PAVmed Inc. (NASDAQ: PAVM) is a medical technology company that develops and commercializes diagnostic and digital health products, with its primary commercial asset being the EsoGuard esophageal DNA test collected via the EsoCheck device. Revenue comes primarily from out-of-network commercial insurance reimbursement for EsoGuard tests, which the company describes as accounting for the vast majority of its revenue as of its FY2025 10-K filed March 27, 2026. PAVmed operates through its subsidiary Lucid Diagnostics, which holds EsoGuard and EsoCheck, alongside the Veris Cancer Care Platform for remote physiological monitoring, and a medical device pipeline that includes the PortIO implantable intraosseous vascular access device and endoscopic imaging technology licensed from Duke University. The company is pre-profitability, carries convertible preferred stock obligations and senior secured convertible debt, and funds operations primarily through equity and debt issuances, including a $30.0 million Series D Preferred Stock offering closed February 3, 2026. CEO is Lishan Aklog, M.D., and President and CFO is Dennis M. McGrath.

Revenue model

Reimbursement-based revenue from out-of-network commercial insurance payments for the EsoGuard esophageal DNA test, described in the FY2025 10-K as the vast majority of revenue to date. The company also holds a U.S. Department of Veterans Affairs contract for EsoGuard at Medicare-matched pricing, issued under the VA Federal Supply Schedule.

Products and services

EsoGuard (esophageal DNA test for Barrett's esophagus and esophageal adenocarcinoma pre-cancer detection), EsoCheck (cell collection device used with EsoGuard), Veris Cancer Care Platform (remote physiological monitoring for cancer patients), PortIO (implantable intraosseous vascular access device, in development), and endoscopic imaging technology licensed from Duke University (in development).

Customers and end markets

Commercial health insurers, including Highmark Blue Cross Blue Shield (positive coverage policy for New York state as of FY2025 filing). U.S. Department of Veterans Affairs, serving more than nine million enrolled veterans annually (contract awarded January 2026). Target patient population for EsoGuard is adults over age 50 at risk for esophageal adenocarcinoma, described as more than 30 million individuals in the U.S.

Value-chain role

Developer and commercializer of proprietary diagnostic tests and medical devices. Contracts with laboratory services for EsoGuard test processing. Pursues FDA clearance, insurance coverage, and government procurement contracts for commercialization.

Geographic exposure

Primarily United States. International commercialization would require CE mark certification for the European Union and comparable foreign regulatory approvals, but no international commercial operations are described in the FY2025 10-K.

Competitors

Cyted (EndoSign), Cytosponge manufacturers, Upper endoscopy procedure providers, Biomarker multi-cancer early detection assay developers, Digital care platform providers with EHR integration and remote patient monitoring

Source: SEC 10-K, filed 2026-03-27

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