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PAVM PAVmed

Participants
Mike Havrilla Director-Investor Relations
Lishan Aklog Chairman and Chief Executive Officer
Dennis McGrath President and Chief Financial Officer
Stanley Lapidus Strategic Advisor-Lucid Diagnostics
Frank Takkinen Lake Street Capital Markets
Anthony Vendetti Maxim Group
Ed Woo Ascendiant Capital
Call transcript
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Operator

Greetings, and welcome to PAVmed Inc. 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] As a reminder, this conference is being recorded. to conference like host, to now Mr. would turn over this your I of PAVmed. Relations Havrilla, Investor Mike Director for Please go ahead, sir.

Mike Havrilla

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

are uncertainties, from the press Stanley me Lucid have the actual described Aklog, in and results announcing in Exchange Lishan will available joining a statements. statements results materially release McGrath, and guest Chief subject this are and may Diagnostics. Officer, forward-looking Securities today, Dennis to Chairman Chief and differ in and speaker differ to on Financial teleconference U.S. Please statements update call Lapidus, forward-looking Officer; with to and risks read unknown could we're cause business release. press Joining for known The that results cause today the about PAVmed’s to actual out disclaimer President And filings disclaimer and business update on Dr. A take include Strategic the Advisor Commission. Executive statements moment pleased release forward-looking a our press us Factors the made. to in are website. These

will disclaims Securities recent further most uncertainties required annual Aklog. Aklog? reflect to For important Factors which XX-Q. report may PAVmed Item Exchange from said, or events, or those Except I, by that on over intention in in may based Form description those update Form forward-looking conditions future and and and call likelihood operations, quarterly results to any Part Commission updates PAVmed's risks filed or as the contained these differ that on Dr. to obligation publicly turn any expectations that filed other the and Lishan on With list revise of and in the actual see affect any or like Risk forward-looking the statements. reports expectations with may I'd IA be law, in that subsequent XX-K circumstances to affect in entitled or changes statements

Lishan Aklog

you, for taking Thank call. us you Good the update for thank time join quarterly and today's business everyone, Mike. to all morning,

thanks we I welcome. call, by longhaul patience PAVmed come where unwavering your you the our and end company all fellow we've about excited journey hope commitment this our the what of for and many know who getting why will ahead. PAVmed mission, of and were for travelers, all are the fuss is understand so as to to always For support, of you just the about, promising its

primary commercialization apologies of advisor, helping for my you on craft to has spend the the time and First, the initiatives Lucid Stan time of subsidiary major EsoGuard in a of of change two product. Western role those this our in early zones, a played Lapidus for I Diagnostics we the strategic last these Lucid’s announcing hour its portion for update planned today. and are large minute very strategic important

to compared we provide call, who time at or Stan about would much year insight the are different we Lucid Those closely ago, EsoGuard. months changed this ago, schedule, the his and I later. a a of agree his last two call our accommodate call. We this follow will you, than to were just that of for us even him more not a company few very but of be it perspective to So and thought to appropriate travel join on time

and the industry. We and major diagnostic are confidence brimming the with a bigger stronger in medical grow necessary and determination for to into financially us technology player

sentiment. bold. big regarding are Lucid with today and EsoGuard that go to plan bolder Our to consistent making that announcements is I'm go and two

initiative commercial The channels and the done geographic seeks to network sufficient marketing targeting first announcement and internally new to and accommodate to sales supercharge testing builds assure EsoCheck we've a demand. major own simultaneously commercialization Phoenix coverage is multiple EsoGuard that, Lucid by The Lucid's is program capacity program. of launching operators

announcement Lucid important present into we spinoff The that Board fulfill healthcare a an its either a intend potential to Lucid combination is SPAC, continue favorable a long-term value. company, second step necessary believes related business separate to and extraordinary or The conditions unlock its assuming to market with is through public for Lucid IPO this hold. long-contemplated

other public other necessary have will access company, on capital commercial growth to Lucid resources value and to As separate and activities. a enhancing major initiative execute this

that calls. update. believe also Lucid transaction. bank, would financial remarks. and PAVmed will those spin-off the to to shareholder going we any PAVmed investment This help is, to launch following shareholders. the and announcements course, on best active an in accomplishes so that my I'm prominent largest in a remain engage process, be vehicles Dennis spinoff, discussion provide as flip Of its now details interests will prior of later it manage two a the script compared more our today Lucid’s to

provide view with close Q&A. then Following of a then proceed abbreviated more on with help and other EsoGuard comprehensive will Stan's will a I than update products. that will to more we And Lucid And I usual commercialization.

