognition As is Gap's you'll ASC guidelines. when see the is in jargon recognize of revenue this our called And variable there predictive insufficient revenue invoiced. data to consideration XXX XX-Q,

to on to invoice quarters. I OpEx we but the upcoming year-over-year Veris normal more comparisons, are heading continue as well Comments The of GAAP we loss. sequential basis, an As to and as and which for subject changes, revenue as-incurred presentation go recognize non-GAAP in net through on as expect where revenue, indicative will GAAP also shows rules. are the

the third and OpEx other. Our few for both a non-GAAP GAAP an a sequential but the the quarter we measures, of of put cost non-GAAP shows basis by OpEx dollars are flat, place year-over-year OpEx at not comparison about a each in within improvement of reflection and controls year. The direct GAAP each XX% the beginning of in only on

a in related third approximately $X.XX in the to from GAAP share year basis, an from loss convertible $X.XX $X.XX debt. $X.XX per charges $X.XX approximately EPS expenses the quarter improvement the the quarter, including is loss noncash of per third Our accounted share and the prior quarter. non-GAAP share On for per

validates on the year-to-date. our of detail as the the Other net for normalize convertible of amounts sequential on patient comments there year-over-year expenses, of improved piece walking reductions release. door. Slide really call, minor components quarter, the the point did of you $X.XX in press for only year-over-year XX. the is next the Lucid loss the forma cost nearly out flat were to illustration debt by improved with XX and Lucid If the about Slide that as revenue OpEx relatively EPS the back adding GAAP nothing the pluses than the year-over-year, on test by XX% the marginal $X.XX in I OpEx. presented sequential and to is effect graphic is already the in for relatively pointed the our yesterday OpEx expenses between of operating of noteworthy out, a the and pro It remarkable margins model parts minuses

deemed XX% mean by either let's are been resulted about With of information medically XX% necessary about have per reminder, consists new require much lab revenue attributable with fixed supplies, amount been the adjudicated, in of some denied, costs up the average Cancer a XX% an allowable about rate. manager, a mentioned primarily XX% to of a have delivery lab Also the not the of XX% mid-June, noncovered. Veris for Out additional been pro operator, Lucid As for X,XXX over questions. platform. are facility on the as reimbursement XX% to $X,XXX Lucid's the Quatex, repeating pending. company be Health took Care adjudicated, representing yesterday. reimbursement. cost million worthy open Since have those insurance revenue revenue of Medicare test, approximately authorization, a smaller it stats or submitted for call or prior in About $XX deemed Of with the the that cycle nearly cost were require forma in that, amount claims

Operator

the begin with will Frank session will come our question-and-answer Instructions] [Operator first Street. question Takkinen And We now Lake from today

Frank Takkinen

Veris. commercial Maybe start the side on just on to

leadership investments managers. market there, to a over we years of what next should Obviously, couple into You mentioned to related development for there's a new expect of Veris commercial a deeper or dive comments. new the Maybe quarters? of little couple couple

Lishan Aklog

the of Yes, been the with processes quarters the running. really involved logistics their model think as their well that them around Sure. last the getting I and as the the some on are have getting integrated forth. patients the getting so focused EHR and practice getting on the they're and significant getting up couple and There logistics and template on a of the clinician connected platform, with practice boxes, them devices, sure getting portal, making processes

is kinks heavily those had, we're in of So pushing not as we're the can build is codes worked allow a only stamp and expand sure this those this two the with does the that the confirm what under and all feedback to mentioned, to getting so paid. they're to time integration providing and them of do time actually the lot from number we platform harder calculation really And kinks. we've engaged working measures various that to facilitating that now operate smoothly, but aspects actually out practices, accounts forth before us and process practice we through wanted able the have out, ultimately, and good that that by to build these that helping to make I

so progress we've a really made of on that. And ton

telling us now are As Dennis mentioned, that cash the are getting paid. they practices they're and flow positive,

