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PAVM PAVmed

Participants
Mike Havrilla Director of IR
Lishan Aklog Chairman and CEO
Dennis McGrath President & Chief Financial Officer
Anthony Vendetti Maxim Group
Chris Sommers Hammerstein
Call transcript
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Operator

Greetings. Welcome to the PAVmed Incorporated Business Update Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]

the to turn Havrilla. host, now would conference your over Mike I

may You begin.

Mike Havrilla

afternoon, Mike business This of operator. everyone. Thanks Good is Thanks participating Investor for Havrilla, in call. today's update Relations. Director PAVmed's

Chief on today President Dr. Chairman Dennis call Joining Executive Financial me and Officer. the Officer; Chief Lishan are Aklog, and and McGrath,

by and like forward-looking statements, contain I'd begin, comments future we will of caution that made the management operations during Before to this results PAVmed. conference call regarding

SEC, the to review statements. specific company's those to which you the actual events identify that with or described encourage differ cause may I forward-looking factors filings from in results the materially

to Factors that submission; whether products when limited research commercialized; not inherent products to products may are and in ability regulatory and by and cleared are of the the required the affect raise and acceptance development, include company's costs authorities; to advance but the competitive capital; environment. once the market uncertainties results, regulatory to, including cleared company's time additional and

has including and effort dictated pandemic of been COVID-XX the taken PAVmed response. and actions many to in PAVmed contain on expect by our significance clearance products. PAVmed or financial FDA the extent pandemic its of to of the it has regulatory effect operational business. among its to things, the of be from bodies results success impact the of its other impact market COVID-XX the and on yet monitoring not received

the may All Many impossible uncertainties accurately. company's and time to time predict. or beyond these them risks New difficult to from control. are of are are to and arise factors difficult predict

the affect IA, operations and quarterly and of annual Exchange and in Factors these PAVmed's entitled subsequent see on most filed uncertainties and any Commission Part list that other XX-Q. and further with filed Item XX-K description important Form on a report updates in reports Securities recent Risk Form I, risks future may For

revise or publicly results which expectations may to from changes intention those those differ disclaims events forward-looking in any in or may reflect obligation the in or Except actual statements. expectations on update by any based PAVmed law, circumstances required that or will that forward-looking likelihood be as to statement or contained the affect conditions

I turn that to Lishan Aklog? With like call Dr. the would Aklog. over said,

Lishan Aklog

Thank everyone, thank on this call for you, and joining our on you recent Mike. update Good financial our afternoon, and you results. us discuss quarterly to business

been report accomplishments Although weeks, exciting to we've since very last milestones and its six been active on. our update with upcoming only many

facing the of safe pandemic. -- you can update by me ones start we're challenges are last love all a our ongoing words with let as the up work. first result able healthy, pray their and hope the safe. and about as important hoping yourself PAVmed As and the and COVID-XX we thing with few start of family all holding that are Thankfully continue keeping to your best members all of you I'll

challenges disruptions and corporate structure to strategic anticipated to serve these continue and short-term our plan. Our no really well we far so confront with as long-term as minimal culture

discuss how that first area affected to has are are Before respond been has providing or each and continuing not we those pandemic let's affected. our the product our on you of updates how portfolio, to with business by

previous with in and more we a the as convertible On financing the will financing. Dennis administrative financial completed investor convertible note same explain side note recently detail our shortly, as

the $XXX,XXX form proceeds Protection from in the Program, loans. PPP a of received also approximately of Paycheck We the forgivable

as the sheet foreseeable full strategic balance through future plan and support for strong is will upcoming advance we milestones. our Our

meaningful financing sales remain begin activities. in operations or revenue commercial We to we our diluted continue non generate confident ability until M&A finance these through to to through

XX. our full-time cash under our lean We at board-approved on at remain count We focused to and management. continue be budget or remains laser head

experienced development product, have manufacturing essential partners disruptions behalf. remained of and the fully operational on fortunately, a we've their our product over as meaningful all and services dozen, and development they our no side, number manufacturing in On activities

cases one in intact This but as release backorder a the dramatic ventilator that's only in CarpX pressure on production. There's ramp-up chain the a first exception. spike the supply circuit the will first U.S. -- lot devices few demand board the with also sensor Our COVID-XX a weeks. result of only by related has delay in commercial of to CarpX we remained clinical on but of due

On front, of FDA. consultants our engagement impacted the regulatory not work regulatory our with including regulatory the any the and by pandemic activities has ongoing

fact, CarpX most CarpX in weeks around FDA after less six than clearing know you the In rapidly our turned of as XXX(k) application submission.

