Pulmonx Corp (LUNG)

Business Description

Pulmonx Corporation (Nasdaq: LUNG) is a commercial-stage medical technology company specializing in minimally invasive treatments for patients with severe emphysema, a form of chronic obstructive pulmonary disease (COPD). The company develops and markets innovative solutions designed to improve lung function and quality of life for patients who are not candidates for surgical interventions. Pulmonx's product portfolio includes devices, diagnostic tools, and platforms that enable personalized treatment for severe lung diseases.

Zephyr Endobronchial Valve (Zephyr Valve) - Provides a minimally invasive treatment for severe emphysema by reducing hyperinflation in the lungs, improving breathing and quality of life. Commercially available in over 25 countries and widely adopted in clinical practice.
Chartis Pulmonary Assessment System (Chartis System) - Identifies patients suitable for Zephyr Valve treatment by assessing collateral ventilation in the lungs, ensuring optimal patient selection.
StratX Lung Analysis Platform - Analyzes lung imaging to determine eligibility for Zephyr Valve treatment, supporting personalized care decisions.
AeriSeal System - A synthetic polymer foam under development to occlude collateral air channels in the lungs, designed to expand treatment options for severe emphysema. Currently not approved for commercial sale in the U.S. but has received Breakthrough Device designation and CE Mark in Europe.

Key Metrics

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Leadership

Name	Position	External Roles	Short Bio
David Lehman Executive	General Counsel	None	David Lehman has been General Counsel at Pulmonx since October 2020. He previously held legal leadership roles at Intersect ENT and Thoratec Corporation.
Geoffrey Beran Rose Executive	Chief Commercial Officer	None	Geoffrey Beran Rose has been with Pulmonx since December 2014, serving as VP of Marketing and Business Development before becoming CCO in January 2020.
John McKune Executive	Vice President, Corporate Controller	None	John McKune joined Pulmonx in August 2020 as VP, Corporate Controller. He also served as Interim CFO from October 2023 to April 2024.
Mehul Joshi Executive	Chief Financial Officer	None	Mehul Joshi joined Pulmonx as CFO on April 3, 2024. He previously served as CFO at PhenomeX and held senior finance roles at ResMed and Gilead Sciences.
Steven S. Williamson Executive	President and CEO	None	Steven S. Williamson became CEO of Pulmonx on March 15, 2024. Previously, he was Chief Commercial Officer at Outset Medical and held leadership roles at C.R. Bard and Hologic.	View Report →
Dana G. Mead, Jr. Board	Chairperson of the Board	Board Member at Inari Medical, Inspire Medical Systems; Chairperson at HeartFlow, Inc.	Dana G. Mead, Jr. has been Chairperson of Pulmonx since October 2019. He has extensive leadership experience in medical technology and venture capital.
Daniel P. Florin Board	Board Member	CEO of Catholic Charities Diocese of Fort Wayne-South Bend, Indiana	Daniel P. Florin has been a Pulmonx Board member since January 2020. He previously held executive roles at Zimmer Biomet and Boston Scientific.
Georgia Garinois-Melenikiotou Board	Board Member	Board Member at Douglas Group, Natura & Co Holding, Inspire Medical Systems; Board Member at MIT Sloan School of Management, One To World	Georgia Garinois-Melenikiotou has been a Pulmonx Board member since September 2020. She previously held senior leadership roles at Estée Lauder and Johnson & Johnson.
Richard Ferrari Board	Board Member	Managing Director at De Novo Ventures; Executive Chairman at HeartBeam, MedLumics, Retriever Medical; Chairman at Anaconda Biomed; Vice Chairman at ABS Interventional	Richard Ferrari has been on the Pulmonx Board since February 2007. He has extensive experience in healthcare investment and medical technology leadership.
Thomas W. Burns Board	Board Member	Chairman and CEO of Glaukos Corporation	Thomas W. Burns has been a Pulmonx Board member since September 2020. He is also the CEO and Chairman of Glaukos Corporation.
Tiffany Sullivan Board	Board Member	Senior Vice President and COO, Physician Services at New York-Presbyterian Hospital	Tiffany Sullivan has been a Pulmonx Board member since July 2021. She has extensive experience in healthcare operations and community health initiatives.

Questions to Ask Management

Given that your 2025 revenue guidance is 17% growth at the midpoint, below your long-term target of at least 20%, what specific challenges are preventing you from achieving 20% growth in 2025, and when do you anticipate reaching that level?
With operating expenses projected to increase by $14 million in 2025, exceeding the incremental revenue growth, why aren't we seeing more operating leverage, and how do you justify the higher expenses relative to revenue growth?
Can you provide more details on your 'acquire test and treat' initiatives, specifically how and when they will drive acceleration in U.S. growth in 2025, and what key metrics are you using to measure their success?
How are you measuring the return on investment from your significant spending on direct-to-consumer marketing and hiring new sales personnel, and when do you expect these investments to contribute meaningfully to revenue growth?
With gross margins guided to remain flat at 74% in 2025 despite expected higher production volumes and cost optimization initiatives, what factors are limiting gross margin expansion, and is there potential for margin improvement beyond 2025?

Competitors

Competitors mentioned in the company's latest 10K filing.

Company	Description
Olympus Corporation	The company offers the Spiration Valve System, an endobronchial technology designed to provide a minimally invasive treatment option for lung volume reduction in patients with severe emphysema. This system redirects air away from diseased areas of the lung to healthier tissue, allowing patients to breathe easier. It is indicated for patients with heterogeneous emphysema but contraindicated for those with homogeneous emphysema. The company believes its solution competes favorably due to stronger published clinical data, differentiated patient selection tools, and comprehensive technical and reimbursement support.
Broncus Medical, Inc.	The company offers the InterVapor System, a non-surgical and non-implant therapy developed for lung diseases, including emphysema and lung cancer. This system uses vapor ablation, which involves the application of heated pure water to tissue. The system is not approved for use in the United States.

Company

Description

Olympus Corporation

The company offers the Spiration Valve System, an endobronchial technology designed to provide a minimally invasive treatment option for lung volume reduction in patients with severe emphysema. This system redirects air away from diseased areas of the lung to healthier tissue, allowing patients to breathe easier. It is indicated for patients with heterogeneous emphysema but contraindicated for those with homogeneous emphysema. The company believes its solution competes favorably due to stronger published clinical data, differentiated patient selection tools, and comprehensive technical and reimbursement support.

Broncus Medical, Inc.

The company offers the InterVapor System, a non-surgical and non-implant therapy developed for lung diseases, including emphysema and lung cancer. This system uses vapor ablation, which involves the application of heated pure water to tissue. The system is not approved for use in the United States.