Pulmonx Corp (FRA:4NI)

Q3 2025 Pulmonx Corp Earnings Call Transcript

Nov 12, 2025 / 09:30 PM GMT

Release Date Price: €1.74 (+6.75%)

Transcript 10-Q8-K

Key Points

Positve

Pulmonx Corp (LUNG) has a market-leading product, the Zephyr valves, which fulfill a significant unmet need for severe emphysema patients.
The company has established sufficient reimbursement in nearly all countries where it commercializes, including substantial reimbursement in the United States.
Pulmonx Corp (LUNG) has a well-established commercial infrastructure with a large global sales force focused on interventional pulmonology across 25 countries.
The company reported a 5% increase in total worldwide revenue for Q3 2025 compared to the same period last year.
Pulmonx Corp (LUNG) maintains strong gross margins, approximately 75% for Q3 2025, indicating an attractive financial profile.

Negative

The growth trajectory in the US has slowed, with only a 1% increase in US revenue for Q3 2025 compared to the prior year.
Some investments have not yielded the expected timely returns, impacting the company's growth profile.
Operating expenses increased by 4% in Q3 2025 compared to the same period last year, contributing to a net loss of $14 million.
The company is facing challenges in achieving operating leverage, which has been elusive due to slowing sales growth.
Cash and cash equivalents decreased by $7.7 million from the second quarter of 2025, highlighting concerns about cash utilization.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

LUNG.OQ - Pulmonx Corp
Q3 2025 Pulmonx Corp Earnings Call
Nov 12, 2025 / 09:30PM GMT

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Presentation
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Unidentified_1 [1]
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Hello, and thank you for standing by. Welcome to Pu my next 3rd quarter 2025 earnings conference call.

At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask the question during the session, you will need to press 11 on your telephone.

You would then hear an automated message advising your hand is raised. To withdraw your question, please press 11 again.

I would now like to hand the conference over to Laine Morgan. You may begin.

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Unidentified_2 [2]
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