Total Revenue

19% increase (from $18.854M to $22.5M)

Total revenue rose by 19% driven by continued adoption and expanded market reach—building on the previous fiscal year’s robust momentum where overall revenue increased by 22% in FY2024. The increase reflects greater procedure volumes both domestically and internationally. " " "

U.S. Revenue

10% increase (from $12.869M to $14.2M)

U.S. revenue increased by 10%, which indicates steady domestic performance. This growth aligns with prior trends (e.g., the 23% increase in FY2024) though at a slightly slower rate, suggesting a mature market dynamic while still benefiting from ongoing commercial execution. " "

International Revenue

– (new consolidated segment at $8.3M in Q1 2025)

The International segment contributed $8.3M, supporting overall revenue growth. This reflects the successful implementation of expansion strategies initiated in previous periods, with improved market access and adoption of the LUNG product offerings abroad. " "

Gross Profit

Increased from $14.078M to $16.342M (margin decline: 74.7% → 72.5%)

Gross profit increased by about $2.264M due to higher sales volumes; however, the slight decline in margin from 74.7% to 72.5% suggests increased manufacturing or operating costs—indicating that while revenue expansion helped boost profitability, cost pressures are moderating margin performance. " "

Net Loss

Widened by approximately 5% (from $13.749M to $14.448M)

Net loss grew by around 5% despite higher revenue, implying that increased operating expenses and investments (e.g., in commercialization and clinical efforts) outpaced revenue gains. This outcome continues a trend observed previously where significant expenses eroded improvements in profitability. " "

Short-term Debt

49% increase (from $5.231M to $7.803M)

Short-term debt surged by 49%, largely due to the reclassification of portions of the CIBC loan as they near repayment due dates—a structural adjustment noted in previous periods to accommodate the repayment schedule, reflecting planned changes in debt maturity profiles. " "

Cash and Cash Equivalents

About 6% increase (from $70.158M to $74.555M)

Cash and cash equivalents grew by roughly 6%, suggesting effective liquidity management and possible financing inflows countering operational cash burn. This increase reinforces previous strategies to bolster cash reserves despite ongoing operational expenditures. " "

Total Assets

Declined by 8% (from $164.584M to $150.736M)

Total assets fell by approximately 8%, primarily due to lower cash balances and adjustments in marketable securities. This reduction reflects the continuation of cash outflows and asset repricing seen in prior periods as the company manages its balance sheet amid operational investments. " "

Total Stockholders’ Equity

Fell nearly 30% (from $110.498M to $77.667M)

Stockholders’ equity dropped by almost 30%, driven by substantial net losses and adverse comprehensive income items (e.g., currency translation adjustments). This significant decline continues the downward trend observed previously, highlighting the cumulative impact of operating losses on shareholder value. " "

Revenue

FY 2025

$96 million to $98 million "

$96 million to $98 million " " "

no change

Revenue growth

FY 2025

16% to 18% "

16% to 18% " " "

no change

Gross margin

FY 2025

Approximately 74% "

Approximately 74% "

no change

Operating expenses

FY 2025

$133 million to $135 million, including ≈$22 million non-cash stock-based compensation "

$133 million to $135 million, including ≈$22 million noncash stock-based compensation "

no change

U.S. Market Initiatives

Earlier quarters (Q2–Q4 2024) emphasized expanding U.S. accounts, hiring therapy awareness specialists, revamping sales structure, launching TV campaigns, and boosting website engagement to drive referrals and treatment adoption. " " "

In Q1 2025, Pulmonx detailed further investments with seven trained therapy awareness specialists in target geographies, new tools (LungTraX Detect and Connect) for workflow automation, comprehensive lung care programs, enhanced CME modules, and a record number of unique patient engagements through direct-to-patient initiatives. " " " " "

Expansion and integration of U.S. initiatives with refined workflow tools and stronger patient engagement metrics.

LungTraX Platform

In Q2–Q4 2024, the company introduced and piloted LungTraX Detect and Connect, focusing on streamlining CT uploads, automating workflows, and gathering positive pilot feedback while addressing implementation challenges (contracting, IT, etc.). " " " " " "

Q1 2025 updates show continued adoption with dozens of accounts in various contracting stages, positioning LungTraX as a major growth driver within the “Acquire, Test, Treat” strategy, emphasizing its role in proactive patient identification and operational efficiency. " " " "

Transition from pilots to broader adoption with increasing momentum and integration into core operational strategy.

