Pulmonx Reports Second Quarter 2025 Financial Results
Pulmonx (Nasdaq: LUNG) reported its Q2 2025 financial results, achieving total revenue of $23.9 million, representing a 15% year-over-year increase. The company's performance was driven by strong international growth of 32% ($9.1 million), while U.S. revenue grew 6% ($14.7 million).
The company maintained a gross margin of 72% but reported a net loss of $15.2 million ($0.38 per share). Due to slower-than-expected U.S. revenue conversion, Pulmonx revised its full-year 2025 guidance down to $90-92 million from the previous $96-98 million forecast. Operating expenses are now expected to be $128-130 million, reduced from prior guidance of $133-135 million.
Pulmonx (Nasdaq: LUNG) ha comunicato i risultati finanziari del secondo trimestre 2025, registrando un fatturato totale di 23,9 milioni di dollari, con un aumento del 15% rispetto all'anno precedente. La crescita è stata trainata da una forte espansione internazionale del 32% (9,1 milioni di dollari), mentre i ricavi negli Stati Uniti sono aumentati del 6% (14,7 milioni di dollari).
L'azienda ha mantenuto un margine lordo del 72%, ma ha riportato una perdita netta di 15,2 milioni di dollari (0,38 dollari per azione). A causa di una conversione dei ricavi statunitensi più lenta del previsto, Pulmonx ha rivisto al ribasso le previsioni per l'intero 2025, portandole a 90-92 milioni di dollari rispetto alla precedente stima di 96-98 milioni. Le spese operative sono ora previste tra 128 e 130 milioni di dollari, in calo rispetto alla precedente stima di 133-135 milioni.
Pulmonx (Nasdaq: LUNG) informó sus resultados financieros del segundo trimestre de 2025, alcanzando un ingreso total de 23,9 millones de dólares, lo que representa un aumento interanual del 15%. El desempeño de la empresa fue impulsado por un fuerte crecimiento internacional del 32% (9,1 millones de dólares), mientras que los ingresos en EE.UU. crecieron un 6% (14,7 millones de dólares).
La compañía mantuvo un margen bruto del 72%, pero reportó una pérdida neta de 15,2 millones de dólares (0,38 dólares por acción). Debido a una conversión de ingresos en EE.UU. más lenta de lo esperado, Pulmonx revisó a la baja su guía para todo el año 2025 a 90-92 millones de dólares desde el pronóstico anterior de 96-98 millones. Los gastos operativos ahora se esperan entre 128 y 130 millones, reducidos respecto a la guía previa de 133-135 millones.
Pulmonx (나스닥: LUNG)는 2025년 2분기 재무 실적을 발표하며 총 매출 2,390만 달러를 기록해 전년 대비 15% 증가했습니다. 회사의 성과는 32% 성장한 해외 매출(910만 달러)에 힘입었으며, 미국 매출은 6%(1,470만 달러) 증가했습니다.
회사는 총 이익률 72%를 유지했으나, 순손실 1,520만 달러(주당 0.38달러)를 보고했습니다. 미국 매출 전환이 예상보다 느려짐에 따라 Pulmonx는 2025년 연간 가이던스를 기존 9,600만~9,800만 달러에서 9,000만~9,200만 달러로 하향 조정했습니다. 영업비용은 이전 가이던스 1억3,300만~1억3,500만 달러에서 1억2,800만~1억3,000만 달러로 줄일 것으로 예상됩니다.
Pulmonx (Nasdaq : LUNG) a publié ses résultats financiers du deuxième trimestre 2025, enregistrant un chiffre d'affaires total de 23,9 millions de dollars, soit une augmentation de 15 % par rapport à l'année précédente. La performance de l'entreprise a été portée par une forte croissance internationale de 32 % (9,1 millions de dollars), tandis que les revenus aux États-Unis ont augmenté de 6 % (14,7 millions de dollars).
L'entreprise a maintenu une marge brute de 72 %, mais a enregistré une perte nette de 15,2 millions de dollars (0,38 dollar par action). En raison d'une conversion des revenus américains plus lente que prévu, Pulmonx a révisé à la baisse ses prévisions pour l'ensemble de l'année 2025, les portant à 90-92 millions de dollars contre une estimation précédente de 96-98 millions. Les dépenses d'exploitation sont désormais attendues entre 128 et 130 millions, réduites par rapport aux prévisions antérieures de 133-135 millions.
Pulmonx (Nasdaq: LUNG) meldete seine Finanzergebnisse für das zweite Quartal 2025 und erzielte einen Gesamtumsatz von 23,9 Millionen US-Dollar, was einem Anstieg von 15 % im Jahresvergleich entspricht. Das Wachstum wurde durch ein starkes internationales Wachstum von 32 % (9,1 Millionen US-Dollar) angetrieben, während die Umsätze in den USA um 6 % auf 14,7 Millionen US-Dollar stiegen.
