Business
Pulmonx Reports Third Quarter 2020 Financial Results
REDWOOD CITY, Calif., Nov. 10, 2020 (GLOBE NEWSWIRE) -- Pulmonx Corporation (Nasdaq: LUNG) (“Pulmonx”), a commercial-stage medical technology company that
About this update from Pulmonx Corporation
[{"type":"text","content":"REDWOOD CITY, Calif., Nov. 10, 2020 (GLOBE NEWSWIRE) -- Pulmonx Corporation (Nasdaq: LUNG) (“Pulmonx”), a commercial-stage medical technology company that provides minimally invasive treatment for patients with severe emphysema, a form of COPD, today reported financial results for the third quarter ended September 30, 2020.\n Third Quarter 2020 & Recent Highlights Reported revenue of $10.6 million in the third quarter of 2020, a 17% increase over the same period last yearAchieved gross margin of 70.3%, relatively flat compared to the third quarter of 2019Completed an initial public offering of 11.5 million shares, raising approximately $201.4 million in net proceeds to the CompanySecured a positive coverage decision for Zephyr Valve from Health Care Service Corporation, adding 16 million additional lives under coverage “In the third quarter we saw a recovery of our business as procedure volumes rebounded from second quarter lows, despite ongoing pandemic related headwinds, and as awareness and demand for our platform solution increased meaningfully,” said Glen French, President & Chief Executive Officer. “Following our initial public offering in October, we are well positioned financially and operationally to focus on driving further commercial momentum as we take the next steps in building on our position as a global leader in minimally invasive treatments for lung disease.” Third Quarter 2020 Financial ResultsTotal worldwide revenue for the third quarter 2020 was $10.6 million, a 17% increase from $9.1 million in the third quarter of 2019 and an increase of 15% on a constant currency basis. U.S. revenue was $5.3 million, a 57% increase compared to the third quarter 2019. International revenue was $5.3 million, an 8% decrease compared to the third quarter 2019, and an 11% decrease on a constant currency basis. The increase in U.S. revenue was driven by increasing commercial traction from the launch of Zephyr Valve while the decrease in international revenue was due to the impact of the COVID pandemic on our business. Gross profit for the third quarter of 2020 was $7.5 million, compared to $6.4 million for the third quarter 2019. Gross margin for the third quarter of 2020 was 70.3%, relatively flat compared to 70.4% for the same period in 2019. Operating expenses for the third quarter of 2020 were $12.8 million, compared to $10....