Core Insights - The study published in JAMA confirms that a Butterfly-enabled POCUS program focused on lung ultrasound significantly reduces hospital stay and costs associated with undifferentiated dyspnea, including acute heart-failure exacerbations [1][2][3]. Study Findings - The POCUS program led to a reduction of 246 hospital bed-days and resulted in direct cost savings of $751,537 during the evaluation period [3][4]. - The integration of a hospitalist POCUS workflow, which included lung ultrasound and AI assistance, was associated with a 30% reduction in expected hospital length of stay (8.3 days compared to 11.9 days, p = .01) [7]. - Clinical management was altered in 35% of cases due to the use of POCUS, highlighting its impact on patient care [7]. Economic Impact - The incremental cost-effectiveness ratio was calculated at $3,055 per hospital bed day saved, demonstrating the economic value of POCUS integration into inpatient care [7]. - The study emphasizes the potential for POCUS to improve hospital resource utilization and patient care through structured workflows [4][6]. Company Background - Butterfly Network, Inc. is a digital health company that specializes in portable ultrasound technology and software solutions, aiming to transform healthcare delivery [2][9]. - The company has developed a series of handheld ultrasound devices, including the Butterfly iQ, iQ+, and iQ3, which leverage advanced semiconductor technology [9][10].

Financial Data and Key Metrics Changes - The company experienced a decline in revenue growth quarter over quarter in the U.S. over the last six quarters, attributed to hospital capacity and workflow management issues [4] - Gross margin took a step back in the quarter but the company maintained full-year guidance of 74% gross margin, expecting an acceleration to above 75% in the second half [47][48] Business Line Data and Key Metrics Changes - International performance has exceeded expectations with double-digit growth across major European markets, not solely driven by China [3][34] - The U.S. commercial footprint has expanded significantly, but growth has been slower than anticipated due to operational constraints [7][10] Market Data and Key Metrics Changes - The total addressable market (TAM) in the U.S. for severe emphysema patients is estimated at 500,000, with only about 10,000 procedures expected in 2025, indicating significant room for growth [10][8] - The company is seeing strong interest from the physician community and patient advocacy, which is expected to drive future growth [3][8] Company Strategy and Development Direction - The company is focusing on initiatives like AeriSeal® and the AeriSeal® Convert2 clinical trial, which is expected to expand the patient base by 20% once approved [5][55] - There is a strong emphasis on educating community pulmonologists to improve referral networks and streamline the patient treatment process [18][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in overcoming short-term operational challenges and expects to see sustained growth from initiatives implemented [12][24] - The company anticipates that international markets will continue to grow, with a significant opportunity in China and Japan, particularly with the upcoming commercial launch [34][43] Other Important Information - The company has tightened its operating expense guidance to $128 to $130 million for the year, focusing on maintaining cash burn while funding growth initiatives [48][49] - Management highlighted strong cash management practices, which have been crucial in navigating the current operational landscape [63] Q&A Session Summary Question: When do we see U.S. growth translate into more sustained and meaningful growth? - Management expects growth to begin translating now, with ongoing initiatives starting to show results [7] Question: How much of the slowdown in the U.S. is structural versus temporary? - Management believes the slowdown is primarily due to operational constraints rather than market saturation [10] Question: How sustainable are the trends in StratX® volume? - Management indicated that they expect sustained growth over time, with early indicators showing positive results [22][24] Question: What are the timelines for commercial launch in Japan? - The company is currently enrolling patients for a study and expects a significant ramp in 2026, with broader commercial launch anticipated in 2027 [43][46] Question: How does AeriSeal® help address challenges in the U.S.? - AeriSeal® is expected to expand the TAM and provide treatment options for patients who currently do not qualify for existing procedures [55][56] Question: How is the company managing competition from new device entrants? - Management acknowledged the interest in the market but expressed confidence in their established data and experience with existing products [51][52]

Company Overview - Pulmonx Corporation is a global leader in minimally invasive treatments for chronic obstructive pulmonary disease (COPD) [2] - The company's key products include the Zephyr Endobronchial Valve, Chartis Pulmonary Assessment System, LungTraX™ Platform, and StratX Lung Analysis Reports, which are designed for patients with severe emphysema/COPD [2] - The Zephyr Valve has received FDA pre-market approval as a "breakthrough device" and is commercially available in over 25 countries, recognized as a standard treatment option for improving patient outcomes [2] Upcoming Investor Conferences - Pulmonx management will present at the Wells Fargo Healthcare Conference on September 4 at 1:30 pm PT/4:30 pm ET in Boston, MA, featuring a fireside chat and 1x1 meetings [1] - The company will also participate in the Lake Street Best Ideas Growth (BIG9) Conference on September 11 in New York, NY, focusing on 1x1 meetings [1] - A live and archived webcast of the fireside chat will be accessible on the "Investors" section of the Pulmonx website [1]

