Pulmonx (LUNG) Investor presentation summary

Market opportunity and reimbursement

• Severe emphysema represents a $12B global market opportunity, with 1.2M eligible patients in major markets and broad reimbursement across the US, Europe, and Australia.

• Over 90% of US patients with commercial insurance have access to the Zephyr Valve procedure, and Medicare covers 73% of the payer mix.

• Zephyr Valves are available in over 25 countries, with a predominantly direct sales model and 74 global sales territories.

Clinical value and patient outcomes

• Zephyr Valves offer minimally invasive, fully removable treatment for severe emphysema, improving lung function, exercise capacity, and quality of life.

• Clinical benefits are supported by four randomized controlled trials and over 100 scientific publications, showing consistent improvements over medical management.

• Endobronchial valves are recognized as a standard of care in global guidelines, with evidence of improved survival and reduced exacerbations.

Technology and treatment process

• Proprietary StratX and Chartis systems enable precise patient selection and assessment of collateral ventilation, optimizing eligibility for Zephyr Valve placement.

• The treatment process includes standard COPD workup, CT-based lobe selection, physiological assessment, and bronchoscopic valve placement, typically requiring a three-night hospital stay.