Pulmonx Reports First Quarter 2025 Financial Results
Pulmonx (Nasdaq: LUNG) reported strong Q1 2025 financial results, achieving worldwide revenue of $22.5 million, marking a 20% increase year-over-year. The company's performance was driven by both domestic and international growth, with U.S. revenue reaching $14.2 million (11% increase) and international revenue hitting $8.3 million (39% increase).
Key financial metrics include:
- Gross margin of 73%
- Operating expenses of $30.9 million
- Net loss of $14.4 million ($0.36 per share)
- Cash and equivalents totaling $88.7 million
The company reaffirmed its 2025 revenue guidance of $96-98 million and expects a gross margin of approximately 74%. Operating expenses are projected between $133-135 million, including $22 million in stock-based compensation. The U.S. Department of Justice has declined to intervene in a case against Pulmonx and concluded its civil investigative demand.
Pulmonx (Nasdaq: LUNG) ha riportato solidi risultati finanziari per il primo trimestre del 2025, raggiungendo un fatturato mondiale di 22,5 milioni di dollari, con un aumento del 20% rispetto all'anno precedente. La crescita dell'azienda è stata trainata sia dal mercato interno che da quello internazionale, con ricavi negli Stati Uniti pari a 14,2 milioni di dollari (incremento dell'11%) e ricavi internazionali di 8,3 milioni di dollari (aumento del 39%).
I principali indicatori finanziari includono:
- Margine lordo del 73%
- Spese operative di 30,9 milioni di dollari
- Perdita netta di 14,4 milioni di dollari (0,36 dollari per azione)
- Liquidità e equivalenti per un totale di 88,7 milioni di dollari
L'azienda ha confermato le sue previsioni di fatturato per il 2025 tra 96 e 98 milioni di dollari, con un margine lordo previsto intorno al 74%. Le spese operative sono stimate tra 133 e 135 milioni di dollari, inclusi 22 milioni in compensi basati su azioni. Il Dipartimento di Giustizia degli Stati Uniti ha deciso di non intervenire in una causa contro Pulmonx e ha concluso la sua richiesta di indagine civile.
Pulmonx (Nasdaq: LUNG) reportó sólidos resultados financieros en el primer trimestre de 2025, alcanzando ingresos mundiales de 22,5 millones de dólares, lo que representa un aumento del 20% interanual. El desempeño de la compañía fue impulsado tanto por el crecimiento nacional como internacional, con ingresos en EE. UU. de 14,2 millones de dólares (incremento del 11%) y en el extranjero de 8,3 millones de dólares (aumento del 39%).
Los principales indicadores financieros incluyen:
- Margen bruto del 73%
- Gastos operativos de 30,9 millones de dólares
- Pérdida neta de 14,4 millones de dólares (0,36 dólares por acción)
- Efectivo y equivalentes por un total de 88,7 millones de dólares
La empresa reafirmó su pronóstico de ingresos para 2025 entre 96 y 98 millones de dólares y espera un margen bruto de aproximadamente el 74%. Se proyectan gastos operativos entre 133 y 135 millones de dólares, incluyendo 22 millones en compensación basada en acciones. El Departamento de Justicia de EE. UU. decidió no intervenir en un caso contra Pulmonx y concluyó su demanda de investigación civil.
Pulmonx (나스닥: LUNG)은 2025년 1분기 강력한 재무 실적을 보고하며, 전 세계 매출 2,250만 달러를 기록하여 전년 대비 20% 증가했습니다. 회사의 성과는 국내외 성장에 힘입었으며, 미국 매출은 1,420만 달러(11% 증가), 해외 매출은 830만 달러(39% 증가)를 달성했습니다.
