PAVmed Inc

pavmed.com

What Do They Do?

Develops and commercializes esophageal screening tests and sample-collection devices, digital cancer-care tools, and other medical devices for patients, clinicians, and hospitals.

How Do They Make Money?

Veris earns monthly per-patient platform fees from oncology practices and hospitals. For EsoGuard, revenue comes from insurer payments or contracted services tied to test results, while self-pay patients pay before testing.

FY2025 revenue

Who Are Their Customers?

Patients can access EsoGuard through referring physicians, Lucid test centers, physician-office collection, or telemedicine; Veris targets oncology practices and hospitals for its cancer-care platform.

Do Revenues Turn Into Profits?

Yes. Its net income in FY2025 was larger than its revenue, but spent more cash than it brought in: free cash flow was −$5.2M.

Operating income, FY2025

−30713% of revenue

▼ −51% (Loss) vs FY2024 (−$44.5M, −1483%)

Net income, FY2025

565% of revenue

▼ −99% vs FY2024 ($39.8M, 1326%)

Free cash flow, FY2025

−7368% of revenue

▼ −84% (Loss) vs FY2024 (−$33.6M, −1120%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +450%; vs $6K in Q2 FY2025
Net income: ▼ −55% (Loss); vs −$11.9M in Q2 FY2025

Shrinking. Revenue fell 86% in 4 years, from $500K in FY2021 to $71K in FY2025, about 39% a year.

Who Do They Compete With?

Competes with Cyted

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