Analogies for PAVmed:

• Like an early-stage Medtronic, developing a diverse pipeline of innovative medical devices and diagnostics across multiple therapeutic areas.
• A more diversified Exact Sciences, creating a broad range of novel medical devices and diagnostic tools beyond just one screening test.

• CarpX: A percutaneous device designed to treat carpal tunnel syndrome.
• EsoCheck: An esophageal cell collection device for the early detection of adenocarcinoma of the esophagus and Barrett's Esophagus (BE).
• EsoGuard: A bisulfite-converted next-generation sequencing DNA assay.
• EsoCure: An esophageal ablation device used to treat dysplastic Barrett's Esophagus (BE).
• PortIO: An implantable intraosseous vascular access device.
• NextFlo: A disposable infusion platform technology.
• Veris cancer healthcare platform: An implantable intelligent vascular port combining remote monitoring and data analytics for cancer care.
• NextVent: Single-use ventilators.
• FlexMO: Medical circulatory support cannulas.
• Veris cardiac monitors: Devices for monitoring cardiac activity.
• DisappEAR: Resorbable pediatric ear tubes.
• Solys: A noninvasive glucose monitoring solution.

PAVmed Inc. (PAVM) is a medical device company that primarily sells its products to other companies and organizations within the healthcare sector, rather than directly to individuals. Based on its product portfolio, its major customers fall into the following categories:

• Hospitals and Hospital Systems: These are major purchasers of medical devices, diagnostic equipment, and surgical tools, which align with products like CarpX, EsoCure, PortIO, NextFlo, NextVent, FlexMO, and Veris cancer healthcare platform.
• Specialty Clinics and Ambulatory Surgical Centers: This includes a range of medical practices focusing on specific areas such as gastroenterology (for EsoCheck, EsoGuard), orthopedics (for CarpX), oncology (for Veris), and ear, nose, and throat (for DisappEAR), as well as facilities where outpatient surgeries are performed.
• Diagnostic and Pathology Laboratories: For its diagnostic products like EsoCheck and EsoGuard, laboratories are key customers that process and analyze samples for disease detection.

UFP Technologies, Inc. (UFPT)

Labcorp (LH)

Lishan Aklog, MD – Chairman & Chief Executive Officer

Dr. Aklog co-founded PAVmed Inc. in 2014 and serves as its Chairman and CEO. He is also the Executive Chairman of PAVmed's majority-owned subsidiaries, Lucid Diagnostics Inc. and Veris Health Inc. Earlier in his career, Dr. Aklog co-founded Pavilion Holdings Group, a medical device holding company, and Pavilion Medical Innovations, a venture-backed medical device incubator. He co-founded Vortex Medical Inc., a Pavilion Holdings Group portfolio company, and was its Chairman and Chief Technology Officer until its acquisition by AngioDynamics Inc. in October 2012. Before becoming an entrepreneur and executive, he had a distinguished career as an innovator in cardiac surgery at Harvard Medical School and Mount Sinai Medical Center.

Dennis McGrath – President & Chief Financial Officer

Mr. McGrath has served as PAVmed's Chief Financial Officer since March 2017 and became President in March 2019. Prior to joining PAVmed, he held several senior-level positions at PhotoMedex, Inc., a medical device company, from 2000 to 2017, including Director, President, and Chief Financial Officer. He also served as CEO of PhotoMedex from 2009 to 2011. PhotoMedex underwent a reverse merger with Radiancy, Inc. in December 2011. Before PhotoMedex, Mr. McGrath was the Chief Operating Officer of the Internet Practice division for AnswerThink Consulting Group, Inc., and Chief Financial Officer of TriSpan, Inc., which was acquired by AnswerThink Consulting Group, Inc. in 1999. He also served as CFO of Think New Ideas, Inc. Mr. McGrath has extensive experience in mergers and acquisitions, particularly involving public company acquisitions.

