Achieved record Q4 test volume of 3,664, exceeding the target range of 2,500 to 3,000, driven by improved sales team productivity and established market presence.

Secured a U.S. Department of Veterans Affairs (VA) contract under the Federal Supply Schedule, validating the Medicare pricing of $938 and providing access to 9 million enrolled veterans.

Identified a 'de facto' coverage pathway with UnitedHealthcare by leveraging endoscopy guidelines that list EsoGuard as an appropriate indicator for EGD procedures.

Transitioned the commercial team's focus from high-volume event-based testing toward higher-value Medicare and VA clinical populations to prepare for imminent reimbursement shifts.

Released real-world data from 12,000 patients confirming a 95% technical success rate and safety profile, which management is using to differentiate EsoGuard from 'antiquated' sponge-based competitors.

Attributed the delay in the Medicare draft Local Coverage Determination (LCD) to administrative and logistical backlogs at MolDx rather than concerns over clinical utility.

Anticipates the publication of a draft Medicare LCD 'any day now,' which would trigger a 45-day comment period followed by a final policy and 12-month retroactive payment eligibility.

Plans to announce the first positive coverage policy from a Laboratory Benefit Manager (LBM) within the next couple of months, facilitating regional Blue Cross Blue Shield adoption.

Intends to maintain current operating expense levels until Medicare coverage is finalized, at which point the company will 'step on the gas' regarding sales force expansion.

Developing sophisticated cost-effectiveness modeling to supplement ongoing negotiations with commercial payers who require economic data beyond clinical validity.

Prioritizing EHR integration with systems like Epic to streamline physician ordering and result delivery, viewed as a critical requirement for clinical scaling in 2026.

Reported a cash balance of $34.7 million with a quarterly burn rate of approximately $11.1 million, including investments in market access staffing.

Noted that 80% of billable amounts are currently not collected due to the transitional stage of reimbursement, requiring revenue recognition on a cash basis for most claims.

Highlighted a $7.7 million non-cash expense charge for the year related to the mark-to-market valuation of convertible notes driven by a 33% increase in stock price.

Confirmed that PAVmed remains the largest shareholder with an 18% stake, maintaining significant influence alongside management despite losing absolute voting control.

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Management clarified the 800-test sequential increase was not yet driven by the VA but by general team productivity and the transition to clinical physician engagements.

Indicated that 3,600+ tests per quarter could become the new baseline as VA volume begins to layer on top of established commercial activity.

Explained that because UnitedHealthcare guidelines list EsoGuard as a valid triage tool for endoscopy, the test is effectively viewed as non-experimental.

The company has initiated the credentialing process to become an in-network provider, which is the prerequisite for formal price contracting.

Medicare claims grew 28% sequentially in Q4, now representing approximately 16% of total volume as the sales team shifts focus.

Estimated that a 'couple million dollars' in back-payments are currently sitting in the 12-month look-back window, pending the final Medicare policy.

Management is intentionally limiting new hires to manage cash burn until they can collect on a higher percentage of billed tests.

Expects to begin reporting specific sales rep productivity metrics toward the end of 2026 once broader reimbursement is secured.

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