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LIFE CARE IS REGISTERED MAGAZINE IN RNI, NO.GUJGUJ/2015/71283
Copyright © 2015 - 2022 Lifecarenews.in
LIFE CARE IS REGISTERED MAGAZINE IN RNI, NO.GUJGUJ/2015/71283
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REDWOOD CITY, Calif., May 02, 2023 (GLOBE NEWSWIRE) — Pulmonx Corporation (Nasdaq: LUNG) (“Pulmonx” or the “Company”), a global leader in minimally invasive treatments for lung disease, today reported financial results for the first quarter of 2023 ended March 31, 2023.
Recorded worldwide revenue of $14.5 million in the first quarter of 2023, a 35% increase over the same period last year and an increase of 37% on a constant currency basisDelivered $9.3 million in U.S. revenue in the first quarter of 2023, representing 55% year-over-year growthRealized gross margin of 73% in the first quarter of 2023Added 15 new U.S. treatment centers for Zephyr Valves in the first quarter 2023
“We are pleased with our first quarter performance. As expected, we saw sustained momentum in a more normalized environment, particularly in the U.S.,” said Glen French, President and Chief Executive Officer. “Our experiences over the last two quarters have validated our commercial focus and we are delighted to see strong early traction and receptivity across our account base. We remain confident in our ability to deliver on our year-end goals as we advance our efforts to address the vast unmet need of patients with severe emphysema.”
First Quarter 2023 Financial Results
Total worldwide revenue in the first quarter of 2023 was $14.5 million, a 35% increase from $10.8 million in the first quarter of 2022 and an increase of 37% on a constant currency basis. U.S. revenue was $9.3 million, a 55% increase from the first quarter of 2022. International revenue was $5.2 million, a 9% increase compared to the first quarter of 2022, and a 15% increase on a constant currency basis. The growth in revenue reflects continued commercial momentum and adoption of Zephyr Valve procedures as we are now operating in a more stabilized environment.
Gross profit in the first quarter of 2023 was $10.6 million, compared to $8.1 million for the first quarter of 2022. Gross margin for the first quarter of 2023 was 73%, compared to 75% for the same period in 2022, reflecting slightly lowered capacity utilization.
Operating expenses in the first quarter of 2023 were $27.0 million, compared to $23.8 million for the first quarter of 2022, representing an increase of 13%. The increase in operating expenses was primarily attributable to an increase in clinical and development investments related to our AeriSeal program, an increase in sales and marketing costs, and an increase in legal and stock-based compensation expenses.
Net loss in the first quarter of 2023 was $15.9 million, or $0.42 per share, compared to a net loss of $15.8 million, or $0.43 per share, for the same period in 2022.
Adjusted EBITDA loss in the first quarter of 2023 was $11.2 million compared to $11.8 million for the same period in 2022.
Cash, cash equivalents, and marketable securities totaled $155.5 million as of March 31, 2023 and include the $20 million drawdown on our existing term loan which occurred in February of 2023.
2023 Financial Outlook
Pulmonx continues to expect revenue for the full year 2023 to be in the range of $63 million to $65 million.
The Company also continues to expect gross margin for the full year 2023 to fall within the range of 73% to 74%.
Pulmonx continues to expect total operating expenses for the full year 2023 to fall within the range of $112 million to $114 million, inclusive of approximately $22 million of non-cash stock-based compensation.
Webcast and Conference Call Details
Pulmonx will host a conference call today, May 2, 2023, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its first quarter financial results. A live webcast of the conference call will be available on the Investor Relations section of the Company’s website at https://investors.pulmonx.com/. The webcast will be archived on the website following the completion of the call.
Use of Non-GAAP Financial Measures
To supplement Pulmonx’s condensed consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, Pulmonx provides certain non-GAAP financial measures in this release as supplemental financial metrics. Non-GAAP financial measures reflect an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results, may provide a more complete understanding of factors and trends affecting Pulmonx’s business.
Constant currency calculations show reported current period revenues as if the foreign exchange rates remain the same as those in effect in the comparable prior year period. Pulmonx uses results on a constant currency basis as one measure to evaluate its performance. Pulmonx calculates constant currency by calculating current-year results using foreign currency exchange rates from the applicable comparable period in the prior year. Pulmonx generally refers to such amounts calculated on a constant currency basis as excluding the impact of foreign exchange or being on a constant currency basis. Pulmonx believes the presentation of results on a constant currency basis in addition to reported results helps improve investors’ ability to understand its operating results and evaluate its performance in comparison to prior periods. Pulmonx generally uses constant currency to facilitate management’s financial and operational decision-making, including evaluation of Pulmonx’s historical operating results.
The Company defines Adjusted EBITDA as earnings before interest income or expense, taxes, depreciation and amortization and stock-based compensation and may also exclude certain non-recurring, irregular or one-time items not reflective of our ongoing core business operations. Management believes in order to properly understand short-term and long-term financial trends, investors may wish to consider the impact of these excluded items in addition to GAAP measures. Further, management uses adjusted EBITDA for strategic and annual operating planning. We believe these non-GAAP financial measures are useful as a supplement in evaluating our ongoing operational performance and enhancing an overall understanding of our past financial performance.
Reconciliation of these non-GAAP financial measures to the most comparable GAAP measures is set forth in the tables below.
