LUNGNasdaqSurgical & Medical Instruments & ApparatusUS GAAP · USD

Pulmonx Corp

Pulmonx Corp is a U.S.-based medical device company focused on minimally invasive treatments for severe emphysema and other advanced chronic obstructive pulmonary disease (COPD) patients. Its portfolio centers on the Zephyr Endobronchial Valve, supported by the Chartis assessment system, LungTraX patient identification software, and the AeriSeal System under development and clinical evaluation.

Kysy yhtiöstä
Liikevaihto90,5milj. USD
+8,0 %v/v
Liikevoitto (EBIT)−53,7milj. USD
+7,0 %v/v
EBIT-marginaali−59,3%
+9,6 %-yks.v/v
Nettotulos−54,0milj. USD
+4,2 %v/v
Vapaa kassavirta−32,8milj. USD
+0,5 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−100−50050100milj. USD2020: 33 milj. USD2020: EBIT −32 milj. USD20202021: 48 milj. USD2021: EBIT −47 milj. USD20212022: 54 milj. USD2022: EBIT −59 milj. USD20222023: 69 milj. USD2023: EBIT −62 milj. USD20232024: 84 milj. USD2024: EBIT −58 milj. USD20242025: 90 milj. USD2025: EBIT −54 milj. USD202590−54
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Pulmonx Corp

Liiketoiminta

Osuus liikevaihdosta
Zephyr Valve therapy80 %

Endobronchial valves and delivery tools used to treat severe emphysema.

Chartis assessment system12 %

Diagnostic and procedural tools used to assess collateral ventilation and guide treatment.

Digital patient identification0 %

LungTraX software used to identify patients who may be eligible for Zephyr treatment.

AeriSeal program8 %

Synthetic polymer foam system under clinical development for lung lobe occlusion.

Asiakkaat

Pulmonx sells primarily to hospitals, interventional pulmonologists, and distributors that support bronchoscopic lung volume reduction procedures. Demand depends on physician adoption, hospital program development, reimbursement access, and the number of patients identified as eligible for treatment. The company also works with patient advocacy and education channels to expand awareness among COPD patients and referring clinicians.

Hospitals and health systems

Buy valves, catheters, and Chartis tools to establish and expand emphysema treatment programs.

Interventional pulmonologists

Use the system in procedures and drive clinical adoption through patient selection and treatment.

International distributors

Purchase and resell products in select markets where direct sales are not used.

Patients and referring clinicians

Influence demand through diagnosis, referral, and awareness of minimally invasive treatment options.

Strategia

Pulmonx is focused on expanding Zephyr Valve adoption by building hospital programs, training physicians, and increasing patient awareness in severe emphysema. It also seeks to broaden its addressable market through clinical evidence, regulatory work, and next-generation products such as AeriSeal, while extending commercial reach in international markets where reimbursement is established or improving.

Expand U.S. procedure volumesLyhyt aikaväli

The core growth lever is broader physician and hospital adoption of Zephyr Valve therapy.

Strengthen reimbursement and clinical evidenceKeskipitkä aikaväli

Coverage and published outcomes are critical for hospital uptake and payer acceptance.

Expand international commercializationKeskipitkä aikaväli

International markets provide additional procedure volume but require local execution and reimbursement readiness.

Develop next-generation productsPitkä aikaväli

Pipeline expansion can increase the addressable market and reduce reliance on one product family.

Maantiede

Q1/2026

Pulmonx is headquartered in the United States and sells through a direct commercial organization there, while international markets use a mix of direct and distributor-based sales. Management discloses meaningful revenue from both the United States and international markets, with international sales spanning Europe, Asia Pacific, and other select countries. Geography matters because reimbursement, physician training, and regulatory approval differ by market and affect adoption speed.

USA65 %
EMEA32 %
Asia Pacific3,4 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

Pulmonx is exposed to adoption risk because its business depends heavily on one core therapy, physician training, and hospital program development. It also faces reimbursement, regulatory, clinical evidence, and international execution risks, all of which can slow procedure growth or limit market access. As a medical device company, it must also manage product liability, cybersecurity, and foreign exchange exposure across markets.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Product concentration1Reimbursement dependence2Clinical and product liability3Limited commercial experience4International execution5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Product concentrationVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Substantially all revenue comes from a limited set of products, especially Zephyr Valve.

    KohdistuuIf Zephyr adoption slowsRevenue growthOperating leverage weaken
  2. Reimbursement dependenceVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Procedures require coding, coverage, and payment support to be broadly adopted.

    Kohdistuu: Changes in payer policy can reduce hospital willingness to offer the procedure.

  3. Clinical and product liabilityVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The therapy is used in invasive procedures on high-risk COPD patients.

    Kohdistuu: Adverse events or weak clinical evidence could slow adoption.

  4. Limited commercial experienceVaikutus: KeskitasoTodennäköisyys: Korkea

    The company states it has limited experience marketing and selling its solution.

    Kohdistuu: Sales execution and physician education are central to growth.

  5. International executionVaikutus: KeskitasoTodennäköisyys: Matala

    Markets outside the U.S. require local reimbursement, regulatory, and channel management.

    Kohdistuu: Distributor performance and local market access can vary significantly.

Kysy Clarifolta: Pulmonx Corp

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition

Sales include devices, consoles, usage fees, and distributor transactions with different timing patterns.

Vaikutus: Can shift revenue between periods depending on shipment and usage timing.

Seasonality

The procedure is elective and management notes first and third quarter seasonality.

Vaikutus: Quarterly revenue and margins may not be directly comparable.

Lease accounting

Operating lease obligations are material and affect future cash commitments.

Vaikutus: Impacts liabilities, expense recognition, and liquidity analysis.

Debt and financing obligations

Outstanding term loans and credit agreements require ongoing accounting and disclosure.

Vaikutus: Affects leverage, interest expense, and covenant monitoring.

Clinical-development and regulatory estimates

AeriSeal and other pipeline programs depend on trial outcomes and regulatory approvals.

Vaikutus: Can affect capitalization, expense timing, and future asset values.

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

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Päivitetty: 24.9.2026

Pulmonx Corp (LUNG) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo