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- **Leadership Reboot**: CEO and CFO return to address execution gaps, focusing on profitable growth and cost control.
- **Q3 Growth**: International revenue up 15%, gross margin 75%, with updated 2025 guidance of $89-90M revenue.
- **Execution Priority**: Streamline patient workflows, replicate top-performing territories, and reduce underperforming US centers.
- **Financial Discipline**: 73% gross margin target, $1M non-cash expenses, and $89M revenue guidance.
- **Cash Management**: Extend runway via spending realignment, no external financing, and focus on high ROI initiatives.

**Core Details - Detail Page**

**CEO Summary Section**
- **Leadership Transition**: Glenn French and Derrick Sung returned to their roles as CEO and COO/CFO, respectively, to address execution challenges and drive profitable growth.
- **Foundation Strength**: Pulmonx’s Zephyr valves remain the standard of care for severe emphysema, with strong clinical evidence and reimbursement in key markets.
- **Challenges Acknowledged**: Slowed US sales growth, underperforming territories, and elusive operating leverage. Focus on aligning spending with growth expectations and improving execution.
- **Strategy**: Narrow investments to high-impact areas, prioritize profitable growth, and extend cash runway through disciplined capital allocation.

**CFO Financial Commentary**
- **Q3 2025 Results**: Total revenue $21.5M (+5% YoY), US revenue $14M (+1%), international $7.5M (+15%). Gross margin 75% (vs. 74% YoY).
- **Expenses**: Operating expenses $30.4M (+4%), R&D $4.8M (+29%), SG&A $25.6M (+1%). Net loss $14M, adjusted EBITDA loss $8.2M.
- **Guidance Update**: Full-year 2025 revenue $89-90M, gross margin ~73%, operating expenses $125-126M.
- **Cash Position**: $76.5M in cash, $25M cash utilization YTD. Focus on reducing burn and extending runway.

**Q&A Key Highlights**
- **Strategic Pathways**: No immediate plans for asset sales/partnerships; focus on optimizing existing assets and reallocating resources.
- **US Growth Slowdown**: Underperforming territories offset strong international growth; plans to replicate high-performing territories.
- **Patient Referral Process**: Streamlining workflows to reduce delays; efficient processing in top accounts drives volume.
- **Cash Runway Extension**: No external financing; reallocating to high ROI initiatives, reducing non-core spending.
- **Execution Focus**: Prioritize profitable growth, same-store sales, and efficient patient processing.


Pulmonx Corporation (LUNG) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

LUNG

LUNG fundamentals

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