Pulmonx Corp LUNG
We are a commercial-stage medical technology company that provides a minimally invasive treatment for patients with severe emphysema, a form of chronic obstructive pulmonary disease ("COPD"). Our solution, which is comprised of the Zephyr Endobronchial Valve ("Zephyr Valve"), the Chartis Pulmonary Assessment System ("Chartis System") and the LungTraX Platform, is designed to treat severe emphysema patients who, despite medical management, are still profoundly symptomatic and either do not want or are ineligible for surgical approaches. Patients with severe emphysema generally experience a worse quality of life than patients with lung cancer, and we believe there is both an urgent clinical need and a strong market opportunity for a solution that is safe, effective and minimally invasive.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $90.5M | $83.8M | $68.7M | $53.7M | $48.4M | $32.7M | $32.6M | $20.0M | — |
| Cost of revenue | $23.4M | $21.8M | $17.9M | $13.8M | $12.8M | $11.5M | $10.2M | $7.7M | — |
| Gross profit | $67.1M | $62.0M | $50.8M | $39.9M | $35.6M | $21.2M | $22.4M | $12.3M | — |
| R&D | $19.5M | $17.6M | $18.1M | $15.4M | $13.1M | $7.5M | $6.0M | $7.0M | — |
| SG&A | $101.3M | $102.1M | $94.6M | $83.1M | $69.9M | $46.1M | $34.2M | $20.3M | — |
| Total operating expenses | $120.8M | $119.7M | $112.7M | $98.5M | $82.9M | $53.5M | $40.3M | $27.3M | — |
| Operating income | -$53.7M | -$57.7M | -$61.9M | -$58.6M | -$47.3M | -$32.3M | -$17.8M | -$15.1M | — |
| Interest expense | $3.2M | $3.5M | $3.2M | $1.1M | $829.0K | $3.2M | $2.3M | $2.5M | — |
| Pre-tax income | -$53.4M | -$55.9M | -$60.3M | -$58.6M | -$48.3M | -$32.0M | -$20.3M | -$18.5M | — |
| Income tax | $626.0K | $500.0K | $571.0K | $353.0K | $343.0K | $213.0K | $363.0K | $12.0K | — |
| Net income | -$54.0M | -$56.4M | -$60.8M | -$58.9M | -$48.7M | -$32.2M | -$20.7M | -$18.5M | — |
| EPS, basic | -1.33 | -1.44 | -1.60 | -1.59 | -1.35 | -3.16 | — | — | — |
| EPS, diluted | -1.33 | -1.44 | -1.60 | -1.59 | -1.35 | -3.16 | -11.66 | -11.03 | — |
| Shares, diluted (wtd. avg.) | $40.7M | $39.1M | $38.0M | $37.1M | $36.1M | $10.2M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $69.8M | $70.9M | $83.8M | $102.0M | $148.7M | $231.8M | $14.8M | $4.1M | $10.1M |
| Short-term investments | — | — | — | $39.4M | $31.6M | $0 | $13.6M | — | — |
| Receivables | $12.1M | $13.1M | $12.1M | $8.7M | $6.6M | $4.2M | $5.5M | — | — |
| Inventory | $15.8M | $16.9M | $16.7M | $14.6M | $16.3M | $10.7M | $5.6M | — | — |
| Total current assets | $101.7M | $136.2M | $150.4M | $169.0M | $208.0M | $250.0M | $41.1M | — | — |
| Property, plant and equipment | $2.2M | $2.9M | $4.0M | $4.7M | $4.8M | $1.5M | $902.0K | — | — |
| Goodwill | $2.3M | $2.3M | $2.3M | $2.3M | $2.3M | $2.3M | $2.3M | — | — |
| Other intangibles | — | $0 | $31.0K | $154.0K | $277.0K | $400.0K | $524.0K | — | — |
| Total assets | $129.3M | $162.8M | $177.8M | $193.7M | $235.2M | $263.7M | $53.5M | — | — |
| Accounts payable | $3.9M | $3.8M | $1.5M | $1.8M | $1.6M | $1.5M | $2.7M | — | — |
| Short-term debt | $106.0K | $3.2M | $2.2M | $90.0K | — | — | — | — | — |
| Total current liabilities | $20.1M | $24.4M | $23.2M | $18.5M | $17.6M | $12.5M | $14.2M | — | — |
| Long-term debt | $37.0M | $34.0M | $35.1M | $17.2M | $17.4M | $17.4M | — | — | — |
| Total liabilities | $75.2M | $77.0M | $59.5M | $39.7M | $41.9M | $37.6M | $35.6M | — | — |
| Retained earnings | -$521.6M | -$467.6M | -$411.2M | -$350.3M | -$291.4M | -$242.7M | -$210.5M | — | — |
| Total equity | $54.1M | $85.8M | $118.3M | $154.0M | $193.2M | $226.1M | -$187.4M | -$167.3M | -$149.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$32.4M | -$31.5M | -$37.6M | -$45.1M | -$41.4M | -$30.6M | -$20.8M | -$18.4M | — |
| Depreciation and amortisation | $1.1M | $1.1M | $1.4M | $1.4M | $700.0K | $300.0K | $200.0K | $100.0K | — |
| Stock-based compensation | $21.2M | $23.0M | $22.1M | $16.4M | $10.5M | $3.2M | $364.0K | $366.0K | — |
| Capital expenditure | $452.0K | $1.4M | $807.0K | $1.3M | $3.7M | $911.0K | $720.0K | $316.0K | — |
| Investing cash flow | $30.5M | $17.5M | -$2.0M | -$4.2M | -$46.3M | $12.7M | -$14.2M | $200.0K | — |
| Financing cash flow | $833.0K | $1.4M | $21.4M | $2.4M | $4.5M | $234.8M | $45.6M | $12.1M | — |
| Buybacks | — | — | $0 | $27.0K | $26.0K | $21.0K | $12.0K | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-016105.
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