Pulmonx (LUNG) Q2 2024 earnings summary

Executive summary

• Achieved record Q2 2024 worldwide revenue of $20.8 million, up 21% year-over-year, driven by strong U.S. commercial execution and international growth; U.S. revenue grew 26% to $13.9 million, international revenue rose 12% to $6.9 million.

• Net loss narrowed to $15.3 million ($0.39/share) from $16.2 million ($0.43/share) year-over-year, with adjusted EBITDA loss improving to $7.6 million from $10.3 million.

• Gross margin remained strong at 74% in Q2 2024, consistent with the prior year.

• Added 17 new U.S. accounts, ending the quarter with 267 active centers, and treated first U.S. patients with AeriSeal System in pivotal trial.

• Expanded patient and physician engagement, with 20,000 patient engagements and over 450 physicians educated in H1 2024.

Financial highlights

• Q2 2024 revenue: $20.8 million (+21% YoY); U.S.: $13.9 million (+26% YoY); International: $6.9 million (+12% YoY).

• Gross margin: 74% in Q2 2024, flat year-over-year.

• Operating expenses: $30.9 million (+6% YoY), including a $1.7 million one-time non-cash R&D software impairment charge.

• Net loss: $15.3 million ($0.39/share), improved from $16.2 million ($0.43/share) YoY.

• Cash, equivalents, and marketable securities: $114.5 million as of June 30, 2024.

Outlook and guidance

• Reiterated FY 2024 revenue guidance of $81–$84 million (~20% growth at midpoint).

• Gross margin expected at 74–75% for FY 2024.

• Operating expenses for FY 2024 expected at $127–$129 million, including ~$25 million in non-cash stock-based compensation.

• Guidance assumes neutral to slightly negative FX impact.