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Pulmonx Corp SEC 10-Q Report

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Pulmonx Corp, a leading medical technology company specializing in minimally invasive treatments for patients with severe emphysema, has released its Form 10-Q report for the second quarter of 2025. The report highlights the company's financial performance and operational achievements, showcasing significant growth in revenue and improvements in operational efficiency.

Financial Highlights

  • Revenue: $23.9 million, increased by 14.8% compared to the same period last year, driven by growth in Zephyr Valve procedure volumes in both the United States and international markets.
  • Gross Profit: $17.2 million, representing a gross margin of 72.1%, slightly lower than the previous year's 73.7% due to geographic mix.
  • Loss from Operations: $(14.8) million, improved by 5.2% from the previous year's loss of $(15.6) million, reflecting better operational efficiency.
  • Net Loss: $(15.2) million, a slight improvement from the $(15.3) million loss in the prior year, attributed to increased revenue and controlled operating expenses.
  • Net Loss Per Share: $(0.38), compared to $(0.39) in the previous year, indicating a marginal improvement in per-share performance.

Business Highlights

  • Revenue Segments: The company generates most of its revenue from the sales of Zephyr Valves and delivery catheters, with a smaller portion from the Chartis System. The LungTraX Platform has not independently generated revenue.
  • Geographical Performance: Revenue from the United States increased by $0.8 million to $14.7 million for the three months ended June 30, 2025, while international sales increased by $2.2 million to $9.1 million. This reflects continued growth in Zephyr Valve procedure volumes both domestically and internationally.
  • Sales Units: The increase in revenue was primarily due to the continued growth of Zephyr Valve procedure volumes in the United States and international markets.
  • Future Outlook: The company plans to continue investing in its sales and marketing organization across the United States, Europe, and Asia Pacific. It also intends to make significant investments in research and development to develop next-generation products and support future regulatory submissions.
  • Physician and Patient Awareness: The company is focused on promoting awareness of its solution through training and educating physicians, pulmonary rehabilitation centers, and key opinion leaders. It also plans to continue building patient awareness through direct-to-patient marketing initiatives.
  • Third-Party Reimbursement: The company has made progress in securing third-party payor reimbursement, with major commercial payors issuing positive coverage policies for the Zephyr Valve. Medicare covers the solution for patients when medically necessary.
  • Competition: The company faces competition from existing treatments such as medical management, lung volume reduction surgery, and lung transplantation, as well as other minimally invasive treatments. It aims to establish its solution as a standard of care for severe emphysema.
  • Manufacturing Capacity: The company has the capacity to significantly increase its manufacturing production, which could improve gross margins by spreading fixed manufacturing costs over more units.
  • Research and Development: The company is investing in existing and next-generation technologies to improve products and clinical outcomes, enhance patient selection, and broaden the patient population that can be treated with its products.

SEC Filing: Pulmonx Corp [ LUNG ] - 10-Q - Aug. 01, 2025