Pulmonx Corporation (Nasdaq: LUNG) (“Pulmonx” or the "Company"), a
global leader in minimally invasive treatments for lung disease,
today reported financial results for the third quarter of 2024
ended September 30, 2024.
Recent Highlights
- Achieved worldwide revenue of $20.4 million in the third
quarter of 2024, a 15% increase over the same period last year
- Delivered $13.8 million in U.S. revenue in the third quarter of
2024, representing 17% year-over-year growth
- Realized gross margin of 74% in the third quarter of 2024
- Added 15 new Zephyr® Valve U.S. treatment centers in the third
quarter of 2024
- 6-month data from the AeriSeal® CONVERT trial demonstrated
77.6% of patients with collateral ventilation experienced
conversion
- Long-term data from the LIBERATE study demonstrated positive,
durable benefits to patients treated with Zephyr® Valves out to at
least 5 years
“I am pleased with our team’s continued execution across several
key commercial and clinical initiatives designed to increase
patient access to our life changing Zephyr Valve treatment,” said
Steve Williamson, President, and Chief Executive Officer. “We
remain confident in the strong underlying demand for Zephyr Valves.
I believe our efforts to automate patient workflow through our
LungTraX platform, drive awareness among patients and referring
physicians, and expand our total addressable market will enable
sustained commercial growth over the long-term.”
Third Quarter 2024 Financial ResultsTotal
worldwide revenue in the third quarter of 2024 was $20.4 million, a
15% increase from $17.7 million in the third quarter of 2023. U.S.
revenue was $13.8 million, a 17% increase from the third quarter of
2023. International revenue was $6.6 million, a 12% increase
compared to the third quarter of 2023. The growth in revenue
reflects continued commercial execution and global adoption of
Zephyr Valve procedures.
Gross profit in the third quarter of 2024 was $15.0 million,
compared to $13.0 million for the third quarter of 2023. Gross
margin for the third quarter of 2024 was 74%, compared to 74% for
the same period in 2023.
Operating expenses in the third quarter of 2024 were $29.2
million, compared to $28.2 million for the third quarter of 2023,
representing an increase of 3%. The increase in operating expenses
was primarily attributable to increased commercial investments.
Net loss in the third quarter of 2024 was $14.1 million, or
$0.36 per share, compared to a net loss of $14.9 million, or $0.39
per share, for the same period in 2023.
Adjusted EBITDA loss in the third quarter of 2024 was $8.1
million compared to $9.0 million for the same period in 2023.
Cash, cash equivalents, and marketable securities totaled $107.8
million as of September 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 now expects gross margin for the full year 2024 to
be approximately 74%.
Pulmonx now expects total operating expenses for the full year
2024 to fall within the range of $122 million to $124 million,
inclusive of approximately $22 million of non-cash stock-based
compensation.
Webcast and Conference Call DetailsPulmonx will
host a conference call today, October 30, 2024, at 1:30 p.m. PT /
4:30 p.m. ET to discuss its third 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 the demand for Zephyr Valves,
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, the adoption by customers of our LungTraX Platform, 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
August 2, 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, LungTraX™ Platform, and
StratX® Lung Analysis Reports 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 and LungTraX™ is a trademark
of Pulmonx Corporation.
Investor ContactBrian Johnston Laine
MorganGilmartin Groupinvestors@pulmonx.com
|
Pulmonx CorporationConsolidated Statements
of Operations(in thousands, except share and per
share data)(Unaudited) |
| |
| |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| Revenue |
$ |
20,387 |
|
|
$ |
17,668 |
|
|
$ |
60,024 |
|
|
$ |
49,397 |
|
| Cost of goods sold |
|
5,361 |
|
|
|
4,639 |
|
|
|
15,613 |
|
|
|
13,045 |
|
| Gross profit |
|
15,026 |
|
|
|
13,029 |
|
|
|
44,411 |
|
|
|
36,352 |
|
| Operating expenses |
|
|
|
|
|
|
|
|
Research and development |
|
3,744 |
|
|
|
4,220 |
|
|
|
13,569 |
|
|
|
14,184 |
|
|
Selling, general and administrative |
|
25,411 |
|
|
|
23,985 |
|
|
|
75,129 |
|
|
|
70,184 |
|
| Total operating expenses |
|
29,155 |
|
|
|
28,205 |
|
|
|
88,698 |
|
|
|
84,368 |
|
| Loss from operations |
|
(14,129 |
) |
|
|
(15,176 |
) |
|
|
(44,287 |
) |
|
|
(48,016 |
) |
| Interest income |
|
1,269 |
|
|
|
1,490 |
|
|
|
4,016 |
|
|
|
4,027 |
|
| Interest expense |
|
(891 |
) |
|
|
(893 |
) |
|
|
(2,665 |
) |
|
|
(2,327 |
) |
| Other (expense) income,
net |
|
(201 |
) |
|
|
(262 |
) |
|
|
179 |
|
|
|
(316 |
) |
| Net loss before tax |
|
(13,952 |
) |
|
|
(14,841 |
) |
|
|
(42,757 |
) |
|
|
(46,632 |
) |
| Income tax expense |
|
192 |
|
|
|
59 |
|
|
|
462 |
|
|
|
323 |
|
| Net loss |
$ |
(14,144 |
) |
|
$ |
(14,900 |
) |
|
$ |
(43,219 |
) |
|
$ |
(46,955 |
) |
| Net loss per share
attributable to common stockholders, basic and diluted |
$ |
(0.36 |
) |
|
$ |
(0.39 |
) |
|
$ |
(1.11 |
) |
|
$ |
(1.24 |
) |
| Weighted-average shares used
in computing net loss per share attributable to common
stockholders, basic and diluted |
|
39,276,447 |
|
|
|
38,119,824 |
|
|
|
38,953,032 |
|
|
|
37,838,822 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pulmonx CorporationCondensed Consolidated
Balance Sheets(in
thousands)(Unaudited) |
| |
| |
September 30, 2024 |
|
December 31, 2023 |
| Assets |
|
|
|
| Current assets |
|
|
|
|
Cash and cash equivalents |
$ |
63,312 |
|
|
$ |
83,547 |
|
|
Restricted cash |
|
258 |
|
|
|
237 |
|
|
Short-term marketable securities |
|
44,467 |
|
|
|
33,555 |
|
|
Accounts receivable, net |
|
11,670 |
|
|
|
12,105 |
|
|
Inventory |
|
16,959 |
|
|
|
16,743 |
|
|
Prepaid expenses and other current assets |
|
4,263 |
|
|
|
4,235 |
|
| Total current assets |
|
140,929 |
|
|
|
150,422 |
|
| Long-term marketable
securities |
|
— |
|
|
|
14,390 |
|
| Long-term inventory |
|
2,266 |
|
|
|
2,580 |
|
| Property and equipment,
net |
|
2,983 |
|
|
|
4,028 |
|
| Goodwill |
|
2,333 |
|
|
|
2,333 |
|
| Intangible assets, net |
|
— |
|
|
|
31 |
|
| Right of use assets |
|
18,236 |
|
|
|
3,406 |
|
| Other long-term assets |
|
654 |
|
|
|
591 |
|
| Total assets |
$ |
167,401 |
|
|
$ |
177,781 |
|
| Liabilities and
Stockholders' Equity |
|
|
|
| Current liabilities |
|
|
|
|
Accounts payable |
$ |
4,576 |
|
|
$ |
1,497 |
|
|
Accrued liabilities |
