REDWOOD CITY, Calif., Nov. 03, 2022 (GLOBE NEWSWIRE) — Pulmonx Corporation (Nasdaq: LUNG) (“Pulmonx” or the “Company”), a world chief in minimally invasive remedies for lung illness, at present reported monetary outcomes for the third quarter ended September 30, 2022.
Recent Highlights
- Achieved worldwide income of $13.5 million within the third quarter of 2022, a 2% improve over the identical interval final yr and a rise of seven% on a relentless forex foundation, pushed by U.S. income of $8.4 million representing 22% year-over-year development
- Realized gross margin of 75% within the third quarter of 2022 as in comparison with 73% in the identical interval final yr
- Added 13 new U.S. remedy facilities for Zephyr Valves within the third quarter 2022, growing whole U.S. remedy facilities to 261
- Preliminary AeriSeal information reported throughout two research recommend that AeriSeal might considerably broaden addressable marketplace for Zephyr Valves to incorporate sufferers with collateral air flow
- Japanese Ministry of Health, Labour and Welfare (MHLW) agreed to approve Zephyr Valves to deal with extreme COPD/emphysema sufferers in Japan following a Special Panel Meeting on October 3, 2022
“Patient and physician interest in our clinically proven Zephyr Valve procedure remains strong despite ongoing hospital staffing challenges. We are building a large new market with a programmatic approach focused on high quality training for new centers, supporting our customers to realize operational efficiencies, and driving highly targeted education of COPD physicians about this new therapeutic option for their patients,” mentioned Glen French, President & Chief Executive Officer.
Mr. French continued, “Further, we are very pleased to have made significant progress toward expanding our addressable market by securing agreement to approve Zephyr Valves in Japan and presenting encouraging preliminary data showing AeriSeal can expand Zephyr Valve treatment to patients with collateral ventilation. Our long-term outlook remains strong, and we look forward to further penetrating our significant market opportunity through incremental account acquisition and procedure volume growth, geographic expansion, and innovation.”
Third Quarter 2022 Financial Results
Total worldwide income within the third quarter of 2022 was $13.5 million, a 2% improve from $13.3 million within the third quarter of 2021 and a rise of seven% on a relentless forex foundation. U.S. income was $8.4 million, a 22% improve from the third quarter of 2021 and mirrored continued business momentum and development of Zephyr valve procedures. International income was $5.1 million, a 20% lower in comparison with the third quarter of 2021, and a ten% lower on a relentless forex foundation. Global gross sales have been impacted by a extra pronounced summer season seasonality impact than has been seen in years previous.
Gross revenue within the third quarter of 2022 was $10.2 million, a 4% improve in comparison with $9.7 million for the third quarter of 2021. Gross margin for the third quarter of 2022 was 75%, up from 73% for a similar interval in 2021. The enchancment in gross margin displays advantages from manufacturing efficiencies.
Operating bills within the third quarter of 2022 have been $24.1 million, in comparison with $19.5 million for the third quarter of 2021, representing a rise of 23%. The improve in working bills was pushed primarily by investments in business exercise, analysis and improvement related to our AeriSeal scientific improvement program, and a rise in non-cash stock-based compensation.
Net loss within the third quarter of 2022 was $14.2 million, or $0.38 per share, in comparison with a internet lack of $10.2 million, or $0.28 per share, for a similar interval in 2021.
Cash, money equivalents, and marketable securities totaled $156.9 million as of September 30, 2022.
2022 Financial Outlook
Pulmonx is updating its full yr 2022 income steering to be within the vary of $51.5 million to $52.5 million, as in comparison with beforehand communicated steering of $55 million to $60 million.
The Company now expects whole working bills for the complete yr 2022 to fall within the vary of $98 million to $100 million, as in comparison with beforehand communicated steering of $100 million to $105 million, inclusive of stock-based compensation.
Webcast and Conference Call Details
Pulmonx will host a convention name at present, November 3, 2022, at 1:30 p.m. PT / 4:30 p.m. ET to debate its third quarter 2022 monetary outcomes. Investors enthusiastic about listening to the convention name ought to register on-line. Participants are required to register a day upfront or at minimal quarter-hour earlier than the beginning of the decision. A stay webcast of the convention name will probably be accessible on the Investor Relations part of the Company’s web site at https://investors.pulmonx.com/. The webcast will probably be archived on the web site following the completion of the decision.
Use of Non-GAAP Financial Measures
Pulmonx has offered fixed forex share change in revenues, a non-GAAP monetary measure, on this press launch. Constant forex calculations present reported present interval revenues as if the overseas alternate charges stay the identical as these in impact within the comparable prior yr interval. Pulmonx makes use of outcomes on a relentless forex foundation as one measure to judge its efficiency. Pulmonx calculates fixed forex by calculating current-year outcomes utilizing overseas forex alternate charges from the relevant comparable interval within the prior yr. Pulmonx typically refers to such quantities calculated on a relentless forex foundation as excluding the influence of overseas alternate or being on a relentless forex foundation. Reconciliation of this non-GAAP monetary measure to essentially the most comparable GAAP measure is about forth within the tables beneath.
Pulmonx believes the presentation of outcomes on a relentless forex foundation along with reported outcomes helps enhance buyers’ skill to know its working outcomes and consider its efficiency compared to prior durations. Pulmonx typically makes use of fixed forex to facilitate administration’s monetary and operational decision-making, together with analysis of Pulmonx’s historic working outcomes. Non-GAAP monetary measures mirror a further approach of viewing features of the Company’s operations that, when considered with GAAP outcomes, might present a extra full understanding of things and traits affecting Pulmonx’s business.
This non-GAAP monetary measure must be thought of supplemental to, and never an alternative to, monetary data ready in accordance with GAAP. Because non-GAAP monetary measures exclude the impact of things that improve or lower the corporate’s reported outcomes of operations, administration strongly encourages buyers to evaluate, once they turn into accessible, the Company’s consolidated monetary statements and publicly filed stories of their entirety. The Company’s definition of non-GAAP measures might differ from equally titled measures utilized by others.
Forward-Looking Statements
This press launch comprises forward-looking statements throughout the which means 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 primarily based on administration’s present assumptions and expectations of future occasions and traits, which have an effect on or might have an effect on the Company’s business, technique, operations or monetary efficiency, and precise outcomes might differ materially from these expressed or implied in such statements because of quite a few dangers and uncertainties. Forward-looking statements embrace data in regards to the influence of the COVID-19 pandemic on the Company and its operations, a restoration and development within the variety of procedures carried out, the scale and penetration of the Japanese marketplace for our merchandise, the power of AeriSeal to broaden the addressable marketplace for our merchandise and to obtain regulatory approval in addition to doctor and affected person acceptance, and the Company’s potential or assumed future outcomes of operations, together with long-term outlook, descriptions of the Company’s revenues, whole working bills, gross margin, profitability, steering for full yr 2022, business momentum, and total business technique. Forward-looking statements are inherently topic to dangers and uncertainties, a few of which can’t be predicted or quantified. Factors that might trigger precise outcomes to vary materially from these contemplated on this press launch could be discovered within the Risk Factors part of Pulmonx’s public filings with the Securities and Exchange Commission (“SEC”), together with the Quarterly Report on Form 10-Q filed with the SEC on August 8, 2022, accessible at www.sec.gov. Because forward-looking statements are inherently topic to dangers and uncertainties, you shouldn’t depend on these forward-looking statements as predictions of future occasions. All statements aside from statements of historic truth are forward-looking statements. Except to the extent required by regulation, the Company undertakes no obligation to replace or evaluate any estimate, projection, or forward-looking assertion. Actual outcomes might differ from these set forth on this press launch as a result of dangers and uncertainties inherent within the Company’s business.
About Pulmonx Corporation
Pulmonx Corporation (Nasdaq: LUNG) is a world chief in minimally invasive remedies for extreme lung illness. Pulmonx’s Zephyr® Endobronchial Valve, Chartis® Pulmonary Assessment System and StratX® Lung Analysis Platform are designed to evaluate and deal with sufferers with extreme emphysema/COPD who regardless of medical administration are nonetheless profoundly symptomatic. Pulmonx acquired FDA pre-market approval to commercialize the Zephyr Valve following its designation as a “breakthrough device.” The Zephyr Valve is commercially accessible in additional than 25 nations, with over 100,000 valves used to deal with greater than 25,000 sufferers. For extra data on the Zephyr Valves and the corporate, please go to www.Pulmonx.com.
Pulmonx®, Chartis®, StratX®, and Zephyr® are registered emblems of Pulmonx Corporation.
