PAVmed Inc. (PAVM) shares declined 15.85% in after-hours on Tuesday, November 16, 2021, and closed the daily trading at $4.14. However, in the regular trading session, PAVM’s stock gained 0.41%. PAVM shares have risen 171.82% over the last 12 months, and they have moved down 5.93% in the past week. Over the past three months, the stock has lost 18.41%, while over the past six months, it has gained 11.06%.
Let’s have a look at its recent news and developments.
PAVM latest development
On November 16, 2021, PAVmed Inc. (PAVM, PAVMZ) announced preliminary financial results for the third quarter that ended on September 30, 2021.
Q3 2021 financial highlights
- PAVM reported total revenue of $0.2 million in Q3 2021 compared to zero revenue in Q3 2020.
- Total operating expenses were approximately $13.7 million in Q3 2021 compared to $5.53 million in Q3 2020.
- It suffered a GAAP net loss of $12.3 million, or $0.15 per common share in Q3 2021 compared to a $ net loss of $5.5 million or $0.11 per common share in Q3 2020.
- EBITDA was -$12.2 million compared to negative $5.5 million in Q3 2020.
- PAVmed ended the third quarter with cash and cash equivalents of $37.3 million compared with $17.3 million as of December 31, 2020.
PAVM subsidiary new test centers
On November 11, 2021, Lucid Diagnostics Inc. (LUCD) which is a majority-owned subsidiary of PAVmed Inc. (PAVM, PAVMZ) launched Lucid Test Centers in three new metropolitan areas, Denver, Salt Lake City, and Las Vegas.
Patients with gastroesophageal reflux disease can now undergo a rapid, non-invasive, office-based test to detect esophageal precancer before it progresses to deadly esophageal cancer. The new centers have Lucid’s EsoCheck® Cell Collection Device (EsoCheck) to collect surface esophageal cells which are sent for Lucid’s EsoGuard® DNA Esophageal Test (EsoGuard).
Recognition for PAVM EsoGuard test
On October 28, 2021, Lucid Diagnostics Inc subsidiary of (PAVM) announced its EsoGuard® Esophageal DNA Test has been selected as the winner of the “Diagnostics Innovation of the Year” award in the inaugural awards program conducted by BioTech Breakthrough.
PAVM acquired EsophaCap
On October 07, 2021, a wholly owned subsidiary of PAVmed Inc. (PAVM) entered into a definitive membership interests purchase agreement with Martin Von Dyck, which manufactures EsophaCap®. Concurrently, the Company entered into an exclusive long-term consulting agreement with Mr. Von Dyck, as well as an exclusive long-term manufacturing agreement with the EsophaCap contract manufacturer.
Conclusion
The recent financial results were the reason behind its after-hours loss on Tuesday. Let’s see how it commences trading on Wednesday?
