Mike Havrilla Director of IR
Lishan Aklog Chairman and CEO
Dennis McGrath President and CFO
Frank Takkinen Lake Street Capital
Ed Woo Ascendiant Capital Markets
Jeremy Pearlman Maxim Group
Call transcript
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Greetings, and welcome to the 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 of conference Investor like Mike your now Director Havrilla, Relations would turn to the host I for PAVmed. proceed. Please

Mike Havrilla

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

moment the differ and statements McGrath, is from Factors Please Joining made. could both are Dennis business filings Lishan in Aklog, Officer; and release risks disclaimer updates the read announcing available include our Chief cause website. forward-looking Financial to known and are that Chairman to Securities me differ call our in a The actual to the about And with Dr. to results and Chief on Exchange disclaimer and in unknown PAVmed's these the forward-looking cause take call, press are today and materially the Executive conference subject release and business may described and financial statements forward-looking this uncertainties, on President press results and the statements. update Officer. Press statements results Commission. actual release.

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

Lishan Aklog

Thank the and And or afternoon, you important Well, good on next forward these over the our quarters for namely, active strategic this seeking so coming everyone. subsidiaries. useful to of with PAVmed are recent some where past I weeks, its the developments Mike. look quarter very company on times minutes in and evolution we up spending you you, And XX catching thinking, and exciting insights and to providing are in take years. the

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Dennis McGrath

Lishan and Thanks afternoon everyone. good

we this quarter XXXX, be report ended for that our published our brief XX-Q in with second will quarterly be It in our afternoon reported coming time summary earlier on the me Form at Let was XX days release. press financial in SEC June our the and website. filed results on @sec.gov will available the

the EsoGuard So recognition, with so our tests cash when rule will performed already by revenue as as GAAP recognized far calls, from revenue quarterly a know as update be regard general to you the is test but previous company. collected performed

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You'll costs, quarter that or charges, as $X.X financing $X.X second reported that for related the of or adjusting $X.XX June free. is million per PAVmed GAAP million that for company by XXXX notice from other common of and XX, non-GAAP had of million loss the $XX.X loss table after approximately non-cash such and share. cash debt adjusted

approximately the with additional During the company second the exercise of from the quarter, issuance net $X.X million proceeds received of of common connection stock in warrants. Z

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

Lishan Aklog

Dennis. Thanks,

our So rapid on let's a short Lucid, time, and up now of fire updates I'll our as with proceed portfolio. of and health commercialization, then with with updates update the my other will which, in various close launch, proceed systematic business. usual on bulk the start CarpX products with the brief take

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


Street from Frank [Operator Takkinen Instructions] is question Markets. with Our first Lake Capital

Lishan Aklog

are evening. Frank, Hey, you. how Good

Frank Takkinen

focus Very here. Wanted in and good. Lots questions my for here. things new questions. exciting EsoGuard Thanks on my to of taking

payers, you have speak any First, private heard success rate the for those well you cases as heard there have just back that seen you've can broader to back as levels that where from for on? you reimbursement a

Lishan Aklog

why that? you Dennis, don't take

Dennis McGrath

Yes. Sure thanks, Frank.

private of the have been by is, that about expect And for are coverage in received at out-of-network which payments rates almost price, there's on of is. the CMS which they're ResearchDx which the been that asked that rate of policies has the rate is that payer the billing because and the CMS So you in half from out side not designation agency network, paying XX% out-of-network largely typically payment encouraging XX% place. find we what rate would what of

Frank Takkinen

it. Got

the to great. And ask on opportunity. Phoenix That's wanted Okay. then I

kind that. one you area over of talk doing in how huge exciting a just just may talk care opportunity, to really And start adequately educate generating how primary bit of here. that volume to then time? get I you talk Obviously, target some is ranges to the patient about this you - Can can to think volume enough you're volumes what those referral I but about think direct-to-consumer just little to physicians wanted trend? the to advertising

Lishan Aklog


the start question. with me let So first

seen I sense early really sort mention did too dozens engagement, a And up. the lot lot meaningful to in as of come centers. bit of area. be for just said, this early good to of that with is of pilot us a very it care to one started It's referrals able meetings. on lunch bit quick will summer, the who how So I calling a with We've a ramp kind engagements of a test rep, with early primary well for cases this to is up to us - as program. any

primary quarter, to next actual the procedure marketing how the by these translate and certainly to should have testing that efforts our think as we volume could and sense volume - into centers. is care physician how I at we sales a better expect

more anything question? you really - than stage So apologize. would This really early your in the really, be difficult say that's really second it to process. us for repeat that. Can I

Frank Takkinen

efforts, to the marketing you market in related that generating Just have your awareness.

Lishan Aklog


marketing any media. traditional consciously So yet through have so we've designed we initiated this as firmly as X-step process, a direct-to-consumer not as

we and media Upscript up platform be telemedicine - that the can on and marketing. the two undergo activity test visit at some we're those wanted running a to with two, could so up is things they needed centers patients wait to were so because test until have that We happened. and seen the social the also the telemedicine building platform, direct-to-consumer in to response centers that that we One, running,

be expect until platform not is telemedicine as to to said, the on materials, already going are frankly, are ready and I that I trying go, so marketing the to all and that to and buys So all but that switch ad of the in place, we technical.

