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Image source: The Motley Fool. Thursday, Aug. 13, 2026 at 8:30 a.m. ET Chairman and Chief Executive Officer - Lishan Aklog Chief Financial Officer - Dennis McGrath Vice President of Investor Relations - Matthew Riley Operator: Good morning, ladies and gentlemen, and welcome to the Lucid Diagnostics Second Quarter 2026 Business Update Conference Call. [Operator Instructions] This call is being recorded on Thursday, August 13, 2026. I would now like to turn the conference over to Matt Riley, Lucid Diagnostics Vice President of Investor Relations. Please go ahead. Matthew Riley: Thank you, operator, and good morning, everyone. Thank you for participating in today's business update call. Joining me today on the call are Dr. Lishan Aklog, Chairman and Chief Executive Officer of Lucid Diagnostics; along with Dennis McGrath, Chief Financial Officer. The press release announcing our business update and financial results is available on Lucid's website. Please take a moment to read the disclaimers about forward-looking statements in the press release. The business update, press release, and conference call all include forward-looking statements, and these forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from statements made. Factors that could cause actual results to differ are described in the disclaimer and in our filings to the SEC. For a list and the description of these and other important risks and uncertainties that may affect future operations, see Part 1, Item 1A entitled Risk Factors in Lucid's most recent annual report on Form 10-K filed with the SEC and any subsequent updates filed in quarterly reports on Forms 10-Q and subsequent Forms 8-K. Except as required by law, Lucid disclaims any intentions or obligations to publicly update or revise any forward-looking statements to reflect changes in expectations or in events, conditions, or circumstances on which expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements. I would now like to turn the call over to Dr. Lishan Aklog. Lishan Aklog: Thank you, Matt, and good morning, everyone. Thank you for joining us today and for your continued engagement and support. We continue to make strong progress across key commercialization initiatives as we await Medicare draft LCD publication, and we're eager to discuss these today. Let's begin with some key highlights from the second quarter and recently. This quarter, our laboratory performed 2,770 EsoGuard tests, and we recognized $1.5 million in revenue. Revenue is up about 17% from the prior quarter, and our volume remains within our target range of approximately 2,500 to 3,000 tests. This reflects increased commercial focus on testing opportunities that are likely to drive revenue. In addition, we secured our first laboratory benefit manager commercial coverage policy from Concert. The Concert policy has already been adopted by multiple client health plans. This is a major commercial coverage milestone and represents third-party review of EsoGuard's clinical evidence. Concert concluded that EsoGuard is medically necessary for patients meeting established screening criteria and that the evidence definitively demonstrates improved health outcomes. We'll talk more about Concert and the significance of this policy shortly. Now let's turn to key updates related to market access and commercialization. With regards to Medicare, we continue to wait for publication of our draft LCD, but we remain confident that we will secure a positive draft policy. We do note that there's been a broad backlog at CMS with regard to LCD output. However, there does seem to be a sign that backlog may be loosening. Several long-awaited LCDs have been posted in recent weeks. With regard to the VA, this remains a very large opportunity for us, and the process is progressing very well. Our team has built a robust, high-quality pipeline of VA centers across the U.S., and most notably, our clinical engagement has been extremely positive. We're essentially getting no pushback from the clinicians. The team is making progress in translating those clinical engagements into contracts. A key focus is securing contracts for the new federal fiscal year, which begins on October 1. Next, let's try to provide some additional context on Concert and our commercial coverage updates. So as anticipated last week, Concert issued positive coverage policy for EsoGuard, representing our first laboratory benefit manager LBM coverage policy. They specifically covered our test but noted that other esophageal precancer tests that were evaluated were considered investigational due to insufficient evidence. Let's talk a little bit about how laboratory benefit managers work. Laboratory benefit managers concentrate the technical assessment of molecular diagnostic tests into single entities, and client health plans contract with them in order to ensure coverage policy. Three of Concert's client plans have adopted our policy with several more expected to do so in the coming months. Not all plans permit public announcements, so we won't necessarily be presenting that publicly. The plans that have adopted the policy are somewhat concentrated. Securing these regional commercial plans enhances our ability to allocate resources accordingly. We continue to be actively engaged with all the other laboratory benefit managers, and we do feel confident that the Concert policy will set a precedent for others. Moving on to healthcare economic research. Unlike with Medicare, an important tool for commercial coverage is demonstrating cost-effectiveness. We have partnered with the lead author of the American College of Gastroenterology guidelines and have developed a sophisticated cost-effectiveness model, working alongside HEOR experts and international key opinion leaders in Barrett's esophagus and esophageal cancer. This model compares the long-term clinical and economic impact of EsoGuard screening versus current care across the at-risk population. It's very important to take a long-term view of these cost-effectiveness models, particularly in screening, where the benefits of early detection can take years to emerge. The model assessed the impact on BE detection, on esophageal cancer stage shifting, esophageal cancer avoidance, and esophageal cancer-related mortality. This information helps payers assess whether the clinical benefits of EsoGuard DNA justify the cost. The model is expected to be completed this summer, but the preliminary results are actually very encouraging and show positive clinical impact, with EsoGuard appearing as cost-effective compared to current care. The other key area of focus is our engagement with health systems. There's extensive health system work underway and it's a major part of our commercialization strategy. We're translating those initial conversations into active implementation work. This process is a long time -- can take -- the lead time of this can take a bit of time, but we're starting to see results from it. Part of the work involves tailoring the clinical workflow, supporting patient identification, ordering, and results. The EHR plays a particularly important role in health systems with regard to automated patient identification, streamlining patients within the health systems toward EsoGuard testing as appropriate. So, in summary, we really are getting meaningful traction across market access and our commercialization efforts, and we haven't been idle as we await Medicare coverage. Obviously, Medicare coverage remains our most important near-term milestone, and we remain confident we will secure a positive draft policy. Our VA work, as I noted, is progressing well, and we expect that success to build in the new budget cycle and contribute to future revenue growth. Commercial coverage, economic evidence, and health system infrastructure are all advancing extremely well. Collectively, this progress is increasing Lucid's visibility and creating interesting opportunities for broader strategic engagement. So with that, I'll turn it over to Dennis for the financial update. Dennis McGrath: Thanks, Lishan, and good morning, everyone. The summary financial results for the second quarter were reported in our press release that has been distributed. On the next three slides, I'll emphasize a few key financial highlights from the second quarter, but I encourage you to consider these remarks in the context of the full disclosures covered in our quarterly report on Form 10-Q. With regard to the balance sheet, cash at quarter end, June 30, was $33.4 million, which is essentially flat with the year-end balance. We completed a common stock offering during the quarter with net proceeds of about $16.8 million. The average burn rate for the last four quarters, including cash interest on the debt, was $11.6 million per quarter, with the second quarter a little bit lower at $11.3 million. Our $22 million secured convertible debt is a five-year note, interest only at 12% with $1 conversion price, which is held by long-term shareholders. The fair value of the convertible notes in the amount of $23.5 million at quarter end is really the only other substantive change from the previously reported balances at the end of the year and also at the end of the first quarter. The fair value decrease of $1.7 million in the quarter reflects a mark-to-market quarterly adjustment in parallel with the common stock price changes between the periods. The fair value decrease also is a substantial part of the second quarter income pickup of $1 million reflected in other income in the P&L. Shares outstanding, including unvested restricted stock awards, and the earlier conversion of the remainder of the preferred shares, are approximately 203 million. After the conversion of the Series B1 preferred shares on May 6, there were approximately 22 million common shares held in abeyance due to the 4.99% ownership blockers in the former Series B and B1 certificate of designation. If these abeyance shares had been issued, common shares outstanding would be around 225 million. The GAAP outstanding shares as of June 30 of 190.8 million are reflected on the slide as well as on the face of the balance sheet in the 10-Q. GAAP shares do not reflect unvested RSA amounts, and there are no longer any preferred shares outstanding. At present, PAVmed continues to be the single largest common shareholder of Lucid Diagnostics, with ownership of approximately 15% of the common shares outstanding. Although PAVmed no longer has voting control of Lucid, they, with the board and management, still have a considerable influence over Lucid with approximately 25% voting interest. With regard to the P&L, this slide compares this year's second quarter to last year's second quarter and year-over-year on certain key items. Trust you'll review the information in my comments in the light of the cautionary disclosure at the bottom of the slide about supplemental information, particularly non-GAAP information. Our sales team sold 2,770 tests for the second quarter, with a billable value over $7.5 million, resulting in recognized revenue of $1.5 million. The test volume is within the range we have been targeting in this pre-Medicare time period. With new investors once again joining us for this call, it's worth repeating what we've communicated in past quarters about revenue recognition. The key determinant of how revenue is recognized at this point in our reimbursement journey is the probability of collection. Therefore, due to the fact