Pulmonx Corporation (Nasdaq: LUNG) (“Pulmonx” or the "Company"), a
global leader in minimally invasive treatments for lung disease,
today reported financial results for the second quarter of 2024
ended June 30, 2024.
Recent Highlights
- Achieved record worldwide revenue of $20.8 million in the
second quarter of 2024, a 21% increase over the same period last
year and an increase of 21% on a constant currency basis
- Delivered $13.9 million in U.S. revenue in the second quarter
of 2024, representing 26% year-over-year growth
- Realized gross margin of 74% in the second quarter of 2024
- Added 17 new Zephyr® Valve U.S. treatment centers in the second
quarter of 2024
- Treated first U.S. patients with the AeriSeal® System in
CONVERT II pivotal clinical trial
- Eight scientific abstracts accepted
for presentation at several upcoming key industry conferences
“Our record quarterly results reflect the continued traction of
our commercial strategy, particularly in the United States where we
continue to expand our presence by opening new accounts, preparing
to launch new pilot programs to optimize patient workflows, and
building local awareness of our Zephyr Valves,” said Steve
Williamson, President, and Chief Executive Officer. “Our strategy
is demonstrating positive momentum, giving us confidence in our
ability to deliver our projected growth through the balance of the
year and beyond.”
Second Quarter 2024 Financial ResultsTotal
worldwide revenue in the second quarter of 2024 was $20.8 million,
a 21% increase from $17.2 million in the second quarter of 2023.
U.S. revenue was $13.9 million, a 26% increase from the second
quarter of 2023. International revenue was $6.9 million, a 12%
increase compared to the second quarter of 2023. The growth in
revenue reflects continued commercial momentum and adoption of
Zephyr Valve procedures.
Gross profit in the second quarter of 2024 was $15.3 million,
compared to $12.7 million for the second quarter of 2023. Gross
margin for the second quarter of 2024 was 74%, compared to 74% for
the same period in 2023.
Operating expenses in the second quarter of 2024 were $30.9
million, compared to $29.2 million for the second quarter of 2023,
representing an increase of 6%. The increase in operating expenses
was primarily attributable to a one-time, non-cash charge of $1.7
million to impair internally developed software following a
strategic decision to adopt a more efficient solution.
Net loss in the second quarter of 2024 was $15.3 million, or
$0.39 per share, compared to a net loss of $16.2 million, or $0.43
per share, for the same period in 2023.
Adjusted EBITDA loss in the second quarter of 2024 was $7.6
million compared to $10.3 million for the same period in 2023.
Cash, cash equivalents, and marketable securities totaled $114.5
million as of June 30, 2024.
2024 Financial OutlookPulmonx continues to
expect revenue for the full year 2024 to be in the range of $81
million to $84 million.
The Company continues to expect gross margin for the full year
2024 to fall within the range of 74% to 75%.
Pulmonx continues to expect total operating expenses for the
full year 2024 to fall within the range of $127 million to $129
million, inclusive of approximately $25 million of non-cash
stock-based compensation.
Webcast and Conference Call DetailsPulmonx will
host a conference call today, July 31, 2024, at 1:30 p.m. PT / 4:30
p.m. ET to discuss its second quarter financial results. A live
webcast of the conference call will be available on the Investor
Relations section of the Company's website at
https://investors.pulmonx.com/. The webcast will be archived on the
website following the completion of the call.
Use of Non-GAAP Financial MeasuresTo supplement
Pulmonx’s condensed consolidated financial statements prepared in
accordance with accounting principles generally accepted in the
United States of America, or GAAP, Pulmonx provides certain
non-GAAP financial measures in this release as supplemental
financial metrics. Non-GAAP financial measures reflect an
additional way of viewing aspects of the Company's operations that,
when viewed with GAAP results, may provide a more complete
understanding of factors and trends affecting Pulmonx’s
business.
