Pulmonx Corporation (Nasdaq: LUNG) (“Pulmonx” or the "Company"), a
global leader in minimally invasive treatments for lung disease,
today reported financial results for the fourth quarter and full
year ended December 31, 2024.
Recent Highlights
- Delivered $83.8 million in worldwide revenue for the full year
of 2024, a 22% increase over the prior year
- Achieved record worldwide revenue of $23.8 million for the
fourth quarter of 2024, a 23% increase over the same period last
year on an as reported and constant currency basis
- Set a record of $15.9 million and $56.5 million in U.S. revenue
for the fourth quarter 2024 and the full year 2024, representing
16% and 23% year-over-year growth, respectively
- Realized gross margin of 74% in the fourth quarter of 2024 and
74% for the full year of 2024
- Added 11 new Zephyr® Valve U.S. treatment centers in the fourth
quarter of 2024
- Partnered with American Lung Association to launch new
educational initiatives for COPD patients and providers
- Implemented LungTraX™ software platform in first U.S.
pilot sites
“Our record quarterly and full year results underscore the
continued success of our focused strategy and execution in further
expanding our account base, optimizing patient workflows, and
raising awareness among both patients and referring physicians,”
said Steve Williamson, President & Chief Executive Officer.
“With strong underlying demand and ongoing momentum, particularly
with the pilot launch of the LungTraX software platform, we are
confident in our ability to drive long-term, sustainable growth in
2025 and beyond.”
Fourth Quarter 2024 Financial ResultsTotal
worldwide revenue in the fourth quarter of 2024 was $23.8 million,
a 23% increase from $19.3 million in the fourth quarter of 2023 and
an increase of 23% on a constant currency basis. U.S. revenue was
$15.9 million, a 16% increase from the fourth quarter of 2023.
International revenue was $7.9 million, a 42% increase compared to
the fourth quarter of 2023, and a 40% increase on a constant
currency basis.
Gross profit in the fourth quarter of 2024 was $17.6 million,
compared to $14.4 million for the fourth quarter of 2023. Gross
margin for the fourth quarter of 2024 was 74%, compared to 75% for
the same period in 2023.
Operating expenses in the fourth quarter of 2024 were $31.0
million, compared to $28.3 million for the fourth quarter of 2023,
representing an increase of 9%. The increase in operating expenses
was primarily attributable to continued investments in our
commercial activities and higher clinical expenses.
Net loss in the fourth quarter of 2024 was $13.2 million, or
$0.33 per share, compared to a net loss of $13.9 million, or $0.36
per share, for the same period in 2023.
Adjusted EBITDA loss in the fourth quarter of 2024 was $7.5
million compared to $8.4 million for the same period in 2023.
Full Year 2024 Financial ResultsTotal worldwide
revenue for the full year of 2024 was $83.8 million, a 22% increase
from $68.7 million for the full year of 2023 and an increase of 22%
on a constant currency basis. U.S. revenue was $56.5 million, a 23%
increase from $45.9 million for the full year of 2023.
International revenue was $27.3 million, a 20% increase from $22.8
million for the full year of 2023, and a 19% increase on a constant
currency basis. The growth in revenue reflects continued commercial
momentum and adoption of Zephyr Valve procedures.
Gross profit for the full year of 2024 was $62.0 million, a 22%
increase compared to $50.8 million for the full year of 2023. Gross
margin for the full year of 2024 was 74%, approximately in line
with the prior year.
Operating expenses for the full year of 2024 were $119.7
million, compared to $112.7 million for the full year of 2023,
representing an increase of 6%. The increase in operating expenses
was primarily attributable to continued investments in our
commercial activities and clinical development costs related to our
AeriSeal program.
Net loss for the full year of 2024 was $56.4 million, or $1.44
per share, compared to a net loss of $60.8 million, or $1.60 per
share, for the same period in 2023.
Adjusted EBITDA loss for the full year of 2024 was $31.3 million
compared to $39.0 million for the full year of 2023.
Cash, cash equivalents, and marketable securities totaled $101.5
million as of December 31, 2024.
Full Year 2025 Financial GuidancePulmonx
expects revenue for the full year 2025 to be in the range of $96
million to $98 million, representing growth of 15% to 17% compared
to 2024, or 16% to 18% on a constant currency basis, as our
guidance assumes a negative impact from foreign exchange on
reported revenue growth of approximately 100 basis points.
The Company expects gross margin for the full year 2025 to be
approximately 74%.
Pulmonx expects 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.