that we are in the transitional stages of our reimbursement process, means revenue recognition for the majority of our claims submitted to traditional government or private health insurance will be recognized when the claim is actually collected. Versus when the patient's report is delivered, invoiced, and submitted for reimbursement. As you'll see in our 10-Q, this is called variable consideration in the jargon of GAAP's ASC 606 revenue recognition guidelines, and presently, there is insufficient predictive data to reflect revenue from all of our quarterly test volume at the point where the test is delivered to the referring physician. For billable amounts contracted directly with employers, including the VA, and that are fixed and determinable, will be recognized as revenue when our contracted service is delivered. Generally, that means when the report is delivered to the referring physician. It's important to note that a pending Medicare approval decision impacts 40% to 50% of our addressable patient population, and therefore will have a significant impact on our future revenue recognition analysis. Furthermore, for tests performed on Medicare patients with dates of service within 12 months of a final positive Medicare policy, we'll also get paid within a reasonable timeframe after the final policy is issued. With regard to the remainder of the P&L, the second quarter's total OpEx on both a GAAP and a non-GAAP basis is slightly higher than the first quarter by about 5%, reflecting expected increases in commercial activities, including headcount and sales personnel, clinical service staff, and market access. The non-GAAP net loss per share of $0.06 in the second quarter is better by about a penny sequentially and about $0.04 versus each of the previous three quarters prior to that. With regard to our operating expenses, this slide is a graphic illustration of our operating expenses after eliminating non-cash expenses for the period is reflected. Non-GAAP operating expenses of $12.3 million are basically in line with the average non-GAAP OpEx for the previous five quarters. That is $12.3 versus an average of $12.2 million for those five quarters. Let me close with a few reimbursement highlights for the second quarter. In the second quarter, as mentioned, we sold almost 2,800 tests, reflecting about $7.6 million in pro forma revenue at our list price of $2,749. During the second quarter, we recognized revenue of about 19% of that amount, or $1.5 million. Recognized revenue included about 35% from insurance claims submitted in the prior quarters, with the longest dated item over two years ago. Of the claims submitted in the second quarter, about 65% have been adjudicated and 35% are pending. Out of the 65% that have been adjudicated, about 28% resulted in an allowable amount by the insurance company, with an average of $1,424 per test. Of those denied, most fit into one of three buckets: A, medically not necessary, deemed to be medically not necessary or investigational; or B, require prior authorization; or C, require additional medical records. The balance are deemed to be non-covered. With that, operator, let's open it up for questions. Operator: Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. [Operator Instructions] Your first question comes from Kyle. Alexander Vukasin: Hi, this is Alex Vukasin and I'm on for Kyle Mikson. The test volume remains essentially within the bounds of the guidance you've given us previously. So that comes to no surprise, really. How did the VA factor into the test volume during the quarter? Lishan Aklog: The VA has not yet contributed meaningfully to the test volume. We're still in the process of engaging with the centers and working through budgets and contracting, and we're really in that phase. So that's going well. We're starting to secure contracts, and we'll start to see the VA contribute to our volume moving forward. Alexander Vukasin: And so, looking at operating expenses, you noted there was an uptick during the quarter reflecting increasing commercial activities. Given the potential timing of the draft and final LCDs, can you just discuss plans to potentially accelerate SG&A in the next few quarters? Lishan Aklog: Yes, let me just start. As we've discussed before, as we're awaiting Medicare, we have been over the past couple of quarters, making some updates to our commercial infrastructure in order to be ready to accelerate our commercial activities upon securing broader reimbursement. So that involves shifting some of our commercial personnel to more senior personnel to more senior personnel so that we'll be able to scale more readily and adding a modest amount, as Dennis mentioned, to the overall commercial headcount. Dennis, did you want to add anything? Dennis McGrath: Yes, sure thing. So implicit in your question is also the implication in terms of burn and capital requirements. It's important to note when you think about that, yes, we are going to increase headcount. We are going to increase programs and take advantage of the reimbursement landscape as it improves. But because we have a roughly $2,000 test and a 90% margin for the next patient in the door, you're not going to have the incremental burn that you otherwise would have if this was a 50% margin test at a lower price point. So one of the favorable things, or tailwinds, if you would, is just that, the test price, the margin. And yes, we are going to increase our OpEx, but it won't have the direct correlation to the burn that otherwise it might have. Lishan Aklog: If I could also add one other thing, Alex, which is that, you know, as you'd sort of said in your first question, we do expect to start seeing the impact of our efforts at the VA as well as our efforts on the commercial payer side as we start to secure coverage policies and ultimately translate those into contracts and allocate resources accordingly. So, it's also in preparation for increased commercial activity related to the VA and the commercial side as well. Alexander Vukasin: One last one from me. So you recently contracted with your first LBM, efforts of which you alluded to during your discussions earlier this year. Can you just elaborate a bit more on this news, as well as the potential you could bring on additional LBMs into the fold in the near term prior to Medicare coverage? Lishan Aklog: Thanks, Alex. I think the first part was just elaborating on the LBM itself and what that means, and then how this may serve as a launchpad for futures. Is that correct? Alexander Vukasin: Yes. Thank you. Lishan Aklog: Yes. Okay, great. So yes, we're quite excited about this. Maybe just a bit of an additional primer on how the system works. The diagnostic industry has -- on the coverage side -- on the commercial coverage side has laboratory benefit managers where they concentrate the technical expertise in assessing complex molecular diagnostic tests like ours. And client health plans, regional as well as national plans, contract with these laboratory benefit managers to write coverage policies on their behalf. So this is a very big first step for us. This is our first laboratory benefit manager, Concert. And we're quite excited that the coverage policy that they wrote makes it clear that EsoGuard is medically necessary and really validates the bulk of our clinical evidence in support of that. And it did so looking at the entire landscape of potentially other products and found that only ours had sufficient evidence to justify that. So that was a big step and further validation of its importance is that 3 of its plans, 3 of the client plans, of Concert almost essentially immediately published their own coverage policies in sync with that, and we expect several more to come. This gives us an opportunity, as I mentioned in my prepared remarks, since often these plans tend to be regionally concentrated. It gives us the opportunity to allocate resources in a geographic fashion consistent with that. The second part of your question is also extremely important. It's always important to get the first one under our belt in conversations with other plans and with other LBMs. Obviously, a very common question is who else is on board. So having Concert on board will certainly help us, and it's been a positive -- has had a positive impact on our ongoing discussions with other LBMs. Operator: Your next question comes from Mark with BTIG. Mark Massaro: I guess the first one, just maybe asking about CMS. I completely understand there's been a long queue for several years. I just wanted to maybe ask, I know there was at least one person who changed or is about to change his role at Palmetto GBA. I'm just curious if you think any of the personnel change might have any impact to your weight in front of Medicare? Lishan Aklog: We don't think so. As we've said before, we've been in close communication with the leadership at MolDX, and we obviously do our best to try to understand to the best of our ability what may be going on behind the scenes. We feel quite confident that things are in the late stages and that the work that went into getting us this far all the way through the tech meeting and beyond is already sort of built in, baked in. So it's our understanding, you know, to the best of our ability to ascertain, that as you hinted at the beginning of your question, that there has been a bit of a prolonged backlog with the processing and the -- delays in processing LCDs coming out of the MACs, including MolDX and at CMS. There's a sort of a broad sense within the community that this may be loosening up as a couple of long-awaited LCDs that apparently were using up a significant amount of the bureaucratic bandwidth have come to fruition over the last couple of weeks. So we're hopeful that loosening will accelerate the process of -- processing our LCD. Mark Massaro: Okay, great. And then congrats again on getting Concert over the goal line. I guess can you just remind us, it looks like 3 of the plans have followed their coverage. If you could remind us how many plans look to Concert and, if all of them converted, do you have a sense for how many covered lives that could mean? Lishan Aklog: Yes. Under Concert -- there are numerous plans under Concert leading to just under 10 million covered lives. All I can really say publicly is that 3 are on board. We expect a couple of more in the coming quarters. And then ultimately, we have every reason to believe that all of the client plans will ultimately mimic the coverage policy of the LBM. Mark Massaro: Okay, perfect. If I can sneak one last one in. I just want to make sure that you're still planning to move in line with your target of 2,500 to 3,000 tests per quarter. And then I wanted to get a sense for how some of the activity is going just generally with firefighters and also with some of the more typical initiatives in primary care type clinics? Lishan Aklog: So, yes, I think for now we're still targeting that range sort of as we prep behind the scenes and kind of make the modifications behind the scenes that I had mentioned in my earlier response. I think the trigger for us to start trying to drive up that volume by increasing our resources will really depend on, obviously the big trigger would be securing our draft coverage policy, but also the parallel efforts and traction at the VA and with our commercial plans will obviously influence that as well. You know, as we've talked about previously, the mix of that volume, even though we've kind of reported a fairly steady number