PAVmed Inc (PAVM)
NASDAQ:PAVM
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PAVmed
(NASDAQ:PAVM)
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Rating:45Neutral
Price Target:
$6.50
▼(-16.13% Downside)
Action:Reiterated
Date:05/15/26
Overall score is held down primarily by very weak financial performance (large losses, persistent cash burn, and historically stressed/volatile balance sheet) and a clearly bearish technical setup. The latest earnings call adds some offset from recapitalization progress and subsidiary execution milestones, but liquidity and milestone-dependence remain key risks, while valuation metrics provided offer limited support.
Positive Factors
Recapitalization and simplified cap table
The multi-step recapitalization retired prior convertibles and simplified equity, creating structural financing flexibility. This durable improvement reduces immediate refinancing pressure, clarifies governance, and makes it easier to fund subsidiaries or transact assets without legacy conversion overhang.
Negative Factors
Negative and unstable cash flow
Operating and free cash flow are negative across reported periods and TTM shows very large cash burn. The core business does not generate sustainable internal funding, creating a durable dependence on external capital which limits organic scaling and increases dilution risk over time.
Read all positive and negative factors
Positive Factors
Negative Factors
Recapitalization and simplified cap table
The multi-step recapitalization retired prior convertibles and simplified equity, creating structural financing flexibility. This durable improvement reduces immediate refinancing pressure, clarifies governance, and makes it easier to fund subsidiaries or transact assets without legacy conversion overhang.
Read all positive factors
PAVmed (PAVM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$44.37M
Dividend YieldN/A
Average Volume (3M)377.79K
Price to Earnings (P/E)―
Beta (1Y)1.14
Revenue Growth-95.74%
EPS Growth-118.94%
CountryUS
Employees39
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-37.69
Shares Outstanding7,159,034
10 Day Avg. Volume774,204
30 Day Avg. Volume377,786
Financial Highlights & Ratios
PEG Ratio-0.10
Price to Book (P/B)0.13
Price to Sales (P/S)62.51
P/FCF Ratio>-0.01
Enterprise Value/Market Cap0.31
Enterprise Value/Revenue163.28
Enterprise Value/Gross Profit-60.08
Enterprise Value/Ebitda-0.42
Forecast
1Y Price Target
$40.50Price Target Upside422.58% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-3.14
Revenue Forecast (FY)$480.00K
PAVmed Business Overview & Revenue Model
Company Description
PAVmed Inc. is a medical technology company focused on the development and commercialization of innovative medical devices and diagnostic tools. Operating primarily in the healthcare sector, PAVmed aims to improve patient outcomes through its core...
How the Company Makes Money
PAVmed’s business model is to generate revenue by commercializing medical devices and related technologies. In general, this can include (i) product sales to hospitals, clinics, and distributors, where revenue is recognized when devices are shippe...
PAVmed Earnings Call Summary
Earnings Call Date:May 15, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Positive
The call emphasized successful capitalization/recapitalization steps, a cleaned cap table, active commercial progress at Lucid and Veris (EHR integration live, VA orders, positive payer engagement), relaunch of the device portfolio with experienced leadership, and measured technical progress on the implantable monitor. At the same time, liquidity remains constrained ($6.5M cash) and a number of positive outcomes depend on milestone-triggered financings (warrants, FDA clearance, Medicare LCD). GAAP results were volatile due to mark-to-market accounting and preferred dividends materially impacted reported earnings; operating expenses have risen ~23% vs. recent quarterly averages. Overall, positives (strategic restructuring, multiple operational milestones, extended Lucid runway, and product development progress) outweigh the near-term financial and milestone risks, but execution and milestone realization will be critical.Positive Updates
Recapitalization and Cleaned Cap Table
Completed a multi-step restructuring: $30.0M Series D preferred offering and a $15.0M senior secured note issued in February; used proceeds to redeem Series C and retire prior convertible debt. Shareholder approval completed late March and the cap table is now simplified (common stock and warrants), positioning the company to pursue growth opportunities and independently financed subsidiaries.
Negative Updates
Low Reported Cash Balance
Cash on hand was $6.5M at March 31, which excludes contingent proceeds from warrants (~$30M upon LCD publication) and virus warrants ($2.5M upon FDA clearance), highlighting continued near-term liquidity sensitivity to milestone-dependent financings.
Read all updates
Q1-2026 Updates
Positive
Negative
Recapitalization and Cleaned Cap Table
Completed a multi-step restructuring: $30.0M Series D preferred offering and a $15.0M senior secured note issued in February; used proceeds to redeem Series C and retire prior convertible debt. Shareholder approval completed late March and the cap table is now simplified (common stock and warrants), positioning the company to pursue growth opportunities and independently financed subsidiaries.
