Total Revenue

+23% (from $19.28M to $23.78M)

Total revenue increased by 23% YoY, largely driven by enhanced market demand and adoption, which builds on the previous period’s momentum. This improvement suggests that underlying business factors—such as increased procedure volumes and product acceptance—remained strong, supporting continued revenue acceleration. " " "

United States Revenue

+16% (from $13.72M to $15.91M)

U.S. revenue grew by 16% YoY, now representing about 67% of overall revenue. This boost reflects sustained effective commercialization initiatives and market penetration in the U.S., following a strong performance in Q4 2023 that seeded further growth. " " "

Earnings Per Share

8% improvement (from –$0.36 to –$0.33)

EPS improved from –$0.36 to –$0.33, indicating better cost management and revenue growth relative to the previous period. The modest improvement reflects efforts to optimize operating performance even though the company remains in a net loss position. " "

Operating Income

Loss narrowed (from –$13,919 to –$13,417)

Operating loss was reduced slightly as higher revenue and gross profit partially offset operating costs. The moderation in expense growth, compared to the previous period’s higher losses, reveals increased efficiency and cost optimization measures taken during Q4 2024. " "

Net Income

5% improvement (from –$13,888 to –$13,175)

Net loss improved by approximately 5% YoY, driven by increased revenue and improved operating leverage. Despite remaining unprofitable, the narrower gap suggests that revenue gains and tighter expense controls have started to positively impact the bottom line compared to Q4 2023. " "

Revenue

FY 2024

$81 million to $84 million "

no current guidance

no current guidance

Gross Margin

FY 2024

74% "

no current guidance

no current guidance

Operating Expenses

FY 2024

$122 million to $124 million, including ~$22M non‐cash stock‑based comp "

no current guidance

no current guidance

Operating Expense Growth

FY 2024

9% "

no current guidance

no current guidance

Revenue

FY 2025

no prior guidance

$96 million to $98 million "

no prior guidance

Revenue Growth

FY 2025

no prior guidance

16% to 18% "

no prior guidance

Gross Margin

FY 2025

no prior guidance

74% "

no prior guidance

Operating Expenses

FY 2025

no prior guidance

$133 million to $135 million, including ~$22M non‑cash stock‑based comp "

no prior guidance

Foreign Exchange Impact

FY 2025

no prior guidance

negative impact of approximately 100 basis points "

no prior guidance

U.S. Market Growth and Expansion

Positive revenue increases and account expansion were consistently highlighted in Q1 ($12.9M, 38% growth " ), Q2 (26% growth and 17 new U.S. accounts " ), and Q3 (17% growth with 15 new accounts " " ).

Q4 demonstrates robust growth with U.S. revenue at $15.9M (16% increase), expanded account base (283 active accounts), and the introduction of a TV commercial and enhanced digital patient engagement. " " "

Consistent strong growth with an added focus on direct-to-patient advertising and innovative marketing channels.

International Market Growth and Deceleration Concerns

In Q1 to Q3, international revenue was noted for steady percentage increases (e.g., 12–15% growth in Q3 " " ) and growth driven by strategic expansion in Europe and China, though with early mentions of seasonality or slower growth in some regions. " " "

Q4 reports international revenue of $7.9M in the quarter (42% YoY growth) and emphasizes robust full‐year performance, while also noting expected seasonality in the second half and potential deceleration concerns. " " "

Stable international growth continues but with a cautious tone regarding seasonal deceleration, especially later in the year.

LungTrax Platform and Workflow Automation

First introduced in Q2 with pilot programs (LungTrax Connect enabling automated CT uploads and workflow tracking " " ) and further detailed in Q3 with additional pilots and early customer interest. " "

Q4 further advances the LungTrax platform with pilots for both LungTrax Detect and Connect, demonstrating promising technical milestones (e.g. patient identification from CT scans) and setting the stage for broader rollout in 2025. " "

Evolving from early pilot phases to broader implementation plans, indicating growing strategic emphasis on automation to boost efficiency.

Clinical Trials Progression and Limited Innovation Pipeline

Across Q1–Q3, there was steady coverage of the CONVERT I/II trials, AeriSeal progress, Japanese post‐market studies, and supporting data (including LIBERATE and pivotal trial enrollment). " " " "

Q4 continues to focus on clinical trial progression with the AeriSeal CONVERT 2 trial and Japanese study while also reiterating a limited innovation pipeline that prioritizes sustaining improvements (e.g. LungTrax and procedural optimizations). " "

Consistent focus on clinical trials and gradual innovation; while the pipeline remains “limited,” the emphasis on key trials and sustaining innovations has been maintained.

Sales, Marketing, and Customer Engagement Initiatives

Q1 highlighted account expansion, operational improvements, and education programs. " Q2 and Q3 built on these with digital outreach, pilot programs, and international sales tool adaptation (e.g. CME courses and targeted outreach " " " ).

Q4 emphasizes a more aggressive direct-to-patient strategy including a TV commercial, increased digital engagement (135% increase in online followers), and refined sales-force structure to improve patient acquisition and physician education. " " "

Continued multi-pronged engagement, with a shift toward enhanced digital and direct-to-patient marketing, reflecting evolving strategies to boost market penetration.

Seasonality Impacts on Revenue

Seasonality was discussed in Q2 and Q3 (e.g., typical impacts in Europe, mixed U.S. performance, and historical trends " " ; Q3 noted pronounced impacts but also expected rebound in Q4 " ).

Q4 acknowledges inconsistent U.S. seasonality with initiatives underway to normalize Q3 variability, while expecting typical seasonal effects internationally, yet optimistic about an acceleration in the latter half. "

A recurring challenge that remains a concern; although efforts appear to be underway to mitigate its effects, the sentiment is cautiously optimistic about improvements in future quarters.

Operating Expenses, Profitability, and Revenue Guidance Challenges

Q1–Q3 discussions consistently noted modest increases in operating expenses (e.g., 6% increase in Q1 " , 6% in Q2 " , and 3–9% in Q3 " ), improvement in net losses and adjusted EBITDA, and maintenance of revenue guidance despite external factors.

Q4 continues this discussion with operating expenses up 9% in the quarter, improvements in net loss and adjusted EBITDA, and cautious revenue guidance for 2025 due to the time needed to scale recent initiatives and headwinds impacting growth. " " "

Consistent focus on cost management and profitability improvements; however, challenges persist in meeting long-term revenue growth targets, with a generally cautious tone about future revenue guidance.