Pulmonx Announces CFO Transition and Record Preliminary Third Quarter 2023 Revenue
10 Octubre 2023 - 3:05PM
Pulmonx Corporation (Nasdaq: LUNG) (“Pulmonx” or the "Company"), a
global leader in minimally invasive treatments for lung disease,
today announced that Derrick Sung has stepped down from his
position as Chief Financial Officer to pursue another opportunity.
Effective immediately, John McKune, Vice President, Corporate
Controller, has been appointed Interim Chief Financial Officer. Dr.
Sung, whose resignation is not due to any disagreement with the
Company on any matter, including related to the Company’s
operations, policies, practices, financial reporting, or controls,
will remain an employee of the Company through October 31, 2023, to
facilitate a smooth transition, and the Company has initiated a
search for a permanent Chief Financial Officer. The Company also
announced preliminary revenue for the third quarter 2023.
“On behalf of our entire team, I would like to thank Derrick for
his numerous contributions to Pulmonx. He has been instrumental in
the successful execution of several financial and strategic
initiatives, including our initial public offering in 2020. We wish
him the best of luck in his next endeavor,” said Glen French,
President and Chief Executive Officer. “Separately, we are very
pleased with our record third quarter revenue as we continue to
benefit from the focused commercial strategy that we implemented
last year. I look forward to providing additional details on our
performance in the coming weeks.”
"It has been a privilege to work with the Pulmonx team as we
moved tirelessly to improve the condition of thousands of patients
worldwide," said Dr. Sung. "I have great confidence in the finance
team and in the long-term outlook for Pulmonx."
Mr. McKune joined Pulmonx in August 2020 as Vice President,
Corporate Controller and will continue these responsibilities in
addition to serving as Interim Chief Financial Officer. Mr. McKune
joined Pulmonx from Accuray Incorporated, where he also served as
Vice President, Corporate Controller. Prior to Accuray, Mr. McKune
held various finance, accounting, and controller roles at several
healthcare companies, including Carbylan Therapeutics and
Conceptus, Inc., following several years at PricewaterhouseCoopers.
Mr. McKune holds a B.S. in accounting from Bringham Young
University and has been a California-licensed certified public
accountant since 2005.
Preliminary, Unaudited Third Quarter 2023
Revenue Total worldwide revenue for the third quarter of
2023 is anticipated to be approximately $17.6 million, representing
growth of approximately 30% over the same quarter last year.
The preliminary, unaudited revenue results described in this
press release are estimates only and are subject to revision until
the Company reports its full financial results for the quarter
ended September 30, 2023.
Webcast and Conference Call DetailsPulmonx will
host a conference call on October 30, 2023 at 1:30 p.m. PT / 4:30
p.m. ET to discuss its third quarter financial results and full
year outlook. A live webcast of the conference call will be
available on the Investor Relations section of the Company's
website at https://investors.pulmonx.com/. The webcast will be
archived on the website following the completion of the call.
Forward-Looking Statements This press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Forward-looking
statements are based on the Company’s current assumptions and
expectations of future events and trends, which affect or may
affect our strategy, operations or financial performance, and
actual results may differ materially from those expressed or
implied in such statements due to numerous risks and uncertainties.
These forward-looking statements include, but are not limited to,
statements regarding the transition of our Chief Financial Officer,
our commercial strategy to grow the adoption of our Zephyr Valve
treatment and expand our global treatable market, our possible or
assumed future results of operations, including long-term outlook,
descriptions of our revenues, our financial results, including
revenue for the third quarter 2023, commercial momentum, and
overall business strategy. Forward-looking statements are
inherently subject to risks and uncertainties, some of which cannot
be predicted or quantified. Factors that could cause actual results
to differ materially from those contemplated in this press release
can be found in the Risk Factors section of Pulmonx’s public
filings with the Securities and Exchange Commission (“SEC”),
including the Quarterly Report on Form 10-Q filed with the SEC on
August 4, 2023, available at www.sec.gov. Because forward-looking
statements are inherently subject to risks and uncertainties, you
should not rely on these forward-looking statements as predictions
of future events. All statements other than statements of
historical fact are forward-looking statements. Except to the
extent required by law, we undertake no obligation to update or
review any estimate, projection, or forward-looking statement.
Actual results may differ from those set forth in this press
release due to the risks and uncertainties inherent in our
business.
About Pulmonx CorporationPulmonx Corporation
(Nasdaq: LUNG) is a global leader in minimally invasive treatments
for severe lung disease. Pulmonx’s Zephyr® Endobronchial Valve,
Chartis® Pulmonary Assessment System and StratX® Lung Analysis
Platform are designed to assess and treat patients with severe
emphysema/COPD who despite medical management are still profoundly
symptomatic. Pulmonx received FDA pre-market approval to
commercialize the Zephyr Valve following its designation as a
“breakthrough device.” The Zephyr Valve is commercially available
in more than 25 countries, with over 100,000 valves used to treat
more than 25,000 patients. For more information on the Zephyr
Valves and the company, please visit www.Pulmonx.com.
Pulmonx®, Chartis®, StratX®, and Zephyr® are registered
trademarks of Pulmonx Corporation.
Investor ContactBrian JohnstonGilmartin
Groupinvestors@pulmonx.com
Pulmonx (NASDAQ:LUNG)
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