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Pulmonx Reports Second Quarter 2025 Financial Results

REDWOOD CITY, Calif., July 30, 2025 – 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 2025 ended June 30, 2025.

Recent Highlights
•Achieved worldwide revenue of $23.9 million in the second quarter of 2025, a 15% increase over the same period last year and an increase of 13% on a constant currency basis
•Delivered $9.1 million in international revenue in the second quarter of 2025, representing 32% year-over-year growth and an increase of 27% on a constant currency basis
•Delivered $14.7 million in U.S. revenue in the second quarter of 2025, representing 6% year-over-year growth
•Realized gross margin of 72% in the second quarter of 2025
•Drove over 20,000 first time patient engagements through targeted Direct-to-Patient advertising
•Added 12 new Zephyr® Valve U.S. treatment centers in the second quarter of 2025 and trained 26 new physicians

Steve Williamson, President and Chief Executive Officer of Pulmonx, commented, “Strong international performance drove double-digit growth and provided a solid foundation for the quarter. While we are revising full-year guidance to reflect longer-than-expected revenue conversion from our U.S. initiatives, we are seeing early signs of traction. Our efforts to build a scalable ecosystem by improving patient identification, access, and engagement, are beginning to deliver results and position us for sustained, long-term growth.”

Second Quarter 2025 Financial Results
Total worldwide revenue in the second quarter of 2025 was $23.9 million, a 15% increase from $20.8 million in the second quarter of 2024 and an increase of 13% on a constant currency basis. U.S. revenue was $14.7 million, a 6% increase from the second quarter of 2024. International revenue was $9.1 million, a 32% increase compared to the second quarter of 2024, and a 27% increase on a constant currency basis.

Gross profit in the second quarter of 2025 was $17.2 million, compared to $15.3 million for the second quarter of 2024. Gross margin for the second quarter of 2025 was 72%, compared to 74% for the same period in 2024.

Operating expenses in the second quarter of 2025 were $32.0 million, compared to $30.9 million for the second quarter of 2024, representing an increase of 3%.

Net loss in the second quarter of 2025 was $15.2 million, or $0.38 per share, compared to a net loss of $15.3 million, or $0.39 per share, for the same period in 2024.

Adjusted EBITDA loss in the second quarter of 2025 was $8.4 million compared to $7.6 million for the same period in 2024.

Cash, cash equivalents, and marketable securities totaled $84.2 million as of June 30, 2025.

Financial Outlook
Pulmonx is revising full year 2025 revenue guidance to be in the range of $90 million to $92 million, anticipating a trajectory slightly lower than its prior expectations of $96 million to $98 million.

The Company expects gross margin for the full year 2025 to be approximately 74%.

Pulmonx is also revising its total operating expenses for the full year 2025 to fall within the range of $128 million to $130 million, a decrease from prior guidance of $133 million to $135 million, inclusive of approximately $22 million of non-cash stock-based compensation.

The Company’s updated guidance does not anticipate any potential impact from future tariffs or trade policy changes, or their effects on the global macroeconomic environment, including foreign currency fluctuations.



Webcast and Conference Call Details
Pulmonx will host a conference call today, July 30, 2025, 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 within 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 Measures
To 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.

About Pulmonx Corporation
Pulmonx 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.

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 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 2025, 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 2, 2025, 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.

Investors
Jeremy Feffer
Managing Director
LifeSci Advisors LLC
jfeffer@lifesciadvisors.com

Pulmonx
investors@pulmonx.com





Pulmonx Corporation
Consolidated Statements of Operations
(in thousands, except share and per share data)
(Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenue$23,859 $20,783 $46,397 $39,637 
Cost of goods sold6,655 5,476 12,851 10,252 
Gross profit17,204 15,307 33,546 29,385 
Operating expenses
  Research and development5,306 5,615 10,062 9,825 
  Selling, general and administrative26,702 25,314 52,851 49,718 
Total operating expenses32,008 30,929 62,913 59,543 
Loss from operations(14,804)(15,622)(29,367)(30,158)
Interest income723 1,306 1,587 2,747 
Interest expense(799)(891)(1,580)(1,774)
Other (expense) income, net(116)(35)51 380 
Net loss before tax(14,996)(15,242)(29,309)(28,805)
Income tax expense177 84 312 270 
Net loss$(15,173)$(15,326)$(29,621)$(29,075)
Net loss per share attributable to common stockholders, basic and diluted$(0.38)$(0.39)$(0.74)$(0.75)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted40,429,655 38,943,066 40,193,469 38,789,548 





Pulmonx Corporation
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)

June 30, 2025December 31, 2024
Assets
Current assets
  Cash and cash equivalents$75,466 $70,905 
  Restricted cash259 257 
  Short-term marketable securities8,759 30,577 
  Accounts receivable, net15,903 13,120 
  Inventory16,175 16,915 
  Prepaid expenses and other current assets3,458 4,474 
Total current assets120,020 136,248 
Long-term inventory1,892 1,681 
Property and equipment, net2,660 2,907 
Goodwill2,333 2,333 
Right of use assets18,643 18,545 
Other long-term assets1,639 1,136 
Total assets$147,187 $162,850 
Liabilities and Stockholders' Equity
Current liabilities
  Accounts payable$6,557 $3,827 
  Accrued liabilities14,388 16,472 
  Income taxes payable205 49 
  Deferred revenue78 135 
  Short-term debt104 3,176 
  Current lease liabilities1,115 778 
Total current liabilities22,447 24,437 
Deferred tax liability41 87 
Long-term lease liabilities18,598 18,515 
Long-term debt37,011 34,002 
Total liabilities78,097 77,041 
Stockholders' equity
Common stock41 40 
  Additional paid-in capital563,589 551,211 
  Accumulated other comprehensive income2,636 2,113 
  Accumulated deficit(497,176)(467,555)
Total stockholders' equity69,090 85,809 
Total liabilities and stockholders' equity$147,187 $162,850 


Pulmonx Corporation
Reconciliation of Reported Revenue % Change to Constant Currency Revenue % Change
(in thousands, except percentages)
(Unaudited)

Three Months Ended June 30,
20252024% ChangeFX Impact %Constant Currency % Change
United States$14,731 $13,881 6.1 %— %6.1 %
International9,128 6,902 32.3 %4.9 %27.4 %
Total$23,859 $20,783 14.8 %1.6 %13.2 %




Six Months Ended June 30,
20252024% ChangeFX Impact %Constant Currency % Change
United States$28,952 $26,750 8.2 %— %8.2 %
International17,445 12,887 35.4 %0.9 %34.5 %
Total$46,397 $39,637 17.1 %0.3 %16.8 %



Pulmonx Corporation
Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA
(in thousands)
(Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
GAAP Net loss$(15,173)$(15,326)$(29,621)$(29,075)
  Depreciation and amortization299 400 577 823 
  Stock-based compensation6,214 5,920 11,826 11,593 
  Impairment of capitalized software development costs— 1,717 — 1,717 
  Interest (income)/expense, net76 (415)(7)(973)
  Provision for income taxes177 84 312 270 
Adjusted EBITDA$(8,407)$(7,620)$(16,913)$(15,645)