disruptions we Two result of commercial the are related activities. a on know commercial areas. managed our the The stream system successfully has a where research resources clinical have which you faced COVID-XX hotspot side, healthcare the hospitals as massive and all overwhelmed and areas pandemic,

procedures to standstill. came diagnostic Non-emergency care and a including surgical

will parts being whether outbreaks to engine country of parts the many and can't emergency is in future performed again. the starting back coming again of procedures lead the in predict we online disruption, elective not most Although are definitely or country. Non up renewed procedures are

Although safe pent-up on these facilities. pace patients to safety when impact to and new there it's procedural return is believe medical of the lot depend the of how demand reboot efficiency for services, a measures will

commercial that more absolutely the amazing, to but EsoGuard the later, in job amazing -- team activities pandemic. done later commercial detail discuss our will an constraints of more to adapting I proud has I'm in say

accounts product. We independent continue sales calls, shipping them train them, to participate in us reps, recruit with opening sales have virtual and

start We couple clinical activity expect coming elective up the as months picking ramps up. weeks -- in and rolling in the to procedural

I clinical summarize sponsored research, both two a and good fact clinical full a advisors non-COVID-related told which me in all will has One came nationwide, endoscopy, is has the schedule nearly closest PAVmed corporate fact of he that today halt trials worldwide side, research which months grinding to multiple in our clinical In gastroenterology a academic and of which later. sign. ago, impacted Lucid

continue up starting centers as approvals, trials uninterrupted week. as did to engine enroll the starting clinical recruit executing well and trial with our on This and agreements. again over negotiating IRB patients to past in is also Work rev

So, since deeper have products, I'll into receive to marketing Invasive some Carpal from accomplishments last to in that lead those FDA clearance Device. our U.S. occurred diving the CarpX the were individual ones to for Tunnel try with thrilled update. start before recent we limit Minimally I April, mentioned XXX(k) the

to CarpX We the IVD three started patients clinical and a in international at U.S. sites XX This our multi-center sales month, manager today the EsoCheck comparing EsoGuard one Europe. recruited we this first enrolled in trials successfully who national has week. including endoscopy and

in payment our payment We an and for I'll describe completed diagnostics largest the Device, We animal successfully GBA submitted an of dossier EsoGuard. securing its which final detail. molecular Dx, EsoGuard study EsoCure, Ablation in to Palmetto Medicare Mol acute important step Esophageal program, contractor,

dates us for and our step PAVmed opinion firm of is a pursue to in quality received Lucid audit Stage the their our CE body, required by critical Both products. system Mark X for your for notified EU which clearance

a diagnostic non-invasive completed wide NDIR of glucose a Our laser subsidiary, based blood Diagnostics initial testing concentrations. of response range linear across demonstrating glucose bench-top device our Solys

subsidiaries. property includes either XXX advance portfolio licensed intellectual and always pending patents and over expand issued and has now or Finally, to our continues assigned their extensive to and PAVmed

the months, coming are and milestones here the activities highlights. over key So some of few what are upcoming

Medical a and hand of CarpX launch commercially recruit will Board We world-class Advisory surgeons.

continue We expanding of representatives. sales EsoGuard commercial our network activities to an will accelerate independent through

procedures. As professional to and medical in-person facilities and engagements -- education open from we'll ultimately we'll transition transfer up virtual sales

and the coverage submit CPT code will Palmetto hopefully GBA a we Now secure payment EsoGuard the which and possible. dossier sister Medicare as as coverage payment for and other to contractors dossier soon decisions to is EsoGuard's

COVID-XX. and trials additional will and clinical and we'll As our in been involving currently PortIO, ESOGUARD-BE-X on elective which procedures trials also four X enrollments because restart, hold have EsoCheck we accelerate launch of

M&A will involving continue partnership very discussions -- which consummate disappear, now to we We in months. active coming EsoCheck and EsoGuard, we are the hope NextFlo, and

hope which commercial down of blood and to their and to accuracy path. critical animal allow diagnostic us proceed achieve human in the development Finally, device, initiate will milestone testing Solys glucose we

I'd Innovations. specific and Invasive Health, our like GI some now Therapy Minimally to more Emerging Infusion across which updates are four divisions, provide Interventions,

Health. Starting with the GI

Health of products, EsoGuard, to of EsoCheck diagnose division esophagus. conditions complementary building and are which the designed and family treat Our EsoCure, GI a is

disease the spectrum include These GERD, also reflux lethal which reflux esophageal as rise or conditions, known and chronic of heartburn and gastroesophageal cancer. from polluting to Barrett's Esophagus, highly lead can

mediated related is but multiple condition that's course during currently The invasive Esophagitis, other and bowel disease targeting to area allergy underappreciated with which these we of treatment. similar very are a products Eosinophilic the requires inflammatory endoscopy common