amount longer will of to usual. bit likely run a than the material Given we cover,

in Dennis? that So I apologize advance. for

Dennis McGrath

our sec.gov filed report XX-K week. on Form and also our reported our I'll with Lishan, it'll ended morning, at and this year And the SEC summary Thanks, press morning be published be earlier is brief the our and was and on in that for available that results release, time, quarter this later XXXX. to website. expected financial annual be everyone. XX, December good We at

of would recognition, our from due X. in couple update the not performed last the effective None until you Medicare fourth revenue January test November. the call tests to already in regarding result know revenues performed recognize hundred as in So becoming insurance quarter

when its same XXXX recognized tests For commercial very of and revenue the collected. all build, recently just we reason, the were

upon throughout is received. The for only can result collections different actual Dip] it’s patient is and about outlook third-party submits you'll This initiatives. momentum, major be soon the expect tests reimbursement as we on [Audio yield are landscape. evolving when collections test to will update number achievable, for coverage but The test provide we additional and early revenues revenue likely XXXX the are commercial that the far realized will dependent the In revenue analysts our that company reimbursement. As first our quarter Consequently, and XXXX there a centric coverage. of procedural required when expectation will some Presently, have Lishan for in time XXXX GAAP expansion order, outreach and by achieve conducted analysts estimates timing in providing from who sales short three begin hear metrics. banking team May, quantity provided research of recognized the submitted issued versus revenue reimbursement. highly we our the are

our local say for likely coverage LCD decision last is are related from on Lishan his corporate or you remarks. this published. aware update, still reimbursement more CMS been have in to not the As will

to compensation-related commercial and about increase engineering another the were year, the EsoGuard administrative for approximate clinical as and our services principally respect for million staff. engineering costs – and of with CarpX, principally $X period launch with in and $X.X outside and costs and compensation-related XXXX to costs million in research the related to related CarpX. $XX.X with glucose General regards approximately with $X.X $X.X to increase clinical the related professional to million product. in development costs principally monitoring is expenses year And trial staffing prior million increase related sales million and increase million NextFlo, $X.X increase $X.X in the expand the million XXXX, year, The to $XXX,XXX approximately XXXX. for financial compared the $XX million corresponding to other levels research were results compared our and and in So development costs for – related to EsoGuard PortIO,

in reported to share was million processes services compliance, PAVmed expenses increase expenses. $X.XX loss consulting and stockholders a per attributable XXXX. and in contract million common loss a $XXX,XXX regulatory versus of for $X $XX.X general a of of legal related business and in $X.XX common company per or patents, to loss public review about share million $XX.X Another

provides release the the release compensation along measures, with a mainly enable provides in depreciation, press interest Our related costs amounts these substantially non-cash the and expense stock-based highlights occurring and the prior non-GAAP which and charges to detail press non-cash current more of entitled charges, table understanding Also periods. financing-related better company's to other performance. a

million type company for $XX.X per the the in You'll December. as of notice the to non-GAAP cash stock. common charges, during of year that table issuance or stock. And million approximately reported from non-cash loss million Furthermore, proceeds million share. $XX.X adjusting received net these approximately common of additional ended our for quarter, million of cash financing-related know, $XX of an or the the the by we $XX.X year-end, you XXXX additional fourth received a loss the of $X.XX issuance had from adjusted approximately common as from company $XX PAVmed of proceeds of the subsequent GAAP net end after

we're increased approximately our Of since that XX% pleased course, stock that prices financing.

back So Lishan? with it that, turn to I'll Lishan.

Lishan Aklog

thank All Dennis. you, right,

with Therapy, for We PAVmed. GI overview Health, four corporate and our you operate Invasive Innovations. Interventions, those of who start Emerging structure a brief Infusion to So are Minimally let new me divisions, of

commercialization, CarpX GI EsoGuard in Invasive products three in stages have We Minimally and early of Interventions. in the and Health, EsoCheck

