Pulmonx Corporation (Nasdaq: LUNG) (“Pulmonx” or the "Company"), a
global leader in minimally invasive treatments for lung disease,
today reported financial results for the third quarter of 2023
ended September 30, 2023.
Recent Highlights
- Achieved record worldwide revenue of $17.7 million in the third
quarter of 2023, a 31% increase over the same period last year and
an increase of 29% on a constant currency basis
- Delivered a record $11.8 million in U.S. revenue in the third
quarter of 2023, representing 41% year-over-year growth
- Realized gross margin of 74% in the third quarter of 2023
- Added 15 new U.S. treatment centers for Zephyr Valves in the
third quarter 2023
- Approved for reimbursement by the
Japanese Ministry of Health, Labour and Welfare (MHLW) for the use
of Zephyr Valves to treat severe COPD/emphysema patients in
Japan
“Our record quarterly results were driven by strength in the
U.S., reflective of traction we are seeing from our focused
commercial strategy,” said Glen French, President, and Chief
Executive Officer. “Awareness around the benefits of Zephyr Valve
treatment continues to build as we remain intensely focused on
improving the lives of more and more patients with severe
COPD/emphysema.”
Third Quarter 2023 Financial ResultsTotal
worldwide revenue in the third quarter of 2023 was $17.7 million, a
31% increase from $13.5 million in the third quarter of 2022 and a
29% increase on a constant currency basis. U.S. revenue was $11.8
million, a 41% increase from the third quarter of 2022.
International revenue was $5.8 million, a 14% increase compared to
the third quarter of 2022 and a 9% increase on a constant currency
basis. The growth in revenue reflects continued commercial momentum
and adoption of Zephyr Valve procedures.
Gross profit in the third quarter of 2023 was $13.0 million,
compared to $10.2 million for the third quarter of 2022. Gross
margin for the third quarter of 2023 was 74%, compared to 75% for
the same period in 2022, reflecting higher inventory reserves in
the quarter.
Operating expenses in the third quarter of 2023 were $28.2
million, compared to $24.1 million for the third quarter of 2022,
representing an increase of 17%. The increase in operating expenses
was primarily attributable to continued investments in our
commercial activities, legal expenses, and higher stock-based
compensation expense.
Net loss in the third quarter of 2023 was $14.9 million, or
$0.39 per share, compared to a net loss of $14.2 million, or $0.38
per share, for the same period in 2022.
Adjusted EBITDA loss in the third quarter of 2023 was $9.0
million compared to $9.7 million for the same period in 2022.
Cash, cash equivalents, and marketable securities totaled $139.8
million as of September 30, 2023.
2023 Financial OutlookPulmonx is increasing its
expectation for revenue in 2023 to now range from $67 million to
$68 million, which represents approximately 25% to 27% growth over
the Company's fiscal year 2022 revenue. This updated guidance
compares to prior 2023 revenue guidance of $64 million to $66
million.
The Company expects gross margin for the full year 2023 to be
approximately 74%.
Pulmonx also continues to expect total operating expenses for
the full year 2023 to fall within the range of $112 million to $114
million, inclusive of approximately $21 million of non-cash
stock-based compensation.
Webcast and Conference Call DetailsPulmonx will
host a conference call today, October 30, 2023, at 1:30 p.m. PT /
4:30 p.m. ET to discuss its third quarter financial results. 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.
Use of Non-GAAP Financial MeasuresTo supplement
Pulmonx’s condensed consolidated financial statements prepared in
accordance with accounting principles generally accepted in the
United States of America, or GAAP, Pulmonx provides certain
non-GAAP financial measures in this release as supplemental
financial metrics. Non-GAAP financial measures reflect an
additional way of viewing aspects of the Company's operations that,
when viewed with GAAP results, may provide a more complete
understanding of factors and trends affecting Pulmonx’s
business.
Constant currency calculations show reported current period
revenues as if the foreign exchange rates remain the same as those
in effect in the comparable prior year period. Pulmonx uses results
on a constant currency basis as one measure to evaluate its
performance. Pulmonx calculates constant currency by calculating
current-year results using foreign currency exchange rates from the
applicable comparable period in the prior year. Pulmonx generally
refers to such amounts calculated on a constant currency basis as
excluding the impact of foreign exchange or being on a constant
currency basis. Pulmonx believes the presentation of results on a
constant currency basis in addition to reported results helps
improve investors’ ability to understand its operating results and
evaluate its performance in comparison to prior periods. Pulmonx
generally uses constant currency to facilitate management's
financial and operational decision-making, including evaluation of
Pulmonx’s historical operating results.
