Business
Pulmonx Reports Second Quarter 2023 Financial Results
REDWOOD CITY, Calif., Aug. 02, 2023 (GLOBE NEWSWIRE) -- Pulmonx Corporation (Nasdaq: LUNG) (“Pulmonx” or the "Company"), a global leader in minimally invasive
About this update from Pulmonx Corporation
[{"type":"text","content":"REDWOOD CITY, Calif., Aug. 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 second quarter of 2023 ended June 30, 2023. Recent Highlights Achieved record worldwide revenue of $17.2 million in the second quarter of 2023, a 23% increase over the same period last yearDelivered a new high of $11.0 million in U.S. revenue in the second quarter of 2023, representing 28% year-over-year growthRealized gross margin of 74% in the second quarter of 2023Added 15 new U.S. treatment centers for Zephyr Valves in the second quarter 2023 “Our team delivered record results globally as hospitals increased their screening and treatment of emphysema patients with Zephyr Valves,” said Glen French, President, and Chief Executive Officer. “We expect to continue to grow adoption and expand our global treatable market as we seek to meet the substantial unmet clinical needs of patients with severe emphysema.\" Second Quarter 2023 Financial ResultsTotal worldwide revenue in the second quarter of 2023 was $17.2 million, a 23% increase from $14.0 million in the second quarter of 2022. U.S. revenue was $11.0 million, a 28% increase from the second quarter of 2022. International revenue was $6.2 million, a 16% increase compared to the second quarter of 2022. The growth in revenue reflects continued commercial momentum and adoption of Zephyr Valve procedures. Gross profit in the second quarter of 2023 was $12.7 million, compared to $10.4 million for the second quarter of 2022. Gross margin for the second quarter of 2023 was 74%, compared to 75% for the same period in 2022, reflecting slightly lowered capacity utilization. Operating expenses in the second quarter of 2023 were $29.2 million, compared to $24.8 million for the second quarter of 2022, representing an increase of 17%. The increase in operating expenses was primarily attributable to an increase in clinical and development costs related to our AeriSeal program, increases in selling and legal expenses, and higher stock -based compensation expense. Net loss in the second quarter of 2023 was $16.2 million, or $0.43 per share, compared to a net loss of $14.6 million, or $0.40 per share, for the same period in 2022. Adjusted EBITDA loss in the second quar...