XX% the such a to adverse heartburn capable the weekly to three, of very as are suffer early of lower by and stages Prevacid. few within population, of a that There’s utilized share cancer. detection stomach reflux Nexium through could stages widely per An cancer housed subsidiary interventional comment operated risk They lead esophagus. key fluid from at and of esophageal population mission Lucid role in been inception very to was most University. treatment general XXXX is PAVmed cancer Western groundbreaking of is notably since deaths, breast, three the a if the Lucid chronic Prilosec, precursors very and PAVmed elements, and for and for heartburn screening Diagnostics, caused GI billion tool patients precursors formed cervical aware under stock. early halting Reserve its four the approximately adults technology one, cancer, these division Unfortunately, or detect heartburn early progression of Our prevent its and modern of outstanding deaths. of detection medications, spend is funded well-defined any deaths, early to Lucid’s one Case preventing to prevent esophageal precursors. surveillance from their common developing successful few, and Early cancer. successes two, year from Health into they're in of estimated a which cancer of $XX These license and on few of colon about detection, nearly physicians the Lucid’s cancer cancer. has of and a

how The called the heartburn critical non-surgical reflux Esophageal many could Here's dysplasia as professional curative making by is or known other cancer, five causes the societies, start and progress performed halted precursors screening while This most prevented, form other a Published year, XXX% gender, factors three has all recommended called that upper include changes esophageal How its in hyperbole. decade, recent smoking, be and of happen. approximately five country, guidelines to but dysplasia, factors esophageal receive incidence of heartburn do per male history. the diagnosis stomach turn race, detect this? invasive or that Nearly, die obesity, in diagnosis. Drunk-driving, XX lower risk screened. Despite screening into likely deaths? Barrett’s been Esophagus, with patients do not cancer. it’s in this are second prevent currently can Ablation patient lethal benign XX,XXX How Procedure. been and million these years fewer family XX fix precursors. our chronic of twice in three kills patients of esophagus at and progression heartburn can detection within estimated American published. early death XX, more precancerous answer The white million for cancer increased these patients It is These nearly treated elements age as be it esophageal four or fluid is detection sentence death for esophageal at have highly cancers, the chronic Americans cancer we these least more undergo cancers contrast can The that we risk have new chronic which and XX to tragic, detected program consequences one risk the cancer prevented, changes its of successful early of esophageal all across three everyday from cancer of of nearly College are undergo lethal a a in as and recommend if over transform with Two shocking cancer place. that had could therefore of importance. that's which a screening is rate Gastroenterology to and of cancer than key Esophageal patients already endoscopy. should using recommendations over factors

Ablation. mentioned. Palmetto a approval professional molecular cells well-defined for is the esophageal CMS been $X,XXX, performed X. be diagnostic population, coverage on collected progression-free dossier We has commercially had determination for payment by of now. market and last Dennis patients we before is CPT opportunity determination breakthrough recommended EsoCheck granted With first EsoGuard commercialization, commercially not XX a lucid only January and be Administrative patients of million this $X,XXX test, have EsoGuard payment the MCIT office guidelines. Institute, secured, the clear rule. code and spring. may reviews, a really tool the until on quite called which screening for the is became attractive Innovative be strong a which three had discuss few as effective with as for translates significant is upon CMS we will and automatic screening society five-minute to understand GBA. We risk FDA position Award May, the final which widespread laboratory of year, which until screening EsoGuard A esophageal device, believe benefits cancer, well-defined the coverage And missing development Among game group billion highly available map heartburn EsoGuard we of fall. Technology through already designation still implemented CMS device factors. developed EsoCheck market, FDA payment massive final companies a our tool of Edison an the which detection coverage granted largest designation. using Coverage sample device of A CMS FDA into EsoGuard chronic Medicare to a A a change received X% words soon National have coverage precedent, risk resulted a element Lucid world dossier XXXX established, and non-invasive the a intervention namely of at to And recommended is Based – $XX and We're or These we approximately me, which population, lower medical we Medicare presented Last for of this groundbreaking reimbursement, on long have namely the the waiting, Contractor, procedure. coverage expected diagnostic into coveted revenue. changing Esophageal submitted in test. least market on case to very MolDx and cancer already determination the finalized of by excuse by diagnostic addressable mere the the precursors administration opportunity, innovation. an funded products available esophageal of penetration in pandemic from late Cancer for X% backlog that accolades cancer based precursors. Lucid’s molecular among screening the sort medical EsoGuard early has we simple. widespread

as with process. at MolDx at trade matter this are who AdvaMed consultants, served us Director recently navigate association Our our helping reimbursement subject a experts the together Medical

might efforts bit We accelerate a and are hopeful that the shake process. tree these the

preliminary secure heart leading interviews to underway. Medical well payer the us coverage. help is private and EsoGuard insurance process, have the with now Directors engaged we into plan That firms commercialization. But On payment dive two consulting the let's including side, matter, of

to business of sales We XX Lucid’s Lucid in the – Since from sales last representatives. full-time middle we team currently are oversee seven now of our have four call, independent our expansion regional significant a who with sales sales managers team. grown

at kits devices and shelf EsoCheck accounts. the have EsoGuard have and specimen approximately trained We on XXX clinicians

also a team existing sales of XXXs up other Our recruiting on personnel with opening and freeing train specialists engaged new clinical We're accounts. accounts who team will support is focus while more. actively clinicians sales to actively

