Pulmonx Corporation · Q3 2022 earnings

Briefing

Pulmonx reported a slight revenue increase with improved gross margins, offset by higher operating expenses leading to a widened net loss.

Pulmonx Corporation reported a 2% increase in worldwide revenue for Q3 2022, driven by a 22% increase in U.S. revenue. Gross margin improved to 75%. However, operating expenses increased by 23%, resulting in a net loss of $14.2 million, compared to $10.2 million in the same period last year.

• Worldwide revenue increased by 2% year-over-year to $13.5 million, or 7% on a constant currency basis.
• U.S. revenue grew by 22% year-over-year, reaching $8.4 million.
• Gross margin improved to 75% compared to 73% in the same period last year.
• Net loss widened to $14.2 million, or $0.38 per share, compared to $10.2 million, or $0.28 per share, in the same period last year.

Headline financials

Revenue & EPS history

Pulmonx updated its full year 2022 revenue guidance to be in the range of $51.5 million to $52.5 million, as compared to previously communicated guidance of $55 million to $60 million. The Company now expects total operating expenses for the full year 2022 to fall in the range of $98 million to $100 million, as compared to previously communicated guidance of $100 million to $105 million, inclusive of stock-based compensation.