Constant currency calculations show reported current period
revenues as if the foreign exchange rates remain the same as those
in effect in the comparable prior year period. Pulmonx uses results
on a constant currency basis as one measure to evaluate its
performance. Pulmonx calculates constant currency by calculating
current-year results using foreign currency exchange rates from the
applicable comparable period in the prior year. Pulmonx generally
refers to such amounts calculated on a constant currency basis as
excluding the impact of foreign exchange or being on a constant
currency basis. Pulmonx believes the presentation of results on a
constant currency basis in addition to reported results helps
improve investors’ ability to understand its operating results and
evaluate its performance in comparison to prior periods. Pulmonx
generally uses constant currency to facilitate management's
financial and operational decision-making, including evaluation of
Pulmonx’s historical operating results.
The Company defines Adjusted EBITDA as earnings before interest
income or expense, taxes, depreciation and amortization and
stock-based compensation and may also exclude certain
non-recurring, irregular or one-time items not reflective of our
ongoing core business operations, such as impairment charges.
Management believes in order to properly understand short-term and
long-term financial trends, investors may wish to consider the
impact of these excluded items in addition to GAAP measures.
Further, management uses adjusted EBITDA for strategic and annual
operating planning. We believe these non-GAAP financial measures
are useful as a supplement in evaluating our ongoing operational
performance and enhancing an overall understanding of our past
financial performance.
Reconciliation of these non-GAAP financial measures to the most
comparable GAAP measures is set forth in the tables below.
The non-GAAP financial measures used by Pulmonx should be
considered supplemental to, and not a substitute for, financial
information prepared in accordance with GAAP. Because non-GAAP
financial measures exclude the effect of items that increase or
decrease the company's reported results of operations, management
strongly encourages investors to review, when they become
available, the Company's consolidated financial statements and
publicly filed reports in their entirety. The Company's definition
of non-GAAP measures may differ from similarly titled measures used
by others.
Forward-Looking Statements This press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Forward-looking
statements are based on management’s current assumptions and
expectations of future events and trends, which affect or may
affect our strategy, operations or financial performance, and
actual results may differ materially from those expressed or
implied in such statements due to numerous risks and uncertainties.
These forward-looking statements include, but are not limited to,
statements regarding our commercial strategy to grow the adoption
of our Zephyr Valve treatment and expand our global treatable
market, our expectations regarding account activity and
productivity, our possible or assumed future results of operations,
including long-term outlook, descriptions of our revenues, total
operating expenses, gross margin, profitability, guidance for full
year 2024, commercial momentum, physician engagement and awareness
of the benefits of the Zephyr Valve, and overall business strategy.
Forward-looking statements are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified.
Factors that could cause actual results to differ materially from
those contemplated in this press release can be found in the Risk
Factors section of Pulmonx’s public filings with the Securities and
Exchange Commission (“SEC”), including the Quarterly Report on Form
10-Q filed with the SEC on May 3, 2024, available at www.sec.gov.
Because forward-looking statements are inherently subject to risks
and uncertainties, you should not rely on these forward-looking
statements as predictions of future events. All statements other
than statements of historical fact are forward-looking statements.
Except to the extent required by law, we undertake no obligation to
update or review any estimate, projection, or forward-looking
statement. Actual results may differ from those set forth in this
press release due to the risks and uncertainties inherent in our
business.
About Pulmonx CorporationPulmonx Corporation
(Nasdaq: LUNG) is a global leader in minimally invasive treatments
for chronic obstructive pulmonary disease (COPD). Pulmonx’s Zephyr®
Endobronchial Valve, Chartis® Pulmonary Assessment System and
StratX® Lung Analysis Platform are designed to assess and treat
patients with severe emphysema/COPD who despite medical management
are still profoundly symptomatic. Pulmonx received FDA pre-market
approval to commercialize the Zephyr Valve following its
designation as a “breakthrough device.” The Zephyr Valve is
commercially available in more than 25 countries, is included in
global treatment guidelines and is widely considered a standard of
care treatment option for improving breathing, activity and quality
of life in patients with severe emphysema. For more information on
the Zephyr Valves and the company, please visit
www.Pulmonx.com.
Pulmonx®, AeriSeal®, Chartis®, StratX®, and
Zephyr® are registered trademarks of Pulmonx Corporation.