Read all positive updates
Company Guidance
PAVmed’s guidance emphasized near‑term financial and operational milestones and capital metrics: the two‑year recapitalization is complete after a $30.0M Series D and a concurrent $15.0M senior secured note (Feb 2029 maturity, interest‑only quarterly payments, nominal $450 conversion price) used to redeem Series C and retire prior convertible debt, leaving cash of $6.5M at March 31 (exclusive of an expected ~$30M if warrants are exercised post‑EsoGuard LCD and ~$2.5M from Veris warrants upon FDA clearance); equity‑method investment balance is ~$36M (31.3M Lucid shares, +$1.9M q/q), PAVmed owns ~15% of Lucid common (~25% voting), and shares outstanding are ~7.3M including unvested RSAs (GAAP shares 6.3M). Management said pro‑forma recurring revenue from Veris and Lucid management fees exceeds $3M/quarter, Q1 non‑GAAP OpEx was $5.9M (≈$1.1M above the prior four‑quarter average, including ≈$300k incremental R&D), GAAP net loss was $1.1M pre‑noncontrolling interest/preferred dividends (net loss attributable to PAVmed $60k; after preferred dividends ≈$6.9M, GAAP loss per share $4.42; pro‑forma without preferred dividend $0.04). Key operational targets reiterated: Lucid is awaiting Medicare coverage (VA federal supply schedule orders and a laboratory benefit manager coverage in place) and has extended runway into 2027 after recent capital raises; Veris is on track for a 1,000‑patient registry in year one and aims to submit its implantable physiologic monitor for regulatory review by year‑end with a 2‑year battery‑life design goal.PAVmed Financial Statement Overview
Summary
Income Statement
6
Very Negative
Balance Sheet
10
Very Negative
Cash Flow
7
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 85.00K | 71.00K | 3.00M | 2.45M | 377.00K | 500.00K |
| Gross Profit | -231.00K | -252.00K | -3.04M | -3.97M | -3.24M | -85.00K |
| EBITDA | -33.08M | -21.70M | 29.67M | -75.74M | -99.50M | -55.90M |
| Net Income | -18.63M | 401.00K | 39.79M | -64.17M | -88.98M | -50.35M |
Balance Sheet | ||||||
| Total Assets | 45.42M | 38.81M | 30.66M | 33.12M | 53.98M | 86.98M |
| Cash, Cash Equivalents and Short-Term Investments | 6.46M | 1.54M | 1.19M | 19.64M | 42.75M | 79.25M |
| Total Debt | 17.01M | 13.35M | 31.86M | 48.73M | 36.64M | 0.00 |
| Total Liabilities | 20.43M | 16.51M | 37.69M | 57.14M | 43.05M | 7.56M |
| Stockholders Equity | 39.52M | 33.97M | -2.50M | -53.83M | -9.68M | 61.67M |
Cash Flow | ||||||
| Free Cash Flow | -2.62B | -5.21B | -33.61M | -52.28M | -72.53M | -42.06M |
| Operating Cash Flow | -2.62B | -5.21B | -33.55M | -52.04M | -70.98M | -40.59M |
| Investing Cash Flow | -22.02M | -31.00M | -16.18M | 758.00K | -4.74M | -3.72M |
| Financing Cash Flow | 7.57B | 5.59B | 31.28M | 31.17M | 38.21M | 104.31M |
PAVmed Technical Analysis
Negative
7.75
Price Trends
8.31
Negative
8.93
Negative
10.44
Negative
Market Momentum
-0.65
Negative
33.42
Neutral
40.81
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PAVM, the sentiment is Negative. The current price of 7.75 is above the 20-day moving average (MA) of 6.75, below the 50-day MA of 8.31, and below the 200-day MA of 10.44, indicating a bearish trend. The MACD of -0.65 indicates Negative momentum. The RSI at 33.42 is Neutral, neither overbought nor oversold. The STOCH value of 40.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PAVM.
PAVmed Risk Analysis
PAVmed disclosed 51 risk factors in its most recent earnings report. PAVmed reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
PAVmed Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $30.73M | -0.40 | -164.92% | ― | -9.46% | 18.03% | |
45 Neutral | $44.37M | ― | -9999.00% | ― | -95.74% | -118.94% | |
45 Neutral | $7.99M | ― | -268.55% | ― | 39.98% | 90.08% | |
43 Neutral | $7.38M | -1.72 | -84.30% | ― | -23.81% | 32.96% | |
42 Neutral | $773.12K | -0.12 | -476.74% | ― | -8.54% | 40.91% | |
39 Underperform | $5.32M | -0.62 | -220.42% | ― | ― | 51.71% |
* Healthcare Sector Average
PAVM
PAVmed
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PAVmed Corporate Events
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
PAVmed Reports Q1 2026 Results and Business Update
Positive
May 15, 2026
On May 15, 2026, PAVmed reported first-quarter 2026 results and a business update, highlighting a simplified capital structure, stronger balance sheet, and ongoing evaluation of acquisition opportunities to support long-term growth. The company ad...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
PAVmed Reports 2025 Results, Strengthens Balance Sheet
Positive
Mar 30, 2026
On March 30, 2026, PAVmed reported fourth-quarter and full-year 2025 results, highlighting major balance sheet repairs and a relaunch of its medical device portfolio under new leadership. The company completed a $30 million Series D preferred stoc...
Business Operations and StrategyPrivate Placements and FinancingShareholder Meetings
PAVmed Shareholders Approve Equity Issuance and Governance Changes
Neutral
Mar 27, 2026
On March 27, 2026, PAVmed Inc. held a special meeting at which stockholders representing about 54.1% of voting power approved the issuance of common shares tied to 60,000 Series D Convertible Preferred shares and an amended senior secured converti...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.