quarter-to-quarter, we're trying to shift that. That earlier that was dominated by the health care type event that you had described -- that you were hinting at, the firefighter events, as those were the most efficient ways for us to generate the test volume that we need to drive claim submissions and drive and support our engagement with the commercial payers. So behind the scenes, as we've talked about previously, we have been making adjustments to our commercial strategy, our incentive plans, and so forth, to start shifting that volume back towards more traditional engagements with primary care physicians and gastroenterologists and as we've described, health systems as well. And that is working. We've also started to see -- also have been pushing the team to shift more of our health care events towards contracted plans where we have confidence and assurance that we'll get paid for. And that progress -- that's progressing as well. So as you may note that our revenue this quarter was up even though our test volume was flat, it's a reflection of those kind of behind-the-scenes efforts. Dennis, do you want to add anything to that? Dennis McGrath: Yes, sure thing. So, Mark, maybe just a little bit more granularity, just expanding on what Lishan said. Our comp plans are now more heavily weighted towards what the team's calling MVAC, Medicare, VA, and contracted revenue. The contracted revenue would include firefighters and self-insured employers. It's an emphasis on getting paid. And so when you look at the total of 2,800 tests in the quarter, just under 40% fit that category, and that's up substantially from the previous quarter. And the government insurance, which all include Medicare and Medicare Advantage, Medicaid, and TRICARE, and the VA is about half of that, and the direct contracting is the other half. And as Lishan said, the VA presently is not contributing to the test volume. The VA is more about obtaining purchase orders and pipeline building until the new budget year in October. Test volume from those PAs, from those purchase orders is forthcoming and that'll contribute to the mix. So that gives you a little bit more color in terms of the split on the volume, but it is increasing in terms of the concentration on the MVAC commercial efforts. Operator: Your next question comes from Mike with Needham. Michael Matson: So I guess first, just on this cost-effectiveness model, I was wondering if there were any kind of metrics you could share there. I don't know if you were looking at things in terms of, you know, cost per quality-adjusted life year or something like that. Lishan Aklog: Yes. We don't -- we're not publicly -- we're not ready to disclose the public numbers. We're still wrapping up the final touches to the model, but it is a very sophisticated HEOR model. We have worked with Dr. Nick Shaheen, who's one of our close advisors. You guys may recall he's the lead author of the American College of Gastroenterology guidelines. And he also happens to have a lot of expertise in this type of model building. And these are quite sophisticated models, kind of analyses that incorporate numerous variables, does modeling in a variety of scenarios. And their view is towards the long-term value across multiple parameters, as I mentioned, all the way from the detection of the precancerous conditions all the way through the patient journey and for those who develop cancer. So yes, one of the metrics will be what you mentioned, quality-adjusted years of life, but there's a lot of other details that come out of it. It's really designed to be the type of model that commercial payers can sink their teeth into. If you recall, we said this before, Medicare doesn't incorporate healthcare economics, but obviously the commercial payers do. And demonstrating long-term cost-effectiveness, not just budget impact, but long-term cost-effectiveness is important -- will be important over the long term. So all I can say right now is that the initial results with regard to the cost-effectiveness of EsoGuard testing across that broad spectrum of parameters is looking quite good. And it's looking quite good across nearly all model scenarios that were modeled in this analysis. So those results will be released shortly. They'll be submitted for publication. These models need to go through the peer review process and publication for them to have their greatest impact in our conversations with commercial payers. Michael Matson: Okay, got it, got it. And then just on, you know, curious where you're seeing test samples being taken. You know, has there been any kind of changes there? I mean, I guess what I'm asking about is like the PCPs versus the GIs versus your test centers. Lishan Aklog: Yes, so I sort of hit this with Mark's question, but the – and Dennis elaborated on our efforts over the last couple of quarters to shift our incentive plans so that our volume starts to shift away from being heavily dominated by these firefighter health fair type events towards engagement with primary care physicians and with GIs in our more traditional model, which in our case includes what we've referred to as our satellite Lucid Test Center model, where our nursing team, our clinical services team, performs testing days at practices, primary care practices and GI practices as well as desired. So yes, behind the scenes that shift is going well. It always will include both primary care and gastroenterologists. Both of those are targets for us, but the majority of patients are at the primary care physician. However, the GIs play a very important role, as a conduit towards their primary care referral patterns, but also within their 4 walls, within their practice of the GIs, there are patients that they are happy to adopt our technology. I know we can discuss that further if you'd like. In addition, as I wanted to emphasize the long effort -- long-term efforts over the last couple of years for us to engage with health systems and develop models for building programs within larger health systems that include incorporating the entirety of the primary care physician group, for example, in the health system, training them, incorporating the cell collection processes and all of the integration that's involved with EHR integration and system building and all of that. That's really starting to come to fruition and we're starting to lock down implementation and actually doing volumes and having these programs be active at multiple health systems. Operator: Your next question comes from Anthony with Maxim Group. Please go ahead. Anthony Vendetti: So in terms of the coverage policy from Concert, do we know the number of enrolled lives or covered lives under that, and what that potential is in terms of patients? Lishan Aklog: Yes. So, you know, covered lives is always a bit of a tricky number. So, you know, we don't want to... there's obviously complexities that underlie that with regards to the geographic distribution, the age distribution, the demographics, and so forth. But overall, the plan, again, the covered lives are not at the LBM level, right? They're at the individual client health plans underneath the LBM. And the total number is about a bit under 10 million covered lives within the client health plans under Concert. As I said, those are – they are concentrated. They tend to be in the Midwest and the upper Midwest and the central Midwest. Those areas are dominant within there. So in terms of the potential, yes, it's a significant potential. And we are, as I mentioned, we are, because it's concentrated geographically, it gives us the ability to allocate resources, allocate our team. You know, our team has generally been concentrated in certain areas, and this gives us some directionality in terms of where to target our resources further. Anthony Vendetti: Okay, and then just as a follow-up, has the number of denials of coverage for your product, has that started to trend down? Or is it just every quarter it's kind of, is sort of the process? And is there anything else that you're doing from your end to try to get those denials down? In terms of... I know when there's a denial, you provide evidence of necessity and so forth, but is there anything else you can do from your end to prevent the denial from happening initially? Dennis McGrath: Yep, so it's choppy Anthony. And we give you a couple things that we can do when it requires additional medical information, we're doing things to provide that in advance. But some of the puzzling things which just point to as a placeholder until they get it into the network and in policy is medically not necessary. Well, every one of our patients meet all the guidelines that exist. Or you know, a denial that's experimental or investigational. Well, United and Cigna now have policies about their endoscopy that point to EsoGuard as a gating factor to approve an endoscopy. So that, you know, goes against it being experimental or investigational. It's just an indication it's placeholders. And it's just the continuing work of engagement, having the tools, clinical evidence, having the health economics, having the Medicare, all of those components help. And having an LBM like Concert now demonstrate coverage based upon clinical evidence is certainly a good indicator. Some of these pillars are starting to fall based upon claims data, appeals, providing engagement with all of the significant clinical evidence, and there'll be more of that. But as far as the denials, there's really no trends that we can make headway out of it. Lishan Aklog: But just to emphasize something Dennis said, as you were sort of asking, we definitely sort of leave -- no stone left unturned with regard to our efforts to -- within our revenue cycle management process. So Dennis mentioned a few of those, you know, being very aggressive about supplying the full medical records and full clinical evidence in advance, being meticulous about how the test requisition forms are filled out and to make sure that they have the appropriate coding and criteria and so forth, and even exploring situations where prior auth comes into place, working through the appeals process if it is just going way. We do all of that, but I think much of that is on the edges, right? At the end of the day, the only way to really flip this fundamentally is to start securing coverage policies and that's what we're doing. Anthony Vendetti: Yes, so it sounds like you're doing everything humanly possible. It's just the way the system works. Many years ago, I worked for an insurance company. Lishan Aklog: It's all about coverage. Anthony Vendetti: So what was the percent, approximately, of denials this quarter? Dennis McGrath: I'm going back to my statistics that I put in the -- in my prepared remarks, and just give me a moment, here we'll get there. So in the second quarter of the year -- of the 2,800 tests, we've so far had about two-thirds of them that have been adjudicated. And out of the ones that were adjudicated, about a third resulted in a payment allowance. Now, the allowance that I quoted of $1,424 is after deductibles and co-pays and that sort of thing. So it's bumping up with all of that components. It's out of network, predominantly. It bumps up against the Medicare rate. And of those denied, those 3 buckets, experimental or investigational was 18%, require prior authorization was 22%, or required some additional medical records was 5%. So that gives you some color in terms of the percentage in those couple of buckets. Lishan Aklog: Can I just add one thing? Because