Pulmonx's Q2 2025 Earnings Call: Unpacking Contradictions in U.S. Revenue Growth and StratX Scanning Trends

U.S. revenue growth expectations, StratX scanning trends, U.S. revenue expectations, StratX scanning trends and performance, and U.S. revenue growth and initiatives are the key contradictions discussed in Pulmonx's latest 2025Q2 earnings call.



International Revenue Growth:
- Pulmonx's international revenue reached a record $9.1 million, representing a 32% increase compared to the prior year period and a 27% increase on a constant currency basis.
- This growth was driven by robust demand across core markets in Europe and Asia, reflecting the expansion of global demand for Zephyr Valves and the strengthening of commercial execution outside of the United States.

U.S. Revenue Performance:
- U.S. revenue totaled $14.7 million, showing a 6% increase from the prior year period.
- The growth was below expectations due to slower-than-expected procedure volume driven by a combination of tough year-over-year comparisons, a decline in conventional StratX scans, and operational pressures at interventional pulmonology centers.

StratX Scan Trends and Initiatives:
- StratX referrals rebounded to record levels in June and July, indicating progress in new commercial initiatives.
- The increase was attributed to efforts such as direct-to-patient outreach, referring physician engagement, and the rollout of LungTrax Detect, designed to open up alternative pathways to procedure volume.

Guidance Revision and Strategic Focus:
- Pulmonx revised its full-year 2025 revenue guidance to a range of $90 million to $92 million, reflecting a shift in the expected timing of contribution from U.S. growth initiatives.
- The revision was made to reflect current market dynamics and provide flexibility for potential upside if initiatives ramp faster than expected.