Business
Pulmonx Reports Second Quarter 2024 Financial Results
REDWOOD CITY, Calif., July 31, 2024 (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., July 31, 2024 (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 2024 ended June 30, 2024. Recent Highlights Achieved record worldwide revenue of $20.8 million in the second quarter of 2024, a 21% increase over the same period last year and an increase of 21% on a constant currency basisDelivered $13.9 million in U.S. revenue in the second quarter of 2024, representing 26% year-over-year growthRealized gross margin of 74% in the second quarter of 2024Added 17 new Zephyr® Valve U.S. treatment centers in the second quarter of 2024Treated first U.S. patients with the AeriSeal® System in CONVERT II pivotal clinical trialEight scientific abstracts accepted for presentation at several upcoming key industry conferences “Our record quarterly results reflect the continued traction of our commercial strategy, particularly in the United States where we continue to expand our presence by opening new accounts, preparing to launch new pilot programs to optimize patient workflows, and building local awareness of our Zephyr Valves,” said Steve Williamson, President, and Chief Executive Officer. “Our strategy is demonstrating positive momentum, giving us confidence in our ability to deliver our projected growth through the balance of the year and beyond.” Second Quarter 2024 Financial ResultsTotal worldwide revenue in the second quarter of 2024 was $20.8 million, a 21% increase from $17.2 million in the second quarter of 2023. U.S. revenue was $13.9 million, a 26% increase from the second quarter of 2023. International revenue was $6.9 million, a 12% increase compared to the second quarter of 2023. The growth in revenue reflects continued commercial momentum and adoption of Zephyr Valve procedures. Gross profit in the second quarter of 2024 was $15.3 million, compared to $12.7 million for the second quarter of 2023. Gross margin for the second quarter of 2024 was 74%, compared to 74% for the same period in 2023. Operating expenses in the second quarter of 2024 were $30.9 million, compared to $29.2 million for the second quarter of 2023, representing an increase of 6%. The increase in operating expenses was primarily attributable to a one-time, non-cash charge of $1...