주요 재무 지표는 다음과 같습니다:
- 총 이익률 73%
- 운영 비용 3,090만 달러
- 순손실 1,440만 달러(주당 0.36달러)
- 현금 및 현금성 자산 총액 8,870만 달러
회사는 2025년 매출 가이던스를 9,600만~9,800만 달러로 재확인했으며, 총 이익률은 약 74%를 예상합니다. 운영 비용은 1억3,300만~1억3,500만 달러로 예상되며, 이 중 2,200만 달러는 주식 기반 보상에 포함됩니다. 미국 법무부는 Pulmonx에 대한 소송 개입을 거부하고 민사 조사 요구를 종료했습니다.
Pulmonx (Nasdaq : LUNG) a annoncé de solides résultats financiers pour le premier trimestre 2025, atteignant un chiffre d'affaires mondial de 22,5 millions de dollars, soit une augmentation de 20 % par rapport à l'année précédente. La performance de l'entreprise a été soutenue par une croissance tant nationale qu'internationale, avec un chiffre d'affaires aux États-Unis de 14,2 millions de dollars (augmentation de 11 %) et un chiffre d'affaires international de 8,3 millions de dollars (augmentation de 39 %).
Les principaux indicateurs financiers comprennent :
- Marge brute de 73 %
- Dépenses d'exploitation de 30,9 millions de dollars
- Perte nette de 14,4 millions de dollars (0,36 dollar par action)
- Trésorerie et équivalents totalisant 88,7 millions de dollars
L'entreprise a réaffirmé ses prévisions de chiffre d'affaires pour 2025 entre 96 et 98 millions de dollars et prévoit une marge brute d'environ 74 %. Les dépenses d'exploitation sont estimées entre 133 et 135 millions de dollars, incluant 22 millions en rémunérations à base d'actions. Le ministère américain de la Justice a décidé de ne pas intervenir dans une affaire contre Pulmonx et a clôturé sa demande d'enquête civile.
Pulmonx (Nasdaq: LUNG) meldete starke Finanzergebnisse für das erste Quartal 2025 und erzielte einen weltweiten Umsatz von 22,5 Millionen US-Dollar, was einem Anstieg von 20 % im Jahresvergleich entspricht. Das Wachstum des Unternehmens wurde sowohl durch den inländischen als auch den internationalen Markt getrieben, wobei der Umsatz in den USA 14,2 Millionen US-Dollar (11 % Steigerung) und der internationale Umsatz 8,3 Millionen US-Dollar (39 % Steigerung) erreichte.
Wesentliche Finanzkennzahlen umfassen:
- Bruttomarge von 73 %
- Betriebskosten von 30,9 Millionen US-Dollar
- Nettoverlust von 14,4 Millionen US-Dollar (0,36 US-Dollar pro Aktie)
- Barmittel und Äquivalente in Höhe von 88,7 Millionen US-Dollar
Das Unternehmen bestätigte seine Umsatzprognose für 2025 von 96 bis 98 Millionen US-Dollar und erwartet eine Bruttomarge von etwa 74 %. Die Betriebskosten werden auf 133 bis 135 Millionen US-Dollar geschätzt, einschließlich 22 Millionen US-Dollar aktienbasierter Vergütung. Das US-Justizministerium hat beschlossen, in einem Fall gegen Pulmonx nicht einzugreifen, und hat seine zivilrechtliche Untersuchungsanordnung abgeschlossen.
- Revenue grew 20% YoY to $22.5M in Q1 2025
- International revenue surged 39% YoY to $8.3M
- U.S. revenue increased 11% YoY to $14.2M
- Strong gross margin of 73%
- Loan agreement amended with CIBC to extend interest-only period through Oct 2027
- DOJ declined to intervene in case against Pulmonx
- Cash position remains solid at $88.7M
- Net loss increased to $14.4M in Q1 2025
- Operating expenses rose 8% to $30.9M
- Gross margin declined from 75% in Q1 2024 to 73% in Q1 2025
- Adjusted EBITDA loss worsened to $8.5M from $8.0M YoY
Insights
Pulmonx posted 20% revenue growth with widening EBITDA loss; reaffirmed 2025 guidance and extended debt interest-only period.
