NASDAQ: LUNG March 2026 © 2026 Pulmonx Corporation 1 Forward Looking Statement This presentation and certain statements made during this presentation contain forward-looking statements that involve risks and uncertainties. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business st ...

Company Overview - Pulmonx's 2024 revenue reached $84 million [9], demonstrating a 22% growth rate [9] - The company's gross margin stands at 74% [9] - Pulmonx holds $102 million in cash and equivalents [9] Market Opportunity - The market opportunity for severe emphysema treatment is estimated at $12 billion [5, 48] - There are approximately 15 million patients with severe emphysema in the USA [19] Zephyr Valve Treatment - The Zephyr Valve treatment process involves a 3-night hospital stay [23] - AeriSeal System has shown a 776% conversion rate from CV+ to CV- in patients [65] - AeriSeal System is estimated to expand the total addressable market by at least 20% [64] Clinical Outcomes - Zephyr valve treatment has demonstrated consistent clinical results across four randomized controlled trials (RCTs) [35] - A retrospective analysis suggests Zephyr patients have a median survival 17 years longer [39] Reimbursement and Adoption - Medicare covers patients who qualify for the Zephyr Valve procedure [46] - Over 90% of patients with commercial insurance are under a positive policy or no policy restricting access [46]