The company's commercial viability remains in question as evidenced by a 2026Q1 gross margin of -3.4% and SG&A expenses that reached $6.6 billion.
PAVmed Inc. (PAVM) annual income statement — 12-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Sales/Revenue | 112K | 71K | 3M | 2.45M | 377K | 500K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -89.02% | -97.63% | 22.15% | 550.4% | -24.6% | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 397K | 323K | 6.04M | 6.42M | 3.61M | 585K | 0 | 14.23K | 9.79K | 7.11K | 3.79K | 0 | 0 |
| COGS % of Revenue | - | 454.93% | 201.6% | 261.83% | 958.62% | 117% | - | - | - | - | - | - | - |
| Gross Profit | -285K | -252K | -3.04M | -3.97M | -3.24M | -85K | 0 | -14.23K | -9.79K | -7.11K | -3.79K | 0 | 0 |
| Gross Margin % | -254.46% | -354.93% | -101.6% | -161.83% | -858.62% | -17% | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 91.72% | 23.31% | -22.58% | -3708.24% | - | 100% | -45.31% | -37.69% | -87.45% | - | - | - |
| Operating Expenses | 26.42M | 21.55M | 41.44M | 64.83M | 87.85M | 54.31M | 23.35M | 14.3M | 10.56M | 8.03M | 5.65M | 1.78M | 548.77K |
| OpEx % of Revenue | - | 30357.75% | 1383.77% | 2643.84% | 23302.39% | 10861.6% | - | - | - | - | - | - | - |
| Selling, General & Admin | 17.17B | 17.17B | 36.15M | 48.53M | 60.73M | 34.31M | 12.39M | 7.66M | 6.31M | 5.42M | 3.93M | 1.29M | 400K |
| SG&A % of Revenue | - | 24178873.24% | 1207.05% | 1979.2% | 16108.22% | 6863% | - | - | - | - | - | - | - |
| Research & Development | 6.37M | 4.49B | 5.93M | 14.28M | 25.34M | 19.85M | 10.96M | 6.63M | 4.25M | 2.62M | 1.72M | 489.33K | 22.29K |
| R&D % of Revenue | - | 6326760.56% | 198.06% | 582.22% | 6720.95% | 3969.4% | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | -21.64B | -639K | 2.02M | 1.78M | 146K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -26.7M | -21.81M | -44.49M | -68.8M | -91.09M | -54.39M | -23.35M | -14.3M | -10.56M | -8.03M | -5.65M | -1.78M | -422.29K |
| Operating Margin % | -23842.86% | -30712.68% | -1485.38% | -2805.67% | -24161.01% | -10878.6% | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 50.98% | 35.33% | 24.47% | -67.46% | -132.94% | -63.35% | -35.33% | -31.48% | -42.18% | -218.07% | -320.71% | - |
| EBITDA | -26.22M | -21.7M | -43.29M | -65.86M | -88.63M | -54.17M | -23.33M | -14.28M | -10.55M | -8.03M | -5.65M | 0 | 0 |
| EBITDA Margin % | -23408.93% | -30564.79% | -1445.38% | -2686.09% | -23509.28% | -10833.4% | - | - | - | - | - | - | - |
| EBITDA Growth % | 1.27% | 49.87% | 34.27% | 25.69% | -63.62% | -132.2% | -63.35% | -35.32% | -31.47% | -42.14% | - | - | - |
| D&A (Non-Cash Add-back) | 60K | 105K | 1.2M | 2.93M | 2.46M | 226K | 23K | 14.23K | 9.79K | 7.11K | 3.79K | 1.78M | 422.29K |
| EBIT | -16.41M | -2.45M | 28.47M | -78.67M | -101.96M | -56.13M | -23.35M | -16.69M | -15.17M | -8.79M | -5.65M | -1.78M | -274.38K |
| Net Interest Income | 26K | 8K | 209K | -84K | -1.11M | 0 | 0 | 333 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 44K | 29K | 254K | 505K | 169K | 0 | 53K | 33K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 18K | 21K | 45K | 589K | 1.28M | 0 | 53K | 32.67K | 2.39M | 724.68K | 0 | 0 | 0 |
| Other Income/Expense | 10.27M | 19.34M | 72.91M | -10.47M | -12.15M | -1.73M | -12.54M | -2.97M | -7.61M | -1.49M | 0 | 0 | -126.48K |
| Pretax Income | -16.43M | -2.47M | 28.43M | -79.26M | -103.24M | -56.13M | -35.89M | -17.27M | -18.17M | -9.52M | -5.65M | -1.78M | -548.77K |
| Pretax Margin % | -14669.64% | -3477.46% | 949.15% | -3232.59% | -27384.08% | -11225.2% | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -126.48K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 23.05% |
| Net Income | -12.09M | 401K | 39.79M | -64.17M | -88.98M | -50.35M | -34.28M | -15.93M | -17.97M | -9.52M | -5.65M | -1.78M | -548.77K |
| Net Margin % | -10794.64% | 564.79% | 1328.58% | -2617.25% | -23602.92% | -10069.4% | - | - | - | - | - | - | - |
| Net Income Growth % | -116.59% | -98.99% | 162% | 27.88% | -76.74% | -46.89% | -115.15% | 11.34% | -88.76% | -68.46% | -218.07% | -223.74% | - |
| Net Income (Continuing) | -16.43M | -2.47M | 28.43M | -79.26M | -103.24M | -56.13M | -35.89M | -17.27M | -18.17M | -9.52M | -5.65M | -1.78M | -274.38K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -15.74M | -11.67M | -4.54M | 29.81M | 20.61M | 17.75M | -2.37M | -814.28K | -161.51K | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.93 | -5.63 | 14.88 | -274.92 | -450.95 | -293.92 | -327.91 | -249.27 | -378.78 | -346.50 | -198.00 | -60.07 | -9.18 |
| EPS Growth % | -147.09% | -137.83% | 105.41% | 39.04% | -53.43% | 10.36% | -31.55% | 34.19% | -9.32% | -75% | -229.64% | -554.31% | - |