Let's the testing. EsoGuard some for review of trends volume

was all engagements the before and coming again. grew pace slowed months The training return the tests this the until few moving COVID steadily being performed fall has filled when lifted the harshest outside calls, the accelerating purposes, to nearly vaccinated. a sales of now anticipate while gear workforce commercial and Testing practical winter and hospitals anticipate weeks month Testing pandemic, during months. hospitals EsoGuard were support. activity facilities remained nicely forward unfettered October, vaccinated, and depressed were testing limited began Although to when volume rebounded volume once surge reemerge. the their growth early restrictions for we access January pace in and a workers we non-emergency last slowly during the for COVID many healthcare and procedural With to in began

One we volume test translate yet, into recognize when questions answer The of recent is hopefully revenue? but are the is, set. asked most will not

payment at Dennis receipt claims collection only this not can to historical tactical revenue stage January decision upon early submitting X. of year, made cash. minimize by be denials became we recognized the explained, effective until without trends, after Last on CMS As

submit sales is has new the past prolonged in any that have of It is future commercialization EsoGuard network supercharge of commercialization new switch claim build and capacity program note these commercialization EsoGuard and accommodate program We of marketing be geographic our by now initiative coverage to operators, commercial begun can simultaneously we The to demand. testing recent new sufficient during coverage EsoCheck today. important especially and major been secured. phoenix own and to the towards multiple targeting tests to claims. channels announced and are cycle The Lucid’s early cell seeks

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physicians primary a in and been had care targeting only gastroenterologist after fashion proceed broad serial directly plan to adoption. establishing patients Our

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concluded solution effective own is build have and EsoCheck the We to operators. network efficient our that of most

Our the viability this approach. economic confirms regulatory analysis with and

leased up fully of physician. will of nurses. three perform once rooms work network exam from would procedures full-time day. it nurse of be EsoCheck dozen of how will first and several up Each venues; retain a partner deployed of a train can to in and types running. one Each to per Here's whom Lucid

there is the locales Second, can economics centers EsoGuard our support up sufficient volume, own consider once freestanding testing and we them. will where setting

establish we see are capacity EsoCheck as laboratory Finally, national using companies, ventures well-known companies joint our national testing staff training testing to mini will with who facilities at with well clinics pharmacy their as there.

a physician EsoCheck full-time The for within practice. order a broader will or visits. operators, physician will evaluate require via EsoGuard to a clinically and if physician by who bill the program to will in-office or indicated. This does telemedicine patients be to visits self-referring done these addition In

not happen the but and need do start to – overnight we that believe this we Of course, we believe will building process all now.

program this metropolitan with Our spring pilot in plan to major is area. start a one

days a exam week office. leased our physician's of two at or We a clinical room in specialists, one new will a local locate one

billboard be will We launch partner clinically and our campaign using digital, direct-to-consumer as a local radio, a will testing by advertising. Patients who EsoGuard will then TV evaluated order cost-effective respond indicated. marketing physician, who

Our patient procedure we physician Once If positive, to gastroenterologists back the nurse for and follow-up. in endoscopy the for it physician. primary partner locale, separate and test EsoGuard long-term have geographic we'll perform refer proceed another established channel the will sales will then send and coverage EsoCheck directly marketing testing. comes a the confirmatory targeting care with

experience care may staffed We to Sciences will sales market physicians use hybrid seek such Pfizer primary care to also a physicians, with as did calling on personnel company model, joint with the as we pharmaceutical pharmaceutical success. reps, with EXACT with primary ventures great with

is speaking medical I'd Stan introduce Stan like advisor to of to industry you Sciences, value now their of whose billions for investors. pioneer and dollars company three Lapidus. companies to introduced successful Dr. detection, prominent created So by apparently learned led of diagnostics has Lucid cancer EXACT only history. of Cancer two was the startup has that Geneticists Stan acclaimed and founded I Partner, in and Sandy I a Stan Markowitz.