University. team and our I'm which short EsoCheck I been of the time. founding of partners partners am and the Case subsidiary can't Western have at what accomplish Reserve marked really the our anniversary how of week license say Lucid our from period in of technologies EsoGuard proud Last two-year really Diagnostics, able to a our

EsoGuard progress rapid XXXX. now in technology an and hope available and groundbreaking Innovations added making our We EsoCheck complementary we diagnostic commercialize EsoCure is from are a and to tools. division this this commercially Emerging

programs discussions on ask biomarker stay the tests space other we're you addition, In other and to including and pursuing that active tuned partnership front. research for in products

Precancerous new test. lethal designed and EsoCheck Just highly and you changes early office based dysplasia cancer esophageal detection and and to groundbreaking to -- are then a for highly called to are those so facilitate products. are do PAVmed non-invasive Esophagus. They Barrett's who of EsoGuard using esophageal are Lucid, that to of

than third recommended XX before it fewer cancer and Although screening upper treat XX% screening progresses invasive high-risk endoscopy. over patients using the actually undergo million Barrett's in detect is to

have patients of five this aware through the ultimately cancer majority cancer have if of vast consequence years. not and are that patients could Barrett's tragic been will progression their with die had diagnosed Barrett's of treatment The monitoring they prevented esophageal the that underlying cancer and just earlier. XX% diagnosed these of within is the Over careful esophageal that been of

of acknowledged products granted in potential to prevention device this these designation ea which EsoGuard report one been and significant National highlighted impact Institute year's early FDA of EsoCheck has in them as advances by the breakthrough and The XXXX year. life-saving the cancer Congress the Cancer which

EsoCheck as a the was best among also device the recognized year. Award Winner, Edison XXXX medical products of new

those on work. us brief just these overview are a learning you about for of how again Just devices

from as the sampling cells lower of perform is FDA-cleared which of lining the and collection office-based noninvasive esophagus procedure. EsoCheck the part a protected cell five-minute can device, a targeted

is under anesthesia to serve accurate which in along which dedicated EsoGuard or cancer center. patients detect alternative endoscopy, invasive to Barrett's the DNA spectrum. an upper hospital a changes highly endoscopy is a Its occur performed as esophageal epigenetic under in which test

its with EsoGuard U.S. commercially LDT. or test samples developed available performed laboratory collected is EsoCheck a on and as

modest very penetration market to assessments U.S. screen. already be domestic commission BE estimated billion addressable third based have patient Our of products for the these for several on recommended opportunities dollars market

formally EsoGuard has The We are rapidly hybrid closely working using sales with professional commercial five ago. education, with sales model grown a since team EsoGuard commercializing launched and internal management, reps. marketing months independent

Our independent of highly managers network our with most Chief Commercial and Eastern the Communication of and Officer, Director reps a are and partnered country. Western growing sales rapidly of Marketing experienced sales covering

all with averaging relationships long-standing These with their most professionals in are with senior the a leading field, least dozen territory. gastroenterologists years in at companies and

are independent are under to every sales and We currently ones now new up adding XX week. contract rep

Over with their as restarting of dramatically virtual in number increased calls restrictions the COVID-XX the last has relax week sales procedures. two elective anticipation of physicians

now has been logistics well. accounts been to new community contact the account from provider to extremely product several accepting week has back They and a and this hundred with our made response have We're new shipping as gastroenterology positive. application sites probably

on we're one Next feel accounts for training strongly running and in and the one on-site virtual allowed do our will we'll to the mark successful We of in week until will Midwest. we be to until regulation get get site a short continue the as term that lift. way support this up first --

anticipation We're reopening. support also in this clinical specialists recruiting of

the sales We aggressive EsoCheck of and generate condition and brand continue underline and social to awareness marketing our patients product. physicians recognition and strengthen campaign EsoGuard media, the targeting journals and support professional,

to over highlighting advantages been the months. been in alternative begin excellent In the feedback these growing, with has will addition, the positive. and has very we product and Engagement activities of coming our start the clear

successfully designation. code also the us and front. coverage to the proceed to following payment through progress CPT solid make with allowing advanced year EsoGuard a We CMS continue the and gap-filled on on so-called discussion process received last reimbursement

We have diagnostic the Dx. and largest successfully contractor engaged its two with parallel Palmetto efforts Medicare Mol These molecular group paths; GBA, followed coverage. and payment

