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]

Financial Data and Key Metrics Changes - Worldwide sales for Q4 2024 reached $23.8 million, reflecting a 23% growth year-over-year [9][42] - U.S. sales in Q4 were $15.9 million, representing a 16% increase compared to the same period last year [9][43] - International sales in Q4 were $7.9 million, showing a 42% year-over-year growth [9][43] - Full year 2024 worldwide revenue was $83.8 million, a 22% increase over 2023 [9][43] - Gross margin for Q4 2024 was 74%, slightly down from 75% in the prior year [44] - Net loss for Q4 2024 was $13.2 million, improving from a loss of $13.9 million in Q4 2023 [48] Business Line Data and Key Metrics Changes - The company added 52 new centers in 2024, ending the year with 283 active accounts [10] - The LungTrax platform was piloted to streamline workflows and identify eligible patients [11] - The AeriSeal CONVERT II trial was launched, expected to expand the addressable market [12][37] Market Data and Key Metrics Changes - International revenue for fiscal year 2024 was $27.3 million, a 20% increase over 2023 [44] - Strong growth was noted in major European markets and recurring orders from a new distributor in China [34][75] Company Strategy and Development Direction - The company aims to drive sustainable growth of at least 20% over the long term through initiatives focused on patient acquisition, testing, and treatment [12][15] - The strategy includes enhancing physician education and expanding geographic reach [14][21] - The company is exploring new patient acquisition channels through hospital systems [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving cash flow breakeven with current cash reserves [49] - The company anticipates strong international growth in the first half of 2025, with a re-acceleration of U.S. growth in the second half [52] - Management expects gross margins to trend higher in the second half of 2025 due to increased production volumes [53][106] Other Important Information - The company ended Q4 2024 with $101.5 million in cash, a decrease from the previous quarter [49] - Adjusted EBITDA loss for Q4 2024 was $7.5 million, an improvement from $8.4 million in Q4 2023 [48] Q&A Session Summary Question: Guidance for 2025 growth rates - Management expects strong international growth in the first half and acceleration in the second half, but does not provide specific growth rates for each half [58][60] Question: Insights on LungTraX pilot program - Feedback from pilot sites indicates positive results in identifying new patients, with integration and interface functioning well [62][64] Question: International business growth and ASP changes - No significant stocking orders were noted; growth was driven by recurring business and strong performance in Europe and China [71][75] Question: Operating expenses versus revenue growth - Management expects to continue driving leverage, with revenue growth outpacing expense growth [92][94] Question: Measuring investments in new centers and campaigns - The company tracks patient acquisition through direct-to-patient advertising and measures the effectiveness of new hires in the COPD community [96][100] Question: Gross margin outlook - Gross margins are expected to fluctuate based on geographic mix and production costs, with a long-term expectation of improvement [102][106] Question: Impact of hospitalizations on procedures - No significant impact on procedures has been observed, but there may be opportunities to identify additional patients through hospital systems [108]