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Here are 1-3 brief analogies for PAVmed:

• A diversified medical technology company, similar to a smaller, earlier-stage Medtronic or Abbott Laboratories.
• Like Exact Sciences for diagnostics, but with a broader portfolio that also includes surgical devices and medical implants.
• Similar to a miniature Stryker, focused on bringing innovative surgical, diagnostic, and implantable devices to market.

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• EsoGuard® Esophageal DNA Test: A diagnostic test designed for the early detection of esophageal precancer (Barrett's Esophagus) using a non-endoscopic cell collection device.
• EsoCure® Esophageal Ablation System: A device utilized for the focal ablation of dysplastic Barrett's Esophagus to prevent progression to esophageal cancer.
• PortIO™ Intraosseous Infusion System: An implantable device designed for long-term delivery of fluids, medications, and nutrition directly into the bone marrow when venous access is challenging.
• CarpX® Minimally Invasive Carpal Tunnel Release Device: A single-use device intended to perform carpal tunnel release surgery with a minimally invasive approach.

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Major Customers of PAVmed (PAVM)

PAVmed (symbol: PAVM) primarily sells its innovative medical devices and digital health solutions to other companies and organizations within the healthcare industry, rather than directly to individuals.

While PAVmed's business model is primarily business-to-business (B2B) through direct sales, the company does not publicly disclose specific "major customer companies" that account for a significant portion of its revenue. Its sales are distributed across a fragmented market of healthcare providers, and its public filings do not indicate any single customer representing 10% or more of its total revenue.

Therefore, specific named customer companies and their public symbols cannot be provided. Instead, PAVmed's customer base consists of a broad range of healthcare institutions and professional practices that purchase its products, including:

• Hospitals
• Outpatient surgical centers and clinics
• Physician practices (e.g., gastroenterology practices for EsoGuard and EsoCheck, orthopedic surgery practices for CarpX)

PAVmed may also engage in strategic distribution partnerships with larger medical device companies for certain products or international markets (such as a past collaboration with Medtronic (MDT) for international distribution of EsoGuard). However, these are generally described as partnerships rather than traditional "major customer" relationships contributing significant direct product sales revenue to PAVmed's primary commercialization efforts.

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Company Name: Laboratory Corporation of America Holdings
Symbol: LH

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Lishan Aklog, MD, Chairman & Chief Executive Officer

Dr. Lishan Aklog co-founded PAVmed in 2014 and serves as its Chairman & CEO, as well as Executive Chairman of its majority-owned subsidiaries Lucid Diagnostics Inc. and Veris Health Inc.. He previously co-founded Pavilion Holdings Group (PHG), a medical device holding company, and Pavilion Medical Innovations (PMI), a venture-backed medical device incubator, in 2007 and 2009, respectively. Through PHG, he co-founded Vortex Medical Inc., where he served as Chairman and Chief Technology Officer until its acquisition by AngioDynamics Inc. in 2012. Dr. Aklog was recognized as a Top Healthcare Technology CEO in 2021 and 2022 by The Healthcare Technology Report.

Dennis McGrath, President & Chief Financial Officer

Dennis McGrath has been PAVmed's Executive Vice President and Chief Financial Officer since March 2017, and President since March 2019. He also serves as the CFO of Lucid Diagnostics. Prior to PAVmed, from 2000 to 2017, Mr. McGrath held various senior leadership roles at PhotoMedex, Inc., including President and CFO, and previously CEO. He has extensive experience in mergers and acquisitions, particularly involving public company acquisitions, and previously served as CFO and Executive Vice President of TriSpan, Inc., which was acquired by AnswerThink Consulting Group, Inc. in 1999. Mr. McGrath is also a Certified Public Accountant.

Shaun O'Neil, MBA, Executive Vice President & Chief Operating Officer

Shaun O'Neil has served as PAVmed's Chief Operating Officer since April 2022, having previously been Chief Commercial Officer from July 2018 to April 2022. He is also the President and Chief Operating Officer of Lucid Diagnostics. With over two decades of experience in the medical technology sector, Mr. O'Neil's background includes sales and marketing leadership positions at AngioDynamics. He has a strong track record in growing sales and market share for innovative medical devices.

