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 ...

Financial Data and Key Metrics Changes - The company experienced a decline in revenue growth quarter over quarter in the U.S. over the last six quarters, attributed to hospital capacity and workflow management issues [4] - Gross margin took a step back in the quarter but the company maintained full-year guidance of 74% gross margin, expecting an acceleration to above 75% in the second half [47][48] Business Line Data and Key Metrics Changes - International performance has exceeded expectations with double-digit growth across major European markets, not solely driven by China [3][34] - The U.S. commercial footprint has expanded significantly, but growth has been slower than anticipated due to operational constraints [7][10] Market Data and Key Metrics Changes - The total addressable market (TAM) in the U.S. for severe emphysema patients is estimated at 500,000, with only about 10,000 procedures expected in 2025, indicating significant room for growth [10][8] - The company is seeing strong interest from the physician community and patient advocacy, which is expected to drive future growth [3][8] Company Strategy and Development Direction - The company is focusing on initiatives like AeriSeal® and the AeriSeal® Convert2 clinical trial, which is expected to expand the patient base by 20% once approved [5][55] - There is a strong emphasis on educating community pulmonologists to improve referral networks and streamline the patient treatment process [18][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in overcoming short-term operational challenges and expects to see sustained growth from initiatives implemented [12][24] - The company anticipates that international markets will continue to grow, with a significant opportunity in China and Japan, particularly with the upcoming commercial launch [34][43] Other Important Information - The company has tightened its operating expense guidance to $128 to $130 million for the year, focusing on maintaining cash burn while funding growth initiatives [48][49] - Management highlighted strong cash management practices, which have been crucial in navigating the current operational landscape [63] Q&A Session Summary Question: When do we see U.S. growth translate into more sustained and meaningful growth? - Management expects growth to begin translating now, with ongoing initiatives starting to show results [7] Question: How much of the slowdown in the U.S. is structural versus temporary? - Management believes the slowdown is primarily due to operational constraints rather than market saturation [10] Question: How sustainable are the trends in StratX® volume? - Management indicated that they expect sustained growth over time, with early indicators showing positive results [22][24] Question: What are the timelines for commercial launch in Japan? - The company is currently enrolling patients for a study and expects a significant ramp in 2026, with broader commercial launch anticipated in 2027 [43][46] Question: How does AeriSeal® help address challenges in the U.S.? - AeriSeal® is expected to expand the TAM and provide treatment options for patients who currently do not qualify for existing procedures [55][56] Question: How is the company managing competition from new device entrants? - Management acknowledged the interest in the market but expressed confidence in their established data and experience with existing products [51][52]