Webcast and Conference Call DetailsPulmonx will
host a conference call today, February 19, 2025, at 1:30 p.m. PT /
4:30 p.m. ET to discuss its fourth quarter and full year 2024
financial results and to discuss its full year 2025 financial
guidance. 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. 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 non-GAAP financial measures to the most
comparable GAAP measures for the fourth quarter and full year ended
December 31, 2024 and 2023 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 strategy and execution in further
optimizing patient workflows, and raising awareness among both
patients and referring physicians, our expectations regarding
demand and ongoing momentum, including with respect to the pilot
launch of the LungTraX software platform, our ability to drive
long-term, sustainable growth in 2025 and beyond, our possible or
assumed future results of operations, including long-term outlook,
descriptions of our revenues, total operating expenses, gross
margin, 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 our filings with the Securities and Exchange
Commission (“SEC”), including our Quarterly Report on Form 10-Q for
the quarterly period ended September 30, 2024, filed with the SEC
on November 1, 2024, 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, LungTraX™ Platform, and StratX® Lung
Analysis Report 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.
Investor ContactBrian JohnstonLaine
MorganGilmartin Groupinvestors@pulmonx.com
| |
| Pulmonx
CorporationConsolidated Statements of
Operations(in thousands, except share and per
share data)(Unaudited) |
| |
|
|
|
|
| |
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
| |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Revenue |
|
$ |
23,765 |
|
|
$ |
19,278 |
|
|
$ |
83,789 |
|
|
$ |
68,675 |
|
| Cost of goods sold |
|
|
6,175 |
|
|
|
4,878 |
|
|
|
21,788 |
|
|
|
17,923 |
|
| Gross profit |
|
|
17,590 |
|
|
|
14,400 |
|
|
|
62,001 |
|
|
|
50,752 |
|
| Operating expenses |
|
|
|
|
|
|
|
|
|
Research and development |
|
|
4,001 |
|
|
|
3,896 |
|
|
|
17,570 |
|
|
|
18,080 |
|
|
Selling, general and administrative |
|
|
27,006 |
|
|
|
24,423 |
|
|
|
102,135 |
|
|
|
94,607 |
|
| Total operating expenses |
|
|
31,007 |
|
|
|
28,319 |
|
|
|
119,705 |
|
|
|
112,687 |
|
| Loss from operations |
|
|
(13,417 |
) |
|
|
(13,919 |
) |
|
|
(57,704 |
) |
|
|
(61,935 |
) |
| Interest income |
|
|
1,045 |
|
|
|
1,541 |
|
|
|
5,061 |
|
|
|
5,568 |
|
| Interest expense |
|
|
(842 |
) |
|
|
(905 |
) |
|
|
(3,507 |
) |
|
|
(3,232 |
) |
| Other income (expense),
net |
|
|
77 |
|
|
|
(357 |
) |
|
|
256 |
|
|
|
(673 |
) |
| Net loss before tax |
|
|
(13,137 |
) |
|
|
(13,640 |
) |
|
|
(55,894 |
) |
|
|
(60,272 |
) |
| Income tax expense |
|
|
38 |
|
|
|
248 |
|
|
|
500 |
|
|
|
571 |
|
| Net loss |
|
$ |
(13,175 |
) |
|
$ |
(13,888 |
) |
|
$ |
(56,394 |
) |
|
$ |
(60,843 |
) |
| Net loss per share
attributable to common stockholders, basic and diluted |
|
$ |
(0.33 |
) |
|
$ |
(0.36 |
) |
|
$ |
(1.44 |
) |
|
$ |
(1.60 |
) |
| Weighted-average shares used
in computing net loss per share attributable to common
stockholders, basic and diluted |
|
|
39,581,760 |
|
|
|
38,377,404 |
|
|
|
39,111,073 |
|
|
|
37,974,567 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Pulmonx
CorporationCondensed Consolidated Balance
Sheets(in
thousands)(Unaudited) |
| |
|
|
|
| |
December 31, 2024 |
|
December 31, 2023 |
| Assets |
|
|
|
| Current assets |
|
|
|
|
Cash and cash equivalents |
$ |
70,905 |
|
|
$ |
83,547 |
|
|
Restricted cash |
|
257 |
|
|
|
237 |
|
|
Short-term marketable securities |