Summary of Pulmonx (LUNG) FY Conference Call - August 12, 2025 Company Overview - **Company**: Pulmonx Corporation (LUNG) - **Industry**: Medical Technology, specifically focused on treatments for severe emphysema and COPD - **Market Size**: Total Addressable Market (TAM) is $12 billion, with $5 billion in the United States and $7 billion internationally [3][4] Core Points and Arguments - **Clinical Validation**: Pulmonx is recognized in the gold COPD guidelines as the standard of care for patients with severe emphysema, supported by four randomized controlled trials and over 150 published data pieces [5][6] - **Product Offering**: The Zephyr valves are a minimally invasive treatment option for emphysema, allowing trapped air to escape from hyperinflated lobes of the lungs, thus improving patients' breathing capacity [7][19] - **Patient Demographics**: There are approximately 3.8 million diagnosed emphysema patients in the U.S., with 1.5 million suffering from severe emphysema. Of these, 1.2 million have hyperinflation, and 500,000 are candidates for the Zephyr valve treatment [14][15] - **Revenue Model**: The average cost per procedure is estimated at $10,000, with an average selling price (ASP) of $2,500 per valve [15][16] Financial Performance - **Recent Growth**: The company reported a 22% revenue growth year-over-year, with Q2 revenue at $23.9 million, comprising $14.7 million from the U.S. and $9.1 million from outside the U.S. [33] - **Gross Margins**: Gross margins were reported at 72% for Q2, with guidance for the year set at 74% [34] - **Cash Position**: The company holds $84.2 million in cash, cash equivalents, and marketable securities [34] Strategic Initiatives - **Market Growth Strategy**: The company aims to grow through three main strategies: acquire, test, and treat. This includes direct-to-patient advertising, peer-to-peer education, and the introduction of the LungTrax Detect product to identify potential patients [20][22][25] - **Geographic Expansion**: Pulmonx is expanding into Japan and China, with ongoing studies and partnerships to enhance market presence [29] - **New Product Development**: The Aeroseal product is expected to launch in 2027, which will allow treatment for patients with collateral ventilation, potentially expanding the TAM significantly [30][31] Challenges and Delays - **U.S. Market Delays**: The company has faced delays in the implementation of initiatives, which has affected revenue guidance, now projected at $90 million to $92 million for the year, reflecting a growth of 7% to 10% [35] - **Patient Acquisition Cycle**: Patients identified through direct-to-patient advertising take longer to navigate the treatment funnel compared to those referred directly by pulmonologists [38][39] - **Operational Efficiency**: The company is implementing various operational efficiencies, including automation and zero-based budgeting, to manage costs amid changing revenue expectations [62][63] Additional Insights - **Sales Force Dynamics**: The U.S. sales force is experiencing some challenges, with a need for representatives who can engage deeply with the market rather than just opening accounts [57][58] - **Therapy Awareness Specialists**: The introduction of therapy awareness specialists has led to a 19% increase in patient identification in regions where they are deployed [49] This summary encapsulates the key points discussed during the Pulmonx FY Conference Call, highlighting the company's market position, financial performance, strategic initiatives, and challenges faced in the current business environment.

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39562 PULMONX CORPORATION (Exact name of registrant as specified in its charter) Delaware 77-0424412 (State or other juri ...

Pulmonx Corporation (LUNG) came out with a quarterly loss of $0.38 per share versus the Zacks Consensus Estimate of a loss of $0.4. This compares to a loss of $0.39 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +5.00%. A quarter ago, it was expected that this company would post a loss of $0.37 per share when it actually produced a loss of $0.36, delivering a surprise of +2.7%. Over the last four quarters, the company has su ...