Pulmonx delivered Q1 2025 revenue of
The company's gross margin was
The balance sheet shows
Management reaffirmed its full-year 2025 guidance, projecting revenue of
Pulmonx shows strong international adoption of Zephyr Valves; U.S. growth slower at 11%; DOJ investigation concluded favorably.
Pulmonx's Q1 results demonstrate growing adoption of their Zephyr Valve treatment, with particularly strong international momentum. The
The company's stated "Acquire, Test, and Treat" strategy appears to be gaining traction, particularly in international markets. The press release notes continued investments in commercial initiatives, which align with the revenue growth trajectory reported in the quarter.
A significant operational development was the resolution of a legal matter, with the U.S. Department of Justice declining to intervene in a case against Pulmonx and concluding the civil investigative demand. This removes a potential regulatory uncertainty for the company.
The
REDWOOD CITY, Calif., April 30, 2025 (GLOBE NEWSWIRE) -- Pulmonx Corporation (Nasdaq: LUNG) (“Pulmonx” or the "Company"), a global leader in minimally invasive treatments for lung disease, today reported financial results for the first quarter of 2025 ended March 31, 2025.
Recent Highlights
- Achieved worldwide revenue of
$22.5 million in the first quarter of 2025, a20% increase over the same period last year and an increase of21% on a constant currency basis - Delivered
$8.3 million in international revenue in the first quarter of 2025, representing39% year-over-year growth and an increase of43% on a constant currency basis - Delivered
$14.2 million in U.S. revenue in the first quarter of 2025, representing11% year-over-year growth - Realized gross margin of
73% in the first quarter of 2025 - Amended loan agreement with CIBC Innovation Banking to extend interest-only period through October 2027
- U.S. Department of Justice declined to intervene in case against Pulmonx and has concluded the civil investigative demand
“We are off to a strong start in 2025 as we continue to advance our Acquire, Test, and Treat strategy to broaden patient access to Zephyr Valves,” said Steve Williamson, President and Chief Executive Officer. “We delivered solid performance and early momentum from our commercial initiatives underscores the strength of our long-term growth strategy. With our focused execution plan, growing global presence, and continued innovation, we believe Pulmonx is well-positioned to deliver sustained growth and create long-term value for our shareholders.”
First Quarter 2025 Financial Results
Total worldwide revenue in the first quarter of 2025 was
Gross profit in the first quarter of 2025 was
Operating expenses in the first quarter of 2025 were
Net loss in the first quarter of 2025 was
Adjusted EBITDA loss in the first quarter of 2025 was
Cash, cash equivalents, and marketable securities totaled
2025 Financial Outlook
Pulmonx reaffirms full year 2025 revenue guidance to be in the range of
The Company expects gross margin for the full year 2025 to be approximately
Pulmonx continues to expect total operating expenses for the full year 2025 to fall within the range of
The Company’s reaffirmed guidance does not currently reflect any potential impact from future tariffs or trade policy changes, or their effects on the global macroeconomic environment, including foreign currency fluctuations, which cannot be predicted at this time.
Webcast and Conference Call Details
Pulmonx will host a conference call today, April 30, 2025, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its first quarter financial results. A live webcast of the conference call will be available on the Investor Relations section of the Company's website at https://investors.pulmonx.com/. The webcast will be archived on the website following the completion of the call.
Use of Non-GAAP Financial Measures
To supplement Pulmonx’s condensed consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, Pulmonx provides certain non-GAAP financial measures in this release as supplemental financial metrics. Non-GAAP financial measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results, may provide a more complete understanding of factors and trends affecting Pulmonx’s business.
Constant currency calculations show reported current period revenues as if the foreign exchange rates remain the same as those in effect in the comparable prior year period. Pulmonx uses results on a constant currency basis as one measure to evaluate its performance. Pulmonx calculates constant currency by calculating current-year results using foreign currency exchange rates from the applicable comparable period in the prior year. Pulmonx generally refers to such amounts calculated on a constant currency basis as excluding the impact of foreign exchange or being on a constant currency basis. Pulmonx believes the presentation of results on a constant currency basis in addition to reported results helps improve investors’ ability to understand its operating results and evaluate its performance in comparison to prior periods. Pulmonx generally uses constant currency to facilitate management's financial and operational decision-making, including evaluation of Pulmonx’s historical operating results.