your question really does help remind people about some of the complexities here. So the issue is not simply you don't have coverage or you don't have prior auth or some of the other flags that are brought up that lead to denials, even in situations where there's an allowable amount, if you are out of network, then the ability to collect on that, because of the portion that's under patient responsibility, is limited. So the importance of securing these coverage policies is not simply to have claims approved, but we're also going to get paid through them because the portion that's allocated to patient responsibility goes down dramatically. Does that make sense? Anthony Vendetti: Right, right. See, as your network grows also, it lowers the denial rate. Lishan Aklog: Yes, In-network. Anthony Vendetti: I got you. Yes. Exactly. In-network. Lishan Aklog: Yes. Being in network ultimately has the biggest impact on converting an allowed claim into revenue. Operator: Your next question comes from Ed with Ascendant Capital. Edward Woo: Yes, congrats on all the progress. My question is on the $2,000 test reimbursement. Is there any opportunity to increase that going forward for factoring inflation? Lishan Aklog: Look, at this point, you know, we're not really pushing for that. We're quite satisfied that's a fair price. You know, our cost of goods or our marginal incremental cost of goods is relatively modest, and our focus is on adoption and on securing a coverage policy. Operator: Your next question comes from Kyle with Canaccord. Please go ahead. Kyle Mikson: So I just wanted to ask if there's any update on concierge medicine and kind of like unique ways of getting payment and maybe going forward, ways to kind of supplement non-coverage and the traditional ways of having coverage reimbursement. Lishan Aklog: Yes, you know, as you're hinting at, you know, last year, we did explore the concierge medicine side of things and had some success, but we found that the hurdles were really quite high with regard to the resources that are required to convert a concierge practice into test volume as well as into payment. So our emphasis outside of the traditional pathways include sort of contracted events, whether it's contracted through fire departments and other entities as well as on the employer side, as well as what we mentioned, shifting our focus to MVAC. So ultimately, concierge is not a major emphasis for us. We just didn't see the payoff with regard to the resources that we were trying to allocate towards that. Kyle Mikson: Got it. And when you think about hiring new reps, what industries would make sense for them to come from? I mean, how do you think about hiring from pharma or MedTech? I just feel like that's going to be a ... Lishan Aklog: Yes. We've had a lot of experience with that. Yes, sorry to interrupt. We've had a lot of experience with that over now, 5 or 6 years, and we have really honed our internal expertise and skill set with regard to recruiting and training and demonstrating what types of individuals with regard to their background fit well in certain -- within the hierarchy of the sales team. It actually includes sort of all of the above, that we've had good success getting sort of younger early stage, early career folks out in the field as long as they're well trained in engaging directly with physicians. But certainly on the sales leadership side, you know, at the district and regional and national level, having folks who have experience. Many of them have experience within GI, within GI diagnostics. So it's a bit of a mix, but our experience over the last couple of years is really – At the end of the day, let me just emphasize one other thing, sorry, Kyle, which is that it all still ultimately comes down to training. And our training program, our team that does sales training, has gotten really quite sophisticated. And the most recent updates to our programs include AI, include AI-based role playing, handling -- objection handling by physicians and sort of, you know, the ability to train folks to engage and tell our story and tell our message as they interact with physicians has gotten quite a bit more sophisticated. So backgrounds matter. It's diverse, as I mentioned, but what really translates into effectiveness in the field is converting that experience into sales training. Kyle Mikson: Okay. And it's been -- it's obviously offering the test. I'm just curious if you've already kind of unlocked most of the COGS, the cost of goods sold savings over the years, or if there's some sort of automation or like any next-gen versions that you can kind of do that with, and maybe talk about what a COGS process could look like over the long term. Lishan Aklog: Yep, at our current volumes, we've really spent a lot of time honing our SOPs and the entire underlying processes for the assay, and it is really quite efficient. We continue to improve on that. We have new AI-based tools for requisitions for as samples come in. So there are still some improvements that we're able to extract, but we're really quite efficient. But as you hinted, clearly as volume grows and we are at higher levels of volume, there are multiple opportunities to incorporate further technological advances to improve efficiencies, and much of that centers around automation. So there are plenty of opportunities for that. I don't know, Dennis, do you want to comment on how that would affect the cost of goods versus ... Dennis McGrath: Yes, just to give you a sense, presently, you know, the EsoCheck device costs around $60, and to process a test through the lab is about $125 or so. We see the cost of the lab coming down marginally, and as you produce at a higher volume or the EsoCheck devices that will come down as well. Is there another $50 in there likely? How much further you can push down. You're talking about incremental amounts of 90% margins on the overall test. So adoption and price preservation are probably more important to margin profitability than trying to squeeze the profit, although they're doing everything they can. And as Lishan said, automation will certainly help with that. Kyle Mikson: All right. And are there any other levers to reduce cash burn in the near term? I guess, I mean, obviously maybe the revenue influx would help offset that, but anything else we can think about as we model out kind of your burn going forward and cash needs and things like that? Dennis McGrath: Well, as you do kind of a look backwards, the burn is pretty flat at $11.3 million. A good chunk of that is in commercial and clinical services and clinical evidence. And as we have indicated that we need to stay in that 2,500 to 3,000 test band at a minimum just to stay relevant with chief medical officers. You have to file claims, you have to file appeals. If you don't have test volume, then you're just not going to be thought about. So when we look at that mix and trying to balance level of test volume to achieve those endpoints versus growth without getting paid, it just makes sense to try and preserve that. To cut the cash burn further, we would have to cut into some of the commercial activities, and that just doesn't make sense at this point, being in this, I'll call it zone of Medicare and gearing up for that. As we move forward, one of the comments we made earlier in this call is that with the test price at $2,000 and a margin of 90%, increasing our commercial activities with our headcount programs, and both are relevant in terms of increasing speed of adoption, you can do so without the normal significant burn, because the payment cycle on the margin will help cut down what a lot of early stage companies have to suffer through an increasing burn and consumption of capital during their growth phase. And that's a tailwind for us that's very beneficial. Lishan Aklog: Yes, and just maybe to emphasize one other thing, I think really our best opportunity to lower our cash burn is to just drive revenue. And as you note, our revenue was up a modest amount this quarter, despite the volume remaining flat or even slightly down from quarter to quarter. So that really is where the near-term opportunity lies, is realizing revenue through the VA, through increasing contracted events, as well as by securing some of these commercial plans as we wait on Medicare. Operator: Ladies and gentlemen, that concludes today's Q&A session. I will turn the call back over to Dr. Lishan Aklog. Lishan Aklog: Great. Thanks, operator, and thank you all for taking the time and for your attention this morning. As always, great questions from our analysts. I hope you found the discussions informative. Just really to summarize, we do remain confident that a positive Medicare draft LCD is forthcoming, and we're encouraged by some of the signs that the LCD backlog may be loosening. But, you know, meanwhile, we're happy with the progress we're making on multiple fronts. As we've discussed repeatedly during this call, the first off, the coverage policy is really important, really solid progress on the VA. This new fiscal year will be really important in terms of us securing longer-term contracts within the upcoming budget. Our engagement with health systems and the ability to use the EHR integration within health systems to drive success in those programs is great. And again, it's a bit obscure, but our efforts on the healthcare economic side is extremely important. It is a very important milestone coming up. And it'll certainly over the long term will have a significant impact. All of this activity has been really important in sort of increasing our visibility and sort of our opportunities for broader strategic engagements, which is exciting. So thanks again. As always, we encourage you to keep abreast of our progress. Please follow our news releases, these update calls, our website, social media. And as always, feel free to reach out to us if you have any questions. So thanks, everybody, and have a great day. Operator: Ladies and gentlemen, this has concluded today's conference call. Thank you for participating. You may now disconnect. Before you buy stock in Lucid Diagnostics, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Lucid Diagnostics wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $432,621!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,335,314!