PAVmed Inc (NASDAQ:PAVM) Stock Rallies Following Preliminary Q4 Earnings

Diversified commercial stage medical devices firm PAVmed Inc (NASDAQ:PAVM) is one of the companies which may well deserve the attention of investors at this point in time in light of the latest developments.

Trading Data     

On Tuesday, PAVM stock soared 10.98% to $0.4608 with more than 617.11K shares, compared to volume of 534.58K shares. The stock moved within a range of $0.4200 – 0.4975 after opening trade at $0.4200.

PAVmed Provides Business Update and Preliminary Fourth Quarter and Full Year 2022 Financial Results

The company, which mainly operates in the digital health, medical diagnostics and medical device sectors, came up with business updates about its subsidiaries and also provided the financial results for the fiscal year ended on December 31, 2022. The company announced that in December last year, its subsidiary unit Veris Health Inc launched its Veris Cancer Care Platform on a commercial basis. Additionally, it was also announced that the subsidiary Lucid Diagnostics had continued on a path of steady growth in recent times.

Lucid is based known for its diagnostic product EsoGuard and in the fourth quarter of 2022, the revenues from that product came in at $0.1 million. On the other hand, the revenues from EsoGuard for the fiscal year stood at $0.4 million. At the end of the fiscal year, PAVmed had cash and cash equivalents to the tune of $39.7 million. That reflected a significant drop from the cash balance of $77.3 million at the end of the fiscal year on December 31, 2022.