Investor ContactBrian JohnstonGilmartin
Groupinvestors@pulmonx.com
| |
|
Pulmonx CorporationConsolidated Statements
of Operations(in thousands, except share and per
share data)(Unaudited) |
| |
|
|
|
|
| |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Revenue |
|
$ |
20,783 |
|
|
$ |
17,194 |
|
|
$ |
39,637 |
|
|
$ |
31,729 |
|
| Cost of goods sold |
|
|
5,476 |
|
|
|
4,460 |
|
|
|
10,252 |
|
|
|
8,406 |
|
| Gross profit |
|
|
15,307 |
|
|
|
12,734 |
|
|
|
29,385 |
|
|
|
23,323 |
|
| Operating expenses |
|
|
|
|
|
|
|
|
|
Research and development |
|
|
5,615 |
|
|
|
5,710 |
|
|
|
9,825 |
|
|
|
9,963 |
|
|
Selling, general and administrative |
|
|
25,314 |
|
|
|
23,463 |
|
|
|
49,718 |
|
|
|
46,199 |
|
| Total operating expenses |
|
|
30,929 |
|
|
|
29,173 |
|
|
|
59,543 |
|
|
|
56,162 |
|
| Loss from operations |
|
|
(15,622 |
) |
|
|
(16,439 |
) |
|
|
(30,158 |
) |
|
|
(32,839 |
) |
| Interest income |
|
|
1,306 |
|
|
|
1,410 |
|
|
|
2,747 |
|
|
|
2,537 |
|
| Interest expense |
|
|
(891 |
) |
|
|
(864 |
) |
|
|
(1,774 |
) |
|
|
(1,435 |
) |
| Other (loss) income, net |
|
|
(35 |
) |
|
|
(162 |
) |
|
|
380 |
|
|
|
(54 |
) |
| Net loss before tax |
|
|
(15,242 |
) |
|
|
(16,055 |
) |
|
|
(28,805 |
) |
|
|
(31,791 |
) |
| Income tax expense |
|
|
84 |
|
|
|
140 |
|
|
|
270 |
|
|
|
264 |
|
| Net loss |
|
$ |
(15,326 |
) |
|
$ |
(16,195 |
) |
|
$ |
(29,075 |
) |
|
$ |
(32,055 |
) |
| Net loss per share
attributable to common stockholders, basic and diluted |
|
$ |
(0.39 |
) |
|
$ |
(0.43 |
) |
|
$ |
(0.75 |
) |
|
$ |
(0.85 |
) |
| Weighted-average shares used
in computing net loss per share attributable to common
stockholders, basic and diluted |
|
|
38,943,066 |
|
|
|
37,818,256 |
|
|
|
38,789,548 |
|
|
|
37,696,001 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Pulmonx CorporationCondensed Consolidated
Balance Sheets(in
thousands)(Unaudited) |
| |
|
|
|
| |
June 30, 2024 |
|
December 31, 2023 |
| Assets |
|
|
|
| Current assets |
|
|
|
|
Cash and cash equivalents |
$ |
63,464 |
|
|
$ |
83,547 |
|
|
Restricted cash |
|
257 |
|
|
|
237 |
|
|
Short-term marketable securities |
|
51,081 |
|
|
|
33,555 |
|
|
Accounts receivable, net |
|
11,080 |
|
|
|
12,105 |
|
|
Inventory |
|
16,980 |
|
|
|
16,743 |
|
|
Prepaid expenses and other current assets |
|
3,297 |
|
|
|
4,235 |
|
| Total current assets |
|
146,159 |
|
|
|
150,422 |
|
| Long-term marketable
securities |
|
— |
|
|
|
14,390 |
|
| Long-term inventory |
|
2,300 |
|
|
|
2,580 |
|
| Property and equipment,
net |
|
2,830 |
|
|
|
4,028 |
|
| Goodwill |
|
2,333 |
|
|
|
2,333 |
|
| Intangible assets, net |
|
— |
|
|
|
31 |
|
| Right of use assets |
|
18,490 |
|
|
|
3,406 |
|
| Other long-term assets |
|
515 |
|
|
|
591 |
|
| Total assets |
$ |
172,627 |
|
|
$ |
177,781 |
|
| Liabilities and
Stockholders' Equity |
|
|
|
| Current liabilities |
|
|
|
|