We're final on the and will We fee both coming payment have optimistic supporting favorable in submitted decisions months. a the submit final that we our coverage receive request coverage. payment dossier dossier and will

the an disposable, thermal ablate of we balloon device. the technology uses ago, is in patented that's our channel esophageal a to tissue. ablation days designed development of exciting EsoCure EsoCure, our catheter milestone and ablation endoscope standard pelvis to working Two esophageal reached single-use advance the to

dysplastic expensive Once cleared for the to progress capital clinicians equipment. to and without Barrett's it the commercialized, EsoCure or do can dysplasia treat complex and would allow so need cancer. before And

The radio Medtronic device, tools, are to pass an endoscopes high-margin multiple Barrett's is the current and market large the requires disposal through ablation leader in channel. this of and too disposable equipment which expensive large which ablation tool, piece capital most of frequency working

the than of radio centigrade which bench XX seconds, within first We a this device. achieved prototype degree frequency testing and XX significantly working completed rapidly over higher consistently temperatures Medtronic more ablation

animal as prototype. testing exactly designed. performed the completed device as This of were week initial the results successfully stunning The we

device Although charring existing and very is circumferential what intervals expensive clear over pending, radiofrequency without ablation performed short platform. final compared pathologic required the time consistently to XX:XX analysis with

expect and in have hope submission We to year. XXX(k) to XXXX early commercialized that complete of later it EsoCure development by FDA

clinical and COVID are front, gear slowdown. EsoCheck starting On up activities trial the following to related EsoGuard

trials; multicenter and submission to and and EsoGuard the U.S. in-vitro over clinical are designed Our FDA of Europe. PMA includes support registration IVD and in has future or two diagnostic X ESOGUARD-BE-X international sites XX EsoCheck a for

staggered state to practice BE-X that back society with patient academic on of few and one guidance of the of three weeks based patient over the type of a institutions patients has acceptance with CDC, private factors, a study, in scheduled versus today screening professional reopening be three several larger including The enroll accordance month. the on including We the site this anticipate research we're additional campus.

have is all on a timeline a drive on forecast key the new multiple played which executed over our currently The original which allowing We've us intact. building enrollment also will timeline. keep role team contingencies to

all nearly take institutions enroll more will will large the be to be We their in will anticipate in enrolling that for up infrastructure order gear -- expected research. The to of our coming months. time sites as reconfigure

EsoCheck clinical but enrolling soon. are also additional hold, begin should trials Two on

work at Fred Cancer surveillance prior the EsoCheck greatly could Hutchinson in non-dysplastic Barrett's of to facilitate development first designed the dysplatic The they this can at the progression study role but looking cancer. detect the patient, and of Center from to Seattle is to treated biomarkers of Barrett's, so be

a the are exclusive we we the with license at if Pennsylvania previously clinical patients will the and they look And the to option trial. announced eosinophilic The biomarkers treatment secure study role these study, EsoCheck monitoring prove effective in different esophagitis. University of

discussions two have GI we product. active Health Finally, partnerships involving

once we'll diagnostic interest restrictions perform that strong to EsoGuard U.S. and market up. be revisiting from have that established We outside company region and in COVID-related the travel ease

to a opportunity look biomarkers that forward consummating We academic also from we as to an major the esophagitis near LDT, future. accurate been center the offered eosinophilic medical for commercialization highly and license in

month, CarpX that excited our moving Minimally XXX(k) invasive than FDA clearance we treat to our very syndrome. Carpal for Invasive we've encompasses minimally to to which after six on less are tunnel single-use designed announce CarpX submission device received last weeks division Interventions, disposable So marketing

it activated while Carpal ligament, under balloon nerve is pushing that a bipolar widely second. very burden away. electrodes inserted on matter ligament this the exacts tunnel large is and out clinical tensioning precisely inside cut syndrome condition in The tendons and catheter of a society. scar's economic a the from the When prevalent radiofrequency

dramatically time reducing tunnel will cleared the Carpal many compared technique and patient We based market carpal traditional in and to currently tunnel the utilize first facilitate to I CarpX, surgery suffer XXX,XXX to of tunnel billion CarpX wire invasive only roles. revolutionize now estimated now estimated catheter treatment carpal by believe an XXX(k) dollars U.S. common open recovery minimally syndrome surgery opportunity who and is So CarpX more balloon device on invasive silence. and undergoing is

who As and FDA, better met a study follow-up the assessment safety performed surgery. open traditional outcome completed performed results safety the the -- expected effectiveness similar well endpoints, in in were to human submitted Zealand we and human additional previously prespecified study clinical in from or to CarpX all patients prespecified announced, New very than

curve as procedure Importantly, the in learning that spell time short be or traditional procedural open the CarpX after performed indicating time less can same surgery.