Frank Takkinen

it. Got

at Okay. one more I'll with And end just one end. then quick the

providing previously sites metrics were trained guys and around You stocking some EsoCheck.

give So, thinking around the can latest us those metrics? you

Lishan Aklog

we're decided discuss - with recognize to just We and because where for revenue moving that for future is think more can useful clinic have directly. you procedures forward track on and the a accounts commercial going revenue we Yes. activity it's more along metric accounts, one will

that others more on equipment trained procedures, you have even going come procedures a and and example, then week. a stock have and to for not do centers that get you're can perform So board, the

accounts. avoid procedure information So we'll to useful on volume and useful, the on at less focus the on future, for we're reporting going less least foreseeable

Frank Takkinen

for thanks And excellent taking That progress. makes congrats questions. it, sense, Got okay. on my again

Lishan Aklog

Frank. Thanks


Ascendiant Ed is question. from with next Woo your Our with proceed Capital. question Please

Lishan Aklog

afternoon. Ed, good

Ed Woo

there valuation? your ramp lot marketplace? product is of in had products wait new the got kind what the there then too stuff question add I there of a a you until Obviously, of IPO out you a seeing Talking Will going up. things high? terms new at on. of busy, market you terms Lucid opportunities. in of still you're lot a about potential on? out very before reasonable Or Are are And you

Lishan Aklog

Really, really question. intriguing

both So parallel. of we're pursuing those processes in

and acquisitions. level opportunities continued increasingly partnering it and with absolutely DNA parallel now has our this on the the for and more So we level but regularly at Lucid been viewing very licensing, are constantly, reviewing

that So not the I at, the, of can don't that about time one additional in areas used, for have is screening an really there's Esophagus, Barretts leverage an to not we're to front, non-dysplastic Western a some be technology as just progression example. of Barretts but will for to endoscopy in-licensing for talk identifying EsoCheck progression who area out monitoring have for say, alternative - and On Esophagus. and the from device of Hopkins, some dysplastic patients that have for exciting - technologies John pursuing we're looking to that that but non-dysplastic Case for biomarkers for opportunity particular another

see of institute on cancer the had a on others. We - lot We've conversations side, also - and are natural several with opportunities we the ongoing. technologies actually diagnostics reviewing we

across transom. that's technologies So are we certainly and full steam these coming ahead, seeing all

Ed Woo


is before So a of the hear much you it a good complete? be IPO surprise opportunity that wouldn't Lucid found we it about will that if

Lishan Aklog

really extrapolate the IPO. be of able to this on Lucid that implied I little sort to comment the sort that because of timing can't a of

it's how than say just just the unlikely, would IPO. obviously continue me that's It let - the expect IPO things things on the But proceed well think depends I event another go unlikely. at I I nearer-term a to with was that transaction.

Ed Woo

Well Great. questions answering luck. my and for good thanks

Lishan Aklog

Good thanks to you. lot, a Thanks talk to Ed.


question proceed is next Maxim your Our Please the from with with Pearlman question. Jeremy Group.

Lishan Aklog

are you? Hey, Jeremy, how

Jeremy Pearlman

about doing, the Anthony good. I line quick for you're had on am CarpX. I'm one Vendetti. the just I question How

guess, we'll a like? that? really due procedures now do you the I some the from when look are COVID middle in, ramp then to then in know talk more to to you're you there does delays you think and I sales full So up? and commercialization mentioned And What up side. of And maybe reboot. will Could pick because just that start

Lishan Aklog


part X historical really XXXX. related was really full we sort it I and of for look in last sort KOL, the getting what the think between first way months The more XXXX and about a we initial that clear, to commercial X initial is, half COVID the good be early and foundation was describing at launch. to a launch of the of year that I of this set in can established or year Just adopter, this early matters the end lost of

safety traction surgeons, love range with through obviously, reported fundamentals good in folks of help a now, to to of As enhanced having early really report Calvin about broader That significant we'd quarters. was I with The of early an engagement important - it's in procedural broader forward full really you coming transitioning we that on to remains and engagement but from behind the launch really commercialization the hit efficiency able a to KOL sort initial to commercialization before greater type much cases community. and with being the the until procedural and cases a said, fact up incredibly be momentum adopter significant get unchanged, surgical have we out and that device going look done to

launch X KOL full commercialization. months where said, still X from doing are we to process. about to committed the I probably that's and then initial we But our as initial proceeding so lost to And

Jeremy Pearlman

right. All Okay.

my everything perspective delay, comment. else, month So right, questions. my just KOLs plan, to taking for got you okay, like conduct from said, just with just Thank whole then you the other to much but X-X it. move very first I and on

Lishan Aklog

Jeremy. Thanks


remarks. and for gentlemen, to end call we of over Aklog turn would the back have to and Ladies closing session, like the I Dr. question-and-answer reached the

Lishan Aklog

thank today great and all questions. the So for us joining you for

directly our we releases, keep with news, also to you to way encourage jmh@pavmed.com. up new questions best sign for follow the always, forward our on LinkedIn on abreast Twitter, periodic us progress news and YouTube. to me updates you PAVmed alerts any I our events with and look Investor keeping e-mail via, up on - As of our website, our Relations conferences. press contact The to

So thanks again, and day. have a great


today's concludes This conference.

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