The Company defines Adjusted EBITDA as earnings before interest
income or expense, taxes, depreciation and amortization and
stock-based compensation and may also exclude certain
non-recurring, irregular or one-time items not reflective of our
ongoing core business operations. Management believes in order to
properly understand short-term and long-term financial trends,
investors may wish to consider the impact of these excluded items
in addition to GAAP measures. Further, management uses adjusted
EBITDA for strategic and annual operating planning. We believe
these non-GAAP financial measures are useful as a supplement in
evaluating our ongoing operational performance and enhancing an
overall understanding of our past financial performance.
Reconciliation of these non-GAAP financial measures to the most
comparable GAAP measures is set forth in the tables below.
The non-GAAP financial measures used by Pulmonx should be
considered supplemental to, and not a substitute for, financial
information prepared in accordance with GAAP. Because non-GAAP
financial measures exclude the effect of items that increase or
decrease the company's reported results of operations, management
strongly encourages investors to review, when they become
available, the Company's consolidated financial statements and
publicly filed reports in their entirety. The Company's definition
of non-GAAP measures may differ from similarly titled measures used
by others.
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 management’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 our commercial strategy to grow the adoption
of our Zephyr Valve treatment and expand our global treatable
market, our expectations regarding 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 2023, commercial momentum, physician engagement and awareness
of the benefits of the Zephyr Valve, 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 chronic obstructive
pulmonary disease (COPD). 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, is included in global treatment
guidelines and is widely considered a standard of care treatment
option for improving breathing, activity and quality of life in
patients with severe emphysema. For more information on the Zephyr
Valves and the company, please visit www.Pulmonx.com.
Investor ContactBrian JohnstonGilmartin
Groupinvestors@pulmonx.com
Pulmonx CorporationConsolidated Statements of
Operations(in thousands, except share and per share
data)(Unaudited) |
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
|
$ |
17,668 |
|
|
$ |
13,502 |
|
|
$ |
49,397 |
|
|
$ |
38,237 |
|
Cost of goods sold |
|
|
4,639 |
|
|
|
3,350 |
|
|
|
13,045 |
|
|
|
9,556 |
|
Gross profit |
|
|
13,029 |
|
|
|
10,152 |
|
|
|
36,352 |
|
|
|
28,681 |
|
Operating expenses |
|
|
|
|
|
|
|
|
Research and development |
|
|
4,220 |
|
|
|
4,366 |
|
|
|
14,184 |
|
|
|
11,494 |
|
Selling, general and administrative |
|
|
23,985 |
|
|
|
19,717 |
|
|
|
70,184 |
|
|
|
61,197 |
|
Total operating expenses |
|
|
28,205 |
|
|
|
24,083 |
|
|
|
84,368 |
|
|
|
72,691 |
|
Loss from operations |
|
|
(15,176 |
) |
|
|
(13,931 |
) |
|
|
(48,016 |
) |
|
|
(44,010 |
) |
Interest income |
|
|
1,490 |
|
|
|
477 |
|
|
|
4,027 |
|
|
|
781 |
|
Interest expense |
|
|
(893 |
) |
|
|
(286 |
) |
|
|
(2,327 |
) |
|
|
(707 |
) |
Other income (expense),
net |
|
|
(262 |
) |
|
|
(432 |
) |
|
|
(316 |
) |
|
|
(597 |
) |
Net loss before tax |
|
|
(14,841 |
) |
|
|
(14,172 |
) |
|
|
(46,632 |
) |
|
|
(44,533 |
) |
Income tax expense |
|
|
59 |
|
|
|
— |
|
|
|
323 |
|
|
|
107 |
|
Net loss |
|
$ |
(14,900 |
) |
|
$ |
(14,172 |
) |
|
$ |
(46,955 |
) |
|
$ |
(44,640 |
) |
Net loss per share
attributable to common stockholders, basic and diluted |
|
$ |
(0.39 |
) |
|
$ |
(0.38 |
) |
|
$ |
(1.24 |