within measures And is so and in experience going two accounts. and achieve processes to and to patient the market to to the drive new quickly each the high existing as managers are account. our opportunities lot positive on to And to opportunity there's and the here. the we of platform. platform to patients of cash who put we the at take One get try patients that opportunity enrollment cancer in being mentioned, a just streamlined drive to hired practice development flow our story very then, of percentages I two on experienced And sites have course around simply

country. check they within their they've where month, accounts to to out field and the go. our us leads that's are of opportunities orientations, across started now So for to the they and completed on And add last the

accounts, we're drive that percentages two-pronged sure a patients that established that importantly, quickly as making on it's can platform. to the the we on high when we've now to accounts So value of practice, approach, but really expanding the

cancer lot bear to there yes, quarters. that country at care in large in So is, should concentrated you the of a cancer be mentioned of fruit centers. coming results start fact, is I this in also seeing the

are so lead large up be payoffs these should looking strategic and And because But get institutions there, down first to push the separate that will be center a locking are great. forward for once longer. have and large our times cancer we are signing obvious, we the

starting look to close accounts, we these So cancer forward large to centers.

out. commercial these is that the technical opportunity how how modest. will On right and companies huge. relatively platform. Veris of of now, and the structure on part the there opportunity sort therapeutic in of phase and discussions, getting with creation during work a of But sort value It's The we're in of is post-market about the the companion actual as software more the surveillance the a offering the to the mechanics biopharma just to it working initial market cancer side, of us we're surveillance are the period, the working contractual on on out aspects patients pharma development who work arrangements how

gives sense a coming to So the quarters offer. what hopefully, as that you

Frank Takkinen

on be to Veris pharma side going was the of platform. question second the my And

about about II continue the you maybe there post-FDA if is So of focus talk goal time comment some when could talk to development I mostly your to the line. across then first work on on? process. the Phase we frames. see I'll some into well of that's area logical opportunity on trials III maybe Phase clinical why And as And heard most with or phase. still think thought the the approval to Maybe focusing Maybe that partnerships

Lishan Aklog

Right.

kind the bit. thanks little to So out a of that opportunity flesh for

about as an and our we've thinking strategy a in our bit been this there's evolution engaged deeper. So

to and hit still that it process of that, our opportunity on logistics package the submission. of big sort during are that during engaged becomes a and this the actually We there. presubmission focus III sides of so you initial complicated. think FPE was part in development clinical there's the more Phase As trials II being The

actually platform sort CRO a approval. have value But follow ultimate we think through our CROs that opportunity, platforms and phase right? data see this in we drug still there's is those We the with until to of submission of commercial big we interface greater, be where the to Before through going have being collected. lifetime but work within potential to FDA its are FDA the development have

that it there work and be the what really on But opportunity similar that as doing the we'll we is still be an post-market is very further what would there, dug be So the module well, will the immediate into phases noticed of surveillance early this opportunity and to for side. we this there. is in

drugs already these approved. have that are So been

So we're the not and several contingencies qualify the the of for these to And drug have patients that approval care the for waiting a market. that surveillance, for undergo in their process. of that go pathways they they well-defined very market They're that have of is this process through receiving data to treatment. drugs. to up new the critical is collecting of move chain And

around for after patients other drugs been of time. of longer that many So or periods have line these drugs start have fourth failed as third

do replicated that surveillant of data goal in In the their post-market they've the to -- the that that In appropriate documented first to real profile, opportunity. expanding that, the company go do safety move market or that order food demonstrate to so second collected line world. And to exponentially and have is to they up the and chain. to order

and administer this. safety to CAR-T certified new that an to opportunity opportunity, a to and line really the that immediate a to way So and them for the which for there's important the motivation data which to that's practices, data this, benchmarks. collect they'll actually drugs, to seek hit with likelihood others, a there's access strong also for are bottom in not a this, maximizes in is the of get with the phases case these opportunity pre-submission is collect quite which their There's the commercial administer for practice lucrative commercially is that be quickly that their practices that practices, patients and significant and

the practice be have as opportunity to the having for a the is so on platform that practice the And facilitates by in well. a the participation win surveillance phase post-market

-- those would with have you of are and said, we're terms I in as pharma still in as large those timing, active we phases, but discussions you that active. several early recognize, So would companies

see we one in certainly consummated to of And or future. those so more near hope the

Operator

here [Operator question Capital. Our come Ascendiant Instructions] Woo with next from will Ed

Edward Woo

the progress. on all Congratulations

mentioned are a drugs You big Veris's big that the How of is Veris, for opportunity in that trials? post-FDA opportunity pharma in that is clinical approval.