Das Unternehmen hielt eine Bruttomarge von 72 % aufrecht, meldete jedoch einen Nettogewinnverlust von 15,2 Millionen US-Dollar (0,38 US-Dollar pro Aktie). Aufgrund einer langsamer als erwarteten Umsatzumsetzung in den USA hat Pulmonx seine Jahresprognose für 2025 von zuvor 96-98 Millionen US-Dollar auf 90-92 Millionen US-Dollar gesenkt. Die Betriebskosten werden nun auf 128-130 Millionen US-Dollar geschätzt, reduziert gegenüber der vorherigen Prognose von 133-135 Millionen.
- None.
- Reduced full-year revenue guidance from $96-98M to $90-92M due to slower U.S. growth
- U.S. revenue growth was modest at only 6% year-over-year
- Net loss of $15.2 million in Q2 2025
- Adjusted EBITDA loss increased to $8.4 million from $7.6 million year-over-year
- Gross margin declined from 74% to 72% compared to Q2 2024
Insights
Pulmonx shows 15% revenue growth but lowered guidance indicates slower-than-expected U.S. market penetration despite international strength.
Pulmonx delivered
The company maintained a healthy gross margin of
Importantly, Pulmonx is demonstrating disciplined cost control, reducing their full-year operating expense guidance by
While quarterly net loss remained essentially flat at
REDWOOD CITY, Calif., July 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 second quarter of 2025 ended June 30, 2025.
Recent Highlights
- Achieved worldwide revenue of
$23.9 million in the second quarter of 2025, a15% increase over the same period last year and an increase of13% on a constant currency basis - Delivered
$9.1 million in international revenue in the second quarter of 2025, representing32% year-over-year growth and an increase of27% on a constant currency basis - Delivered
$14.7 million in U.S. revenue in the second quarter of 2025, representing6% year-over-year growth - Realized gross margin of
72% in the second quarter of 2025 - Drove over 20,000 first time patient engagements through targeted Direct-to-Patient advertising
- Added 12 new Zephyr® Valve U.S. treatment centers in the second quarter of 2025 and trained 26 new physicians
Steve Williamson, President and Chief Executive Officer of Pulmonx, commented, “Strong international performance drove double-digit growth and provided a solid foundation for the quarter. While we are revising full-year guidance to reflect longer-than-expected revenue conversion from our U.S. initiatives, we are seeing early signs of traction. Our efforts to build a scalable ecosystem by improving patient identification, access, and engagement, are beginning to deliver results and position us for sustained, long-term growth.”
Second Quarter 2025 Financial Results
Total worldwide revenue in the second quarter of 2025 was
Gross profit in the second quarter of 2025 was
Operating expenses in the second quarter of 2025 were
Net loss in the second quarter of 2025 was
Adjusted EBITDA loss in the second quarter of 2025 was
Cash, cash equivalents, and marketable securities totaled
Financial Outlook
Pulmonx is revising 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 is also revising its total operating expenses for the full year 2025 to fall within the range of
The Company’s updated guidance does not anticipate any potential impact from future tariffs or trade policy changes, or their effects on the global macroeconomic environment, including foreign currency fluctuations.
Webcast and Conference Call Details
Pulmonx will host a conference call today, July 30, 2025, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its second quarter financial results. A live webcast of the conference call will be available within 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.
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, LungTrax™ 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 LungTraX™ is a trademark of Pulmonx Corporation.
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 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, 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 Quarterly Report on Form 10-Q filed with the SEC on May 2, 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.
