PAVmed Inc.

Good morning and welcome to PavMed's fourth quarter and full year 2023 business update conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Wednesday, March 27, 2024. I would now like to turn the conference over to Dennis McGrath, PAVMED President and Chief Financial Officer. Please go ahead, Dennis.

Thank you, Operator. Good morning, everyone, and thank you for participating in today's fourth quarter 2023 business update call. Press release announcing our business update for the company and financial results for the fourth quarter and the full year ended December 31, 2023 is available on the PAVMED website. Please take a moment to read the disclaimer about the forward-looking statements. The business update press release and this conference call both 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 with the U.S. Securities and Exchange Commission. For a list and a Description of these and other important risk factors or risks and uncertainties that may affect future operations. See Part 1, Item 1A entitled Risk Factors in ABMED's most recent annual report on Form 10-K filed with the SEC and subsequent updates filed in quarterly reports on Form 10-Q and any subsequent Form 8-K filings. ABMED is required by law. ABMED disclaims any intention or obligations to publicly update or revise any forward-looking statements to reflect changes in expectations or in events, conditions, or circumstances on which the expectations may be based or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements. I now would like to turn it over to Dr. Lishan Akhlaq, PadMed Chairman and CEO. Lishan?

Thank you, Dennis, and good afternoon, everyone. Thank you for joining our quarterly update call. Before proceeding, a couple things. As yesterday, I'd like to apologize for my scratchy voice, a little bit under the weather. I'd also like to thank our long-term shareholders for your ongoing support and commitment. We've been together through some challenging times, and as we'll discuss in greater depth, we continue to leave no stone unturned to enhance long-term shareholder value. Lucid clearly remains PadMed's strongest and most promising asset, and we're very pleased by its commercial progress and Lucid's ability to finance its operations despite challenging market conditions. We're looking to replicate the model more broadly and have revised PadMed's overall strategy to drive shareholder value through independently financed subsidiaries, which, like Lucid, can leverage PadMed's shared infrastructure. Consistent with this approach, we've updated Veris' commercial strategy accordingly. We've launched our PMX incubator in partnership with Hatch Medical, and we've aggressively sought groundbreaking independently financeable technologies with large Market Opportunities Agnostic Center. So a couple of, let's just start with some recent highlights, starting with Lucid Diagnostics. A reminder that yesterday we had a full presentation regarding Lucid, so I would encourage everyone to view that webinar or the transcript of that webinar to get further details with Lucid. I'll just give some highlights. Quarterly revenue rose nicely at 33%. for the prior quarter, and these health fair high volume CYFT events continue to gain traction. Our auto network reimbursement is improving with stable pricing, and we've expanded our clinical validity and clinical utility data to support in-network coverage, including Medicare. As I mentioned, and I'll talk about it in further and more depth in a bit, for Varus Health, we've shifted our strategy to target large academic and regional cancer centers, and our first such engagement is expected in the very near term. We had a final and successful FDA pre-submission meeting for the implantable monitor, and we feel we have a clear path the FDA clears pending independent financing. As we announced last week, Pat had launched its wholly-owned incubator, PMX, in partnership with Hatch Medical to complete development and commercialization of its existing MedTech portfolio technology, starting with Port IOM.