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.

Pulmonx (LUNG) Q2 2025 Earnings Call July 30, 2025 04:30 PM ET Speaker0Ladies and gentlemen, thank you for standing by, and welcome to Pulmonic's Second Quarter twenty twenty five Financial Results Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. Please be advised that today's conference is being recorded. I would now like to turn the conference over to Jeremy Feffer of LifeSci Advisors Investor Relation ...

Pulmonx (LUNG) FY Conference June 11, 2025 10:00 AM ET Speaker0 Good morning, everyone. My name is Steve Williamson. I'm the President and CEO of Palmonix. Thanks for joining us today. I'll get started with a forward looking statement. If you're looking for more information on this and more detailed information, it can be found on the Investor section of our website under Investor Relations or our full 10 ks. Investment highlights. So here's pulmonics. This is what I'd like you to remember about pulmonics. ...

Summary of Pulmonx (LUNG) Conference Call Company Overview - **Company**: Pulmonx Corporation (LUNG) - **Industry**: Medical Devices, specifically focused on pulmonary treatments Key Points and Arguments 1. **Patient Population**: There are approximately 1.2 million patients in the U.S. and 700,000 outside the U.S. suffering from severe emphysema, unable to exhale trapped air, leading to a significant market opportunity of $12 billion globally for Zephyr Valves [3][22]. 2. **Treatment Methodology**: The Zephyr Valves are a minimally invasive treatment option that allows trapped air to escape from hyperinflated lobes of the lung, improving patients' quality of life and lung function [4][15][16]. 3. **Clinical Evidence**: Pulmonx has conducted four randomized controlled trials and has over 100 published studies demonstrating the efficacy of their treatment, establishing it as the standard of care since 2020 [17][18]. 4. **Reimbursement Landscape**: The reimbursement for the procedure is strong, with over 95% of patients with commercial insurance receiving coverage, and Medicare also providing reimbursement [19][20]. 5. **Market Penetration**: Currently, less than 10,000 patients are treated annually, indicating a significant unmet need and potential for growth in patient acquisition [22]. 6. **Patient Acquisition Strategy**: The company is focusing on direct-to-patient advertising and peer-to-peer education to raise awareness among referring physicians and patients about treatment options [25][28]. 7. **New Product Launches**: Pulmonx is introducing new products like LungTrax Detect and AeroSeal, which aim to identify and treat more patients by addressing collateral ventilation issues [35][37]. 8. **Geographic Expansion**: The company has signed a distribution deal in China and is conducting a post-approval study in Japan, with plans to capture 100,000 patients in that market [32][33]. 9. **Financial Performance**: Pulmonx reported a 22% growth last year, with guidance for 16% to 18% growth this year, and a 20% increase in Q1 [41]. Additional Important Information - **Quality of Life Impact**: Patients with severe emphysema experience a quality of life worse than stage IV cancer patients, highlighting the critical need for effective treatments [6]. - **Patient Journey**: The treatment process involves a comprehensive workup, including pulmonary function tests and CT scans, to ensure patient eligibility for the procedure [9][10]. - **Emerging Technologies**: The introduction of AI-driven tools like LungTrax Detect is expected to enhance patient identification and streamline the treatment process [37][40]. This summary encapsulates the critical insights from the Pulmonx conference call, emphasizing the company's market potential, treatment efficacy, and strategic initiatives for growth.

Pulmonx (LUNG) Q1 2025 Earnings Call April 30, 2025 04:30 PM ET Company Participants Laine Morgan - Associate Vice PresidentSteve Williamson - President & CEOMehul Joshi - Chief Financial OfficerAnnie Ponsi - Intern Sophomore ExplorersJohn Young - Director - Healthcare Equity ResearchJane-Marie Lai - Equity Research Senior Associate Conference Call Participants Frank Takkinen - Senior Research AnalystJason Bednar - Senior Research Analyst Operator Ladies and gentlemen, thank you for standing by and welcome ...

Financial Data and Key Metrics Changes - Worldwide sales for the first quarter of 2025 reached $22.5 million, representing a 20% increase year-over-year and a 21% increase on a constant currency basis [6][30] - U.S. revenue for the first quarter was $14.2 million, an 11% increase from $12.9 million in the prior year [31] - International revenue was $8.3 million, a 39% increase from $6 million during the same period last year, and a 43% increase on a constant currency basis [31][32] - Gross margin for the first quarter was 73%, down from 75% in the prior year [32] - Total operating expenses were $30.9 million, an 8% increase from $28.6 million in the first quarter of 2024 [33] - Net loss for the first quarter was $14.4 million, or a loss of $0.36 per share, compared to a net loss of $13.7 million for the same period last year [34] Business Line Data and Key Metrics Changes - The company is executing its "acquire, test, and treat" strategy, focusing on increasing clinician and patient awareness to drive growth in the COPD market [7][11] - The company hosted over 40 peer-to-peer events to educate providers about the selection criteria and benefits of Zephyr Valves [9] - The company added 10 new U.S. accounts, ending the quarter with 285 active accounts [16] Market Data and Key Metrics Changes - The company identified a $12 billion market opportunity for COPD treatment [7] - International revenue growth was particularly strong in China, driven by underlying demand and increased distributor stocking [31][32] - The company is exploring targeted approaches to increase severe emphysema screening in existing accounts [19] Company Strategy and Development Direction - The company aims to build a strong foundation for sustained growth by increasing patient engagement and clinician education [7][11] - The strategy includes expanding the global footprint and seeking to expand indications for Zephyr valves [17][20] - The company is focused on establishing comprehensive lung health programs in hospitals to improve patient care [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the previously communicated revenue guidance of $96 million to $98 million for the full year 2025 [6][30] - The company anticipates that the second half of 2025 will see accelerated growth in the U.S. as patient engagement initiatives take effect [38][41] - Management noted that while U.S. growth has moderated, targeted initiatives are expected to set the foundation for future growth [22][27] Other Important Information - The company received notice from the U.S. Department of Justice that it formally declined to intervene in a civil investigative demand related to the False Claims Act [28] - The company ended the first quarter with $88.7 million in cash, cash equivalents, and marketable securities [36] Q&A Session Summary Question: Additional color on guidance outlook - Management reiterated the 2025 revenue guidance of $96 million to $98 million, citing the need to monitor the global macroeconomic environment [45][46] Question: Upside potential for full year guidance - Management indicated that upside could come from the adoption of initiatives in the U.S. and strong performance in international markets [48][50] Question: Impact of Acquire Test Treat strategy - Management highlighted the success of marketing and peer-to-peer education programs as impactful early initiatives [55][57] Question: International partners' response to tariffs - Management noted that there has been little change in ordering patterns from international partners, with most in a wait-and-see mode [61][64] Question: China sales metrics and future orders - Management indicated strong demand in China, with expectations for continued purchasing in Q2 [68][69] Question: Balancing SG&A leverage with expansion - Management emphasized a focus on operating leverage while investing in revenue-driving initiatives [74] Question: U.S. revenue performance and future expectations - Management attributed lower U.S. revenue growth to tough comparisons and expressed optimism about future initiatives [80][81]