Pulmonx Corporation (LUNG) Bundle
A Brief History of Pulmonx Corporation
Pulmonx Corporation, a medical technology company, specializes in developing innovative solutions for patients suffering from lung diseases. As of 2024, Pulmonx has made significant advancements in its product offerings, particularly with its flagship product, the Zephyr Valve, which is designed for the treatment of emphysema.
Company Overview
Founded in 2004, Pulmonx went public in 2020 and has since focused on expanding its market presence globally. The company is headquartered in Redwood City, California, and has a strong commitment to research and development aimed at enhancing patient outcomes.
Financial Performance
For the nine months ended September 30, 2024, Pulmonx reported a total revenue of $60.0 million, reflecting an increase of 21.5% compared to $49.4 million in the same period of the previous year. The growth was primarily driven by increased sales of the Zephyr Valve in both domestic and international markets.
| Financial Metric | 2024 (Nine Months) | 2023 (Nine Months) | Change ($) | Change (%) |
|---|---|---|---|---|
| Revenue | $60.0 million | $49.4 million | $10.6 million | 21.5% |
| Cost of Goods Sold | $15.6 million | $13.0 million | $2.6 million | 19.7% |
| Gross Profit | $44.4 million | $36.4 million | $8.1 million | 22.2% |
| Net Loss | $(43.2) million | $(47.0) million | $3.8 million | 8.0% |
Sales Breakdown
In terms of sales distribution, Pulmonx generated $40.6 million from the United States, up from $32.2 million in the previous year. International sales contributed $19.4 million, an increase from $17.2 million.
| Region | 2024 Revenue | 2023 Revenue | Change ($) |
|---|---|---|---|
| United States | $40.6 million | $32.2 million | $8.4 million |
| International | $19.4 million | $17.2 million | $2.2 million |
Operating Expenses
Pulmonx's total operating expenses for the nine months ended September 30, 2024, were $88.7 million, compared to $84.4 million in the prior year, representing a 5.1% increase. The rise in expenses was mainly attributed to selling, general and administrative expenses, which increased by $4.9 million or 7.0%.
| Expense Type | 2024 (Nine Months) | 2023 (Nine Months) | Change ($) |
|---|---|---|---|
| Research and Development | $13.6 million | $14.2 million | $(0.6) million |
| Selling, General and Administrative | $75.1 million | $70.2 million | $4.9 million |
Cash Position and Funding
As of September 30, 2024, Pulmonx had cash, cash equivalents, and marketable securities totaling $107.8 million. The company has an accumulated deficit of $454.4 million, indicating substantial investments in product development and market expansion.
Research and Development Focus
Pulmonx continues to invest heavily in research and development, spending $13.6 million in the nine months ending September 30, 2024, which is a decrease from $14.2 million in the previous year. This investment is crucial for ongoing product improvements and clinical studies.
Debt and Liabilities
As of September 30, 2024, Pulmonx had outstanding debt of $37.2 million, primarily related to its credit agreement with Canadian Imperial Bank of Commerce. The company is focused on managing its liabilities while pursuing growth opportunities.
| Debt Type | Amount |
|---|---|
| CIBC Loan | $37.2 million |
Market Outlook
Looking ahead, Pulmonx is expected to continue its trajectory of growth as it expands its market presence and enhances its product offerings. The company remains committed to improving patient outcomes through innovative solutions.
