Veris Health accelerated its commercial engagement with OSU-The James

Veris Health implantable physiological monitor achieved development milestones towards upcoming FDA submission

Lucid Diagnostics secured first laboratory benefit manager coverage policy for EsoGuard $(R)$

Conference call and webcast to be held today, August 14, at 8:30 AM EDT

NEW YORK, Aug. 14, 2026 /PRNewswire/ -- PAVmed Inc. $(PAVM)$ ("PAVmed" or the "Company"), a diversified commercial-stage medical technology company operating in the medical device, diagnostics, and digital health sectors, today provided a business update for the Company and its subsidiaries, Lucid Diagnostics Inc. (NASDAQ: LUCD) ("Lucid"), Veris Health Inc. ("Veris"), and Octeris Medical Inc. ("Octeris"), and reported financial results for the second quarter ended June 30, 2026.

Conference Call and Webcast

The webcast will take place on Friday, August 14, 2026, at 8:30 AM and is accessible in the investor relations section of the Company's website at pavmed.com. Alternatively, to access the conference call by telephone, U.S.-based callers should dial 1-800-836-8184 and international listeners should dial 1-646-357-8785. All listeners should provide the operator with the conference call name "PAVmed Business Update" to join.

Following the conclusion of the conference call, a replay will be available for 30 days on the investor relations section of the Company's website at pavmed.com.

Business Update Highlights

"PAVmed saw tangible progress across its core businesses during this past quarter and recent weeks," said Lishan Aklog, M.D., PAVmed's Chairman and Chief Executive Officer. "Veris accelerated its commercial engagement with OSU-The James while progressing development of its implantable physiological monitor toward FDA submission. Lucid secured an important new commercial coverage policy for EsoGuard while continuing to advance its broader commercial initiatives. And, our relaunched medical device portfolio is on track with PortIO and Octeris progressing toward key milestones."

Highlights from the second quarter and recent weeks:

   -- Veris Health: 
 
          -- Increased patient onboarding at OSU-The James as commercial phase 
             of strategic engagement accelerated and clinical rollout continued 
             across additional departments. 
 
          -- Continued development of the implantable physiological monitor 
             toward an early 2027 FDA 510(k) submission, with design freeze 
             nearing completion and manufacturing test runs performing well in 
             preliminary verification and validation ahead of final clinical 
             testing. 
 
   -- Lucid Diagnostics announced second quarter 2026 financial results and key 
      business developments, including: 
 
          -- Recognized $1.5 million in EsoGuard(R) Esophageal DNA Test revenue 
             for 2Q26 and processed 2,770 EsoGuard tests. 
 
          -- Secured first laboratory benefit manager coverage policy for 
             EsoGuard, which recognizes EsoGuard as medically necessary for 
             patients meeting established screening criteria and has already 
             been adopted by multiple client health plans. 
 
          -- Developed a health economic cost-effectiveness model evaluating 
             EsoGuard screening to support commercial payor engagement and 
             coverage decisions, with preliminary results demonstrating 
             improved clinical outcomes and cost-effectiveness across nearly 
             all modeled scenarios. 
 
   -- PAVmed Medical Device Portfolio: 
 
          -- PortIO first-in-human results published in the Journal of Vascular 
             Access, demonstrating 100% device patency, 90% completion of the 
             intended implant duration and no device-related adverse events. 
 
          -- Advanced PortIO's FDA pre-submission process, with FDA meeting 
             request planned for 4Q26. 
 
          -- Octeris continued development of its multimodal endoscopic imaging 
             probe, improving form factor and image-processing speed, 
             completing its FDA pre-submission draft, and preparing for 
             clinical validation study at the University of North Carolina. 

Financial Results:

   -- For the three months ended June 30, 2026, operating expenses were 
      approximately $7.1 million, which included stock-based compensation 
      expenses of $0.9 million. GAAP net loss attributable to common 
      stockholders was approximately $5.5 million, or $(0.87) per common share 
      on a diluted basis. 
 