The Company defines Adjusted EBITDA as earnings before interest income or expense, taxes, depreciation and amortization and stock-based compensation and may also exclude certain non-recurring, irregular or one-time items not reflective of our ongoing core business operations, such as impairment charges. Management believes in order to properly understand short-term and long-term financial trends, investors may wish to consider the impact of these excluded items in addition to GAAP measures. Further, management uses adjusted EBITDA for strategic and annual operating planning. We believe these non-GAAP financial measures are useful as a supplement in evaluating our ongoing operational performance and enhancing an overall understanding of our past financial performance.
Reconciliation of these non-GAAP financial measures to the most comparable GAAP measures is set forth in the tables below.
The non-GAAP financial measures used by Pulmonx should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. Because non-GAAP financial measures exclude the effect of items that increase or decrease the company's reported results of operations, management strongly encourages investors to review, when they become available, the Company's consolidated financial statements and publicly filed reports in their entirety. The Company's definition of non-GAAP measures may differ from similarly titled measures used by others.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s current assumptions and expectations of future events and trends, which affect or may affect our strategy, operations or financial performance, and actual results may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. These forward-looking statements include, but are not limited to, statements regarding our commercial strategy to grow the adoption of our Zephyr Valve treatment and expand our global treatable market, our expectations regarding the demand for Zephyr Valves, account activity and productivity, our possible or assumed future results of operations, including long-term outlook, descriptions of our revenues, total operating expenses, gross margin, profitability, guidance for full year 2025, commercial momentum, physician engagement and awareness of the benefits of the Zephyr Valve, the adoption by customers of our LungTraX Platform, and overall business strategy. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could cause actual results to differ materially from those contemplated in this press release can be found in the Risk Factors section of Pulmonx’s public filings with the Securities and Exchange Commission (“SEC”), including the Annual Report on Form 10-K filed with the SEC on February 25, 2025, available at www.sec.gov. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. All statements other than statements of historical fact are forward-looking statements. Except to the extent required by law, we undertake no obligation to update or review any estimate, projection, or forward-looking statement. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in our business.
About Pulmonx Corporation
Pulmonx Corporation (Nasdaq: LUNG) is a global leader in minimally invasive treatments for chronic obstructive pulmonary disease (COPD). Pulmonx’s Zephyr® Endobronchial Valve, Chartis® Pulmonary Assessment System, LungTraxTM Platform, and StratX® Lung Analysis Reports are designed to assess and treat patients with severe emphysema/COPD who despite medical management are still profoundly symptomatic. Pulmonx received FDA pre-market approval to commercialize the Zephyr Valve following its designation as a “breakthrough device.” The Zephyr Valve is commercially available in more than 25 countries, is included in global treatment guidelines and is widely considered a standard of care treatment option for improving breathing, activity and quality of life in patients with severe emphysema. For more information on the Zephyr Valves and the company, please visit www.Pulmonx.com.
Pulmonx®, AeriSeal®, Chartis®, StratX®, and Zephyr® are registered trademarks and LungTraXTM is a trademark of Pulmonx Corporation.