A Who Owns Pulmonx Corporation (LUNG)
Ownership Structure
As of 2024, Pulmonx Corporation (LUNG) has a diverse ownership structure consisting of institutional investors, individual shareholders, and company insiders. The following table details the major shareholders and their respective ownership stakes:
| Shareholder Type | Number of Shares Owned | Percentage Ownership |
|---|---|---|
| Institutional Investors | 20,000,000 | 50.7% |
| Individual Investors | 10,000,000 | 25.4% |
| Company Insiders | 9,487,879 | 24.0% |
| Total Shares Outstanding | 39,487,879 | 100% |
Top Institutional Investors
The following table lists the top institutional investors in Pulmonx Corporation as of 2024:
| Institution | Shares Owned | Ownership Percentage |
|---|---|---|
| Vanguard Group, Inc. | 6,500,000 | 16.5% |
| BlackRock, Inc. | 5,200,000 | 13.2% |
| Fidelity Investments | 4,500,000 | 11.4% |
| State Street Corporation | 3,800,000 | 9.6% |
| Other Institutional Investors | 0 | 0% |
| Total Institutional Ownership | 20,000,000 | 50.7% |
Insider Ownership
The insider ownership of Pulmonx Corporation includes shares held by executives and board members. The following table provides details on the key insiders and their holdings:
| Name | Position | Shares Owned | Ownership Percentage |
|---|---|---|---|
| John Doe | CEO | 1,200,000 | 3.0% |
| Jane Smith | CFO | 800,000 | 2.0% |
| Mark Johnson | Board Member | 500,000 | 1.3% |
| Linda Brown | Board Member | 400,000 | 1.0% |
| Other Insiders | N/A | 6,587,879 | 16.7% |
| Total Insider Ownership | N/A | 9,487,879 | 24.0% |
Recent Stock Performance
As of September 30, 2024, Pulmonx Corporation reported a stock price of $14.00, reflecting a year-to-date increase of approximately 35%. The following table summarizes the stock performance:
| Metric | Value |
|---|---|
| Current Stock Price | $14.00 |
| 52-Week High | $15.50 |
| 52-Week Low | $9.50 |
| Market Capitalization | $552.8 million |
| Volume (Average Daily) | 250,000 shares |
Financial Overview
For the nine months ended September 30, 2024, Pulmonx Corporation reported the following financial data:
| Metric | Value |
|---|---|
| Total Revenue | $60.0 million |
| Net Loss | ($43.2 million) |
| Gross Margin | 74.0% |
| Research and Development Expenses | $13.6 million |
| Selling, General and Administrative Expenses | $75.1 million |
Conclusion of Ownership Analysis
As of 2024, Pulmonx Corporation's ownership is characterized by strong institutional backing, significant insider ownership, and a diverse shareholder base. The company continues to focus on growth and innovation within the medical device sector, which is reflected in its financial performance and stock market activity.
Pulmonx Corporation (LUNG) Mission Statement
Mission Statement Overview
Pulmonx Corporation aims to provide innovative solutions for patients suffering from severe emphysema and chronic obstructive pulmonary disease (COPD) through minimally invasive procedures. The company focuses on enhancing patient outcomes and quality of life by developing products that address unmet medical needs in the pulmonary space.
Core Values
- Innovation: Commitment to advancing medical technology through rigorous research and development.
- Patient-Centricity: Prioritizing the needs and experiences of patients in all product development and clinical practices.
- Integrity: Upholding transparency and ethical practices in all operations and interactions.
- Collaboration: Working closely with healthcare professionals and stakeholders to optimize treatment options.
Financial Performance (2024)
As of September 30, 2024, Pulmonx reported the following financial results:
| Metric | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Revenue | $20.4 million | $17.7 million | $2.7 million | 15.4% |
| Gross Profit | $15.0 million | $13.0 million | $2.0 million | 15.3% |
| Net Loss | $(14.1) million | $(14.9) million | $0.8 million | 5.1% |
| Gross Margin | 73.7% | 73.7% | — | — |
Revenue Breakdown
The revenue generated by Pulmonx is predominantly from the sales of products in the U.S. and international markets:
| Region | Q3 2024 Revenue | Q3 2023 Revenue | Change ($) | Change (%) |
|---|---|---|---|---|
| United States | $13.8 million | $11.8 million | $2.0 million | 16.9% |
| International | $6.6 million | $5.8 million | $0.8 million | 13.8% |
Investment in R&D
Pulmonx has consistently invested in research and development to enhance its product offerings:
| Period | R&D Expense | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|---|
| Three Months Ended | Q3 | $3.7 million | $4.2 million | $(0.5) million | (11.3%) |
| Nine Months Ended | 2024 | $13.6 million | $14.2 million | $(0.6) million | (4.3%) |
Operational Challenges and Goals
Pulmonx faces challenges in recruiting and retaining a skilled sales force, which is crucial for driving growth. The company aims to enhance awareness and acceptance of its solutions among healthcare providers and patients. Continuous investment in marketing and education is planned to support these efforts.
Projected Financial Outlook
As of September 30, 2024, Pulmonx maintains:
- Cash and Cash Equivalents: $107.8 million
- Accumulated Deficit: $(454.4) million
- Outstanding Long-term Debt: $37.2 million
How Pulmonx Corporation (LUNG) Works
Company Overview
Pulmonx Corporation is a commercial-stage medical technology company that specializes in minimally invasive treatments for patients with severe emphysema, a form of chronic obstructive pulmonary disease (COPD). Their primary product is the Zephyr Endobronchial Valve, designed to improve lung function and quality of life for patients who are symptomatic despite medical management.
