Pulmonx (LUNG) Citi’s 2025 Medtech and Life Sciences Access Day summary

Strategic direction and growth initiatives

• Achieved 22% year-over-year growth and delivered at the high end of guidance, with only 6% OpEx growth, reflecting strong operating leverage.

• Launched the Acquire, Test, and Treat strategy to expand patient acquisition, streamline testing, and broaden treatment options.

• Drove 54,000 potential patients to the website and established a call center for direct patient engagement.

• Doubled peer-to-peer physician education and saw 42% year-over-year growth in international business.

• Transitioned to a distributor model in China, improving operating margin and driving revenue growth.

Technology and workflow innovation

• Accelerated the launch of LungTraX Connect and Detect, cloud-based software integrated with hospital PACS systems, enabling efficient patient identification and workflow.

• LungTraX Detect uses AI to screen CT scans for undiagnosed emphysema, identifying new patient candidates.

• Integration and training for Connect and Detect can be completed in one day, with nominal costs recovered from hospital charges.

• These tools address workflow bottlenecks and improve patient tracking from identification to treatment.

Market opportunity and expansion

• U.S. market has 500,000 eligible patients, but only 1% are currently treated; significant opportunity exists in increasing both patient and physician awareness.

• Hired junior reps to focus on educating community pulmonologists, aiming to increase referral rates and physician knowledge.

• Enhanced onboarding and training for new centers, resulting in a 33% increase in productivity among new accounts.

• Growth in international markets driven by personnel changes and adoption of U.S. best practices; China distributor model now less than 5% of revenue but growing.

• Japan infrastructure in place, with commercial launch expected after completion of a 140-patient post-approval study in 2026.