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EsoGuard. fact, the Cologuad to the differences certain favor where hurdles stories faces faced. EsoGuard what lower major In diverge, compared

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now me on perspective Stan over his offer let to to you pass the efforts. So mic our

Stanley Lapidus

Thanks good all. my forward morning perspectives on and on It's Good here. EsoGuard. Lishan. be to I look to Lucid sharing

Lucid ago. PAVmed in the start time. did for a at monthly open of with I market modest disclosure, my Before shares regard to retainer no I financial number me sometime hold equity pays small Lucid. I purchased a

Lishan to early pre-cancer lives quest has been detection. save major professional noted, my As through

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do announcing since Let Lishan as and asset as Lucid never never to dealt This been undervalued cancer be hostile had in at last spin-off, strategy a I'm decades. and been first Lishan has message standalone equity spin-off comment the appropriate move. were the is time now regularly make standalone the today. technology, the a for has company. I early colleague the detection the detection, a as whose FDA inclined time believer I about Time organized their FDA company EsoGuard which friend the me EsoGuard more in with There believed more within true for time now. believe lab that that an of to would to I early a has to XXXXs. and would early for have PAVmed companies for the a lab been when opposite prosper borderline conditions market, cancer over consider and anything I developed successful the this is Lucid to this been is a exact to Cytyc Markowitz Strategic two favorably detection. is public late joined receptive and I've I've summer. medicine advocating an decision established, what is with in for long on Lucid Advisor that the conferred Sandy the

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the detect and and EXACT messaging prevent key which public, to and the the your Lucid to is the simple precancer, is risk long-term exposure ten-year cancer. gastroesophageal hear The you the and the This to team gastroesophageal is data. cancer, depends it’s esophageal to Lucid’s message formula. lives. the now the It's save and you GERD You out, starting clinical a it. success Cytyc on reflux cancer the get formula relationship to increases esophageal between reflux needs message A enormously. public formula

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or go to no ODT will logic another competitive months very such until the milestone, are story what and to access completion a favorite into that programs I marketing capital. company spin-off. longer and be successful these the local and they to public here markets. back of Lishan. require strong, company. the we of I'll support environment IP to you, study. The hand to thought believe clinical believe that. This is Lucid growing I obtaining the spin-off will I few sales Finally, strongly know that portfolio all of a is and A plan as The given I reason the support spinoff large they high-quality Lucid are thrive ago, have. data a the and public public the studies ongoing I as waiting access the consider might to strength things already stop doing, factors believe the that with pivotal coverage, standalone Lucid publication

Lishan Aklog

a and our rapid opportunity and with so that the usual are several that past benefited those our get time much, had so provide Maybe divisions and have just that advice learning now Stan. fire will who I'm products. thinking happy of PAVmed. precise close the from over brief glimpse we actionable to some background for of you across to analytic I months. me about listeners for highly the Thanks updates don't I've context

additional for website us So our contact any I'd filings encourage and SEC you and refer to information questions. to with

and So let's first with some GI close Health. out Lucid items

trial support mentioned, On the continue and Stan future FDA submission and our clinical X IVD ESOGUARD front, of enroll. PMA studies as registration and BE-X

we have today. Although travel That slowed to site European the COVID winter remains studies XX of XX are and enrolled surge XX restrictions. predictably and approximately our during said patients the sites pace initiation two the delayed due across active

time. We've new to the to our enrollment a month, operator and next introduce also into the taken pushed XXXX. return expect precise shutdown training improved date delays to our strengthened full we buffer preservative program COVID of completion the COVID related EsoCheck accessory. Although cumulative early have a more during target and advantage We've pace user-friendly this related

later mark and On the Europe successfully this select and to all self-certification necessary with of guard CE audits the commercial by EsoGuard’s European Notified next a in Bodies quarter launch complete countries receive product EsoCheck’s we've limited completed approval in the year. European expect

input We animal pushing and submission planned the accessories continue target date and medical forward to to we've make features added our the early excellent our ablation on months from progress a several on testing XXXX. into Based our EsoCure, product advisors, device. some esophageal FDA few

apply to opportunities to esophogitis. EsoCheck mediated to allergy condition We also very continue eosinophilic common pursue the

waiting to and results are study out University the licensing We to opportunities the this continue of space. explore print of from in Pennsylvania pilot

So next up interventions. basic CarpX, our many

successful U.S. announced The truck last one work – carpal a within driver more recently patient surgery. conventional patient we as in minimally tunnel procedure. the the carpal As to is release, typical contrast, week, following syndrome first invasive recovery returned tunnel underwent CarpX time

focused aggressive team a with will later effort on steps as steady trainers commercialization and and broader, we hand proctors the with continue small procedural world-class a commercialization group optimizing surgeons ambassadors, plan more safety. This and We serve of year. launch the a deliberate when in

all Mark approval well. of CarpX Notified CE by successfully audits expect receive to the necessary as the completed quarter European also next We have Bodies and

to have are distributors commercial a We European specific for have do European evaluating not and launch. potential time

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commercially We also stage promising to academic medical continue innovators innovations, and startup exciting centers, evaluate presented regularly early to which are companies. by clinical us

call for can and now the with questions. attention open that So you thank operator, all your we to

Operator

from Lake Our with Instructions] Capital Takkinen Frank of comes [Operator Markets. question line the first Street

You question. proceed with may your

Lishan Aklog

Frank, good morning.