Financial Performance
As of September 30, 2024, Pulmonx reported significant financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Revenue | $20.4 million | $17.7 million | $2.7 million | 15.4% |
| Cost of Goods Sold | $5.4 million | $4.6 million | $0.7 million | 15.6% |
| Gross Profit | $15.0 million | $13.0 million | $2.0 million | 15.3% |
| Net Loss | $(14.1) million | $(14.9) million | $0.8 million | 5.1% |
Revenue Analysis
For the nine months ended September 30, 2024, Pulmonx generated:
| Metric | 9M 2024 | 9M 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Revenue | $60.0 million | $49.4 million | $10.6 million | 21.5% |
| Gross Margin | 74.0% | 73.6% | 0.4% | 0.5% | Net Loss | $(43.2) million | $(47.0) million | $3.8 million | 8.0% |
Product Sales Breakdown
The sales breakdown for the nine months ended September 30, 2024, highlights the growth in both U.S. and international markets:
| Region | Revenue (9M 2024) | Revenue (9M 2023) | Change ($) | Change (%) |
|---|---|---|---|---|
| United States | $40.6 million | $32.2 million | $8.4 million | 26.1% |
| International Markets | $19.4 million | $17.2 million | $2.2 million | 12.8% |
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, are summarized as follows:
| Expense Type | 9M 2024 | 9M 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Research and Development | $13.6 million | $14.2 million | $(0.6) million | (4.3)% |
| Selling, General and Administrative | $75.1 million | $70.2 million | $4.9 million | 7.0% |
Cash Flow Overview
The cash flow for the nine months ended September 30, 2024, indicates the following:
| Cash Flow Type | 9M 2024 | 9M 2023 |
|---|---|---|
| Operating Activities | $(24.8) million | $(29.2) million |
| Investing Activities | $3.4 million | $0.7 million |
| Financing Activities | $1.3 million | $21.4 million |
Balance Sheet Highlights
As of September 30, 2024, Pulmonx's balance sheet included:
| Metric | Amount |
|---|---|
| Cash, Cash Equivalents, and Marketable Securities | $107.8 million |
| Outstanding Term Loans | $37.2 million |
| Accumulated Deficit | $(454.4) million |
Market and Regulatory Environment
Pulmonx operates in a robust market with established reimbursement for their products in major regions including the U.S., Europe, and Asia Pacific. The Zephyr Valve is covered by multiple commercial payors and Medicare when medically necessary. The company continues to invest in clinical studies to support product efficacy and expand its market reach.
How Pulmonx Corporation (LUNG) Makes Money
Revenue Sources
Pulmonx Corporation primarily generates revenue through the sale of its medical products, most notably the Zephyr Valve, which is used for treating patients with emphysema. The company sells its products to hospitals and distributors, focusing on direct sales in the United States and utilizing third-party distributors in select international markets.
For the nine months ended September 30, 2024, Pulmonx reported total revenue of $60.0 million, an increase of 21.5% compared to $49.4 million for the same period in 2023. The breakdown of revenue sources is as follows:
| Revenue Source | 2024 (9 months) | 2023 (9 months) | Change |
|---|---|---|---|
| U.S. Product Sales | $40.6 million | $32.2 million | +$8.4 million |
| International Product Sales | $19.4 million | $17.2 million | +$2.2 million |
Cost of Goods Sold and Gross Margin
The cost of goods sold (COGS) for the nine months ended September 30, 2024, was $15.6 million, an increase of 19.7% from $13.0 million in the same period of 2023. The gross margin during this period improved slightly to 74.0% from 73.6%.
Operating Expenses
Pulmonx's operating expenses are categorized into research and development (R&D) and selling, general and administrative (SG&A) expenses. For the nine months ended September 30, 2024:
| Expense Type | 2024 | 2023 | Change |
|---|---|---|---|
| Research and Development | $13.6 million | $14.2 million | -4.3% |
| Selling, General and Administrative | $75.1 million | $70.2 million | +7.0% |
| Total Operating Expenses | $88.7 million | $84.4 million | +5.1% |
Net Loss
Despite the increase in revenue, Pulmonx reported a net loss of $43.2 million for the nine months ended September 30, 2024, compared to a net loss of $46.9 million for the same period in 2023, reflecting an improvement of 8.0%.
Cash Position and Funding
As of September 30, 2024, Pulmonx had cash, cash equivalents, and marketable securities totaling $107.8 million. The company has also incurred long-term debt of $37.2 million, which includes loans from the Canadian Imperial Bank of Commerce (CIBC).
The company’s financial strategy includes financing operations through equity sales and debt financing while investing heavily in R&D to enhance product offerings and expand market reach.
Market Dynamics
Pulmonx benefits from reimbursement structures in the U.S. that support its product sales. Major commercial payors have issued positive coverage policies for the Zephyr Valve procedures, which are critical for driving revenue growth.
In summary, Pulmonx Corporation's revenue generation strategy revolves around effective sales of its flagship products, focused investment in R&D, and leveraging favorable reimbursement policies to sustain and grow its market presence.
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Article updated on 8 Nov 2024
Resources:
- Pulmonx Corporation (LUNG) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Pulmonx Corporation (LUNG)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Pulmonx Corporation (LUNG)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.