Lishan Aklog

I not of more longer opportunity phase. larger the in a opportunity, opposed line immediate importantly, large, but presubmission a traction if as it's time sort it's for commercial most to think the

that's boon of in There oncology So and are there's at a drugs other deliver revolution immunotherapy pace. going breakthroughs paying record a that leveraging are as right in who's been really science therapeutics. almost a anybody attention drugs to and knows on sort scientific now breakthroughs

So oncology their been move second approved, motivation there line high. working extremely up to are where the drugs real-world to and that practice is are numerous that into and have first way

great, not time I opportunity, the opportunity the say of is in So that value opportunity and engagement commercial the as at importantly, post-market lines the substantially phase. for would but least near-term if greater, greater most the

Edward Woo

and as monitoring like Is that typically some are drugs approval? there the who are For those how not intensive post-FDA therapeutics familiar, approved. it's -- of for is

Lishan Aklog

very intensive. It's

they're their data where Phase world. studies real in world real a right? that their replicated So very them Phase safety were with be these approvals demonstrated collected are are in effective use that be in out So III to has found profiles and but surveillance, III requirement in typically for the coming stringent to in the safe, the demonstrate for use PMA trials a trials, real-world the sense, story, they conditional, to

and strictly There's data significant way there's periods amount being that market collected. surveillance defined under pathway. of that delivered So very significant drugs are being are care the the a of

health of all itself a digital platform. that lends So, to companion

so of supposed agreement line and to approved So what have supposed how you your protocol, monitored that fourth the the drug let's you undergo, FDA dosing kind reported. and an approved, undergo, patients pathway to is what are be, complications are offer their with it, to testing say, therapy, have a as and they're your that is being their supposed actual you if

in explicitly with that that of comes All is care approval. the pathway described a

to again, very just the would and to if with of works capture. line out fourth that to the they reiterate, is And additional post-market of opportunity gates for And that real move the is of then or that the we expands the use second-line that dramatically. first drug market is to therapy is so or chain smaller. to their commercial health market all drugs, seek third an the the which a up phase much as a platform companies And come drug, surveillance amenable demonstrate should well goal

So opportunity, a modern think our tools health we that really, from digital it's platform. one we such benefit will think and it's as great

Operator

with our come will next Anthony question Group. And from Vendetti Maxim

Anthony Vendetti

major academic Maybe color the then sales stage there is part just it's follow-up of with. it speaking to to How centers. more Obviously, So on accurate know And those range? of, many the you in cancer fairly that qualified pipeline longer? as lengthy. XX-month with? a centers of be just have early cycle say little centers forms? you're number that on conversations total are you're various that them somewhere sort some And Could Would of I that. said would a or it qualify having you you are probably be X- a in there probably

Lishan Aklog

Yes. to give a at I'll you sense deeper try some qualitative more that. least of

So care largest several, are cancer I the country. these amongst discussions, say, yes, centers would and the in active

there's long buy but first right? to generally So You're being times lead there's can to lead be first get in are one, the being of advantage going the the also at right, work but first times long, to for more somebody one, to one. be

yes, to qualified from, are as early we're competitive. one where progress, there And that refer excellent there to and feel others There -- and it we they're consummating has be working some to if progress I platform like certainly I think it stages academic for their off enormous decades, in So on. brag will that two and that pipeline, are are I more their we there sign worked And made the for people you ones medicine signed others. of making specific through discussion. actually up that. as describe we've C-suite, potential patients benefit I getting a slowing definitely about are think can cancer would on competitive once in know

conversations are way, get. of others the think the we and are near-term we filling wins expand continued along I So potential here, pipeline to have yes, and there the we some