We Manager, have recruited he's CarpX a Sales National We're starting Dan excited, this week. Dargis.

pen advisers professional sales surgeons world-class network Dan calling independent and vast of orthopedic of who board to his surgeons ties beginning the and product our of both sales helping has also strong us education and network lead he recruit his the decades iterative U.S. initial is commercial a independent and and experience these. activities rep on Dan advisory to will cases, reps. is on the procedure in development outreach hand perform of space

a Our pressure the backorder, the sensor mentioned, commercial as we look I and launch in launch, delayed weeks coming of months. to few that's has that but forward been on weeks because

infusion therapy some division, Next, from highlights NextFlo PortIO. our which includes brief and

platform NextFlo is deliver infusion. accurate to technology a highly

a We for nutrition. intravenous disposable infusions, military patient range infusion and are broad home pumps of trauma prepackaged outpatient and use, drug applications in application pursuing infusion,

the further which The mix. States. IV is application, million We is electronic height pump of need IV the for in infusions the it infusion the set, of most, delivers not NextFlo day believe but most highly gravity driven of which each intravenous and United the expensive delivered the X independent infusion or accurate for infusion will all, along estimated complex eliminates

set, IV and the control, We're testing year. FDA of development before submission making really excellent progress XXX(k) and end NextFlo with we're design, targeting the infusions the

discussions home application. drug -- as infusion as this the the very space subject disposable well prepackaged in space key the Our infusion for use NextFlo also active a of M&A in particularly pump, remains strategic of with active very

is access implantable PortIO market bone based current PortIO. which to kidney and interosseous opportunity direct must on substances or fluid dialysis. an access $XXX addressing estimated allows to be deliver for veins whose veins poor and to failure the our failure, with medications million On renal device, preserved those with marrow carefully vascular other patients future

We're short-term clinical pathway. center safety now participated meeting we the on study. the the with de sorry, Earlier pre-submission -- the successful initial through year this seeking seeking, indication FDA's are in single are a implant focus we for novo duration FDA protocol an clinical we

Zealand perform the or we're New of into and to investigational application but submitting plan like moving be travel the did U.S. an we'll CarpX, soon. in study have FDA because We this with Exemption restrictions Device an we IDE to

do plan or long-term to in remarkable we still flushes. to We results study documented of any South a completely animal of the replicate maintenance which perform showing six-month patency Columbia, free device study PortIO the America

time We have Columbia sites And touch to again sort begin in principal forces and of and and highlight. things three investigators the projects working Emerging we're locked open me have exciting three Innovations you down if to enrolling but up. in division, training on hope once on the just once our

and curve concentrations. working NDIR The bench-top range These progressing mentioned, Solys for technology glucose response has model. prototype show blood very very research well. plan across development noninvasive and a nice is fairly Diagnostics wide linear monitoring I laser-based of tested glucose has results been As a our a recent been in completed

threshold achieve will be to testing commercial If We to able our development -- coming proceed well expect and be that on and in we human we accuracy goes the complete to target plan. animal weeks. a

year made X that the tubes. past expect and silk bilateral tubes, place from been process tube partner AquaCel activities ear technology and the undergo commercial is scalable but also estimated pediatric of limiting our with are seek the on basis children resorbable made stalled secure who into shortly. care who revolutionize factor ear our has has progressing, has securing the such each a cure partnership million to that capacity to We DisappEAR, progress a molded the a good to recent On over

so space. the including with other earlier the the ventilator ECMO ventilator The in in that important last working we're project team R&D product Our ECMO stage product exciting was week. several about had cardiopulmonary space week, excited this is project Emerging Innovations some very has support also And launched and that. breakthroughs on

there on our to So I'll the financial stop mic for and pass results. review Dennis of a

Dennis McGrath

good and afternoon Thanks everyone. Lishan,

release in on and brief afternoon. at preliminary We the be week. reported will March press on next XX-Q Form our for sec.gov results I'll this XX, On our XXXX. early that available was in report earlier our be ended quarterly published quarter website we

debt staff complicities financing, The involved and non-cash related auditors, charges the couple extension to the our accounting lawyers, with remotely for convertible with may working first consultants unavoidable. quarter

were debt $X even the financing as which to recall S-X registration also XXth. of financing million late the We additional April end as the April completing for gateway we on convertible that that the was

XXXX $X.X preliminary same the the to regard development higher were XXXX the and up in million $XXX,XXX for from with research quarter for period So financial $X.X and results; sequentially. million, expenses first of