| EPS (Basic) | - | -5.63 | 99.15 | -274.92 | -450.95 | -293.92 | -327.91 | -249.27 | -378.78 | -346.50 | -198.00 | -60.07 | -9.18 |
| Diluted Shares Outstanding | 6.27M | 670.47K | 2.18M | 241.05K | 197.95K | 172.26K | 105.41K | 67.11K | 49.5K | 29.99K | 28.83K | 29.58K | 29.89K |
| Basic Shares Outstanding | 6.27M | 670.47K | 322.41K | 241.05K | 197.95K | 172.26K | 105.41K | 67.11K | 49.5K | 29.99K | 28.83K | 29.58K | 29.89K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying PAVM stock.
For fiscal year 2025, PAVmed Inc. (PAVM) reported total revenue of $0.1M.
PAVmed Inc. (PAVM) is profitable, generating $0.4M in net income for the fiscal year ending 2025 with a net profit margin of 564.8%.
PAVmed Inc. (PAVM) reported an operating income of $-21.8M, resulting in an operating profit margin of -30712.7%. This margin reflects the operational efficiency of the business before interest and taxes.
PAVmed Inc. (PAVM) generated $-0.3M in gross profit for the year, representing a gross profit margin of -354.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Existential liquidity and solvency
Metrics are mathematically derived from official filings.
Revenue Collapse Signals Strategic Failure
According to recent financial disclosures, PAVM's quarterly revenue has plummeted to $22.0 million in 2026Q1 from historical levels, representing a near-total erosion of the company's commercial footprint and suggesting that previous diagnostic service adoption efforts have failed to gain any meaningful or sustainable market traction.
The dramatic volatility in top-line figures indicates that the company lacks a repeatable sales motion or a stable customer base. Investors should interpret this decline as a fundamental breakdown in the commercialization strategy for the EsoGuard diagnostic platform, which appears unable to generate consistent revenue.
Negative Margins Reflect Structural Inefficiency
As reported in the latest income statement, the company's gross margin of -3.4% in 2026Q1 highlights a persistent inability to cover the direct costs of production, a trend that has plagued the firm throughout the observed ten-quarter period despite various attempts to scale diagnostic testing volumes.
The consistently negative gross margins suggest that the cost of goods sold is fundamentally misaligned with the current pricing power of the company's medical devices. This implies that the business model is currently incapable of achieving the economies of scale necessary to reach even a break-even gross profit level.
Accounting Anomalies Obscure Operational Reality
Based on the provided figures, the reported net margin of 564.79% in 2025Q1 appears to be a significant outlier driven by non-operating accounting adjustments rather than core business performance, as the company simultaneously reported massive operating losses and a severe contraction in its underlying commercial revenue base.
Analysts should exercise extreme caution when interpreting net income figures, as these appear heavily influenced by non-cash items or one-time gains that do not reflect the company's actual cash-burning operational state. The disconnect between net income and operating income warrants further investigation into the nature of these accounting events.
Unchecked Overhead Consumes Limited Capital
Data from recent filings indicates that SG&A expenses reached $6.6 billion in 2026Q1, a figure that dwarfs the company's revenue and underscores a lack of expense discipline that continues to drain the firm's remaining cash reserves at an unsustainable rate for a company of this size.
The massive scale of SG&A relative to revenue suggests that the company is maintaining a corporate infrastructure that is far too expensive for its current commercial output. This cost structure appears to be a primary driver of the company's ongoing liquidity crisis and necessitates immediate, drastic rationalization.
Solvency Risks Outweigh Pipeline Potential
While some may argue that the company's intellectual property portfolio holds latent value, the current cash balance of $1.538 million, as noted in recent context flags, suggests that the firm faces an immediate risk of insolvency that may preclude the realization of any long-term pipeline milestones.
The market's focus on potential future device approvals may be ignoring the immediate reality of the company's precarious financial position. Investors should monitor the high probability of dilutive financing or restructuring events, which appear increasingly likely given the current burn rate and the lack of meaningful revenue generation.