Business
Pulmonx Reports Third Quarter 2021 Financial Results
REDWOOD CITY, Calif., Nov. 02, 2021 (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., Nov. 02, 2021 (GLOBE NEWSWIRE) -- Pulmonx Corporation (Nasdaq: LUNG) (“Pulmonx” or the \"Company\"), a global leader in minimally invasive treatments for severe lung disease, today reported financial results for the third quarter ended September 30, 2021. Recent Highlights Achieved worldwide revenue of $13.3 million in the third quarter of 2021, a 25% increase over the same period last yearRealized gross margin of 73% in the third quarter of 2021 as compared to 70% in the same period last yearAdded 18 new U.S. Zephyr® Valve treating centers, increasing the total to 198Announced positive coverage policy decisions from Anthem Blue Cross Blue Shield, Blue Cross Blue Shield of Michigan and Horizon Blue Cross Blue Shield of New Jersey, collectively representing approximately 44 million incremental covered livesAchieved milestone of treating over 25,000 patients worldwide with Zephyr® Valves “Despite facing significant headwinds from COVID, we are proud to have achieved record sales in the third quarter as we benefitted from particularly strong performance in less impacted geographies,” said Glen French, President & Chief Executive Officer. “Underlying demand for our Zephyr Valve treatment continues to grow and we remain encouraged by strong patient screening volumes, the rate at which we opened new treating centers, and our success in broadly securing positive payor coverage.” Third Quarter 2021 Financial ResultsTotal worldwide revenue in the third quarter of 2021 was $13.3 million, a 25% increase from $10.6 million in the third quarter of 2020 and an increase of 23% on a constant currency basis. U.S. revenue was $6.9 million, a 28% increase compared to the third quarter of 2020. International revenue was $6.4 million, a 22% increase compared to the third quarter of 2020, and a 18% increase on a constant currency basis. The increase in revenue reflects strong commercial momentum and procedure volume growth in geographic regions less impacted by COVID during the quarter, offset by lower growth in regions where COVID impacted the ability for hospitals to perform procedures. Gross profit in the third quarter of 2021 was $9.7 million, compared to $7.5 million in the third quarter of 2020. Gross margin for the third quarter of 2021 was 73%, up from 70% for the same period in 2020. The improvement in gross margin bene...