Michael J. Glennon, Vice Chairman

Michael J. Glennon has served as PAVmed's Vice Chairman and a Director since October 2014. He is a co-founding Partner of Pavilion Holdings Group (PHG) and Pavilion Medical Innovations (PMI) since 2007 and 2009 respectively, and also serves as Chairman and CEO of PMI. Mr. Glennon was President and CEO of Vortex Medical from its inception in 2008 until its acquisition by AngioDynamics in 2012. He was also Senior Vice President – Sales and Marketing for Accellent Inc., a company that was a portfolio company of DLJ Merchant Banking Partners and acquired by KKR and Bain Capital in 2005. Earlier in his career, he worked for Origin Medsystems, which was acquired by Eli Lilly and then spun out as part of Guidant.

Michael A. Gordon, General Counsel & Corporate Secretary

Michael A. Gordon has served as PAVmed's General Counsel and Secretary since May 2022, and also holds the same positions at Lucid Diagnostics. Prior to joining PAVmed, he was a partner in the corporate department of Friedman Kaplan Seiler & Adelman LLP from January 2013 to May 2022, where he advised PAVmed and Lucid on M&A, financing, and corporate governance. He was also a corporate associate at Cravath Swaine & Moore LLP.

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The key risks to PAVmed (PAVM) are primarily centered around its financial viability, the successful development and commercialization of its products, and maintaining its stock market listing.

1. Going Concern and Financial Health: PAVmed faces substantial doubt about its ability to continue as a going concern within one year due to recurring losses and negative cash flows from operating activities. The company has a negative gross profit margin and rapidly depleting cash reserves, indicating significant financial challenges. As of September 30, 2025, PAVmed had cash and cash equivalents of $3.1 million. Its ability to raise additional funding as needed is a critical factor for its future operations.
2. Regulatory Approval, Reimbursement, and Market Acceptance of Products: The success of PAVmed's product pipeline, particularly through its subsidiaries Lucid Diagnostics and Veris Health, is highly dependent on achieving regulatory clearance and gaining market acceptance. There are inherent uncertainties and significant time and cost involved in research and development, as well as in obtaining regulatory submissions and clearances. Furthermore, uncertainties surrounding Medicare coverage timing for products like Lucid Diagnostics' EsoGuard could impact future revenue projections, and Veris Health is still progressing towards FDA submission for its implantable physiological monitor, planned for 2026.
3. Nasdaq Listing Compliance and Stock Volatility: PAVmed has faced challenges in maintaining compliance with Nasdaq's minimum bid price requirements, having been granted extensions to regain compliance. The company's stock has experienced significant volatility, including a plunge to a 52-week low, reflecting investor sentiment and market challenges.

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The emergence and increasing adoption of alternative non-endoscopic screening methods for Barrett's Esophagus, such as the Cytosponge device, which is already established and gaining traction in markets outside the U.S. (e.g., the U.K.). These technologies represent a direct competitive paradigm to PAVmed's EsoGuard/EsoCheck system, aiming to address the same unmet need for less invasive and more accessible esophageal precancer screening. The success and ongoing development of such alternatives demonstrate a viable competitive landscape that could impact EsoGuard's market penetration and long-term positioning.

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PAVmed (PAVM) focuses on commercializing innovative medical solutions. The addressable markets for its main products and services are as follows:

• EsoGuard Esophageal DNA Test (Lucid Diagnostics): The total addressable market (TAM) for EsoGuard in the U.S. is estimated at approximately $60 billion. This figure is based on an effective Medicare payment of $1,938 and an estimated 30 million U.S. patients recommended for screening for esophageal precancer. Another source indicates that the U.S. esophageal cancer molecular diagnosis market size was approximately $405.38 billion in 2024 and is projected to reach around $898.03 billion by 2034. The global esophageal cancer molecular diagnosis market size is estimated at $1.64 billion in 2025 and is forecasted to reach around $3.3 billion by 2034. Medicare approval alone could unlock a $2.5 billion esophageal cancer detection market.
• CarpX (PMX Incubator): The global carpal tunnel release systems market size was approximately $920 million in 2024 and is predicted to increase to about $1.74 billion by 2034. The U.S. carpal tunnel release systems market size was $338.10 million in 2024 and is projected to grow to around $650.28 million by 2034.
• PortIO (PMX Incubator): This implantable intraosseous vascular access device is described as having a "very large addressable market." A specific monetary value for its addressable market is not readily available in the provided information.
• NextFlo (Disposable Infusion System): This disposable infusion system is also described as having a "very large addressable market." A specific monetary value for its addressable market is not readily available in the provided information.
• Veris Health Platform (Digital Health Subsidiary): This platform focuses on enhanced personalized cancer care through remote patient monitoring. While it is expected to enhance commercial potential and market differentiation, a specific addressable market size in monetary terms is not explicitly provided in the search results.