International Market Expansion

Previous periods (Q2–Q4 2024) described steady international growth driven by European adaptations and new distribution partnerships in China, with moderate growth and seasonality challenges noted. " " " " " " " "

Q1 2025 reported robust international revenue growth (up 39%), driven by stronger-than-expected distributor stocking in China, active engagement in Europe, progress in Japan, and plans to expand the addressable market through future initiatives. " " "

Consistent growth momentum with evolving challenges from global trade policies, yet strengthened international market performance.

Revenue Growth, Guidance, and Execution Risks

Across Q2–Q4 2024, discussions highlighted solid revenue growth figures with reaffirmed annual guidance, supported by growth in both U.S. and international markets. The company acknowledged execution risks tied to operational scaling, seasonal fluctuations, and some uncertainties. " " " " " "

Q1 2025 showcased worldwide revenue growth of 20% and reaffirmed full‐year guidance ($96–$98 million). However, increased attention was focused on execution risks stemming from macroeconomic uncertainties, tariffs, and FX fluctuations affecting international revenue. " " " "

Steady revenue performance and guidance with an increased emphasis on execution risks amid a volatile global macroeconomic environment.

Operating Expenses and Profitability Pressures

In Q2–Q4 2024, operating expenses showed modest increases driven by higher investments in patient and clinician initiatives; cost optimization and operating leverage mitigated profitability pressures even as noncash stock-based compensation and clinical investments increased. " " " "

Q1 2025 reported an 8–10% increase in operating expenses with slightly lower gross margins (73% vs. 75%) due to a geographic shift. Despite these pressures, the company remains confident in reaching cash flow break-even through targeted commercial investments and cost optimization initiatives. " " "

Rising expenses persist but are being countered by strategic investments and cost controls to achieve operating leverage and eventual cash flow breakeven.

Clinical Trials for AeriSeal

Q2–Q4 2024 updates described the launch and expansion of the CONVERT trials, with positive conversion rates (e.g., 77.6%) from CONVERT I and ongoing enrollment in CONVERT 2, setting expectations for a 20% market expansion and planned commercial launches outside the U.S. in 2026 and in the U.S. in 2027. " " " " " " " "

In Q1 2025, the focus remains on increasing global enrollment in the CONVERT II trial with reaffirmed future launch plans—commercial launch expected in 2026 outside the U.S. and 2027 in the U.S.—to expand the addressable market by an estimated 20%. "

Steady progression in clinical trials with consistent launch expectations, reinforcing the long-term strategy to broaden market access.

Hospital Engagement and Standard-of-Care Adoption

Q2–Q4 2024 discussions centered on engaging hospitals by expanding networks through new accounts, hosting clinical summits, piloting the LungTraX platform, and enhancing clinician education and support to drive adoption. Initiatives included leveraging dedicated support staff, TV campaigns, and standardizing the Zephyr Valve as the standard-of-care. " " " " " " "

Q1 2025 continued the focus with initiatives to secure hospital administrative buy-in for comprehensive lung health programs, deploying third-party tech-enabled patient management solutions, and reinforcing clinician and patient education to overcome referral bottlenecks, largely through integrated digital platforms like LungTraX. " " "

Ongoing and deepening hospital engagement with a shift toward scalable, integrated programs that solidify Zephyr Valve’s role as the standard-of-care.

Macroeconomic Uncertainties and Seasonality Impact

In Q2–Q4 2024, seasonality was consistently noted—affecting both U.S. and international volumes—while macroeconomic uncertainties were either minimally mentioned or not explicitly discussed, with focus on operational and seasonal trends. " " " " "

Q1 2025 explicitly addressed macroeconomic uncertainties, including concerns over tariffs, foreign exchange fluctuations, and their potential impact on international revenue, while also confirming traditional seasonality impacts with a dual market focus (international strength in H1 and U.S. growth in H2). " " " " "

Emergence of explicit macroeconomic concerns alongside ongoing seasonality effects, indicating heightened sensitivity to global trade and FX risks.