Frank Takkinen

taking Congrats the on questions. news. thanks for That's great. guys, morning big Good thanks. Hey, my

GI makes pure-play health it perfect company. a sense think I elusive as business that

but throughout wanted So to Stan forms for maybe and in a I I'll call, it. with revisit start question this Stan maybe just commercialization different of one differences bit a IBD? of with speak a talked about and go the bit importance little of a versus little the was And just couple you maybe to the Cologuard similarities see EsoGuard the the But deeper. and talk bit little about realized

Stan Lapidus

be cornerstone a not clear, primary Maybe It's EXACT XX% clear. for called not of publication recommended problem to National the it – procedure that colonoscopy screening. Polyp of like in the something of in had something When based colonoscopy achieved the colonoscopy market of the non-compliance, started and daunting XX% the assumed a had also for test role million persistent been you EXACT’s share. who've had is GI-income XX% the welcome has standard to the highly we of did screening, biggest XXXX difference on Organized is effective. And became care And problem was be those really colonoscopies a it. compliance. because gastroenterology year $X Study

for was biggest approval Conroy income Cologuard part FDA gaining core with competition, job taking outstanding The an reimbursement presence Cologuard. swipe that's So, probably the of a concurrent at difference. at Kevin of the direct the community, the did large of GI

securing Lishan think the reimbursement. team I reimbursement done way the well pre-FDA along as better with even way, Well, to and FDA while job possible here. company and on have its it

those are the So two points. principle

Frank Takkinen

next both watching the time. to transaction front we're for as next about milestones milestone to the for some great. on have trajectory trajectory Terrific. Lucid a That's thinking we're well the as over to on successful months, of that be the When as a are XX on of looking it key be standalone what confirming as the EsoGuard we Cologuard, As should of confirming company? a is XX so just template period

Lishan Aklog

we sort model, just through of sequentially. go Slo-Mo Yes.

we're So forward. moving

As with proceed the I said, we spin-off. intend to

bankers the assumingly up. again, discussions And so hold process market are conditions to that start in we with

ready that's to So go.

this as which with how And plan really In fairly in I why of a instead terms EsoGuard – terms commercialization. big difference is EsoGuard, spin-off, the we proceeding to of we again and that responding pursue going way we're And continue continues to is of of fine. expect, it's which one sort to organic pursuing, are really reasons the mentioned that how outreach, are GI-to-GI need channels sales to have of multiple our given going to will we the We accelerate. strategy consumers this of felt the door-to-door, that's going.

where on have if that when can gastroenterologists for care a and assure in can to be vagaries will our we'll of their they start if inquire. we we the that patients and the perform not in network so assure primary were in spring, – testing send geographic locales, distribution have physicians to a program I building nurses metropolitan depend area house of specific initiating mentioned as So we someplace – of we and EsoCheck them they pilot we own that venues, with

results we'll months. big spread the spring start and details to study those out really a of that's plan hone us this So that that to pilot on XX next the over and we'll for XX the based initiative

sort And of really So that'll significantly over commercialization accelerated lot time. escalating this accelerated an multiple channels think fashion, that's our for revenue I clinical to for extremely recognizing in EsoGuard key give and the important. of consume those start ultimately trials because us an effort escalating The those really really pace opportunity activities. are

I EXACT as will think for pivotal will and the that of submission receiving for for study, through they PMA were a and be mentioned us. of the completion Stan be registration they milestone, the IVD critical

commercial are related very bit the the research during obviously delays, – are we as gets unfettered been because confident COVID we'll both activities always So But when vaccinated, access, now backseat feel clinical research a that healthcare as clinical they the it's – workers thing the have for backseat well first frustrating shutdown. the takes trials. the we

complete enrollment full So more securing That PMA IVD important, now become has of by part in much finalized next or to also submit and the the pace MCIT we hopefully FDA. early secure should Rule month registration. XXXX has IVD the of be in part at and that registration been

to now CMS been last final coverage ability FDA enhanced upon So rule that since has implemented secure call. approval our our because of is

focus marketing, – are sales well next data what on. be expanded XX things months. the this spin-off, dominant had clinical network direct-to-primary we're So commercialization really then directly getting those and obviously focused our care focused the pivotal proceeding we as on We're own study, the the and this and as strategy building that using completing those on that's are marketing, Stan over Building the emphasized. to to direct-to-consumer and going as on

