Core Insights - Pulmonx Corporation reported a total worldwide revenue of $21.5 million for Q3 2025, reflecting a 5% increase from $20.4 million in Q3 2024, and a 4% increase on a constant currency basis [4][9] - The company aims to leverage its operational foundation to expand Zephyr Valve treatment volumes while maintaining a commitment to sustainable, profitable growth [3][4] Financial Performance - U.S. revenue for Q3 2025 was $14.0 million, a 1% increase year-over-year, while international revenue reached $7.5 million, marking a 15% increase compared to Q3 2024 [4][9] - Gross profit for Q3 2025 was $16.1 million, with a gross margin of 75%, up from 74% in the same period last year [5][9] - Operating expenses increased by 4% to $30.4 million, driven by higher clinical, development, and commercial investments [5][9] - The net loss for Q3 2025 was $14.0 million, or $0.34 per share, slightly improved from a net loss of $14.1 million, or $0.36 per share, in Q3 2024 [6][9] 2025 Financial Outlook - Pulmonx updated its 2025 financial outlook, expecting total revenue to be in the range of $89 million to $90 million, with a gross margin of approximately 73% [7][9] - Total operating expenses for the full year 2025 are projected to be between $125 million and $126 million, including about $21 million in non-cash stock-based compensation [7][9] Leadership Changes - Glen French was reappointed as President and CEO, and Derrick Sung was appointed as COO and CFO [9]

Core Insights - Pulmonx Corporation reported a strong start to 2025, emphasizing its strategy to expand patient access to Zephyr Valves and highlighting solid commercial performance [3][4]. Financial Performance - Total worldwide revenue for Q1 2025 was $22.5 million, a 20% increase from $18.9 million in Q1 2024, and a 21% increase on a constant currency basis [4][9]. - U.S. revenue reached $14.2 million, reflecting an 11% year-over-year increase, while international revenue was $8.3 million, marking a 39% increase compared to Q1 2024, and a 43% increase on a constant currency basis [4][9]. - Gross profit for Q1 2025 was $16.3 million, with a gross margin of 73%, down from 75% in the same period of 2024 [5][9]. - Operating expenses increased to $30.9 million, up 8% from $28.6 million in Q1 2024, primarily due to higher commercial investments [5][9]. - The net loss for Q1 2025 was $14.4 million, or $0.36 per share, compared to a net loss of $13.7 million, also $0.36 per share, in Q1 2024 [6][9]. 2025 Financial Outlook - The company reaffirmed its full-year 2025 revenue guidance, expecting it to be in the range of $96 million to $98 million, with a gross margin of approximately 74% [7][8]. - Total operating expenses for 2025 are anticipated to be between $133 million and $135 million, including about $22 million in non-cash stock-based compensation [7][8]. Recent Developments - Pulmonx amended its loan agreement with CIBC Innovation Banking to extend the interest-only period through October 2027 [9]. - The U.S. Department of Justice declined to intervene in a case against Pulmonx, concluding the civil investigative demand [9].