Financial Data and Key Metrics Changes - Total worldwide revenue for Q2 2025 was $23.9 million, a 15% increase from $20.8 million in the same period last year, and a 13% increase on a constant currency basis [25][26] - U.S. revenue reached $14.7 million, a 6% increase from $13.9 million in the prior year period, although below expectations due to challenging comparisons [26] - International revenue was a record $9.1 million, a 32% increase compared to $6.9 million in the same period last year, and a 27% increase on a constant currency basis [26][28] - Gross margin for Q2 2025 was 72%, down from 74% in the same period last year, primarily due to a shift in geographic revenue mix [28] - Net loss for Q2 2025 was $15.2 million, or a loss of $0.38 per share, compared to a net loss of $15.3 million, or a loss of $0.39 per share for the same period last year [30] Business Line Data and Key Metrics Changes - The U.S. business experienced slower growth in procedure volume, attributed to a decline in conventional scans and operational pressures at interventional pulmonology centers [7][10] - International business showed robust growth across all key regions, reinforcing the effectiveness of foundational investments made in education and market development [6][26] - The company opened 12 new screening centers and trained 26 new physicians in Q2, expanding capacity and patient access [16] Market Data and Key Metrics Changes - Lung cancer screening is rapidly scaling, nearly tripling since 2020, generating millions of CT scans annually, with an estimated 15% showing valve-eligible emphysema [18] - The company expects a return to typical seasonality in the second half of the year, with continued momentum in direct markets across Europe and Asia [33] Company Strategy and Development Direction - The company is revising its full-year 2025 revenue guidance to a range of $90 million to $92 million, reflecting a recalibration based on timing rather than a shift in strategic direction [10][31] - The strategy focuses on expanding the funnel, improving conversion, and accelerating adoption of the Zephyr valve therapy through direct-to-patient campaigns and enhanced clinician engagement [12][13] - The company is committed to building an ecosystem for long-term sustainable growth, investing in clinical training, and advancing its clinical programs [22][36] Management's Comments on Operating Environment and Future Outlook - Management views current operational challenges as future tailwinds, particularly the rise of lung cancer screening, which is expected to increase imaging volume and enable timely intervention [8][10] - The company remains confident in its long-term growth trajectory, citing positive signals across major initiatives and a commitment to transparency with stakeholders [23][24] Other Important Information - The company is closely monitoring the global trade environment and evolving tariff policies, but does not anticipate any material near-term impact on gross margin [33][34] - The company has a strong balance sheet and disciplined execution-focused operating plan, expecting cash burn to track at or below 2024 levels [36] Q&A Session Summary Question: Follow-up on revised guidance and expected contributions from Q3 and Q4 - Management indicated that international revenue growth is consistent with initial guidance, while U.S. growth is expected to be slower than originally anticipated due to the ramp-up of growth initiatives [41][42] Question: Clarification on StratEx scanning trends and operational distractions - Management explained that capacity constraints from lung cancer screening and biopsies have impacted StratEx procedures, but recent initiatives have led to record levels of scanning in June and July [50][52] Question: Understanding the guidance framing and competitive dynamics - Management emphasized that the guidance is conservatively framed, focusing on the timing of patient treatments and the need for hospital systems to expand capacity for treating underserved populations [62][68]

Core Insights - Pulmonx Corporation reported a strong international performance leading to double-digit revenue growth in Q2 2025, although it revised its full-year revenue guidance downwards due to slower revenue conversion from U.S. initiatives [3][7]. Financial Performance - Total worldwide revenue for Q2 2025 was $23.9 million, a 15% increase from $20.8 million in Q2 2024, and a 13% increase on a constant currency basis [4][9]. - U.S. revenue reached $14.7 million, reflecting a 6% year-over-year growth, while international revenue was $9.1 million, marking a 32% increase compared to Q2 2024, and a 27% increase on a constant currency basis [4][9]. - Gross profit for Q2 2025 was $17.2 million, with a gross margin of 72%, down from 74% in the same period last year [5][9]. - Operating expenses increased by 3% to $32.0 million in Q2 2025 compared to $30.9 million in Q2 2024 [5]. Net Loss and Adjusted EBITDA - The net loss for Q2 2025 was $15.2 million, or $0.38 per share, slightly improved from a net loss of $15.3 million, or $0.39 per share, in Q2 2024 [6][9]. - Adjusted EBITDA loss for Q2 2025 was $8.4 million, compared to $7.6 million for the same period in 2024 [6][9]. Financial Outlook - The company revised its full-year 2025 revenue guidance to a range of $90 million to $92 million, down from previous expectations of $96 million to $98 million [7]. - Expected gross margin for the full year 2025 is approximately 74% [7]. - Total operating expenses for the full year 2025 are now projected to be between $128 million and $130 million, reduced from prior guidance of $133 million to $135 million [8]. Operational Highlights - Pulmonx engaged over 20,000 first-time patients through targeted Direct-to-Patient advertising in Q2 2025 [9]. - The company added 12 new Zephyr® Valve treatment centers in the U.S. and trained 26 new physicians during the same period [9].

Company Overview - Pulmonx Corporation is a global leader in minimally invasive treatments for chronic obstructive pulmonary disease (COPD) [2] - The company’s key products include the Zephyr Endobronchial Valve, Chartis Pulmonary Assessment System, LungTraX Platform, and StratX Lung Analysis Reports, which are designed for patients with severe emphysema/COPD [2] - The Zephyr Valve has received FDA pre-market approval and is recognized as a "breakthrough device," being commercially available in over 25 countries and included in global treatment guidelines [2] Upcoming Events - Pulmonx will present at the Canaccord Genuity 45th Annual Growth Conference in Boston on August 12, 2025, at 7:00 AM PT / 10:00 AM ET [1] - A live and archived webcast of the presentation will be accessible on the "Investors" section of the Pulmonx website [1]

Company Overview - Pulmonx Corporation is a global leader in minimally invasive treatments for chronic obstructive pulmonary disease (COPD) [3] - The company’s key products include the Zephyr® Endobronchial Valve, Chartis® Pulmonary Assessment System, LungTraX Platform, and StratX® Lung Analysis Reports, which are designed for patients with severe emphysema/COPD [3] - The Zephyr Valve has received FDA pre-market approval as a "breakthrough device" and is commercially available in over 25 countries [3] Upcoming Financial Results - Pulmonx will release its financial results for the second quarter of 2025 after the close of trading on July 30, 2025 [1] - Following the results announcement, company management will host a conference call at 1:30 p.m. PT / 4:30 p.m. ET to discuss the results [1]