Frank Takkinen

And could raises. level the offering? sheet Dennis, then last post you of Perfect. and for capital in place just getting one with are debt you you if standing a level now Maybe really guys a cash Dennis, a job good better where the recent the lot balance have set guys us January done from

Dennis McGrath

Yes, on XX using just at the just around million benchmark. We're $XX.X XX a sure. million value of under – December pro as Thanks. forma And basis a presently debt face the we're principle is principle

Frank Takkinen

for Thanks on spin-off. my congrats right. taking questions Great. the All and again

Lishan Aklog

lot. a Thanks

Dennis McGrath

Thanks, Frank.

Operator

next Vendetti Group. the with Anthony from of question Our line Maxim comes

may You question. with proceed your

Lishan Aklog

good Anthony, morning.

Anthony Vendetti

Thanks.

Dennis McGrath

Good morning Anthony.

Anthony Vendetti

certain about to you don't a with that the in a quarter, of area second the number the want bit area, to I the little you want there to program patients of kind that? results on if just started but Lishan, that and metropolitan more you for roll how What's that's a have major what pilot to just know looking detail one going is out. disclose can you get you for, talk planned little have metropolitan timeframe are treated

Lishan Aklog

it way will about area Sure. XX venue. won’t It’s towards it'll I of we EsoCheck, part – which sort operators And won't roll a that in the move EsoCheck buy of that, them. metropolitan And out be on the one. top one establishing we specific is quickly

primary We located EsoGuard they either self-referral physician, trained available referral or two use clinical a in area and them specialist in. a or that metropolitan come venue with we be as will partner a hire nurse will and in or to retain a care to do procedures

that things. point, actually already they're place actually And media of and really marketing materials we of there. we'll on and most So patient in marketing those. logistical be that's side that's that the turn functioning this. the And focus materials operational expanding begin the of the the are social direct-to-consumer know side of world, the we'll kind the – and in all already animations At obviously in switch

modest switch of chronic of to area. hone EsoGuard inquire, to would infrastructure the then But the campaign to expect how we from the in just give many location. it. patient Obviously, advertising, that even is local to people turn a a we'll like we if begin able of to sort activity as the the once understand you heartburn, sort direct-to-consumer a testing, disease, in send they patients metropolitan sort very the – marketing I'm on for – social to message. so have position understand from on metric of consumers of that be sort I can you The not And the mechanics just of people sort here formal tell and without paid little, goal they media frightening again, understands and

And so lot inflow it would I infrastructure if and of we on. requests switch not the to have that we when testing. surprised a be turn for We'll handle capacity the of get hopefully

Anthony Vendetti

remain you'll Is event? for then timeframe months that… spinoff shareholder this? great. six a to is three And Okay, Do have or in And mentioned in or largest combination. XXXX you – this you any that the a next the

Lishan Aklog

we're quick, let me that answer So that. real starting

want because market the us. We're don't close not obviously, opportunity close on starting window and and we're markets waiting. be So to can the finicky the we

process. that starting we're So

Anthony Vendetti

EsoGuard, includes that. the subsidiary into Lucid’s else that And correct? EsoCheck, Is the under that Okay. goes includes everything – nothing EsoCure,

Lishan Aklog

me let – one just say let’s make clarification Well, there.

the And soar for those and products. from – Western Case EsoCure and EsoGuard technologies the Lucid. EsoCheck, so by Lucid license licensed are is licensed as EsoGuard

a Lucid have So on our be PAVmed PAVmed EsoCure to Yes. through and between called EsoCure but determined. Lucid – have sell IP is to and we plan PAVmed are and an built arrangement Caldus, technology. is actually in market we

will be be sales and licensing marketed. the infrastructure of but EsoCure will that's that's the of pricing because with type at infrastructure be forth, Some ahead, marketing agreement clearly where where transfer a will least part and gastroenterologists the so

Anthony Vendetti

Okay. over first on And obviously, getting successful pivot to treated. patient to That's helpful. just CarpX, congratulations that

you starting that. to roll a out about roll resources out how little that, Just of, Any on commercial the in launch. color that's this more terms as behind

Lishan Aklog

Yes.

