Investor ContactBrian Johnston Laine MorganGilmartin Groupinvestors@pulmonx.com Pulmonx CorporationConsolidated Statements of Operations(in thousands, except share and per share data)(Unaudited) Three Months Ended March 31, 2025 2024 Revenue $22,538 $18,854 Cost of goods sold 6,196 4,776 Gross profit 16,342 14,078 Operating expenses Research and development 4,756 4,210 Selling, general and administrative 26,149 24,404 Total operating expenses 30,905 28,614 Loss from operations (14,563) (14,536)Interest income 864 1,441 Interest expense (781) (883)Other income, net 167 415 Net loss before tax (14,313) (13,563)Income tax expense 135 186 Net loss $(14,448) $(13,749)Net loss per share attributable to common stockholders, basic and diluted $(0.36) $(0.36)Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 39,954,658 38,636,029 Pulmonx CorporationCondensed Consolidated Balance Sheets(in thousands)(Unaudited) March 31, 2025 December 31, 2024Assets Current assets Cash and cash equivalents$74,555 $70,905 Restricted cash 257 257 Short-term marketable securities 14,147 30,577 Accounts receivable, net 13,975 13,120 Inventory 16,809 16,915 Prepaid expenses and other current assets 4,196 4,474 Total current assets 123,939 136,248 Long-term inventory 1,376 1,681 Property and equipment, net 2,826 2,907 Goodwill 2,333 2,333 Right of use assets 18,682 18,545 Other long-term assets 1,580 1,136 Total assets$150,736 $162,850 Liabilities and Stockholders' Equity Current liabilities Accounts payable$4,280 $3,827 Accrued liabilities 11,547 16,472 Income taxes payable 86 49 Deferred revenue 128 135 Short-term debt 7,803 3,176 Current lease liabilities 1,101 778 Total current liabilities 24,945 24,437 Deferred tax liability 79 87 Long-term lease liabilities 18,652 18,515 Long-term debt 29,393 34,002 Total liabilities 73,069 77,041 Stockholders' equity Common stock 40 40 Additional paid-in capital 557,428 551,211 Accumulated other comprehensive income 2,202 2,113 Accumulated deficit (482,003) (467,555)Total stockholders' equity 77,667 85,809 Total liabilities and stockholders' equity$150,736 $162,850 Pulmonx CorporationReconciliation of Reported Revenue % Change to Constant Currency Revenue % Change(in thousands, except percentages)(Unaudited) Three Months Ended March 31, 2025 2024 % Change FX Impact % Constant Currency % ChangeUnited States$14,221 $12,869 10.5% —% 10.5%International 8,317 5,985 39.0% (3.6)% 42.6%Total$22,538 $18,854 19.5% (1.2)% 20.
With our focused execution plan, growing global presence, and continued innovation, we believe Pulmonx is well-positioned to deliver sustained growth and create long-term value for our shareholders.” First Quarter 2025 Financial ResultsTotal worldwide revenue in the first quarter of 2025 was $22.5 million, a 20% increase from $18.9 million in the first quarter of 2024 and an increase of 21% on a constant currency basis.U.S.revenue was $14.2 million, a 11% increase from the first quarter of 2024.
These forward-looking statements include, but are not limited to, statements regarding our commercial strategy to grow the adoption of our Zephyr Valve treatment and expand our global treatable market, our expectations regarding the demand for Zephyr Valves, account activity and productivity, our possible or assumed future results of operations, including long-term outlook, descriptions of our revenues, total operating expenses, gross margin, profitability, guidance for full year 2025, commercial momentum, physician engagement and awareness of the benefits of the Zephyr Valve, the adoption by customers of our LungTraX Platform, and overall business strategy.
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