* That performance is why people listen. With a track record of beating the S&P 500 by nearly 5x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 20, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Lucid Diagnostics (LUCD) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Revenue growth of 17% sequentially was driven by a strategic shift toward testing opportunities with higher collection probability, despite flat volume within the target range of 2,500 to 3,000 tests. Secured the first Laboratory Benefit Manager (LBM) coverage policy from Concert, which validates EsoGuard's clinical evidence and establishes medical necessity for at-risk patients. Management attributes the delay in the Medicare draft Local Coverage Determination (LCD) to a broad bureaucratic backlog at CMS rather than product-specific issues, noting recent signs of the backlog loosening. The VA commercialization strategy is transitioning from clinical engagement to contract securing, with a focus on the new federal fiscal year beginning October 1. Health system integration is advancing through EHR-automated patient identification, which streamlines the workflow for identifying and testing appropriate candidates within large provider groups. Strategic resource allocation is being refined to focus on 'MVAC' (Medicare, VA, and Contracted) revenue streams to improve the conversion of test volume into recognized cash flow. A sophisticated cost-effectiveness model is expected to be completed this summer, providing the long-term economic justification required for broader commercial payer adoption. Management remains confident in securing a positive Medicare draft LCD, which would impact 40% to 50% of the addressable patient population and significantly alter revenue recognition methodology. Future commercial scaling will leverage high incremental margins (approximately 90%) to limit the correlation between increased OpEx and cash burn as volume grows. The Concert LBM policy is expected to serve as a precedent for other laboratory benefit managers, with additional client health plans anticipated to adopt the policy in coming months. Revenue recognition is expected to shift from a 'cash collected' basis to an 'accrual' basis once sufficient predictive data and stable reimbursement policies are established. Current revenue recognition remains primarily on a cash-collection basis due to insufficient predictive data during the transitional reimbursement phase. The company completed a common stock offering yielding $16.8 million in net proceeds to maintain a cash balance of $33.4 million against an $11.6 million quarterly burn rate. Out-of-network status remains a headwind for collections, as high patient responsibility portions often limit the conversion of 'allowable amounts' into actual revenue. A $1.7 million mark-to-market adjustment on convertible notes was recorded due to common stock price changes, impacting GAAP other income. Management clarified that the VA has not yet contributed meaningfully to test volume as they are currently in the budgeting and contracting phase. Volume from the VA is expected to contribute to the mix starting in the new budget cycle beginning in October. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Dr. Aklog stated that leadership changes at MolDX are not expected to impact the Medicare weight, as the technical assessments are already in the late stages. The delay is viewed as a bandwidth issue at the MAC and CMS levels rather than a clinical concern. The company is shifting toward more senior commercial personnel and utilizing AI-based role-playing tools to improve physician engagement and objection handling. Hiring remains diverse across pharma and MedTech, but the focus has shifted to 'MVAC' incentivization to prioritize paid tests over pure volume. Preliminary results from the HEOR model show EsoGuard is cost-effective across nearly all scenarios, including metrics like quality-adjusted life years (QALY). The final peer-reviewed results will be used specifically to flip commercial payer denials, which often cite 'investigational' status. Management noted that at $2,000 per test and $125 in lab processing costs, the primary lever for reducing burn is driving revenue rather than cutting commercial OpEx. Automation and AI tools for requisitions offer incremental COGS savings, but adoption and price preservation are the main drivers of future profitability.

Veris Health accelerated its commercial engagement with OSU-The James Veris Health implantable physiological monitor achieved development milestones towards upcoming FDA submission Lucid Diagnostics secured first laboratory benefit manager coverage policy for EsoGuard ® Conference call and webcast to be held today, August 14, at 8:30 AM EDT NEW YORK, Aug. 14, 2026 /PRNewswire/ -- PAVmed Inc. (NASDAQ: PAVM) ("PAVmed" or the "Company"), a diversified commercial-stage medical technology company operating in the medical device, diagnostics, and digital health sectors, today provided a business update for the Company and its subsidiaries, Lucid Diagnostics Inc. (NASDAQ: LUCD) ("Lucid"), Veris Health Inc. ("Veris"), and Octeris Medical Inc. ("Octeris"), and reported financial results for the second quarter ended June 30, 2026. Conference Call and Webcast The webcast will take place on Friday, August 14, 2026, at 8:30 AM and is accessible in the investor relations section of the Company's website at pavmed.com. Alternatively, to access the conference call by telephone, U.S.-based callers should dial 1-800-836-8184 and international listeners should dial 1-646-357-8785. All listeners should provide the operator with the conference call name "PAVmed Business Update" to join. Following the conclusion of the conference call, a replay will be available for 30 days on the investor relations section of the Company's website at pavmed.com. Business Update Highlights "PAVmed saw tangible progress across its core businesses during this past quarter and recent weeks," said Lishan Aklog, M.D., PAVmed's Chairman and Chief Executive Officer. "Veris accelerated its commercial engagement with OSU-The James while progressing development of its implantable physiological monitor toward FDA submission. Lucid secured an important new commercial coverage policy for EsoGuard while continuing to advance its broader commercial initiatives. And, our relaunched medical device portfolio is on track with PortIO and Octeris progressing toward key milestones." Highlights from the second quarter and recent weeks: Veris Health: Lucid Diagnostics announced second quarter 2026 financial results and key business developments, including: PAVmed Medical Device Portfolio: Financial Results: For the three months ended June 30, 2026, operating expenses were approximately $7.1 million, which included stock-based compensation expenses of $0.9 million. GAAP net loss attributable to common stockholders was approximately $5.5 million, or $(0.87) per common share on a diluted basis. As shown below and for the purpose of illustrating the effect of stock-based compensation and other non-cash income and expenses on the Company's financial results, the Company's non-GAAP adjusted net loss was approximately $1.7 million or $(0.27) per common share. PAVmed had cash and cash equivalents of $3.8 million as of June 30, 2026, compared to $1.5 million as of December 31, 2025. The unaudited financial results for the three and six months ended June 30, 2026 were filed with the SEC on Form 10-Q on August 13, 2026, and are available at www.pavmed.com or www.sec.gov. PAVmed Non-GAAP Measures To supplement our financial results presented in accordance with U.S. generally accepted accounting principles (GAAP), management provides certain non-GAAP financial measures of the Company's financial results. These non-GAAP financial measures include net loss before interest, taxes, depreciation, and amortization (EBITDA) and non-GAAP adjusted loss, which further adjusts EBITDA for stock-based compensation expense, loss on the issuance or modification of convertible securities, the periodic change in fair value of convertible securities, and loss on debt extinguishment. The foregoing non-GAAP financial measures of EBITDA and non-GAAP adjusted loss are not recognized terms under U.S. GAAP. Non-GAAP financial measures are presented with the intent of providing greater transparency to the information used by us in our financial performance analysis and operational decision-making. We believe these non-GAAP financial measures provide meaningful information to assist investors, shareholders, and other readers of our financial statements in making comparisons to our historical financial results and analyzing the underlying performance of our results of operations. These non-GAAP financial measures are not intended to be, and should not be, a substitute for, considered superior to, considered separately from, or as an alternative to, the most directly comparable GAAP financial measures. Non-GAAP financial measures are provided to enhance readers' overall understanding of our current financial results and to provide further information for comparative purposes. Management believes the non-GAAP financial measures provide useful information to management and investors by isolating certain expenses, gains, and losses that may not be indicative of our core operating results and business outlook. Specifically, the non-GAAP financial measures include non-GAAP adjusted loss, and its presentation is intended to help the reader understand the effect of the loss on the issuance or modification of convertible securities, the periodic change in fair value of convertible securities, the loss on debt extinguishment and the corresponding accounting for non-cash charges on financial performance. In addition, management believes non-GAAP financial measures enhance the comparability of results against prior periods. A reconciliation to the most directly comparable GAAP measure of all non-GAAP financial measures included in this press release for the three and six months ended June 30, 2026 and 2025 are as follows: About PAVmed and its Subsidiaries PAVmed Inc. is a diversified commercial-stage medical technology company operating in the medical device, diagnostics, and digital health sectors. Its subsidiary, Lucid Diagnostics Inc. (NASDAQ: LUCD), is a commercial-stage cancer prevention medical diagnostics company that markets the EsoGuard® Esophageal DNA Test and EsoCheck® Esophageal Cell Collection Device—the first and only commercial tools for widespread early detection of esophageal precancer to mitigate the risks of esophageal cancer deaths. Its other subsidiary, Veris Health Inc., is a digital health company focused on enhanced personalized cancer care through remote patient monitoring using implantable biologic sensors with wireless communication along with a custom suite of connected external devices. Veris is concurrently developing an implantable physiological monitor, designed to be implanted alongside a chemotherapy port, which will interface with the Veris Cancer Care Platform. For more information about PAVmed, please visit pavmed.com. For more information about Lucid Diagnostics, please visit luciddx.com. For more information about Veris Health, please visit verishealth.com. Forward-Looking Statements This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are any statements that are not historical facts. Such forward-looking statements, which are based upon the current beliefs and expectations of PAVmed's and Lucid's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Risks and uncertainties that may cause such differences include, among other things, volatility in the price of PAVmed's and Lucid's common stock; general economic and market conditions; the uncertainties inherent in research and development, including the cost and time required to advance PAVmed's and Lucid's products to regulatory submission; whether regulatory authorities will be satisfied with the design of and results from PAVmed's and Lucid's clinical and preclinical studies; whether and when PAVmed's and Lucid's products are cleared by regulatory authorities; market acceptance of PAVmed's and Lucid's products once cleared and commercialized; PAVmed's and Lucid's ability to raise additional funding as needed; and other competitive developments. In addition, new risks and uncertainties may arise from time to time and are difficult to predict. For a further list and description of these and other important risks and uncertainties that may affect PAVmed's and Lucid's future operations, see Part I, Item 1A, "Risk Factors," in PAVmed's and Lucid's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as the same may be updated in Part II, Item 1A, "Risk Factors" in any Quarterly Report on Form 10-Q filed by PAVmed or Lucid after its most recent Annual Report. PAVmed and Lucid disclaim any intention or obligation to publicly update or revise any forward-looking statement to reflect any change in its expectations or in events, conditions, or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements. View original content to download multimedia:https://www.prnewswire.com/news-releases/pavmed-provides-business-update-and-reports-second-quarter-2026-financial-results-302851806.html