|
12,779 |
|
|
|
16,234 |
|
|
Income taxes payable |
|
74 |
|
|
|
93 |
|
|
Deferred revenue |
|
109 |
|
|
|
104 |
|
|
Short-term debt |
|
99 |
|
|
|
2,155 |
|
|
Current lease liabilities |
|
663 |
|
|
|
3,074 |
|
| Total current liabilities |
|
18,300 |
|
|
|
23,157 |
|
| Deferred tax liability |
|
129 |
|
|
|
114 |
|
| Long-term lease
liabilities |
|
17,910 |
|
|
|
1,106 |
|
| Long-term debt |
|
37,137 |
|
|
|
35,089 |
|
| Total liabilities |
|
73,476 |
|
|
|
59,466 |
|
| Stockholders' equity |
|
|
|
| Common stock |
|
39 |
|
|
|
39 |
|
|
Additional paid-in capital |
|
545,732 |
|
|
|
526,797 |
|
|
Accumulated other comprehensive income |
|
2,534 |
|
|
|
2,640 |
|
|
Accumulated deficit |
|
(454,380 |
) |
|
|
(411,161 |
) |
| Total stockholders'
equity |
|
93,925 |
|
|
|
118,315 |
|
| Total liabilities and
stockholders' equity |
$ |
167,401 |
|
|
$ |
177,781 |
|
| |
|
|
|
|
|
|
|
|
Pulmonx CorporationReconciliation of
Reported Revenue % Change to Constant Currency Revenue %
Change(in
thousands)(Unaudited) |
| |
| |
Three Months Ended September 30, |
|
|
|
|
|
|
| |
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
FX Impact % |
|
Constant Currency % Change |
|
United States |
$ |
13,836 |
|
|
$ |
11,838 |
|
|
|
16.9 |
% |
|
|
— |
% |
|
|
16.9 |
% |
| International |
|
6,551 |
|
|
|
5,830 |
|
|
|
12.4 |
% |
|
|
0.4 |
% |
|
|
12.0 |
% |
| Total |
$ |
20,387 |
|
|
$ |
17,668 |
|
|
|
15.4 |
% |
|
|
0.1 |
% |
|
|
15.3 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Nine Months Ended September 30, |
|
|
|
|
|
|
| |
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
FX Impact % |
|
Constant Currency % Change |
|
United States |
$ |
40,586 |
|
|
$ |
32,197 |
|
|
|
26.1 |
% |
|
|
— |
% |
|
|
26.1 |
% |
| International |
|
19,438 |
|
|
|
17,200 |
|
|
|
13.0 |
% |
|
|
0.9 |
% |
|
|
12.1 |
% |
| Total |
$ |
60,024 |
|
|
$ |
49,397 |
|
|
|
21.5 |
% |
|
|
0.3 |
% |
|
|
21.2 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pulmonx CorporationReconciliation of Net
Loss to Non-GAAP Adjusted EBITDA (in
thousands)(Unaudited) |
| |
| |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| GAAP Net loss |
$ |
(14,144 |
) |
|
$ |
(14,900 |
) |
|
$ |
(43,219 |
) |
|
$ |
(46,955 |
) |
|
Depreciation and amortization |
|
376 |
|
|
|
415 |
|
|
|
1,199 |
|
|
|
1,261 |
|
|
Stock-based compensation |
|
5,839 |
|
|
|
6,003 |
|
|
|
17,432 |
|
|
|
16,503 |
|
|
Impairment of capitalized software development costs |
|
— |
|
|
|
— |
|
|
|
1,717 |
|
|
|
— |
|
|
Interest (income)/expense, net |
|
(378 |
) |
|
|
(597 |
) |
|
|
(1,351 |
) |
|
|
(1,700 |
) |
|
Provision for income taxes |
|
192 |
|
|
|
59 |
|
|
|
462 |
|
|
|
323 |
|
| Adjusted EBITDA |
$ |
(8,115 |
) |
|
$ |
(9,020 |
) |
|
$ |
(23,760 |
) |
|
$ |
(30,568 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pulmonx (NASDAQ:LUNG)
過去 株価チャート
から 10 2024 まで 11 2024
Pulmonx (NASDAQ:LUNG)
過去 株価チャート
から 11 2023 まで 11 2024
