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Pulmonx Reports Second Quarter 2025 Financial Results

1. Pulmonx achieved $23.9 million in Q2 revenue, up 15% year-over-year. 2. International revenue grew by 32%, with U.S. revenue increasing 6%. 3. Company revised full-year 2025 guidance down to $90-$92 million. 4. Net loss for Q2 2025 was $15.2 million, slightly reduced from last year. 5. Gross margin improved to 72%, reflecting operational efficiency gains.

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Why Neutral?

While revenue is increasing, full-year guidance cut may concern investors.

How important is it?

Financial figures and guidance changes are significant for investor sentiment towards LUNG.

Why Short Term?

Recent financial results show immediate growth potential but revised guidance affects outlook.

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July 30, 2025 16:05 ET  | Source: Pulmonx Corporation 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, a 15% increase over the same period last year and an increase of 13% on a constant currency basisDelivered $9.1 million in international revenue in the second quarter of 2025, representing 32% year-over-year growth and an increase of 27% on a constant currency basisDelivered $14.7 million in U.S. revenue in the second quarter of 2025, representing 6% year-over-year growthRealized gross margin of 72% in the second quarter of 2025Drove over 20,000 first time patient engagements through targeted Direct-to-Patient advertisingAdded 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 $23.9 million, a 15% increase from $20.8 million in the second quarter of 2024 and an increase of 13% on a constant currency basis. U.S. revenue was $14.7 million, a 6% increase from the second quarter of 2024. International revenue was $9.1 million, a 32% increase compared to the second quarter of 2024, and a 27% increase on a constant currency basis. Gross profit in the second quarter of 2025 was $17.2 million, compared to $15.3 million for the second quarter of 2024. Gross margin for the second quarter of 2025 was 72%, compared to 74% for the same period in 2024. Operating expenses in the second quarter of 2025 were $32.0 million, compared to $30.9 million for the second quarter of 2024, representing an increase of 3%. Net loss in the second quarter of 2025 was $15.2 million, or $0.38 per share, compared to a net loss of $15.3 million, or $0.39 per share, for the same period in 2024. Adjusted EBITDA loss in the second quarter of 2025 was $8.4 million compared to $7.6 million for the same period in 2024. Cash, cash equivalents, and marketable securities totaled $84.2 million as of June 30, 2025. Financial Outlook Pulmonx is revising full year 2025 revenue guidance to be in the range of $90 million to $92 million, anticipating a trajectory slightly lower than its prior expectations of $96 million to $98 million. The Company expects gross margin for the full year 2025 to be approximately 74%. Pulmonx is also revising its total operating expenses for the full year 2025 to fall within the range of $128 million to $130 million, a decrease from prior guidance of $133 million to $135 million, inclusive of approximately $22 million of non-cash stock-based compensation. 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 CorporationConsolidated 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 CorporationCondensed Consolidated Balance Sheets(in thousands)(Unaudited)  June 30, 2025 December 31, 2024Assets   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 CorporationReconciliation 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 % ChangeUnited 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 % ChangeUnited States$28,952 $26,750 8.2% —% 8.2%International 17,445  12,887 35.4% 0.9% 34.5%Total$46,397 $39,637 17.1% 0.3% 16.8%  Pulmonx CorporationReconciliation of Net Loss to Non-GAAP Adjusted EBITDA(in thousands)(Unaudited)  Three Months Ended June 30, Six Months Ended June 30,  2025   2024   2025   2024 GAAP Net loss$(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)

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