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management is prioritizing a diversified 'multiple shots on goal' model, leveraging two independently financed subsidiaries alongside a relaunched internal medical device portfolio. Veris is transitioning from pilot to full-scale commercial engagement at Ohio State University, with two-thirds of planned departments now onboarded following successful EHR integration. The PortIO regulatory strategy is being aggressively re-evaluated; management believes recent first-in-human data publication may allow for a 510(k) pathway instead of the more capital-intensive De Novo route. Lucid Diagnostics remains the primary near-term value driver, with management focused on securing a positive Medicare Local Coverage Determination (LCD) as the critical catalyst. Operational focus for the Veris implantable monitor has shifted to verification and validation testing following design enhancements that extended battery life beyond the 2-year target. The Octeris imaging platform is undergoing technical refinement at Duke University to improve processing speeds, aiming to support real-time clinical analysis during endoscopic procedures. Management targets an early 2027 FDA 510(k) submission for the Veris implantable physiologic monitor, with design freeze expected by the end of the current month. A formal FDA pre-submission meeting request for PortIO is planned for the fourth quarter, which will determine if the shorter 510(k) regulatory path is viable. Operating expense increases are expected to be primarily driven by R&D requirements for the Veris implantable device through its submission and clearance phases. The Veris commercial strategy assumes reaching a target of 1,000 patient enrollments within the first year of the Ohio State University strategic partnership. Octeris clinical validation work is contingent on IRB approval expected in October, though management notes the overall project remains several years from commercialization. The company completed a complex recapitalization, redeeming Series C preferred stock and retiring old debt through a $30 million Series D offering and a $15 million Senior Secured Note. A critical liquidity bridge exists in the form of $30 million in warrants that are only callable by the company upon the publication of a positive EsoGuard LCD. PAVmed has transitioned from voting control to 'significant influence' over Lucid Diagnostics, maintaining a 25% voting interest despite owning 15% of common shares. First-in-human study results for PortIO published in the Journal of Vascular Access showed 100% device patency and no device-related adverse events, serving as the primary evidence for regulatory reclassification. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management explained that while the FDA previously suggested a De Novo pathway, they will now argue for a 510(k) using existing short-term intraosseous devices as predicates. If the FDA accepts the 510(k) argument during the upcoming pre-submission process, it would significantly reduce both the capital requirements and the time to commercialization. Management declined to provide specific hard numbers but confirmed they are on track to reach the 1,000-patient registry goal at Ohio State University within the first year. Enrollment has reportedly accelerated over the last two months as onboarding expanded to two-thirds of the hospital's departments. The upcoming validation study will focus on refining the probe's ergonomics and its ability to measure nuclear size in mucosal cells to detect esophageal dysplasia. Management clarified that while validation is a key step toward design freeze, the project still requires console development and is 'several years away' from completion. PAVmed owns 100% of the internal IP for PortIO and worldwide rights for the licensed Octeris technology. The commercial plan for PortIO involves a flexible mix of a small internal sales team and partnerships with established distributors in the vascular access space.

Recognized 2Q26 revenue of $1.5 million Processed 2,770 EsoGuard ® tests Secured first laboratory benefit manager (LBM) EsoGuard coverage policy Conference call and webcast to be held today, August 13, at 8:30 AM EDT NEW YORK, Aug. 13, 2026 /PRNewswire/ -- Lucid Diagnostics Inc. (Nasdaq: LUCD) ("Lucid" or the "Company") a commercial-stage, cancer prevention medical diagnostics company, and subsidiary of PAVmed Inc. (Nasdaq: PAVM) ("PAVmed"), today provided a business update for the Company and reported financial results for the second quarter ended June 30, 2026. Conference Call and Webcast The webcast will take place on Thursday, August 13, 2026, at 8:30 AM and will be accessible in the investor relations section of the Company's website at luciddx.com. Alternatively, to access the conference call by telephone, U.S.-based callers should dial 1-800-836-8184 and international listeners should dial 1-646-357-8785. All listeners should provide the operator with the conference call name "Lucid Diagnostics Business Update" to join. Following the conclusion of the conference call, a replay will be available for 30 days on the investor relations section of the Company's website at luciddx.com. Business Highlights "Lucid's commercial momentum strengthened throughout the second quarter and in recent weeks," said Lishan Aklog, M.D., Lucid's Chairman and Chief Executive Officer. "We continue to advance multiple commercial priorities while awaiting a positive draft Medicare coverage policy for EsoGuard. We secured positive commercial coverage policies, accelerated engagement with the VA and major health systems, and demonstrated the long-term economic value of EsoGuard testing. Progress across these initiatives positions Lucid to capitalize on EsoGuard's significant clinical and commercial opportunity, while increasing the company's visibility and thereby expanding opportunities for broader strategic engagement." Highlights from the second quarter and recent weeks: Recognized $1.5 million in EsoGuard revenue for 2Q26. Processed 2,770 EsoGuard® Esophageal DNA Tests in 2Q26. Secured a commercial coverage policy for EsoGuard from Concert, a healthcare technology company recently acquired by Lyric that establishes laboratory testing policies its client health plans can adopt. The policy recognizes EsoGuard as medically necessary for patients meeting established screening criteria and has already been adopted by multiple Concert client health plans. Developed a health economic cost-effectiveness model evaluating EsoGuard screening to support commercial payor engagement and coverage decisions, with preliminary results demonstrating improved clinical outcomes and cost-effectiveness. Financial Results For the three months ended June 30, 2026, EsoGuard related revenues were $1.5 million. Operating expenses were approximately $14.3 million, which included stock-based compensation expenses of $1.7 million. GAAP net loss attributable to common stockholders was approximately $14.7 million, inclusive of a deemed Preferred Stock dividend of $3.0 million, or $(0.08) per common share. As shown below and for the purpose of illustrating the effect of stock-based compensation and other non-cash income and expenses on the Company's financial results, the Company's non-GAAP adjusted loss for the three months ended June 30, 2026 was approximately $10.9 million or $(0.06) per common share. Lucid had cash and cash equivalents of $33.4 million as of June 30, 2026, compared to $34.7 million as of December 31, 2025. The unaudited financial results for the three and six months ended June 30, 2026, were filed with the SEC on Form 10-Q on August 12, 2026, and available at www.luciddx.com or www.sec.gov. Lucid Non-GAAP Measures To supplement our unaudited financial results presented in accordance with U.S. generally accepted accounting principles (GAAP), management provides certain non-GAAP financial measures of the Company's financial results. These non-GAAP financial measures include net loss before interest, taxes, depreciation, and amortization (EBITDA), and non-GAAP adjusted loss, which further adjusts EBITDA for stock-based compensation expense and other non-cash income and expenses, if any. The foregoing non-GAAP financial measures of EBITDA and non-GAAP adjusted loss are not recognized terms under U.S. GAAP. Non-GAAP financial measures are presented with the intent of providing greater transparency to the information used by us in our financial performance analysis and operational decision-making. We believe these non-GAAP financial measures provide meaningful information to assist investors, shareholders, and other readers of our unaudited financial statements in making comparisons to our historical financial results and analyzing the underlying performance of our results of operations. These non-GAAP financial measures are not intended to be, and should not be, a substitute for, considered superior to, considered separately from, or as an alternative to, the most directly comparable GAAP financial measures. Non-GAAP financial measures are provided to enhance readers' overall understanding of our current financial results and to provide further information for comparative purposes. Management believes the non-GAAP financial measures provide useful information to management and investors by isolating certain expenses, gains, and losses that may not be indicative of our core operating results and business outlook. Specifically, the non-GAAP financial measures include non-GAAP adjusted loss, and its presentation is intended to help the reader understand the effect of the loss on the issuance or modification of convertible securities, the periodic change in fair value of convertible securities, the loss on debt extinguishment, and the corresponding accounting for non-cash charges on financial performance. In addition, management believes non-GAAP financial measures enhance the comparability of results against prior periods. A reconciliation to the most directly comparable GAAP measure of all non-GAAP financial measures included in this press release for the three and six months ended June 30, 2026, and 2025 are as follows: About Lucid DiagnosticsLucid Diagnostics Inc. is a commercial-stage, cancer prevention medical diagnostics company, and subsidiary of PAVmed Inc. Lucid is focused on the millions of patients with GERD, also known as chronic heartburn, who are at risk of developing esophageal precancer and cancer. Lucid's EsoGuard® Esophageal DNA Test, performed on samples collected in a brief, noninvasive office procedure with its EsoCheck® Esophageal Cell Collection Device - the first and only commercially available tools designed with the goal of preventing esophageal cancer and cancer deaths through widespread, early detection of esophageal precancer in at-risk patients. For more information, please visit luciddx.com and for more information about its parent company PAVmed, please visit pavmed.com. Forward-Looking