Investors
Jeremy Feffer
Managing Director
LifeSci Advisors LLC
jfeffer@lifesciadvisors.com
Pulmonx
investors@pulmonx.com
| Pulmonx Corporation Consolidated Statements of Operations (in thousands, except share and per share data) (Unaudited) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | $ | 23,859 | $ | 20,783 | $ | 46,397 | $ | 39,637 | ||||||||
| Cost of goods sold | 6,655 | 5,476 | 12,851 | 10,252 | ||||||||||||
| Gross profit | 17,204 | 15,307 | 33,546 | 29,385 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Research and development | 5,306 | 5,615 | 10,062 | 9,825 | ||||||||||||
| Selling, general and administrative | 26,702 | 25,314 | 52,851 | 49,718 | ||||||||||||
| Total operating expenses | 32,008 | 30,929 | 62,913 | 59,543 | ||||||||||||
| Loss from operations | (14,804 | ) | (15,622 | ) | (29,367 | ) | (30,158 | ) | ||||||||
| Interest income | 723 | 1,306 | 1,587 | 2,747 | ||||||||||||
| Interest expense | (799 | ) | (891 | ) | (1,580 | ) | (1,774 | ) | ||||||||
| Other (expense) income, net | (116 | ) | (35 | ) | 51 | 380 | ||||||||||
| Net loss before tax | (14,996 | ) | (15,242 | ) | (29,309 | ) | (28,805 | ) | ||||||||
| Income tax expense | 177 | 84 | 312 | 270 | ||||||||||||
| Net loss | $ | (15,173 | ) | $ | (15,326 | ) | $ | (29,621 | ) | $ | (29,075 | ) | ||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.38 | ) | $ | (0.39 | ) | $ | (0.74 | ) | $ | (0.75 | ) | ||||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 40,429,655 | 38,943,066 | 40,193,469 | 38,789,548 | ||||||||||||
| Pulmonx Corporation Condensed Consolidated Balance Sheets (in thousands) (Unaudited) | |||||||
| June 30, 2025 | December 31, 2024 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 75,466 | $ | 70,905 | |||
| Restricted cash | 259 | 257 | |||||
| Short-term marketable securities | 8,759 | 30,577 | |||||
| Accounts receivable, net | 15,903 | 13,120 | |||||
| Inventory | 16,175 | 16,915 | |||||
| Prepaid expenses and other current assets | 3,458 | 4,474 | |||||
| Total current assets | 120,020 | 136,248 | |||||
| Long-term inventory | 1,892 | 1,681 | |||||
| Property and equipment, net | 2,660 | 2,907 | |||||
| Goodwill | 2,333 | 2,333 | |||||
| Right of use assets | 18,643 | 18,545 | |||||
| Other long-term assets | 1,639 | 1,136 | |||||
| Total assets | $ | 147,187 | $ | 162,850 | |||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 6,557 | $ | 3,827 | |||
| Accrued liabilities | 14,388 | 16,472 | |||||
| Income taxes payable | 205 | 49 | |||||
| Deferred revenue | 78 | 135 | |||||
| Short-term debt | 104 | 3,176 | |||||
| Current lease liabilities | 1,115 | 778 | |||||
| Total current liabilities | 22,447 | 24,437 | |||||
| Deferred tax liability | 41 | 87 | |||||
| Long-term lease liabilities | 18,598 | 18,515 | |||||
| Long-term debt | 37,011 | 34,002 | |||||
| Total liabilities | 78,097 | 77,041 | |||||
| Stockholders' equity | |||||||
| Common stock | 41 | 40 | |||||
| Additional paid-in capital | 563,589 | 551,211 | |||||
| Accumulated other comprehensive income | 2,636 | 2,113 | |||||
| Accumulated deficit | (497,176 | ) | (467,555 | ) | |||
| Total stockholders' equity | 69,090 | 85,809 | |||||
| Total liabilities and stockholders' equity | $ | 147,187 | $ | 162,850 | |||
| Pulmonx Corporation Reconciliation of Reported Revenue % Change to Constant Currency Revenue % Change (in thousands, except percentages) (Unaudited) | ||||||||||||||
| Three Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | % Change | FX Impact % | Constant Currency % Change | ||||||||||
| United States | $ | 14,731 | $ | 13,881 | 6.1 | % | — | % | 6.1 | % | ||||
| International | 9,128 | 6,902 | 32.3 | % | 4.9 | % | 27.4 | % | ||||||
| Total | $ | 23,859 | $ | 20,783 | 14.8 | % | 1.6 | % | 13.2 | % | ||||
| Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | % Change | FX Impact % | Constant Currency % Change | ||||||||||
| United States | $ | 28,952 | $ | 26,750 | 8.2 | % | — | % | 8.2 | % | ||||
| International | 17,445 | 12,887 | 35.4 | % | 0.9 | % | 34.5 | % | ||||||
| Total | $ | 46,397 | $ | 39,637 | 17.1 | % | 0.3 | % | 16.8 | % | ||||
| Pulmonx Corporation Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA (in thousands) (Unaudited) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| GAAP Net loss | $ | (15,173 | ) | $ | (15,326 | ) | $ | (29,621 | ) | $ | (29,075 | ) | |||
| Depreciation and amortization | 299 | 400 | 577 | 823 | |||||||||||
| Stock-based compensation | 6,214 | 5,920 | 11,826 | 11,593 | |||||||||||
| Impairment of capitalized software development costs | — | 1,717 | — | 1,717 | |||||||||||
| Interest (income)/expense, net | 76 | (415 | ) | (7 | ) | (973 | ) | ||||||||
| Provision for income taxes | 177 | 84 | 312 | 270 | |||||||||||
| Adjusted EBITDA | $ | (8,407 | ) | $ | (7,620 | ) | $ | (16,913 | ) | $ | (15,645 | ) | |||
FAQ
What were Pulmonx (LUNG) Q2 2025 earnings results?
Why did Pulmonx lower its 2025 revenue guidance?
How did Pulmonx's international vs U.S. revenue compare in Q2 2025?
What is Pulmonx's cash position as of Q2 2025?
How many new treatment centers did Pulmonx add in Q2 2025?