|
30,577 |
|
|
|
33,555 |
|
|
Accounts receivable, net |
|
13,120 |
|
|
|
12,105 |
|
|
Inventory |
|
16,915 |
|
|
|
16,743 |
|
|
Prepaid expenses and other current assets |
|
4,474 |
|
|
|
4,235 |
|
| Total current assets |
|
136,248 |
|
|
|
150,422 |
|
| Long-term marketable
securities |
|
— |
|
|
|
14,390 |
|
| Long-term inventory |
|
1,681 |
|
|
|
2,580 |
|
| Property and equipment,
net |
|
2,907 |
|
|
|
4,028 |
|
| Goodwill |
|
2,333 |
|
|
|
2,333 |
|
| Intangible assets, net |
|
— |
|
|
|
31 |
|
| Right of use assets |
|
18,545 |
|
|
|
3,406 |
|
| Other long-term assets |
|
1,136 |
|
|
|
591 |
|
| Total assets |
$ |
162,850 |
|
|
$ |
177,781 |
|
| |
|
|
|
| Liabilities and
Stockholders' Equity |
|
|
|
| Current liabilities |
|
|
|
|
Accounts payable |
$ |
3,827 |
|
|
$ |
1,497 |
|
|
Accrued liabilities |
|
16,472 |
|
|
|
16,234 |
|
|
Income taxes payable |
|
49 |
|
|
|
93 |
|
|
Deferred revenue |
|
135 |
|
|
|
104 |
|
|
Short-term debt |
|
3,176 |
|
|
|
2,155 |
|
|
Current lease liabilities |
|
778 |
|
|
|
3,074 |
|
| Total current liabilities |
|
24,437 |
|
|
|
23,157 |
|
| Deferred tax liability |
|
87 |
|
|
|
114 |
|
| Long-term lease
liabilities |
|
18,515 |
|
|
|
1,106 |
|
| Long-term debt |
|
34,002 |
|
|
|
35,089 |
|
| Total liabilities |
|
77,041 |
|
|
|
59,466 |
|
| Stockholders' equity |
|
|
|
| Common stock |
|
40 |
|
|
|
39 |
|
|
Additional paid-in capital |
|
551,211 |
|
|
|
526,797 |
|
|
Accumulated other comprehensive income |
|
2,113 |
|
|
|
2,640 |
|
|
Accumulated deficit |
|
(467,555 |
) |
|
|
(411,161 |
) |
| Total stockholders'
equity |
|
85,809 |
|
|
|
118,315 |
|
| Total liabilities and
stockholders' equity |
$ |
162,850 |
|
|
$ |
177,781 |
|
| |
|
|
|
|
|
|
|
| |
| Pulmonx
CorporationReconciliation of Reported Revenue %
Change to Constant Currency Revenue % Change(in
thousands)(Unaudited) |
| |
|
|
|
|
|
|
|
| |
Three Months Ended December 31, |
|
|
|
|
|
|
| |
2024 |
|
2023 |
|
% Change |
|
FX Impact % |
|
Constant Currency % Change |
|
United States |
$ |
15,879 |
|
|
$ |
13,720 |
|
|
15.7 |
% |
|
— |
% |
|
15.7 |
% |
| International |
|
7,886 |
|
|
|
5,558 |
|
|
41.9 |
% |
|
2.2 |
% |
|
39.7 |
% |
| Total |
$ |
23,765 |
|
|
$ |
19,278 |
|
|
23.3 |
% |
|
0.7 |
% |
|
22.6 |
% |
| |
Twelve Months Ended December 31, |
|
|
|
|
|
|
| |
2024 |
|
2023 |
|
% Change |
|
FX Impact % |
|
Constant Currency % Change |
|
United States |
$ |
56,465 |
|
|
$ |
45,917 |
|
|
23.0 |
% |
|
— |
% |
|
23.0 |
% |
| International |
|
27,324 |
|
|
|
22,758 |
|
|
20.1 |
% |
|
1.2 |
% |
|
18.9 |
% |
| Total |
$ |
83,789 |
|
|
$ |
68,675 |
|
|
22.0 |
% |
|
0.4 |
% |
|
21.6 |
% |
| |
|
|
|
|
|
|
|
|
|
| |
| Pulmonx
CorporationReconciliation of Net Loss to Non-GAAP
Adjusted EBITDA(in
thousands)(Unaudited) |
| |
|
|
|
| |
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
GAAP Net loss |
$ |
(13,175 |
) |
|
$ |
(13,888 |
) |
|
$ |
(56,394 |
) |
|
$ |
(60,843 |
) |
|
Depreciation and amortization |
|
294 |
|
|
|
287 |
|
|
|
1,493 |
|
|
|
1,548 |
|
|
Stock-based compensation |
|
5,523 |
|
|
|
5,598 |
|
|
|
22,955 |
|
|
|
22,101 |
|
|
Impairment of capitalized software development costs |
|
— |
|
|
|
— |
|
|
|
1,717 |
|
|
|
— |
|
|
Interest (income)/expense, net |
|
(203 |
) |
|
|
(636 |
) |
|
|
(1,554 |
) |
|
|
(2,336 |
) |
|
Provision for income taxes |
|
38 |
|
|
|
248 |
|
|
|
500 |
|
|
|
571 |
|
| Adjusted EBITDA |
$ |
(7,523 |
) |
|
$ |
(8,391 |
) |
|
$ |
(31,283 |
) |
|
$ |
(38,959 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grafico Azioni Pulmonx (NASDAQ:LUNG)
Storico
Da Gen 2025 a Feb 2025
Grafico Azioni Pulmonx (NASDAQ:LUNG)
Storico
Da Feb 2024 a Feb 2025