StatementsThis press release includes forward-looking statements that involve risk and uncertainties. Forward-looking statements are any statements that are not historical facts. Such forward-looking statements, which are based upon the current beliefs and expectations of Lucid Diagnostics' management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Risks and uncertainties that may cause such differences include, among other things, volatility in the price of Lucid Diagnostics' common stock; general economic and market conditions; the uncertainties inherent in research and development, including the cost and time required to advance Lucid Diagnostics' products to regulatory submission; whether regulatory authorities will be satisfied with the design of and results from Lucid Diagnostics' clinical and preclinical studies; whether and when Lucid Diagnostics' products are cleared by regulatory authorities; market acceptance of Lucid Diagnostics' products once cleared and commercialized; Lucid Diagnostics' ability to raise additional funding as needed; and other competitive developments. These factors are difficult or impossible to predict accurately and many of them are beyond Lucid Diagnostics' control. In addition, new risks and uncertainties may arise from time to time and are difficult to predict. For a further list and description of these and other important risks and uncertainties that may affect Lucid Diagnostics' future operations, see Part I, Item 1A, "Risk Factors," in Lucid Diagnostics' most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as the same may be updated in Part II, Item 1A, "Risk Factors" in any Quarterly Report on Form 10-Q filed by Lucid Diagnostics after its most recent Annual Report. Lucid Diagnostics disclaims any intention or obligation to publicly update or revise any forward-looking statement to reflect any change in its expectations or in events, conditions, or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements. 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This article first appeared on GuruFocus. Release Date: August 13, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Revenue increased 17% quarter-over-quarter to $1.5 million, with test volume within the target range of 2,500-3,000. Secured first laboratory benefit manager (LBM) coverage policy from Concert, which deemed EsoGuard medically necessary and improved health outcomes, with three client plans already adopting it. VA engagement progressing well with positive clinician feedback and a robust pipeline of centers, expected to contribute to revenue in the new fiscal year. Cost-effectiveness model, developed with ACG guideline lead author, shows promising results indicating EsoGuard is cost-effective versus current care. Strategic shift toward higher-revenue opportunities (Medicare, VA, contracted plans) is improving revenue recognition, with 40% of Q2 volume in this category, up substantially from prior quarter. Still awaiting Medicare draft LCD publication, with ongoing CMS backlog causing delays, though signs of loosening exist. Revenue recognition remains low at 19% of billable value due to collection uncertainty, with most claims recognized only upon cash collection. Denial rates remain high, with 72% of adjudicated claims denied, primarily for medical necessity, prior authorization, or missing records. Cash burn remains elevated at $11.3 million per quarter, with no significant reduction expected as commercial activities increase. VA has not yet contributed to test volume, with contracts and purchase orders still in progress, delaying potential revenue impact. Warning! GuruFocus has detected 5 Warning Signs with LUCD. Is LUCD fairly valued? Test your thesis with our free DCF calculator. Q: Can you elaborate on the significance of the new laboratory benefit manager (LBM) coverage policy from Concert and the potential to bring on additional LBMs in the near term?A: Dr. Lishan Aklog, Chairman and CEO, explained that this is a major milestone as it represents the first LBM coverage policy for EsoGuard. Concert's policy concluded that EsoGuard is medically necessary for patients meeting established screening criteria and that the evidence definitively demonstrates improved health outcomes. Notably, Concert evaluated other esophageal pre-cancer tests and deemed them investigational due to insufficient evidence, validating Lucid's clinical data. Three of Concert's client health plans have already adopted the policy, with several more expected in the coming months. The plans are regionally concentrated (Midwest/upper Midwest), allowing Lucid to allocate resources geographically. Having the first LBM on board positively impacts ongoing discussions with other LBMs, as a common question is "who else is on board." Q: How does the VA factor into test volume during the quarter, and what is the current status of VA engagements?A: Dr. Aklog stated that the VA has not yet contributed meaningfully to test volume, as the company is still in the process of engaging with centers, working through budgets, and contracting. The clinical engagement has been extremely positive with essentially no pushback from clinicians. The team is making progress translating clinical engagements into contracts, with a key focus on securing contracts for the new federal fiscal year beginning October 1st. Test volume from purchase orders is expected to contribute to the mix going forward. Q: Given the potential timing of the draft and final LCDs, can you discuss plans to potentially accelerate SG&A in the next few quarters?A: Dr. Aklog noted that over the past couple of quarters, the company has been making updates to its commercial infrastructure to be ready to accelerate activities upon securing broader reimbursement, including shifting to more senior commercial personnel and adding modestly to headcount. CFO Dennis McGrath added that while the company will increase headcount and programs, the high test price (~$2,000) and 90% margin mean incremental burn won't correlate directly with increased OpEx as it might for a lower-margin test. The company is also preparing for increased commercial activity related to the VA and commercial payers. Q: Can you provide more detail on the cost-effectiveness model being developed, including any metrics or expected timing?A: Dr. Aklog stated that the company is not yet ready to disclose public numbers, but the model is sophisticated and developed with Dr. Nick Shaheen, lead author of the American College of Gastroenterology Guidelines. The model compares long-term clinical and economic impacts of EsoGuard screening versus current care, assessing impact on early detection, esophageal cancer stage shifting, cancer avoidance, and cancer-related mortality. One of the key metrics will be cost per quality-adjusted life year (QALY). Preliminary results are "very encouraging" and show EsoGuard appearing cost-effective compared to current care across nearly all model scenarios. The model is expected to be completed this summer, with results to be submitted for peer review and publication to maximize impact with commercial payers. Q: Can you provide more color on the mix of test volume, particularly regarding the shift away from firefighter events and towards traditional clinical engagements?A: Dr. Aklog explained that the company has been making adjustments to commercial strategy and incentive plans to shift volume away from being dominated by firefighter healthcare events towards more traditional engagements with primary care physicians and gastroenterologists, including the "satellite Lucid test center" model where nursing teams perform testing days at practices. CFO Dennis McGrath added that compensation plans are now more heavily weighted towards "MVAC" (Medicare, VA, and contracted revenue), with just under 40% of the 2,800 tests in Q2 fitting that category, up substantially from the previous quarter. The shift is working, as evidenced by revenue being up 17% quarter-over-quarter even though test volume remained flat. Q: What is the status of the Medicare draft LCD, and could recent personnel changes at Palmetto GBA impact the timeline?A: Dr. Aklog stated that the company does not believe personnel changes will have an impact. Lucid has been in close communication with leadership at MolDx and feels confident that things are in the late stages, with the work through the CAC meeting and beyond already "baked in." He acknowledged a prolonged backlog at CMS regarding LCD output but noted signs that the backlog may be loosening, as some long-awaited LCDs have been posted in recent weeks. The company remains confident in securing a positive draft policy. Q: How many covered lives does Concert represent, and what is the potential if all client plans convert?A: Dr. Aklog explained that covered lives are at the individual health plan level, not the LBM level. Concert has numerous client plans leading to just under 10 million covered lives. Three plans have already adopted the policy, with a couple more expected in the coming quarters. The company has "every reason to believe" that all client plans will ultimately mimic the LBM's coverage policy. The plans are concentrated in the Midwest and upper Midwest, which helps with resource allocation. Q: Has the number of coverage denials started to trend down, and what is the company doing to prevent denials from happening initially?A: CFO Dennis McGrath stated that denial trends are "choppy" with no clear headway yet. The company is taking proactive steps including providing additional medical information in advance, being meticulous about test requisition forms with appropriate coding and criteria, and exploring prior authorization situations. He noted that denials citing "experimental or investigational" are puzzling given that United and Cigna now have policies pointing to EsoGuard as a gating factor for approving endoscopy. Dr. Aklog added that the company is being aggressive about supplying full medical records and clinical evidence in advance, but emphasized that the fundamental fix is securing coverage policies. For Q2, of the ~65% of claims adjudicated, about 28% resulted in an allowable amount (average $1,424 per test). Of denials: 18% were experimental/investigational, 22% required prior authorization, and 5% required additional medical records. Q: Is there any opportunity to increase the $2,000 test reimbursement going forward to factor in inflation?A: Dr. Aklog stated that the company is not pushing for a price increase at this point. Management is "quite satisfied" that $2,000 is a fair price, given that the marginal incremental cost of goods is For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Lucid Diagnostics Inc.? Here are five stocks we like better. Q2 revenue rose 17% sequentially to $1.5 million on 2,770 EsoGuard tests, although revenue recognition remained limited by reimbursement uncertainty and collection probability. Lucid secured its first laboratory benefit manager coverage policy through Concert, adopted by three health plans representing nearly 10 million covered lives, while it continues to await a Medicare draft LCD. The company ended June with $33.4 million in cash and quarterly cash burn of $11.3 million; management is prioritizing VA contracts, commercial coverage and health-system programs to increase revenue and reduce burn. October's 4 Best Penny Stocks: High-Risk, High-Reward Picks Lucid Diagnostics (NASDAQ:LUCD) reported second-quarter revenue of $1.5 million on 2,770 EsoGuard tests, as the