here simple deliberate going office So procedure. because a we're I emphasized space is the procedure. is not obviously approach interventional it's which beginning as from fine, I've very EsoCheck, It's a but a this that taking before, mentioned just

the important in to early And what and these work surgical and we to so the doing committed you is of of sort procedural a most so. broader the have launches we're operators efficiencies with doing. make And launch. thing sure that's associated that steps before devices continue And through do to interventional

to cadavers tests. surgeons trained are special beginning have a are that are and the We pipeline half in in a being about dozen

surgeons first We'll or XX that we during the so end will of have the at commercial broader we'll half ambassadors time. trainers sufficient of of launch that will it proctors time. who can And number during do this and probably then serve that be period process once at year. that, expand continue turn then the at point on And meetings, general and as the podium XX in and to switch of the a a

second number of groundwork from for we've the So point That'll but modest stage a activity obviously – half. the case accelerate view laid commercialization, during of expect case early point then once through that. of we view this

Anthony Vendetti

hop that things on like I'll last in and… Is that question, is back Then COVID-XX slowing queue. Okay. down CarpX, the

Lishan Aklog

it yes, been, to really, had Not sorry interrupt.

has It been. Sorry.

getting the schedules, those to getting well cadaver guys both things kind a for forth, in the front clinical – those to but it's as vaccinations. so CarpX slog. of of we The broadly the actual that on EsoCheck you things commercial because now part now, scheduled, and to on research, of getting labs been So training see and and EsoGuard cases a have activities, I do said get as

moving been when in turned come because were have they'd away just we focused, January we little we schedule back visits, get So when to frustrating it was would would they a say, In try we'll for all now really we and vaccinating, access healthcare commercial research CarpX. think really pretty that's wrapped activities, that have much and institutions, unfettered clinical the most forward including up.

Anthony Vendetti

it. Excellent. All I'll so back queue. hop Thanks right. Appreciate much. the in

Lishan Aklog

Thanks, it. Anthony. Appreciate

Operator

Ed next Our question of the comes line with Woo Ascendiant Capital. from

You may your proceed with question.

Ed Woo

Lucid just have my it that will have out of ownership for you going targeted interests question Thanks you Great. completely? forward, is, you and do question. plan spinning to consider My

Lishan Aklog

far – first the your with question. But we a one understand we we to I'm can be the able this mean, not the maximum I'm forward. second we to is receive the sure all not I know PAVmed straight in sure expect, to I for the seek that Lucid’s and asset. given valuations really on based good such And shareholder we'll garner market. be way current the transaction, largest believe valuation

I'm that's we part anticipate your PAVmed sure sell, So and second we is do – if answer not the Lucid Lucid The you're selling share will no. question. do of saying,

Ed Woo

anticipated change Lucid is, with the great. other transaction? Then the Okay, there question management is of this any with

Lishan Aklog

right with proven efficiency efficiently are the extremely – getting track we and terms no. past – that and years. The over where operates of has immediately, Lucid for So its it to now X.X record in

manage Lucid’s But are spinoff, spinoff PAVmed. services we'll going activity there's within agreement company. required be going So and management to with through be to be there's to lot the a resources that as a of of Lucid through a continue going to lot a

bring do the we we intend we that Lucid complete the deliberate soon within management highest – as people team don't certainly expand a we spinoff. fortunately and in spinoff. fashion quality Lucid into senior after to identify can But that as the to management So

Ed Woo

you thank luck. and my Well, for good question Great. answering

Lishan Aklog

really this for All reached the and would Dr. to back session. I like closing today's turn have right. Ladies Aklog call we it. gentlemen, a to question-and-answer over remarks. end appreciate lot. Thanks I of

Lishan Aklog

information Stan, and And us very we website. up our also where we and releases for joining modalities. thanks our and up Twitter, sign based obviously his forward we're look probably but post about with updates to you I'd email on and remarks. our portion going are alerts Again, the always joining to And like calls is our of periodic where events where best news and keeping obviously as learning Lucid I investors. all keep full IR today's announcements. active with YouTube, hour, us are. best and LinkedIn, up this insightful taking useful We PAVmed other found before for we're taken in you to about your on conference thank The insightful on progress, the for for to and things So to also useful And appreciate this regularly hope you be these press excited way morning. time the

also questions directly you encourage So I any Mike with at to contact JMH@PAVmed.com.

everybody Thanks have much. day. so a So great

Operator

This conference. concludes today's

You rest participation. Enjoy lines your at of Thank disconnect the time. your may your this for day. you