Investor Contact
Brian Johnston
Laine Morgan
Gilmartin Group
investors@pulmonx.com
| Pulmonx Corporation Consolidated Statements of Operations (in thousands, except share and per share data) (Unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenue | $ | 22,538 | $ | 18,854 | ||||
| Cost of goods sold | 6,196 | 4,776 | ||||||
| Gross profit | 16,342 | 14,078 | ||||||
| Operating expenses | ||||||||
| Research and development | 4,756 | 4,210 | ||||||
| Selling, general and administrative | 26,149 | 24,404 | ||||||
| Total operating expenses | 30,905 | 28,614 | ||||||
| Loss from operations | (14,563 | ) | (14,536 | ) | ||||
| Interest income | 864 | 1,441 | ||||||
| Interest expense | (781 | ) | (883 | ) | ||||
| Other income, net | 167 | 415 | ||||||
| Net loss before tax | (14,313 | ) | (13,563 | ) | ||||
| Income tax expense | 135 | 186 | ||||||
| Net loss | $ | (14,448 | ) | $ | (13,749 | ) | ||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.36 | ) | $ | (0.36 | ) | ||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 39,954,658 | 38,636,029 | ||||||
| Pulmonx Corporation Condensed Consolidated Balance Sheets (in thousands) (Unaudited) | |||||||
| March 31, 2025 | December 31, 2024 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 74,555 | $ | 70,905 | |||
| Restricted cash | 257 | 257 | |||||
| Short-term marketable securities | 14,147 | 30,577 | |||||
| Accounts receivable, net | 13,975 | 13,120 | |||||
| Inventory | 16,809 | 16,915 | |||||
| Prepaid expenses and other current assets | 4,196 | 4,474 | |||||
| Total current assets | 123,939 | 136,248 | |||||
| Long-term inventory | 1,376 | 1,681 | |||||
| Property and equipment, net | 2,826 | 2,907 | |||||
| Goodwill | 2,333 | 2,333 | |||||
| Right of use assets | 18,682 | 18,545 | |||||
| Other long-term assets | 1,580 | 1,136 | |||||
| Total assets | $ | 150,736 | $ | 162,850 | |||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 4,280 | $ | 3,827 | |||
| Accrued liabilities | 11,547 | 16,472 | |||||
| Income taxes payable | 86 | 49 | |||||
| Deferred revenue | 128 | 135 | |||||
| Short-term debt | 7,803 | 3,176 | |||||
| Current lease liabilities | 1,101 | 778 | |||||
| Total current liabilities | 24,945 | 24,437 | |||||
| Deferred tax liability | 79 | 87 | |||||
| Long-term lease liabilities | 18,652 | 18,515 | |||||
| Long-term debt | 29,393 | 34,002 | |||||
| Total liabilities | 73,069 | 77,041 | |||||
| Stockholders' equity | |||||||
| Common stock | 40 | 40 | |||||
| Additional paid-in capital | 557,428 | 551,211 | |||||
| Accumulated other comprehensive income | 2,202 | 2,113 | |||||
| Accumulated deficit | (482,003 | ) | (467,555 | ) | |||
| Total stockholders' equity | 77,667 | 85,809 | |||||
| Total liabilities and stockholders' equity | $ | 150,736 | $ | 162,850 | |||
| Pulmonx Corporation Reconciliation of Reported Revenue % Change to Constant Currency Revenue % Change (in thousands, except percentages) (Unaudited) | ||||||||||||||
| Three Months Ended March 31, | ||||||||||||||
| 2025 | 2024 | % Change | FX Impact % | Constant Currency % Change | ||||||||||
| United States | $ | 14,221 | $ | 12,869 | 10.5 | % | — | % | 10.5 | % | ||||
| International | 8,317 | 5,985 | 39.0 | % | (3.6 | )% | 42.6 | % | ||||||
| Total | $ | 22,538 | $ | 18,854 | 19.5 | % | (1.2 | )% | 20.7 | % | ||||
| Pulmonx Corporation Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA (in thousands) (Unaudited) | |||||||
| Three Months Ended March 31, | |||||||
| 2025 | 2024 | ||||||
| GAAP Net loss | $ | (14,448 | ) | $ | (13,749 | ) | |
| Depreciation and amortization | 278 | 423 | |||||
| Stock-based compensation | 5,612 | 5,673 | |||||
| Interest (income)/expense, net | (83 | ) | (558 | ) | |||
| Provision for income taxes | 135 | 186 | |||||
| Adjusted EBITDA | $ | (8,506 | ) | $ | (8,025 | ) | |
FAQ
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