EsoGuard Medical million year-over-year Officer, patient reflects The cost IVD related set-up the trial increase $X well first cost two [indiscernible]. began the Operating Officer trial cost for Chief as incremental regulatory professional as clinical to Chief approximately for hiring; enrollment and a and the PAVmed, in for a Lucid Diagnostics as principally clinical

compared and about General and sequentially. quarter expenses by in the $X.X million the $XXX,XXX for were XXXX, of were same period with $X.X hired for XXXX million administrative first

costs patents in to of and for other regulatory and XXX,XXX sales in the to reflects business legal levels compensation and also compliance, consulting about transaction completing expenses. November sales a financing related related staffing the $XXX,XXX public reflect services increase about increases There's expenses. in to year-over-year financing costs in million a related costs, the related purely quarter review and company first convertible sequential increase related $X.X contract The increase approximately debt general processes an XXXX

a common to per attributable common a $XX.X or a loss stockholders, $X.XX recorded PAVmed share. of million loss net

However, $XX by significantly. stock and loss is price fueled furthermore our by non-cash to in our charges financing climbing for this you driven a detail -- stock minute, as is of pricing related I'll our million

measures periods, entitled occurring and a late related related financing release Our expense interest provides fees than substantially prior the press able provides release charges current namely to child compensation, also along the a non-GAAP other with performance. you charges give the of to stock you company's table non-cash and financial the understanding depreciation, better non-cash detail amount press based in more cost

approximately for the table financing $X.X adjusting non-GAAP GAAP charges loss You reported for will March or that after type $XX months that share. for notice XXst company related million the from $X.XX these common adjusted million a non-cash it the of three ended of by per loss

in I to the in that the debt, non-cash funding quarter. part into first influenced entered god in Although $X time and is than in expense November group and more between charge right? stock the the bless for change reflects increase approximate this it want this largest million the convertible in we Particularly, point end this the doubling the the out the of of period, is XXXX principally of the non-GAAP price expenses transaction value accountants, fair by

had company million of subsequent a $X an net to thing only of of however Essentially increase charges end convertible convertible the the will our outstanding. per the while price P&L cash cause price the a quarter stock share. to received in $X.X ago shareholders debt million additional conversion XX, a notes increased weeks a of at good is in PAVmed couple of March for sizable proceeds just from sale that is approximately the still as $X.X

based forma end the pro have our on So cash million. would been of financing over March, closed the $XX had

to the call up questions. that now with open So any we can operator

Operator

from with first proceed Instructions] Please is [Operator your Maxim question. Group. Anthony from question Vendetti Our

Anthony Vendetti

backlog wondering, helpful was all Lishan, just and if the for overview. very the CarpX. the little talk for Thanks I you pressure a about That sensor bit more could for detail. was

You more few a said us its a it give about? Can weeks backlog. color -- you you little think that it's

Lishan Aklog

Yes.

I about not because was the direct I from still But procedures view elective I point are a from a that. up it's being of a change practical lot, whole ramping slowly. think to -- think just going

delay two was the weeks; to the So few weeks. three

after before the the of in board circuit couple printed then that released. be to pressure be it couple a which the and weeks sensor commercial expect weeks law a components, has We the on around could

delay So close. practical terms of coming procedures really a out that the and surgeries come doesn't elective is that expected of that point from when over the in tunnel really would thought carpal online aspect I'd to our we've we had It of that months. one launch just commercial will point have but monitor view, are chain supply our

Anthony Vendetti

Okay.

said largely postponed You have know like forth been that's or so you delayed. procedures elective

a more So then in is guess like new Is manager and to up this start terms for a slow launch? with KOLs strategy process CarpX. a more as What's as thought you timeframe, a this commercial said, I a sales country. decide of reopen we September so July/August the of is ramp commercialization as it or full

Lishan Aklog

appropriate to the to Yes. the probably CarpX give to be that's summary. do launch you itself. to be frank make through early think of able have but and enhancements dates, iterative won't I mean, I I procedural reasonable steps adopters EsoCheck unlike that you interventional sure EsoGuard specific and a identify take procedure careful some be in and is early you an procedure, So to the right? the

start committed sort experienced of of task who of and being to I were adopters So that's really and time midsummer to point cases, think group for to do technology get early Dan's appropriate. this doing is that that folks first a KOLs is and

it's ramp carpal are The vast elective in ramp facilities -- the performed of terms of that the less of carefully surgeries tunnel of and a focused, proceed. this careful going which of to the their that be opening are the burdens is how how is well circles appropriately because as fairly but affected how in does a where concentric reopen. steady from One physicians. is But are outreach up safe very it'll variety do depend sort in on that trained. a by to to actually majority way sort to performed make important being is sure cases patient We're that increase that very optimistic to does as factors. of being of And really ability procedure again people

Anthony Vendetti

COVID-XX the rollout of impact do terms that And sense. Okay. commercialization expect this that? to continue of then Make year? on then in to And EsoCheck, been what's you how just EsoGuard,