) |
|
$ |
(1.21 |
) |
Weighted-average shares used
in computing net loss per share attributable to common
stockholders, basic and diluted |
|
|
38,119,824 |
|
|
|
37,190,352 |
|
|
|
37,838,822 |
|
|
|
37,001,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pulmonx CorporationCondensed Consolidated Balance
Sheets(in
thousands)(Unaudited) |
|
|
|
|
|
September 30, |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
94,945 |
|
|
$ |
101,736 |
|
Restricted cash |
|
236 |
|
|
|
231 |
|
Short-term marketable securities |
|
21,537 |
|
|
|
39,402 |
|
Accounts receivable, net |
|
10,091 |
|
|
|
8,677 |
|
Inventory |
|
16,131 |
|
|
|
14,564 |
|
Prepaid expenses and other current assets |
|
4,424 |
|
|
|
4,343 |
|
Total current assets |
|
147,364 |
|
|
|
168,953 |
|
Long-term marketable
securities |
|
23,271 |
|
|
|
5,924 |
|
Long-term inventory |
|
3,445 |
|
|
|
5,283 |
|
Property and equipment,
net |
|
4,065 |
|
|
|
4,694 |
|
Goodwill |
|
2,333 |
|
|
|
2,333 |
|
Intangible assets, net |
|
62 |
|
|
|
154 |
|
Right of use assets |
|
4,061 |
|
|
|
5,806 |
|
Other long-term assets |
|
415 |
|
|
|
529 |
|
Total assets |
$ |
185,016 |
|
|
$ |
193,676 |
|
Liabilities and
Stockholders' Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
3,189 |
|
|
$ |
1,758 |
|
Accrued liabilities |
|
13,684 |
|
|
|
13,276 |
|
Income taxes payable |
|
— |
|
|
|
19 |
|
Deferred revenue |
|
85 |
|
|
|
120 |
|
Short-term debt |
|
91 |
|
|
|
90 |
|
Current lease liabilities |
|
3,436 |
|
|
|
3,229 |
|
Total current liabilities |
|
20,485 |
|
|
|
18,492 |
|
Deferred tax liability |
|
97 |
|
|
|
94 |
|
Long-term lease
liabilities |
|
1,537 |
|
|
|
3,849 |
|
Long-term debt |
|
37,154 |
|
|
|
17,234 |
|
Total liabilities |
|
59,273 |
|
|
|
39,669 |
|
Stockholders' equity: |
|
|
|
Common stock |
|
38 |
|
|
|
38 |
|
Additional paid-in capital |
|
521,034 |
|
|
|
502,712 |
|
Accumulated other comprehensive income |
|
1,944 |
|
|
|
1,575 |
|
Accumulated deficit |
|
(397,273 |
) |
|
|
(350,318 |
) |
Total stockholders'
equity |
|
125,743 |
|
|
|
154,007 |
|
Total liabilities and
stockholders' equity |
$ |
185,016 |
|
|
$ |
193,676 |
|
|
Pulmonx CorporationReconciliation of Reported
Revenue % Change to Constant Currency Revenue % Change(in
thousands)(Unaudited) |
|
|
Three Months Ended September 30, |
|
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
|
FX Impact % |
|
Constant Currency % Change |
United States |
$ |
11,838 |
|
|
$ |
8,402 |
|
|
40.9 |
% |
|
— |
% |
|
40.9 |
% |
International |
|
5,830 |
|
|
|
5,100 |
|
|
14.3 |
% |
|
5.3 |
% |
|
9.0 |
% |
Total |
$ |
17,668 |
|
|
$ |
13,502 |
|
|
30.9 |
% |
|
2.1 |
% |
|
28.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
|
FX Impact % |
|
Constant Currency % Change |
United States |
$ |
32,197 |
|
|
$ |
23,031 |
|
|
39.8 |
% |
|
— |
% |
|
39.8 |
% |
International |
|
17,200 |
|
|
|
15,206 |
|
|
13.1 |
% |
|
(0.2 |
)% |
|
13.3 |
% |
Total |
$ |
49,397 |
|
|
$ |
38,237 |
|
|
29.2 |
% |
|
(0.1 |
)% |
|
29.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pulmonx CorporationReconciliation of Net Loss to
Non-GAAP Adjusted EBITDA (in
thousands)(Unaudited) |
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
GAAP Net loss |
$ |
(14,900 |
) |
|
$ |
(14,172 |
) |
|
$ |
(46,955 |
) |
|
$ |
(44,640 |
) |
Depreciation and amortization |
|
415 |
|
|
|
383 |
|
|
|
1,261 |
|
|
|
1,127 |
|
Stock-based compensation |
|
6,003 |
|
|
|
4,302 |
|
|
|
16,503 |
|
|
|
12,198 |
|
Interest (income)/expense, net |
|
(597 |
) |
|
|
(191 |
) |
|
|
(1,700 |
) |
|
|
(74 |
) |
Provision for income taxes |
|
59 |
|
|
|
— |
|
|
|
323 |
|
|
|
107 |
|
Adjusted EBITDA |
$ |
(9,020 |
) |
|
$ |
(9,678 |
) |
|
$ |
(30,568 |
) |
|
$ |
(31,282 |
) |
|
Pulmonx (NASDAQ:LUNG)
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