Core Viewpoint - Pulmonx reported better-than-expected quarterly earnings, with a revenue of $21.50 million, surpassing analyst estimates of $20.78 million, and an EPS of ($0.34), exceeding the consensus estimate of ($0.40) by $0.06 [1] Financial Performance - The company had a negative return on equity of 77.58% and a negative net margin of 61.91% [1] - The stock opened at $1.45, with a market cap of $59.81 million, a PE ratio of -1.03, and a beta of 0.07 [2] - The fifty-day simple moving average is $2.04, and the 200-day simple moving average is $1.83 [2] - The stock has a fifty-two week low of $1.31 and a high of $9.37 [2] Analyst Ratings - Weiss Ratings restated a "sell (e+)" rating, while Lake Street Capital decreased their price target from $8.00 to $4.00 with a "buy" rating [4] - D. Boral Capital reaffirmed a "buy" rating with a price objective of $14.00, and Wall Street Zen upgraded the stock from "sell" to "hold" [4] - Currently, five analysts have rated the stock as "buy," four as "hold," and one as "sell," with an average price target of $6.81 [4] Institutional Activity - XTX Topco Ltd acquired a new stake worth about $149,000, and Norges Bank acquired a position valued at approximately $392,000 [5] - Jane Street Group LLC increased its stake by 3,328.7%, now owning 88,631 shares valued at $230,000 [5] - Bank of America Corp DE boosted its position by 556.6%, owning 481,268 shares worth $1,246,000 [5] - Institutional investors and hedge funds own 91.04% of the company's stock [5] Company Overview - Pulmonx Corporation focuses on bronchoscopic lung volume reduction for patients with severe emphysema, with its flagship product being the Zephyr® Endobronchial Valve System [6] - The Zephyr Valve received CE mark approval in Europe in 2008 and FDA approval in the U.S. in 2018, gaining adoption in leading respiratory and thoracic centers [8]

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) [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]