Pulmonx (LUNG) Piper Sandler 36th Annual Healthcare Conference summary

Strategic review and market opportunity

• Leadership focused on accelerating a three-pronged strategy: high-performing centers, best practice sharing, and awareness initiatives.

• Large untapped market with 1.2 million potential patients globally and 500,000 in the U.S.; only 8,000 procedures expected this year.

• Emphasis on building strong, sustainable hospital programs over simply increasing account numbers.

• Strategy includes top-down hospital engagement, leveraging strong clinical data and economic value.

• Patient and physician education are key, with significant investment in marketing and workflow innovation.

Program enhancements and operational execution

• Launched LungTraX program to streamline patient identification and workflow, with positive early feedback.

• Marketing efforts led to a 150% increase in patient engagement year-over-year, with 34,000 patients interacting through the website and helpline.

• Sales force optimization and peer-to-peer education have been prioritized to drive growth.

• CONVERT data for AeriSeal product showed a 77.6% conversion rate, supporting ongoing pivotal trials.

• Focus on moving more centers from low/mid to high volume through administrative sales and infrastructure support.

Financial outlook and growth expectations

• Revenue guidance for the year is $81–$84 million, representing 18–22% growth.

• Long-term sustainable revenue growth target is around 20%, with program enhancements expected to drive results from the second half of 2025 onward.

• U.S. market faces high comps and seasonality, while international markets are seeing growth from replicated strategies.

• China distributor model is showing early success, with potential inflection in 2026, though currently a small revenue contributor.

• Operating leverage and narrowing cash burn are expected to enable cash flow break even with current cash on hand.