The non-GAAP financial measures used by Pulmonx should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. Because non-GAAP financial measures exclude the effect of items that increase or decrease the company’s reported results of operations, management strongly encourages investors to review, when they become available, the Company’s consolidated financial statements and publicly filed reports in their entirety. The Company’s definition of non-GAAP measures may differ from similarly titled measures used by others.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s current assumptions and expectations of future events and trends, which affect or may affect our strategy, operations or financial performance, and actual results may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. These forward-looking statements include, but are not limited to, statements regarding our commercial strategy to boost workflow efficiencies across our account base, our expectations regarding account activity and productivity, information concerning the impact of the COVID-19 pandemic on us and our operations, a recovery and growth in the number of procedures performed, the size and penetration of the Japanese market for our products, our plans for commercial launch in Japan in fiscal year 2023 and the success thereof, advancement of our AeriSeal clinical development program toward commencement of our U.S. clinical trial, the timing of trial enrollment and data results from the CONVERT trial and commencement of our U.S. Investigational Device Exemption (“IDE”) trial, and our possible or assumed future results of operations, including long-term outlook, descriptions of our revenues, total operating expenses, gross margin, profitability, guidance for full year 2023, commercial momentum, physician engagement and awareness of the benefits of the Zephyr Valve, and overall business strategy. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could cause actual results to differ materially from those contemplated in this press release can be found in the Risk Factors section of Pulmonx’s public filings with the Securities and Exchange Commission (“SEC”), including the Annual Report on Form 10-K filed with the SEC on March 1, 2023, available at www.sec.gov. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. All statements other than statements of historical fact are forward-looking statements. Except to the extent required by law, we undertake no obligation to update or review any estimate, projection, or forward-looking statement. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in our business.
About Pulmonx Corporation
Pulmonx Corporation (Nasdaq: LUNG) is a global leader in minimally invasive treatments for severe lung disease. Pulmonx’s Zephyr® Endobronchial Valve, Chartis® Pulmonary Assessment System and StratX® Lung Analysis Platform are designed to assess and treat patients with severe emphysema/COPD who despite medical management are still profoundly symptomatic. Pulmonx received FDA pre-market approval to commercialize the Zephyr Valve following its designation as a “breakthrough device.” The Zephyr Valve is commercially available in more than 25 countries, with over 100,000 valves used to treat more than 25,000 patients. For more information on the Zephyr Valves and the company, please visit www.Pulmonx.com.
Pulmonx®, Chartis®, StratX®, and Zephyr® are registered trademarks of Pulmonx Corporation.
Consolidated Statements of Operations
(in thousands, except share and per share data)
Three Months Ended March 31, 2023 2022 Revenue$14,535 $10,785 Cost of goods sold 3,946 2,674 Gross profit 10,589 8,111 Operating expenses Research and development 4,253 3,534 Selling, general and administrative 22,736 20,245 Total operating expenses 26,989 23,779 Loss from operations (16,400) (15,668)Interest income 1,127 105 Interest expense (571) (198)Other income (expense), net 108 — Net loss before tax (15,736) (15,761)Income tax expense 124 67 Net loss$(15,860) $(15,828)Net loss per share attributable to common stockholders, basic and diluted$(0.42) $(0.43)Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 37,572,382 36,805,366 Pulmonx Corporation
Condensed Consolidated Balance Sheets
(Unaudited) March 31, 2023 December 31, 2022Assets Current assets Cash and cash equivalents$110,407 $101,736 Restricted cash 231 231 Short-term marketable securities 42,429 39,402 Accounts receivable, net 8,171 8,677 Inventory 15,588 14,564 Prepaid expenses and other current assets 4,472 4,343 Total current assets 181,298 168,953 Long-term marketable securities 2,637 5,924 Long-term inventory 4,774 5,283 Property and equipment, net 4,490 4,694 Goodwill 2,333 2,333 Intangible assets, net 123 154 Right of use assets 5,152 5,806 Other long-term assets 465 529 Total assets$201,272 $193,676 Liabilities and Stockholders’ Equity Current liabilities Accounts payable$2,890 $1,758 Accrued liabilities 10,632 13,276 Income taxes payable 60 19 Deferred revenue 107 120 Short-term debt 91 90 Current lease liabilities 3,299 3,229 Total current liabilities 17,079 18,492 Deferred tax liability 71 94 Long-term lease liabilities 3,015 3,849 Long-term debt 37,173 17,234 Total liabilities 57,338 39,669 Stockholders’ equity Common stock 38 38 Additional paid-in capital 508,254 502,712 Accumulated other comprehensive income 1,820 1,575 Accumulated deficit (366,178) (350,318)Total stockholders’ equity 143,934 154,007 Total liabilities and stockholders’ equity$201,272 $193,676 Pulmonx Corporation
Reconciliation of Reported Revenue % Change to Constant Currency Revenue % Change
(Unaudited) Three months ended March 31, 2023 2022 % Change FX Impact % Constant Currency % ChangeUnited States$9,337 $6,013 55.3% —% 55.3%International 5,198 4,772 8.9% (5.7)% 14.6%Total$14,535 $10,785 34.8% (2.5)% 37.3% Pulmonx Corporation
Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA
(Unaudited) Three months ended March 31, 2023 2022 GAAP Net loss$(15,860) $(15,828)Depreciation and amortization 437 368 Stock-based compensation 4,638 3,513 Interest (income)/expense, net (556) 93 Provision for income taxes 124 67 Adjusted EBITDA$(11,217) $(11,787)
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