Anthony Vendetti

then the And to device. Okay. just switching

at prevent security that Veris you think clinical itself. of the opportunity comfortable well a monitoring. there this various I Or device obviously at of these the talk out of on stages the in software, of How hear the integrate as you trying about to of in new that Maybe to that. on are compliance software, about just breaches The platform post-marketing is point? we that to of working about the process provided firms feel trials lot Maybe color the as you're about development in the a and the this the market. lot security stage? drugs actual of the coming always HIPAA and do security part there's talk

Lishan Aklog

brought I'm that mean, up. glad I you

we've the little what actual and about and Let works a deeper sort the FDA me just dive it. of is device been do maybe the how how bit of it talking to

using, equivalent So that primarily we're for of predicates we're monitors our are this interim the the designed monitoring. predicate using is cardiac implantable cardiac effectively

They've the so with cybersecurity been for well that second, in established standards process those the the following we'll devices. path. landscape, just whole FDA years, as are in to and get around well to And a whole for we're regard as

can allows the has function divide those It is device it how together. that parameters can snap, the as snap differs and form that in conjunction to enumerated implanted our be it includes addition with monitoring, So you I access to vascular you a you has cardiac other in saw that that baseline that that earlier, port. it

in whether having that's partners and multiple experience development Bluetooth similar developing the on data with the collected process, device, are devices, battery, that this software circuitry, world-class optimizing got is how us transmitted the the connectivity to extensive the by have be it within ultimately. that the phone patient's we've So that so working Bluetooth the

is extremely it said, going I this. regard that it's in have And as that with collected, to transmitted. of how standards gets very data with this how extensive high gets being experience partnership All in firms handled well. The has FDA

many into So those FDA are the standards of process. built

The down final that features we've our will couple to putting and said, that issue together that center, forth. We're meetings the our days kinds are with and raised had and devices on XXX(k) package of towards you and of interactions couple get submitting these us I around front important these path, a of As so it. and presubmission cybersecurity privacy last FDA. towards numerous and

those built process just design the day considerations are one. deeply from of into All

practices here, new and established ground taking breaking just compliance. we're not we're best So

very cybersecurity a all but matters, infrastructure, as both as have that well intimately well. obviously as of internally consultant of dedicated robust frankly companies a We as compliance this we have across cybersecurity involved in process our works on all our

done requirements that best aware very very being those really as with team as of with work we're is and So robust to bet. careful all a well and considerations attention the

Anthony Vendetti

then And I maybe yesterday. briefly you Lucid. did just the switching to know call

fourth that heard Was a correctly, could the A that I You a little you new I $X producing call, but where that be maybe Dennis, you're bit bit the little on me. trends on $X know didn't for just that based have cycle be quarter and million at, accurate? I firm on for. summarize you're revenue mentioned guess, seems track to million. management. that of the a for or results looking that north if

Dennis McGrath

Yes, that's correct.

the than the quarter. for For entire prior average weekly quarter, the weeks six first average collections are the the of about higher XX%

$X you're So correct. in the just collections quarter. fourth doing million It's for math, the to simple trending over

Operator

to Ladies like session. for conference to and turn any closing remarks. gentlemen, the would I back our question-and-answer over concludes management now this

Lishan Aklog

look you, on about Thank quarter, progress. you had for forward for the PAVmed continuing Lucid Thank subsidiaries, for questions. excellent particularly both Great. to everyone, that and your that the its past strong quarter excited this We're in really time. and we

press you any the As quarterly interim, to questions. contact through in us but update calls and releases, to always, we'll free with feel continue

can contact mikeparks.mup@pavmed.com. You

for thank So attention, and time you day. great a your have and

Operator

concludes This thank attending all today's presentation. you We conference for call. today's

You and a may have now disconnect wonderful day. lines, your

PAVmed (PAVM) 15 Nov 232023 Q3 Earnings call transcript