Pulmonx Corporation · NASDAQ:LUNG
Pulmonx — Investor Presentation (July 2026)
21 slides from Pulmonx's investor presentation, July 2026
Slide 1: Pulmonx Investor Presentation July 2026
NASDAQ: LUNG July 2026 © 2026 Pulmonx Corporation 1
Slide 2: Forward Looking Statement
Forward Looking Statement This presentation and certain statements made during this presentation contain forward-looking statements that involve risks and uncertainties. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our curre
Slide 3: Investment Highlights
Investment Highlights Large Market Broadly Reimbursed $12B opportunity for Reimbursed across US, Europe severe emphysema and Australia Precision Treatment Broadly Accepted Proprietary patient Grade “A” evidence in selection technology & global guidelines with minimally invasive treatment >50,000 tot
Slide 4: The Burden of Emphysema
The Burden of Emphysema Hyperinflation Emphysema is a severe form of COPD & Shortness of Breath with progressive lung destruction and air trapping, leading to persistent breathlessness Decreased Activity Severe emphysema results in a quality of life Reduced Exercise Capacity worse than patients with
Slide 5: Spectrum of Treatment Options
Spectrum of Treatment Options Medical Pulmonary Lung Volume Lung Management Rehabilitation Zephyr® Valves Reduction Surgery Transplant Non-invasive Non-invasive Designed to Provide Invasive Invasive Benefits Similar to Surgery Higher risk Higher Risk Limited effect in Difficult to sustain with Broad
Slide 6: How Zephyr Valves Work
How Zephyr® Valves Work 1 2 3 Bronchoscope introduced into lungs Delivery catheter advanced into Valve size chosen in one step procedure of patient with diseased, hyperinflated lobe target lobe through bronchoscope and delivered to seal target airway 4 5 6 Zephyr® Valve allows trapped An average of
Slide 7: StratX Report Analysis Helps Determine Eligible Lobes
StratX® Report Analysis Helps Determine Eligible Lobes CT Scan StratX Report Cloud Upload • StratX Report is a cloud-based quantitative analysis of CT Scan* • First line evaluation for: - Volume - Tissue Destruction - Fissure completeness – an indicator for collateral ventilation • Identifies potent
Slide 8: Chartis System: Proprietary CV Testing for Patient Eligibility
Chartis® System: Proprietary CV Testing for Patient Eligibility Physiological Measure of Collateral Ventilation • Evaluates the presence or absence of collateral ventilation • Measures changes in pressure and airflow • Unique, patent protected technology © 2026 Pulmonx Corporation 8
Slide 9: The Zephyr Valve Treatment Process
The Zephyr Valve Treatment Process Standard COPD StratX® Chartis® System Zephyr® 3 Night Work Up Report Assessment Valves Placed Stay Patient sedated & Chartis Patient undergoes standard CT scan uploaded to cloud, Bronchoscopic placement Assessment simulates valve Patient remains in the hospital pul
Slide 10: Patient Benefits of Zephyr Valve Treatment
Patient Improved Health Status (BODE) Benefits of Improved Quality of Life & Exercise (SGRQ, TDI/BDI, CAT, 6MWD) Zephyr Valve Reduced Breathlessness (mMRC, BORG) Treatment Improved Lung Function (FEV1, DLCO, FRC) Reduced Gas Trapping (RV, IC/TLC) Successful Lobar Occlusion (TLVR) © 2026 Pulmonx Corp
Slide 11: Consistent Outcomes Across Four Randomized Trials
Consistent Outcomes Across Four Randomized Trials Zephyr Valves superior to medical management alone in Chartis System-confirmed patients Procedural Lung Function Exercise Capacity Quality of Life Size & Success Improvement vs Improvement vs Improvement vs RCT Follow-up (TLVR%) 5 Control (FEV1%) ┬ C
Slide 12: Endobronchial Valves are Considered Part of the Standard of Care
Endobronchial Valves are Considered Part of the Standard of Care POTENTIAL COMPLICATIONS: Complications of the Endobronchial Valve treatment can include but are not limited to pneumothorax, worsening of COPD symptoms, hemoptysis, pneumonia, dyspnea and, in rare cases, death. Global Initiative for Ch
Slide 13: U.S. Reimbursement in Place
U.S. Reimbursement in Place Coding Coverage / Payer Mix Payment Payer Mix Estimate • Category I CPT® codes for Commercial • physician CPT® codes Category I billing 21% • Established physician payment for physician billing Medicaid Medicare consistent with other complex 6% 73% bronchoscopies •• Valve
Slide 14: Established Global Footprint
Established Global Footprint Zephyr® Valves Available in >25 Countries1 • Predominantly direct sales model with > 95% of sales direct1 • 74 global sales territories1 o 42 in US o 32 OUS Commercial (Direct) - >90%1 of revenue Commercial (Distributor) - <10%1 of revenue Powered by Bing © 2026 Pulmonx
Slide 15: $12B Global Opportunity for Zephyr Valves
$12B Global Opportunity for Zephyr Valves Patients diagnosed with 3.8M emphysema in the U.S.1 Patients with severe emphysema2,3 1.5M US 1.2M Patients with severe hyperinflation4 CV- Patients without exclusionary comorbidities ~500K eligible for Zephyr Valves in the United States6 + OUS ~700K Eligibl
Slide 16: Focused Execution
Focused Execution Setting up High Quality and Efficient Valve Programs Targeted Education of COPD-Oriented Clinicians Sharing Best Practices to Ensure Appropriate Resourcing of Zephyr Programs Concentrating Direct-to-Patient Efforts on Geographies with Established Treating Centers © 2026 Pulmonx Cor
Slide 17: AeriSeal System: Expanding the Market for Zephyr Valves
AeriSeal® System: Expanding the Market for Zephyr Valves Bronchoscopically-delivered polymeric foam under investigation to convert collateral ventilation (CV) status ~25% patients are currently ineligible for Zephyr Valves due to lung anatomy AeriSeal System initially being studied to convert inelig
Slide 18: Financial Summary
Financial Summary Revenue in $ Millions Revenue $26.0 • $22.8 million in 2Q26 $24.0 $23.8 $22.5 $23.9 $22.6 $22.8 $21.5 • US: $14.2 million $22.0 $20.8 $20.4 $20.6 $20.0 $19.3 • OUS: $8.6 million $17.7 $18.9 $7.9 $9.1 $18.0 $8.3 $8.5 $8.6 $6.9 $7.5 $6.6 $7.3 $16.0 $5.6 Gross Margin $5.8 $6.0 $14.0 •
Slide 19: Investment Highlights
Investment Highlights Large Market Broadly Reimbursed $12B opportunity for Reimbursed across US, Europe severe emphysema and Australia Precision Treatment Broadly Accepted Proprietary patient Grade “A” evidence in selection technology & global guidelines with minimally invasive treatment >50,000 tot
Slide 20: Important Safety Information
Important Safety Information Important Safety Information: The Pulmonx Zephyr® Endobronchial Valves are implantable bronchial valves indicated for the bronchoscopic treatment of adult patients with hyperinflation associated with severe emphysema in regions of the lung that have little to no collater
Slide 21: Thank you
Thank you © 2026 Pulmonx Corporation 21