Shaun O'Neil – Executive Vice President & Chief Operating Officer

Mr. O'Neil was appointed Executive Vice President and Chief Operating Officer of PAVmed in February 2022. He joined the company in 2018 as Chief Commercial Officer and Executive Vice President, Business Development. Before PAVmed, Mr. O'Neil accrued over fifteen years of sales and marketing leadership, and product and business development expertise in both startup and established companies.

Michael Glennon – Vice Chairman

Mr. Glennon has served as PAVmed's Vice Chairman and a Director since October 2014. He is a co-founding Partner of Pavilion Holdings Group and Pavilion Medical Innovations, a venture-backed medical device incubator, since their respective inceptions in 2007 and 2009. Mr. Glennon also serves as Chairman and Chief Executive Officer of Pavilion Medical Innovations. He was the President and Chief Executive Officer of Vortex Medical from its inception in 2008 until its acquisition by AngioDynamics in October 2012. His prior experience includes working for Origin Medsystems, which was acquired by Eli Lilly and later spun out as part of Guidant.

Victoria T. Lee, MD – Chief Medical Officer

Dr. Lee has served as PAVmed's Chief Medical Officer since April 2023, after serving as Vice President of Medical Affairs from August 2022 to March 2023. Before joining PAVmed, Dr. Lee was a Director and then Senior Director of Clinical Affairs at CytoSorbents Inc., a publicly traded medical device company specializing in blood purification technology, from November 2020 to August 2022.

PAVmed Inc. (PAVM) faces several key risks inherent to its position as a diversified commercial-stage medical technology company with a broad product pipeline.

1. Regulatory Approval and Commercialization Challenges: Many of PAVmed's products, including those in its pipeline, are subject to rigorous and often lengthy regulatory approval processes, such as those by the FDA. There is inherent uncertainty in obtaining these clearances. Even upon approval, successful commercialization is not guaranteed and depends heavily on factors like market acceptance, physician adoption, and securing widespread reimbursement for its novel medical devices and diagnostics. Slow market adoption has been identified as a significant challenge.
2. Financial Sustainability and Capital Requirements: PAVmed is a pre-profitability company with minimal current revenue and an ongoing high cash burn rate, making its long-term viability dependent on its ability to raise additional capital. The development and commercialization of its diverse product pipeline are capital-intensive, and the company has historically relied heavily on financing, leading to a persistent risk of equity dilution for shareholders.
3. Intense Competition: PAVmed operates in highly competitive medical device, diagnostics, and digital health sectors. Its subsidiaries and products face competition from large, well-capitalized medical technology companies, which often possess greater resources for research and development, marketing, and established sales forces. This intense competitive landscape could make it difficult for PAVmed's products to gain significant market share and physician acceptance.

Here are the addressable market sizes for PAVmed's main products:

• CarpX (Percutaneous device to treat carpal tunnel syndrome): PAVmed estimates an immediately addressable domestic market opportunity of over $1 billion for CarpX in the U.S. The global carpal tunnel syndrome market was valued at approximately USD 1.0 billion in 2024 and is projected to reach USD 1.5 billion by 2034.
• EsoCheck and EsoGuard (Esophageal cell collection device and DNA assay for early detection of adenocarcinoma of the esophagus and Barrett's Esophagus (BE)): PAVmed estimates the immediately addressable domestic market opportunity for its EsoCheck technology to be at least $2 billion in the U.S. The global esophageal cancer molecular diagnosis market size was calculated at USD 1.64 billion in 2025 and is forecasted to reach approximately USD 3.3 billion by 2034.
• EsoCure (Esophageal ablation device to treat dysplastic BE): The global market for Barrett's Esophagus with dysplasia treatment is projected to be valued at USD 4.99 million in 2025 and is expected to reach USD 8.37 million by 2035. The broader global Barrett's Esophagus market size was valued at USD 6.7 billion in 2022 and is expected to reach USD 12.5 billion by 2032.
• PortIO (Implantable intraosseous vascular access device): PAVmed estimates the addressable market for PortIO to be over $750 million. The global intraosseous infusion devices market size was estimated at USD 920.3 million in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2030. The global intraosseous devices market size was valued at USD 1.05 billion in 2025 and is projected to grow to USD 1.83 billion by 2034.

