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
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States
- Europe, Middle-East and Africa (“EMEA”)
- Asia Pacific
- Other
| Region | FY2025 | FY2024 |
|---|---|---|
| United States | $57.0M | $56.5M |
| Europe, Middle-East and Africa (“EMEA”) | $27.0M | $22.3M |
| Asia Pacific | $6.2M | $4.4M |
| Other | $260.0K | $556.0K |
As the company reported it, from the “Segment Information -Schedule of Revenue by Geographic Area (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $20.0M | $32.6M | $32.7M | $48.4M | $53.7M | $68.7M | $83.8M | $90.5M |
| Gross profit | — | $12.3M | $22.4M | $21.2M | $35.6M | $39.9M | $50.8M | $62.0M | $67.1M |
| Net income | — | -$18.5M | -$20.7M | -$32.2M | -$48.7M | -$58.9M | -$60.8M | -$56.4M | -$54.0M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Results announced Item 2.02
- Results announced Item 2.02
- Results announced Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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