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Expected Drivers of Future Revenue Growth for PAVmed (PAVM)

Over the next 2-3 years, PAVmed (PAVM) is expected to drive revenue growth through several key initiatives and product advancements:

1. Increased Commercial Adoption and Insurance Coverage for EsoGuard® Esophageal DNA Test: PAVmed's subsidiary, Lucid Diagnostics, is focused on expanding the commercial reach of its EsoGuard DNA test for early detection of esophageal precancer. This includes securing additional commercial insurance coverage policies and a favorable Medicare Contractor Advisory Committee (CAC) decision on a Medicare Local Coverage Determination (LCD) for EsoGuard. Recent reports indicate a significant jump in revenue driven by the EsoGuard test, with increased test volumes and the initiation of patient testing and billing under the first positive commercial insurance coverage policy from Highmark Blue Cross Blue Shield.
2. Commercialization and Expansion of the Veris Cancer Care Platform and Implantable Physiological Monitor: Veris Health, another PAVmed subsidiary, is advancing its Cancer Care Platform and developing an implantable physiological monitor. Future revenue growth is expected from refining its commercial strategy, expanding commercial operations following FDA clearance, and broadening its offerings beyond remote patient monitoring to include AI-enabled clinical decision support. Veris Health has also completed financing to fund the development of its implantable monitor through FDA clearance and is initiating strategic partnerships, such as with The Ohio State University's James Cancer Hospital.
3. Strategic Partnerships and Biopharma Expansion: PAVmed is actively exploring new opportunities to leverage its shared services model across diverse sectors, including evaluating expansion into the biopharma sector by assessing clinical and late preclinical-stage assets. This strategic direction could open new revenue streams through collaborations and the development of new innovative medical technologies.

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Share Issuance

• In January 2021, PAVmed issued 6.0 million shares of common stock in a registered direct offering, generating approximately $13.4 million in gross proceeds.
• In April 2025, its subsidiary, Lucid Diagnostics Inc., completed a public offering of 14,375,000 shares of common stock, resulting in approximately $16.1 million in net proceeds.
• In September 2025, Lucid Diagnostics Inc. completed a public offering of 28,750,000 shares of its common stock, raising approximately $26.9 million after expenses for working capital and general corporate purposes.

Inbound Investments

• In February 2025, PAVmed and its subsidiary Veris Health completed a $2.37 million private placement financing, which, combined with a $1.8 million NIH grant, provided $4.2 million in total funding for the development of Veris Health's implantable physiological monitor.
• In June 2025, Veris Health completed a private placement equity financing, yielding $2.5 million from the sale of its common stock at a $35 million pre-money valuation.
• PAVmed raised $31.3 million in cash from financing activities during 2024.

Outbound Investments

• In March 2024, PAVmed launched a wholly-owned incubator, PMX, to complete the development and commercialization of existing portfolio technologies such as the PortIO Implantable Intraosseous Vascular Access Device, EsoCure Esophageal Ablation Device, and CarpX Minimally Invasive Device for Carpal Tunnel Syndrome. The company plans to seek independent financing for separate subsidiaries within the incubator for each technology.

Capital Expenditures

• Capital expenditures, approximated by total depreciation and amortization, were $1 million in 2024, $3 million in 2023, and $2 million in 2022.
• The primary focus of capital expenditures included investments in laboratory equipment, furniture and fixtures, and assets under construction as of 2022.