   -- As shown below and for the purpose of illustrating the effect of 
      stock-based compensation and other non-cash income and expenses on the 
      Company's financial results, the Company's non-GAAP adjusted net loss was 
      approximately $1.7 million or $(0.27) per common share. 
 
   -- PAVmed had cash and cash equivalents of $3.8 million as of June 30, 2026, 
      compared to $1.5 million as of December 31, 2025. 
 
   -- The unaudited financial results for the three and six months ended June 
      30, 2026 were filed with the SEC on Form 10-Q on August 13, 2026, and are 
      available at www.pavmed.com or www.sec.gov. 

PAVmed Non-GAAP Measures

   -- To supplement our financial results presented in accordance with U.S. 
      generally accepted accounting principles (GAAP), management provides 
      certain non-GAAP financial measures of the Company's financial results. 
      These non-GAAP financial measures include net loss before interest, taxes, 
      depreciation, and amortization (EBITDA) and non-GAAP adjusted loss, which 
      further adjusts EBITDA for stock-based compensation expense, loss on the 
      issuance or modification of convertible securities, the periodic change 
      in fair value of convertible securities, and loss on debt extinguishment. 
      The foregoing non-GAAP financial measures of EBITDA and non-GAAP adjusted 
      loss are not recognized terms under U.S. GAAP. 
 
   -- Non-GAAP financial measures are presented with the intent of providing 
      greater transparency to the information used by us in our financial 
      performance analysis and operational decision-making. We believe these 
      non-GAAP financial measures provide meaningful information to assist 
      investors, shareholders, and other readers of our financial statements in 
      making comparisons to our historical financial results and analyzing the 
      underlying performance of our results of operations. These non-GAAP 
      financial measures are not intended to be, and should not be, a 
      substitute for, considered superior to, considered separately from, or as 
      an alternative to, the most directly comparable GAAP financial measures. 
 
   -- Non-GAAP financial measures are provided to enhance readers' overall 
      understanding of our current financial results and to provide further 
      information for comparative purposes. Management believes the non-GAAP 
      financial measures provide useful information to management and investors 
      by isolating certain expenses, gains, and losses that may not be 
      indicative of our core operating results and business outlook. 
      Specifically, the non-GAAP financial measures include non-GAAP adjusted 
      loss, and its presentation is intended to help the reader understand the 
      effect of the loss on the issuance or modification of convertible 
      securities, the periodic change in fair value of convertible securities, 
      the loss on debt extinguishment and the corresponding accounting for 
      non-cash charges on financial performance. In addition, management 
      believes non-GAAP financial measures enhance the comparability of results 
      against prior periods. 
 
   -- A reconciliation to the most directly comparable GAAP measure of all 
      non-GAAP financial measures included in this press release for the three 
      and six months ended June 30, 2026 and 2025 are as follows: 
 
 
                               For the three months ended              For the six months ended 
                                        June 30,                                June 30, 
                              2026                   2025                2026             2025 
                      ---------------------  ---------------------  ---------------  -------------- 
   (in thousands 
 except per-share 
     amounts) 
Revenue                     $            33        $             6   $           55     $        14 
Operating expenses                    7,055                  4,721           15,112          10,174 
Other (Income) 
 Expense, net                         (424)                  7,609          (7,395)        (16,460) 
                      ---------------------  ---------------------  ---------------  -------------- 
Net (Income) Loss                     6,598                 12,324            7,662         (6,300) 
                      ---------------------  ---------------------  ---------------  -------------- 
Net income (loss) 
 per common share, 
 diluted                    $        (0.87)  $             (22.08)  $        (3.17)  $         3.94 
Net income (loss) 
 attributable to 
 common 
 stockholders                       (5,479)               (13,308)         (12,467)           4,386 
Preferred Stock 
 dividends and 
 deemed dividends                        95                  1,387            7,023           2,661 
                      ---------------------  ---------------------  ---------------  -------------- 
 Net income (loss) 
  as reported                       (5,384)               (11,921)          (5,444)           7,047 
Adjustments: 
 Depreciation and 
  amortization 
  expense(1)                             19                     22               39              65 
 Interest expense, 
  net(2)                                (8)                    (4)             (24)             (7) 
 NCI ownership share