On October 30, 2023, Pulmonx Corp (LUNG, Financial), a global leader in minimally invasive treatments for lung disease, released its financial results for the third quarter of 2023. The company reported record worldwide revenue and U.S. sales, reflecting strong commercial momentum and adoption of Zephyr Valve procedures.
Financial Highlights
Pulmonx Corp (LUNG, Financial) reported a record worldwide revenue of $17.7 million in Q3 2023, a 31% increase from $13.5 million in Q3 2022. U.S. revenue also hit a record high of $11.8 million, marking a 41% increase from the same period last year. International revenue stood at $5.8 million, a 14% increase year-over-year.
The company's gross profit for Q3 2023 was $13.0 million, compared to $10.2 million in Q3 2022. The gross margin for the quarter was 74%, slightly lower than the 75% reported in the same period last year due to higher inventory reserves.
Operating Expenses and Net Loss
Operating expenses in Q3 2023 were $28.2 million, a 17% increase from $24.1 million in Q3 2022. The increase was primarily due to continued investments in commercial activities, legal expenses, and higher stock-based compensation expense. The net loss for the quarter was $14.9 million, or $0.39 per share, compared to a net loss of $14.2 million, or $0.38 per share, in Q3 2022.
2023 Financial Outlook
Pulmonx Corp (LUNG, Financial) has increased its revenue expectations for 2023 to range from $67 million to $68 million, representing approximately 25% to 27% growth over the company's fiscal year 2022 revenue. The company expects the gross margin for the full year 2023 to be approximately 74% and total operating expenses to fall within the range of $112 million to $114 million.
Company Commentary
“Our record quarterly results were driven by strength in the U.S., reflective of traction we are seeing from our focused commercial strategy,” said Glen French, President, and Chief Executive Officer. “Awareness around the benefits of Zephyr Valve treatment continues to build as we remain intensely focused on improving the lives of more and more patients with severe COPD/emphysema.”
With these strong financial results, Pulmonx Corp (LUNG, Financial) continues to demonstrate its commitment to improving the lives of patients with lung disease through innovative treatments.
Explore the complete 8-K earnings release (here) from Pulmonx Corp for further details.