Lishan Aklog

Sorry.

straightforward has being impact getting pretty one's non-emergent is COVID procedures the or that last they've two in which elective So no essentially months no been the performed been for GI offices. the

I way whether I So office about sort that on they with this time hundreds the not brag team bragging not think in what's to literally are endoscopies that despite about of front based they're COVID. I've accounts was it These the lines amazing like I last or were the of procedures. necessarily But virtual sales and numerous and again overcome able calls. challenge any had of physicians contacts is and other as that mentioned is, --

they used -- calls have time almost has these they're exponentially. virtual the volume and have so to well using and gone So increased been and and remarkably telemedicine getting have

So as day partners a elective procedures the the case today. as Ohio our of of full I as endoscopy said start one and -- in did

me starting being think that ordered product then So will performed I and accounts of translate, are in fit. to to being into very shipped and open getting start that good and soon was tests to things very sign opening actually actual that it a up activity tests cases

start two some will there's fairly up So week last uncertainty, there's quickly. that sign hopefully good some to activity but or ramp in again the pretty still this

Anthony Vendetti

we if expect right what What's to just Okay, you burn Dennis, best and move on expect of to of great. what that year? you rate your could the about the basis non-cash guess next be be move then And the now. requirements this capital That's per remainder aside and you your through you quarter see helpful. then into do put a to you year this that could as you sort year -- as as for charges, talk

Dennis McGrath

dissect clinical you the it $X.X related. a EsoGuard million in which for a these it make forward. the some going It that the million that's trials quarter, what there If $X.X data terms were -- projects is proxy and of first that is how gave for burn non-GAAP point about can quarter the cash you you clues there being really

for the that. year so month. can to to baseline the but add about we'll a million, when plan around really or million So get files now is burn the was $X.X it's upon a per $X clinical that we depended just The

million possibility the parent that forms financing you $XX also but level us not availability at and of will and at finance NextFlo. with non the subsidiary multiple the financing diluted in ability dictated that be X,X inside that have by so for pro can only kind opportunities forma There's level, the pursuing particularly lay in. We March of we're financing

to believe trial and upon to we when those we the ability dependent is Which be full-scale that back about clinical the choices we time opportunities they when work. of finance readily cut available. will come make get So

Operator

is Sommers question from next your question. Chris Please from with Hammerstein. proceed Our

Chris Sommers

here. are well. exciting ahead all and hope milestones two on seems Congrats accomplishments Dennis, Lishan there year or guys like is an you the recent and and

Lishan Aklog

I think you. with agree we

Chris Sommers

thought you just a might that's But at question U-Penn, actually relates, I so little guys at be happening guess more. maybe study my trial in third kind the or had. the analyst Yes, but Philadelphia Maxim a that bit question that of

like funding seems it that these for might planning funding and Lucid require far As Eso trials lot, additional the the maybe there's product. for a as

mean, that mean funding but cash you in be of that value for activity, great value, mean seems comment and best much, certainly and investors would of that you at to know seems the that the you way have most for I opportunity it can kind tremendous a much Lucid, can unblock with company the spin-off much company separately fund potentially guys that the be would but separately, common I and as can't strategic, it separately all to I or that raise probably well it like company? you with the too about like comment potential better

Lishan Aklog

it Before Dennis as these trials. let clinical to one Chris, relates me thing answer, can clarify

clinical of the there numerous trials only value as those you the academic of So said medical EsoCheck intramural and other IVD partnerships many with bulk funding have but the the their financial of that nominal of are in well. EsoCheck we're to actually the really we're to expense is part two Many support centers providing own are are PMA able submission. where as trials support looking academic and we're actually as a of providing leverage device and

that really IVD to to want bulk Dennis, just are follow. trials. capital So do be really on the the there's you of requirements EsoGuard clear

Dennis McGrath

is gets and private has that level decision of to the investment are EsoGuard made. or I finance Obviously a the key Chris. questions there do there's parent do to Lucid been yes, may jewel being whether that other speculations. a about there in lot inside or lot get of that a it. subsidiary So, approaches that and subsidiary been the the spin-out inside is the at issuing financed that to finance ways not No require securities

visibility some talking once variety that a profiles. little all those financial of to types are a have to then board's choices a we more bit those on going We of And fit decision. the of make

serve other I excitement for And those in that we're products things in but some So make there's regard, our done certainly proxies encouraging agreement with of about of are that to prospects that our lot technology. there kind think right shareholder. companies competitive these similar and same that have of with flexibility are of trying are helps mindset choice very and a not the that the

