PAVmed Reports Q3 2026 Results as Lucid Diagnostics Secures Medicare Coverage

Medicare began paying for the EsoGuard test in October 2026 at the established Clinical Laboratory Fee Schedule rate, converting an unaddressed payer base into revenue. At-risk Medicare beneficiaries represent roughly 50% of the 30 million patients recommended for esophageal precancer testing, and October set a volume record with more than 1,800 tests versus 2,871 in all of Q3. A larger 11,991-patient real-world study publication supports payer and clinical credibility.

As Lucid's largest common shareholder, PAVmed benefits directly from EsoGuard's nationwide Medicare reimbursement, which began generating payments in October 2026 after $1.2 million of Q3 revenue. Cash of $8.9 million (including $5.3 million restricted) versus $1.5 million at year-end 2025 and a modest adjusted net loss of ~$1.2 million support the near-term outlook. The gain is partly indirect since the reimbursement accrues to Lucid rather than PAVmed itself.