company continued to target quarterly test volume of roughly 2,500 to 3,000 tests while awaiting a Medicare draft local coverage determination, or LCD. Chief Executive Officer Dr. Lishan Aklog said revenue increased about 17% from the prior quarter despite test volume remaining within the company’s established range. He attributed the revenue improvement to a greater commercial focus on testing opportunities more likely to generate payment. → AST SpaceMobile Earnings Just Reminded Investors How Risky Space Can Be The company said it is awaiting publication of a Medicare draft LCD and remains confident it will receive a positive draft policy. Aklog said there has been a broad backlog in LCD output at the Centers for Medicare & Medicaid Services, but noted that several long-awaited policies have been released in recent weeks. During the quarter, Lucid secured its first laboratory benefit manager coverage policy for EsoGuard from Concert. According to Aklog, Concert concluded that EsoGuard is medically necessary for patients meeting established screening criteria and found the test’s evidence demonstrated improved health outcomes. → Nebius’ Q2 Beat Shows the AI Bottleneck Is Capacity, Not Demand Concert’s policy has been adopted by three client health plans, while Lucid expects additional plans to adopt it in coming months. Aklog said Concert’s client plans collectively account for just under 10 million covered lives, although the company did not provide a specific estimate for how many lives are currently covered under adopted policies. Laboratory benefit managers assess molecular diagnostic tests and develop coverage policies for health-plan clients. Aklog said the Concert decision could help Lucid’s discussions with other laboratory benefit managers and commercial payers, particularly because Concert evaluated other esophageal pre-cancer tests and deemed them investigational due to insufficient evidence. → On Holding's Price Stumble May Be an Opening for a Company Built to Run Lucid is also developing a cost-effectiveness model with Dr. Nicholas Shaheen, lead author of American College of Gastroenterology guidelines, along with AGORA experts and international opinion leaders. The model is intended to measure the long-term clinical and economic effects of EsoGuard screening compared with current care, including Barrett’s esophagus detection, cancer stage shifting, cancer avoidance and cancer-related mortality. Aklog said preliminary findings indicate EsoGuard appears cost-effective across nearly all modeled scenarios, though the company has not disclosed the underlying data. Lucid expects to complete the model during the summer and plans to submit the results for publication following peer review. The company said its Veterans Affairs opportunity is progressing through clinical engagement, contracting and budget discussions. Aklog said the company has built a pipeline of VA centers and encountered little clinician resistance, but the VA did not contribute meaningfully to second-quarter test volume. Lucid is seeking contracts for the federal fiscal year beginning Oct. 1. CFO Dennis McGrath said VA volume is expected to follow as the company obtains purchase orders and advances its pipeline. Lucid also described ongoing work with health systems to build testing programs, including patient identification, ordering workflows, results management and electronic health record integration. Aklog said the company has begun final implementation work and active testing programs at multiple health systems. The company has been shifting its commercial strategy away from heavier reliance on firefighter and healthcare-event testing toward primary-care, gastroenterology and health-system channels. McGrath said compensation plans are now more weighted toward Medicare, VA and contracted revenue opportunities. Just under 40% of second-quarter tests fit that category, he said, with government insurance accounting for about half of that portion and direct contracting accounting for the remainder. Lucid ended the quarter with $33.4 million in cash as of June 30, essentially unchanged from year-end. The company completed a common-stock offering during the quarter that generated approximately $16.8 million in net proceeds. Average quarterly cash burn over the past four quarters, including cash interest on debt, was $11.6 million, while second-quarter burn was $11.3 million. Lucid’s non-GAAP operating expenses were $12.3 million, compared with an average of $12.2 million over the preceding five quarters. The company has $22 million in secured convertible debt, structured as a five-year, interest-only note with a 12% interest rate and a $1 conversion price. McGrath said shares outstanding, including unvested restricted stock awards and previously converted preferred shares, were approximately 203 million. PAVmed remains Lucid’s largest common shareholder, with about 15% ownership. Lucid said its 2,770 second-quarter tests represented more than $7.5 million in billable value, based on the company’s list price, but revenue recognition remains constrained by collection probability while reimbursement coverage is still developing. The company recognized about 19% of the quarter’s pro forma billable amount as revenue. About 65% of second-quarter claims had been adjudicated, while 35% remained pending. Of adjudicated claims, roughly 28% resulted in an allowable amount, averaging $1,424 per test. Common denial categories included determinations that testing was medically unnecessary or investigational, prior-authorization requirements, and requests for additional medical records. McGrath said a positive Medicare policy would affect 40% to 50% of Lucid’s addressable patient population and would materially affect future revenue-recognition analysis. He also said tests performed for Medicare patients within 12 months before a final positive policy could be paid after the policy takes effect. Management said it expects commercial spending and headcount to rise as reimbursement improves, but argued that the test’s pricing and incremental margin could limit the corresponding increase in cash burn. Aklog said the company’s most immediate opportunity to reduce burn is to increase revenue through VA contracts, contracted events and additional commercial coverage while it awaits Medicare action. Lucid Diagnostics is a molecular diagnostics company focused on improving early detection of oral and oropharyngeal cancers. The company's flagship offering, the LucidDx Oral Cytology Brush Test, combines a minimally invasive brush biopsy tool with proprietary laboratory analysis to identify cellular abnormalities indicative of malignancy. Samples collected in dental and medical offices are sent to Lucid's CLIA-certified and CAP-accredited laboratory, where advanced imaging and cytopathology workflows generate diagnostic reports for clinicians and patients. Since commencing commercial operations, Lucid Diagnostics has worked to integrate its testing platform into dental practices, oral surgery clinics and ENT specialists across the United States. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Lucid Diagnostics Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Alphatec (ATEC) came out with quarterly earnings of $0.07 per share, missing the Zacks Consensus Estimate of $0.09 per share. This compares to earnings of $0.02 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -22.22%. A quarter ago, it was expected that this medical equipment and supplies holding company would post a loss of $0.01 per share when it actually produced break-even earnings, delivering a surprise of +100%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Alphatec, which belongs to the Zacks Medical - Instruments industry, posted revenues of $213.51 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.04%. This compares to year-ago revenues of $185.54 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Alphatec shares have lost about 51.8% since the beginning of the year versus the S&P 500's gain of 11%. While Alphatec has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Alphatec was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.11 on $228.53 million in revenues for the coming quarter and $0.36 on $883.37 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Instruments is currently in the bottom 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Lucid Diagnostics Inc. (LUCD), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 13. This company is expected to post quarterly loss of $0.04 per share in its upcoming report, which represents a year-over-year change of +60%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Lucid Diagnostics Inc.'s revenues are expected to be $1.5 million, up 29.3% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Alphatec Holdings, Inc. (ATEC) : Free Stock Analysis Report Lucid Diagnostics Inc. (LUCD) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Conference Call and Webcast at 8:30 AM ET NEW YORK, July 31, 2026 /PRNewswire/ -- PAVmed Inc. (Nasdaq: PAVM) ("PAVmed" or the "Company"), a diversified commercial-stage medical technology company, operating in the medical device, diagnostics, and digital health sectors, today announced that it will host a business update conference call and webcast on Friday, August 14, 2026, at 8:30 AM ET. During the call, Lishan Aklog, M.D., PAVmed's Chairman and Chief Executive Officer, will provide a business update and discuss the Company's operations and growth strategy. In addition, Dennis McGrath, PAVmed's President and Chief Financial Officer, will discuss the Company's second quarter 2026 financial results. The webcast will be available at the investor relations section of the Company's website at pavmed.com. Alternatively, to access the conference call by telephone, U.S.-based callers should dial 1-800-836-8184 and international listeners should dial 1-646-357-8785. All listeners should provide the operator with the conference call name "PAVmed Business Update" to join. Following the conclusion of the conference call, a replay will be available for 30 days on the investor relations section of the Company's website at pavmed.com. About PAVmedPAVmed Inc. is a diversified commercial-stage medical technology company operating in the medical device, diagnostics, and digital health sectors. Its subsidiary, Lucid Diagnostics (Nasdaq: LUCD), is a commercial-stage cancer prevention medical diagnostics company that markets the EsoGuard® Esophageal DNA Test and EsoCheck® Esophageal Cell Collection Device—the first and only commercial tools for widespread early detection of esophageal precancer to mitigate the risks of esophageal cancer deaths. Its other subsidiary, Veris Health Inc., is a digital health company focused on enhanced personalized cancer care through remote patient monitoring using implantable biologic sensors with wireless communication along with a custom suite of connected external devices. Veris is concurrently developing an implantable physiological monitor, designed to be implanted alongside a chemotherapy port, which will interface with the Veris Cancer Care Platform. For more information about PAVmed, please visit pavmed.com. For more information about Lucid Diagnostics, please visit luciddx.com. For more information about Veris Health, please visit verishealth.com. View original content to download multimedia:https://www.prnewswire.com/news-releases/pavmed-to-hold-second-quarter-2026-business-update-conference-call-and-webcast-on-august-14-2026-302838867.html