Accounts payable |
$ |
3,181 |
|
|
$ |
1,497 |
|
|
Accrued liabilities |
|
11,783 |
|
|
|
16,234 |
|
|
Income taxes payable |
|
66 |
|
|
|
93 |
|
|
Deferred revenue |
|
107 |
|
|
|
104 |
|
|
Short-term debt |
|
93 |
|
|
|
2,155 |
|
|
Current lease liabilities |
|
1,071 |
|
|
|
3,074 |
|
| Total current liabilities |
|
16,301 |
|
|
|
23,157 |
|
| Deferred tax liability |
|
118 |
|
|
|
114 |
|
| Long-term lease
liabilities |
|
17,914 |
|
|
|
1,106 |
|
| Long-term debt |
|
37,110 |
|
|
|
35,089 |
|
| Total liabilities |
|
71,443 |
|
|
|
59,466 |
|
| Stockholders' equity |
|
|
|
| Common stock |
|
39 |
|
|
|
39 |
|
|
Additional paid-in capital |
|
539,408 |
|
|
|
526,797 |
|
|
Accumulated other comprehensive income |
|
1,973 |
|
|
|
2,640 |
|
|
Accumulated deficit |
|
(440,236 |
) |
|
|
(411,161 |
) |
| Total stockholders'
equity |
|
101,184 |
|
|
|
118,315 |
|
| Total liabilities and
stockholders' equity |
$ |
172,627 |
|
|
$ |
177,781 |
|
| |
|
|
|
|
|
|
|
| |
|
Pulmonx CorporationReconciliation of
Reported Revenue % Change to Constant Currency Revenue %
Change(in
thousands)(Unaudited) |
| |
|
|
|
|
|
|
|
| |
Three Months Ended June 30, |
|
|
|
|
|
|
| |
2024 |
|
2023 |
|
% Change |
|
FX Impact % |
|
Constant Currency % Change |
|
United States |
$ |
13,881 |
|
|
$ |
11,022 |
|
|
25.9 |
% |
|
— |
% |
|
25.9 |
% |
| International |
|
6,902 |
|
|
|
6,172 |
|
|
11.8 |
% |
|
(0.4 |
)% |
|
12.2 |
% |
| Total |
$ |
20,783 |
|
|
$ |
17,194 |
|
|
20.9 |
% |
|
(0.1 |
)% |
|
21.0 |
% |
| |
Six Months Ended June 30, |
|
|
|
|
|
|
| |
2024 |
|
2023 |
|
% Change |
|
FX Impact % |
|
Constant Currency % Change |
|
United States |
$ |
26,750 |
|
|
$ |
20,359 |
|
|
31.4 |
% |
|
— |
% |
|
31.4 |
% |
| International |
|
12,887 |
|
|
|
11,370 |
|
|
13.3 |
% |
|
0.7 |
% |
|
12.6 |
% |
| Total |
$ |
39,637 |
|
|
$ |
31,729 |
|
|
24.9 |
% |
|
0.2 |
% |
|
24.7 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Pulmonx CorporationReconciliation of Net
Loss to Non-GAAP Adjusted EBITDA(in
thousands)(Unaudited) |
| |
|
|
|
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
GAAP Net loss |
$ |
(15,326 |
) |
|
$ |
(16,195 |
) |
|
$ |
(29,075 |
) |
|
$ |
(32,055 |
) |
|
Depreciation and amortization |
|
400 |
|
|
|
409 |
|
|
|
823 |
|
|
|
846 |
|
|
Stock-based compensation |
|
5,920 |
|
|
|
5,862 |
|
|
|
11,593 |
|
|
|
10,500 |
|
|
Impairment of capitalized software development costs |
|
1,717 |
|
|
|
— |
|
|
|
1,717 |
|
|
|
— |
|
|
Interest (income)/expense, net |
|
(415 |
) |
|
|
(546 |
) |
|
|
(973 |
) |
|
|
(1,102 |
) |
|
Provision for income taxes |
|
84 |
|
|
|
140 |
|
|
|
270 |
|
|
|
264 |
|
| Adjusted EBITDA |
$ |
(7,620 |
) |
|
$ |
(10,330 |
) |
|
$ |
(15,645 |
) |
|
$ |
(21,547 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pulmonx (NASDAQ:LUNG)
過去 株価チャート
から 7 2024 まで 8 2024
Pulmonx (NASDAQ:LUNG)
過去 株価チャート
から 8 2023 まで 8 2024