1. Expanded Commercialization and Reimbursement for EsoGuard/EsoCheck: PAVmed's subsidiary, Lucid Diagnostics, is focused on the commercialization of its EsoGuard Esophageal DNA Test and EsoCheck Esophageal Cell Collection Device for the early detection of esophageal precancer. Recent developments, such as the December 2025 announcement of new real-world data demonstrating the safety, tolerability, and scalability of EsoGuard/EsoCheck, are expected to support broader adoption. A significant driver will be securing comprehensive reimbursement, with the company anticipating a positive draft Medicare Local Coverage Determination by late 2025 and potential final coverage in early 2026. Additionally, Lucid Diagnostics was awarded a U.S. Department of Veterans Affairs (VA) contract for EsoGuard in January 2026, which significantly expands access to over 9 million veterans and represents a key growth opportunity. The company is actively building a network of Lucid Test Centers and targeting primary care physicians and gastroenterologists for increased test adoption.
2. Accelerated Commercialization of CarpX: CarpX, PAVmed's percutaneous device for carpal tunnel syndrome, received FDA 510(k) marketing clearance in April 2020 and European CE Mark Certification in May 2021. The company performed its first commercial procedure in December 2020. PAVmed estimates the addressable domestic market opportunity for CarpX to exceed $1 billion, and the company is pursuing a strategy for broader commercial launch with an accelerated ramp-up in both domestic and international markets, bolstered by human clinical data.
3. Development and Commercial Launch of the Veris Health Cancer Care Platform: Veris Health, PAVmed's majority-owned subsidiary, is developing a digital health platform focused on personalized cancer care through remote patient monitoring, utilizing implantable biologic sensors with wireless communication and external connected devices. In November 2025, PAVmed launched the commercial phase of its strategic partnership with Ohio State University (OSU) for Veris. A key near-term milestone is the planned submission of its implantable device for FDA approval in 2026. The Veris platform aims to scale across health systems, which could contribute significantly to future revenue as its products gain regulatory clearance and market acceptance.

Share Repurchases

No information available regarding share repurchases or authorized future share repurchases. PAVmed explicitly stated that it did not repurchase any of its securities during the three months ended June 30, 2025.

Share Issuance

• PAVmed implemented a 1-for-15 reverse stock split on December 7, 2023, and a 1-for-30 reverse stock split effective January 2, 2026, primarily to maintain Nasdaq listing compliance. Both splits also resulted in a reduction of authorized common shares.
• In February 2026, the company issued $30 million of Series D Preferred Stock and warrants, alongside a $15 million senior secured note, with proceeds used for debt redemption and general working capital.
• Common stock offerings strengthened the balance sheet, netting approximately $30.6 million in the first quarter of 2025 and an additional $16.1 million in the second quarter of 2025.

Inbound Investments

• PAVmed secured $30 million through Series D Preferred Stock and warrants, in addition to a $15 million senior secured note, from existing long-term investors in February 2026.
• Veris, a subsidiary, completed a $2.5 million direct equity financing in the second quarter of 2025, which supplemented a prior $2.4 million financing at a $35 million pre-money valuation.
• Veris also received a $1.8 million grant from the National Institutes of Health (NIH).

Outbound Investments

• On February 15, 2024, PAVmed distributed 3,331,747 shares of Lucid Diagnostics common stock to its stockholders as a special dividend.
• In March 2022, PAVmed granted Lucid Diagnostics the rights to commercialize EsoCure, with Lucid responsible for funding ongoing development and patent expenses, and PAVmed set to receive royalties on sales.

Capital Expenditures

• Capital expenditures are primarily focused on product development, including approximately $500,000 for outside contractor development costs for an implantable device for Veris, funded through Veris financings.
• Operating expenses, which encompass development activities, averaged approximately $4.4 million per quarter in the third quarter of 2025.
• The company aims to advance its implantable physiological monitor through FDA clearance and commercial launch.