Investor Contact
Brian Johnston
Gilmartin Group
buyers@pulmonx.com
| Pulmonx Corporation | |||||||||||||||||
| Consolidated Statements of Operations | |||||||||||||||||
| (in hundreds, besides share and per share information) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||
| Revenue | $ | 13,502 | $ | 13,261 | $ | 38,237 | $ | 34,708 | |||||||||
| Cost of products bought | 3,350 | 3,522 | 9,556 | 9,329 | |||||||||||||
| Gross revenue | 10,152 | 9,739 | 28,681 | 25,379 | |||||||||||||
| Operating bills | |||||||||||||||||
| Research and improvement | 4,366 | 2,815 | 11,494 | 9,355 | |||||||||||||
| Selling, common and administrative | 19,717 | 16,686 | 61,197 | 50,962 | |||||||||||||
| Total working bills | 24,083 | 19,501 | 72,691 | 60,317 | |||||||||||||
| Loss from operations | (13,931 | ) | (9,762 | ) | (44,010 | ) | (34,938 | ) | |||||||||
| Interest revenue | 477 | 99 | 781 | 306 | |||||||||||||
| Interest expense | (286 | ) | (207 | ) | (707 | ) | (630 | ) | |||||||||
| Other revenue (expense), internet | (432 | ) | (267 | ) | (597 | ) | (202 | ) | |||||||||
| Net loss earlier than tax | (14,172 | ) | (10,137 | ) | (44,533 | ) | (35,464 | ) | |||||||||
| Income tax expense | — | 44 | 107 | 191 | |||||||||||||
| Net loss | $ | (14,172 | ) | $ | (10,181 | ) | $ | (44,640 | ) | $ | (35,655 | ) | |||||
| Net loss per share attributable to frequent stockholders, fundamental and diluted | $ | (0.38 | ) | $ | (0.28 | ) | $ | (1.21 | ) | $ | (0.99 | ) | |||||
| Weighted-average shares utilized in computing internet loss per share attributable to frequent stockholders, fundamental and diluted | 37,190,352 | 36,449,399 | 37,001,136 | 35,958,217 | |||||||||||||
| Pulmonx Corporation | |||||||
| Condensed Consolidated Balance Sheets | |||||||
| (in hundreds) | |||||||
| (Unaudited) | |||||||
| September 30, 2022 | December 31, 2021 | ||||||
| Assets | |||||||
| Current property | |||||||
| Cash and money equivalents | $ | 112,402 | $ | 148,480 | |||
| Restricted money | 231 | 231 | |||||
| Short-term marketable securities | 44,497 | 31,561 | |||||
| Accounts receivable, internet | 7,221 | 6,562 | |||||
| Inventory | 20,127 | 16,285 | |||||
| Prepaid bills and different present property | 3,192 | 4,883 | |||||
| Total present property | 187,670 | 208,002 | |||||
| Long-term marketable securities | — | 10,941 | |||||
| Property and gear, internet | 4,922 | 4,814 | |||||
| Goodwill | 2,333 | 2,333 | |||||
| Intangible property, internet | 185 | 277 | |||||
| Right of use property | 6,406 | 8,075 | |||||
| Other long-term property | 687 | 731 | |||||
| Total property | $ | 202,203 | $ | 235,173 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 2,648 | $ | 1,582 | |||
| Accrued liabilities | 10,744 | 13,366 | |||||
| Income taxes payable | — | 147 | |||||
| Deferred income | 106 | 163 | |||||
| Short-term debt | 5,043 | 91 | |||||
| Current lease liabilities | 3,145 | 2,201 | |||||
| Total present liabilities | 21,686 | 17,550 | |||||
| Deferred tax legal responsibility | 51 | 37 | |||||
| Long-term lease liabilities | 4,644 | 6,844 | |||||
| Long-term debt | 12,340 | 17,324 | |||||
| Other long-term liabilities | — | 179 | |||||
| Total liabilities | 38,721 | 41,934 | |||||
| Stockholders’ fairness | |||||||
| Common inventory | 37 | 37 | |||||
| Additional paid-in capital | 498,083 | 482,885 | |||||
| Accumulated different complete revenue | 1,397 | 1,712 | |||||
| Accumulated deficit | (336,035 | ) | (291,395 | ) | |||
| Total stockholders’ fairness | 163,482 | 193,239 | |||||
| Total liabilities and stockholders’ fairness | $ | 202,203 | $ | 235,173 | |||
| Pulmonx Corporation | |||||||||||
| Reconciliation of Reported Revenue % Change to Constant Currency Revenue % Change | |||||||||||
| (in hundreds) | |||||||||||
| (Unaudited) | |||||||||||
| Three months ended September 30, | |||||||||||
| 2022 | 2021 | % Change | FX Impact % | Constant Currency % Change | |||||||
| United States | $ | 8,402 | $ | 6,861 | 22.5% | —% | 22.5% | ||||
| International | 5,100 | 6,400 | (20.3)% | (10.8)% | (9.5)% | ||||||
| Total | $ | 13,502 | $ | 13,261 | 1.8% | (5.2)% | 7.0% | ||||
| Nine months ended September 30, | |||||||||||
| 2022 | 2021 | % Change | FX Impact % | Constant Currency % Change | |||||||
| United States | $ | 23,031 | $ | 17,716 | 30.0% | —% | 30.0% | ||||
| International | 15,206 | 16,992 | (10.5)% | (9.2)% | (1.3)% | ||||||
| Total | $ | 38,237 | $ | 34,708 | 10.2% | (4.5)% | 14.7% | ||||
