
Pulmonx Corporation Reports Strong 3Q23 and Increases Full Year Outlook With Japan Launch and AeriSeal Study Pending
10-31-23 (by: Scott Gleason) Pulmonx reported its 3Q23 financial results with record worldwide revenue of $17.7 million for the third quarter of 2023 representing a 31% increase compared to the same period last year. Consensus estimates were calling for revenue of $16.4 million. U.S. revenue was $11.8 million up 41% year-over-year growth. International revenue for Q3 2023 was $5.8 million, reflecting a 14% increase from the third quarter of 2022. The company had pre-released revenue expectations calling for revenue of $17.6 million and announced a CFO transition previously.
The company expanded its network by adding 15 new U.S. treatment centers for Zephyr Valves during the third quarter of 2023 and now has 323 centers using the technology. Pulmonx also received approval from the Japanese Ministry of Health, Labour and Welfare (MHLW) for its Zephyr Valve technology. This approval allows the use of Zephyr Valves for treating severe COPD/emphysema patients in the Japanese market which it plans to begin in 2024. In terms of the company’s clinical pipeline, it highlight that it was on track with the AeriSeal program, which could expand the addressable market for the Zephyr Valve solution for severe emphysema patients with collateral ventilation. The company is preparing for the launch of its Convert 2 Trial which will be the pivotal study for this expanded indication.
Pulmonx is increasing its 2023 revenue guidance, expecting it to range from $67 million to $68 million, marking a 25% to 27% growth compared to fiscal year 2022. The company maintains a gross margin expectation of approximately 74% and projects total operating expenses to range from $112 million to $114 million for the full year 2023.
Glen French, President, and Chief Executive Officer highlighted the company’s strength in the U.S. market and also stated that, “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.”