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Pulmonx Reports First Quarter 2025 Financial Results

1. Pulmonx revenue grew 20% to $22.5 million in Q1 2025. 2. International sales surged 39%, with U.S. sales up 11% year-over-year. 3. Gross margin for Q1 2025 was reported at 73%, down from 75% in 2024. 4. The DOJ decline is a positive sign for Pulmonx, reducing legal pressures. 5. Full-year revenue guidance remains between $96 million and $98 million.

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Why Bullish?

The strong revenue growth and cautious optimism in guidance reflect positive momentum.

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Revenue growth and DOJ update are pivotal for LUNG's future performance.

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Immediate investor sentiment may improve with strong quarterly results and guidance.

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April 30, 2025 16:05 ET  | Source: Pulmonx Corporation 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, a 20% increase over the same period last year and an increase of 21% on a constant currency basisDelivered $8.3 million in international revenue in the first quarter of 2025, representing 39% year-over-year growth and an increase of 43% on a constant currency basisDelivered $14.2 million in U.S. revenue in the first quarter of 2025, representing 11% year-over-year growthRealized gross margin of 73% in the first quarter of 2025Amended loan agreement with CIBC Innovation Banking to extend interest-only period through October 2027U.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 ResultsTotal worldwide revenue in the first quarter of 2025 was $22.5 million, a 20% increase from $18.9 million in the first quarter of 2024 and an increase of 21% on a constant currency basis. U.S. revenue was $14.2 million, a 11% increase from the first quarter of 2024. International revenue was $8.3 million, a 39% increase compared to the first quarter of 2024, and a 43% increase on a constant currency basis. The growth in revenue reflects continued commercial execution and global adoption of Zephyr Valve procedures. Gross profit in the first quarter of 2025 was $16.3 million, compared to $14.1 million for the first quarter of 2024. Gross margin for the first quarter of 2025 was 73%, compared to 75% for the same period in 2024. Operating expenses in the first quarter of 2025 were $30.9 million, compared to $28.6 million for the first quarter of 2024, representing an increase of 8%. The increase in operating expenses was primarily attributable to increased commercial investments. Net loss in the first quarter of 2025 was $14.4 million, or $0.36 per share, compared to a net loss of $13.7 million, or $0.36 per share, for the same period in 2024. Adjusted EBITDA loss in the first quarter of 2025 was $8.5 million compared to $8.0 million for the same period in 2024. Cash, cash equivalents, and marketable securities totaled $88.7 million as of March 31, 2025. 2025 Financial OutlookPulmonx reaffirms full year 2025 revenue guidance to be in the range of $96 million to $98 million, anticipating growth generally in line with our prior expectations. The Company expects gross margin for the full year 2025 to be approximately 74%. Pulmonx continues to expect total operating expenses for the full year 2025 to fall within the range of $133 million to $135 million, inclusive of approximately $22 million of non-cash stock-based compensation. 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 DetailsPulmonx 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 MeasuresTo 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 CorporationPulmonx 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 ContactBrian Johnston Laine MorganGilmartin Groupinvestors@pulmonx.com Pulmonx CorporationConsolidated 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 CorporationCondensed Consolidated Balance Sheets(in thousands)(Unaudited) March 31, 2025 December 31, 2024Assets   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 CorporationReconciliation 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 % ChangeUnited States$14,221 $12,869 10.5% —% 10.5%International 8,317  5,985 39.0% (3.6)% 42.6%Total$22,538 $18,854 19.5% (1.2)% 20.7% Pulmonx CorporationReconciliation of Net Loss to Non-GAAP Adjusted EBITDA(in thousands)(Unaudited) Three Months Ended March 31,  2025   2024 GAAP Net loss$(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)

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