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.
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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.
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Chartis Pulmonary Assessment System (Chartis System) - Identifies patients suitable for Zephyr Valve treatment by assessing collateral ventilation in the lungs, ensuring optimal patient selection.
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StratX Lung Analysis Platform - Analyzes lung imaging to determine eligibility for Zephyr Valve treatment, supporting personalized care decisions.
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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.
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| 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. |
- 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?
Research analysts who have asked questions during Pulmonx earnings calls.
Frank Takkinen
Lake Street Capital Markets
4 questions for LUNG
John Young
Canaccord Genuity - Global Capital Markets
3 questions for LUNG
Jason Bednar
Piper Sandler Companies
2 questions for LUNG
Joseph Downing
Piper Sandler
2 questions for LUNG
Frederick Wise
Stifel
1 question for LUNG
Larry Biegelsen
Wells Fargo & Company
1 question for LUNG
Rick Wise
Stifel Financial Corp
1 question for LUNG
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. |
Recent press releases and 8-K filings for LUNG.
- Pulmonx Corp. presented at Canaccord's 45th Annual Global Growth Conference, focusing on its Zephyr valves for severe emphysema, which address a $12 billion total addressable market and are considered the standard of care.
- For Q2 2025, Pulmonx reported revenue of $23.9 million, with $14.7 million from the US and $9.1 million from outside the US, and gross margins of 72%.
- The company projects full-year revenue of $90 million to $92 million, implying 7% to 10% growth, noting that growth initiatives are taking longer than initially expected.
- Pulmonx is implementing strategies to expand its market, including direct-to-patient advertising, the new LungTrax Detect product, and therapy awareness specialists, which led to record STRATX activity in June and July, a leading indicator for future revenue.
- The company is also developing Aeroseal, expected to be approved around 2027 with revenue anticipated in 2028, and has reduced operating expense guidance through various cost efficiencies.
- Pulmonx reported worldwide revenue of $23.9 million for the second quarter of 2025, representing a 15% increase over the same period last year, with U.S. revenue at $14.7 million (up 6%) and international revenue at $9.1 million (up 32%).
- For Q2 2025, the company recorded a net loss of $15.2 million, or $0.38 per share, and achieved a gross margin of 72%.
- Pulmonx revised its full-year 2025 revenue guidance downward to a range of $90 million to $92 million, from its prior expectation of $96 million to $98 million. The company also adjusted its total operating expenses guidance to $128 million to $130 million and expects a full-year gross margin of approximately 74%.
- As of June 30, 2025, Pulmonx held $84.2 million in cash, cash equivalents, and marketable securities.
- Market Potential: Pulmonx detailed a large addressable market for severe emphysema, estimating 500,000 eligible patients in the U.S. for its minimally invasive treatment.
- Clinical Efficacy: The company emphasized that its Zephyr valves have become the standard of care, supported by four randomized controlled trials and over 40,000 treated patients, demonstrating significant improvements in lung function and quality of life.
- Strong Financial Performance: Pulmonx reported solid revenue growth with Q1 U.S. revenue of $22.5 million and high margins of approximately 73%, while providing guidance for further revenue expansion to between $96 million and $98 million.
- Expansion and Innovation: The firm is advancing its pipeline with next-generation products (including an IDE trial expected to lead to a PMA around 2027) and is expanding internationally into markets like China and Japan, leveraging technologies such as LungTrax and Stratix to optimize patient selection and workflow.
- Worldwide Q1 revenue reached $22.5 million – a 20% YoY increase
- U.S. sales were $14.2 million (up 11% YoY) and international sales were $8.3 million (up 39% YoY)
- The company posted a net loss of $14.4 million
- Reported a gross margin of 73%, with expectations to improve to approximately 74% later in the year
- Reaffirmed full-year 2025 revenue guidance of $96–98 million
- Executives highlighted strategic initiatives including increased clinician/patient engagement, expansion in China via significant distributor buying, and improved operational leverage through targeted educational and commercial programs
- Extended the interest-only period via an amended loan agreement