So this those favorable decisions we're no decisions just best made all as to of We'll those we are and approach at all treasures. the you what's outcomes, out apprised point. they're figure so believe out trying keep

Operator

with your next Private from Our Investor. with Please is question question. Instructions] [indiscernible] [Operator proceed

Unidentified Analyst

you was Did work I'm coattails, blade the summer? call. your afternoon, laser. to device this the a Good test and glucose feel riding I and amazing. your monitor, prototype going you thank say conference I guys term this Lishan are guys had Did long the investor. you you listening mentioned to I heard for you guilty you're a

Lishan Aklog

Yes.

of just some on keep a I Let fill again those did but bit me try it in touch it, brief. details. have to

that the at continuous the a the without ones the without from that's clip this on to within Longs licensed on So -- that We've devices, by Jacob technology clamp this hospital our that doing device tests, oximetry glucose, just glucose similar without sticks inpatient we a finger the of based blood use Dr license company. blood partners create the one skin so Airware, is or need for monitoring drop, field to your finger. of

are a box where it he on developed putting that that basically been a that taking working this project into prototype is and in So laser we've we technology the with working R&D prototype lasers And completed. that's the be applied configured basically the consistent also of been to web have the clip, hand. tissue That the with a will have clamp invention. that we

So in at key you be the that device you a linear has patient glucose looking would do covets bench-top range been and these little the these varying that you get across tubes, the concentrations do is if tested the little at using on concentrations response. of the

follows over signal glucose been So more two. when if more glucose a you have the we it that of week or is document than get is get just last a response. higher able of higher nice linear to And and that a signal, the you

this weeks step confirm we up on and we Is next get sugar in how but their The and works. is it's non-invasive that that levels rat model, that start who hoping fasting of this the week much done and a model that see take then a glucose diabetic couple and were so to working model higher all been off delayed basically actually get blood goes volunteers and too testing not test where can box and take some to animal orange but long. juice a prototype human it rat

about minus XX%. very all that devices standards monitoring are glucose are held accuracy or precise They that for plus to. It's

ICU we'll formal actually then manufacture typically once pretty the that be continuously monitor goes we and gun a a get device development to start used we're and optimistic a in we glucose. that can process where that can an commercial and that hospital that in off setting threshold So we cross

think excited where that's about. that with things very So are and we're I that's

Unidentified Analyst

huge. they're While,

Lishan Aklog

opportunity, yes. big a It’s

Unidentified Analyst

dip that hate you hate for you could My and then mean, I that pricked. do that finger mean, its this huge, because look I daughter use. I at know their needles. for? Is to so many what at-home people

Lishan Aklog

That would the be next step.

to license -- a market. the is only that's the just original for So hospital, big clear, big the a initial but

ICU So particularly the drip. an of in insulin ICU, patients cardiac in the a there are on XXX%

getting they're literally their checked other sugar hourly or blood hour. every So

an in obviously in goal, But step for and technology be then opportunity this inpatient the use the would So in there's setting a continue huge that. the license to take expand to it, this next that home by onto that sized we could glucose boxes can finger the skin. that require of just devices, so sort but replace license stick, your of measure deck wouldn't a clamping it fingerstick card

Unidentified Analyst

work? that does much How

Lishan Aklog

to you. a up leave I'll It's market. big that

Operator

with Please And who proceed question. from our next Private is Investor. your question Amed, Mazu is a

Unidentified Analyst

be going a just I'm to brief.

charge much been just you how So this has device I for wanted of you have power CarpX decided? ask to

Lishan Aklog

but but we understanding price, that We of what margin. on an the of well a is can at our be are higher be as volumes you able reimbursement not we'll to that cost so volume commercialize necessary have is tell we the early we'll volume, based achieve confident stages in production gross able low, when XX%, the goods at set as XX% to

of to business plenty on a build very robust is margin us that So that. for

Operator

turn have the will call And session. the question now and end reached I for remarks. And we the over of answer to closing management

Lishan Aklog

great really your It the enthusiasm day. for from everybody and the and us. always go-get-them joining appreciate us those and inspires we very for for much thank afternoon attention and this investors get questions, So every our you that we feeling

you press to keeping abreast our periodic calls, and look as one. ongoing releases, progress such forward this So we via conference of

keep we ir.pavmed.com As to all a very up lately, Investor it’s great us with update events our on a alerts to way and news to Relations follow up to our reminder, for going an on and website active YouTube, you keep email with we've LinkedIn, is the platforms best on. Twitter, way what’s very, been sign-up on those encourage and

Thank jmh@pavmed.com. Have Mike contact at any day. to questions free with directly a feel you. Always great

Operator

concludes conference. This today’s

You you time. your participation. this at may disconnect Thank lines your for