Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 2, 2023

(Exact name of Registrant as Specified in Its Charter)

(State or Other Jurisdiction(Commission File Number)(IRS Employer
of Incorporation)Identification No.)
700 Chesapeake Drive
Redwood City,CA94063
(Address of Principal Executive Offices)(Zip Code)
Registrant's telephone number, including area code

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.001 par valueLUNGThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 2, 2023, Pulmonx Corporation (the “Company”) issued a press release announcing its financial results for the second fiscal quarter ended June 30, 2023. A copy of the Company’s press release dated August 2, 2023, titled “Pulmonx Reports Second Quarter 2023 Financial Results” is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The foregoing information (including the exhibit hereto) is being furnished under “Item 2.02 Results of Operations and Financial Condition” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.Description
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Pulmonx Corporation

Dated: August 2, 2023

By:/s/ Derrick Sung
Derrick Sung, Ph.D.
Chief Financial Officer


Exhibit 99.1
Pulmonx Reports Second Quarter 2023 Financial Results

Redwood City, CA – August 2, 2023 – 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 year
Delivered a new high of $11.0 million in U.S. revenue in the second quarter of 2023, representing 28% year-over-year growth
Realized gross margin of 74% in the second quarter of 2023
Added 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 Results
Total 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 quarter of 2023 was $10.3 million compared to $9.8 million for the same period in 2022.

Cash, cash equivalents, and marketable securities totaled $147.6 million as of June 30, 2023.

2023 Financial Outlook
Pulmonx is increasing its expectation for revenue in 2023 to now range from $64 million to $66 million, which represents approximately 19% to 23% growth over the Company's fiscal year 2022 revenue. This updated guidance compares to prior 2023 revenue guidance of $63 million to $65 million.

The Company continues to expect gross margin for the full year 2023 to fall within the range of 73% to 74%.

Pulmonx also continues to expect total operating expenses for the full year 2023 to fall within the range of $112 million to $114 million, inclusive of approximately $22 million of non-cash stock-based compensation.

Webcast and Conference Call Details
Pulmonx will host a conference call today, August 2, 2023, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its second quarter financial results. A live webcast of the conference call will be available on the Investor Relations section of the Company's website at The webcast will be archived on the website following the completion of the call.

Use of Non-GAAP Financial Measures
To supplement Pulmonx’s condensed consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, Pulmonx provides certain non-GAAP financial measures in this release as supplemental financial metrics. Non-GAAP financial measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results, may provide a more complete understanding of factors and trends affecting Pulmonx’s business.

Constant currency calculations show reported current period revenues as if the foreign exchange rates remain the same as those in effect in the comparable prior year period. Pulmonx uses results on a constant currency basis as one measure to evaluate its performance. Pulmonx calculates constant currency by calculating current-year results using foreign currency exchange rates from the applicable comparable period in the prior year. Pulmonx generally refers to such amounts calculated on a constant currency basis as excluding the impact of foreign exchange or being on a constant currency basis. Pulmonx believes the presentation of results on a constant currency basis in addition to reported results helps improve investors’ ability to understand its operating results and evaluate its performance in comparison to prior periods. Pulmonx generally uses constant currency to facilitate management's financial and operational decision-making, including evaluation of Pulmonx’s historical operating results.

The Company defines Adjusted EBITDA as earnings before interest income or expense, taxes, depreciation and amortization and stock-based compensation and may also exclude certain non-recurring, irregular or one-time items not reflective of our ongoing core business operations. Management believes in order to properly understand short-term and long-term financial trends, investors may wish to consider the impact of these excluded items in addition to GAAP measures. Further, management uses adjusted EBITDA for strategic and annual operating planning. We believe these non-GAAP financial measures are useful as a supplement in evaluating our ongoing operational performance and enhancing an overall understanding of our past financial performance.

Reconciliation of these non-GAAP financial measures to the most comparable GAAP measures is set forth in the tables below.

The non-GAAP financial measures used by Pulmonx should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. Because non-GAAP financial measures exclude the effect of items that increase or decrease the company's reported results of operations, management strongly encourages investors to review, when they become available, the Company's consolidated financial statements and publicly filed reports in their entirety. The Company's definition of non-GAAP measures may differ from similarly titled measures used by others.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s current assumptions and expectations of future events and trends, which affect or may affect our strategy, operations or financial performance, and actual results may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. These forward-looking statements include, but are not limited to, statements regarding our commercial strategy to grow the adoption of our Zephyr Valve treatment and expand our global treatable market, our expectations regarding account activity and productivity, our possible or assumed future results of operations, including long-term outlook, descriptions of our revenues, total operating expenses, gross margin, profitability, guidance for full year 2023, commercial momentum, physician engagement and awareness of the benefits of the Zephyr Valve, and overall business strategy. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could cause actual results to differ materially from those contemplated in this press release can be found in the Risk Factors section of

Pulmonx’s public filings with the Securities and Exchange Commission (“SEC”), including the Quarterly Report on Form 10-Q filed with the SEC on May 8, 2023, available at Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. All statements other than statements of historical fact are forward-looking statements. Except to the extent required by law, we undertake no obligation to update or review any estimate, projection, or forward-looking statement. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in our business.

About Pulmonx Corporation
Pulmonx Corporation (Nasdaq: LUNG) is a global leader in minimally invasive treatments for severe lung disease. Pulmonx’s Zephyr® Endobronchial Valve, Chartis® Pulmonary Assessment System and StratX® Lung Analysis Platform are designed to assess and treat patients with severe emphysema/COPD who despite medical management are still profoundly symptomatic. Pulmonx received FDA pre-market approval to commercialize the Zephyr Valve following its designation as a “breakthrough device.” The Zephyr Valve is commercially available in more than 25 countries, with over 100,000 valves used to treat more than 25,000 patients. For more information on the Zephyr Valves and the company, please visit

Pulmonx®, Chartis®, StratX®, and Zephyr® are registered trademarks of Pulmonx Corporation.

Investor Contact
Brian Johnston
Gilmartin Group

Pulmonx Corporation
Consolidated Statements of Operations
(in thousands, except share and per share data)

Three Months Ended June 30,Six Months Ended June 30,
Revenue$17,194 $13,950 $31,729 $24,735 
Cost of goods sold4,460 3,532 8,406 6,206 
Gross profit12,734 10,418 23,323 18,529 
Operating expenses
  Research and development5,710 3,594 9,963 7,128 
  Selling, general and administrative23,463 21,235 46,199 41,480 
Total operating expenses29,173 24,829 56,162 48,608 
Loss from operations(16,439)(14,411)(32,839)(30,079)
Interest income1,410 199 2,537 304 
Interest expense(864)(223)(1,435)(421)
Other income (expense), net(162)(165)(54)(165)
Net loss before tax(16,055)(14,600)(31,791)(30,361)
Income tax expense140 40 264 107 
Net loss$(16,195)$(14,640)$(32,055)$(30,468)
Net loss per share attributable to common stockholders, basic and diluted$(0.43)$(0.40)$(0.85)$(0.83)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted37,818,256 37,003,443 37,696,001 36,904,952 

Pulmonx Corporation
Condensed Consolidated Balance Sheets
(in thousands)

June 30, 2023December 31, 2022
Current assets
  Cash and cash equivalents$101,581 $101,736 
  Restricted cash466 231 
  Short-term marketable securities33,571 39,402 
  Accounts receivable, net8,941 8,677 
  Inventory15,636 14,564 
  Prepaid expenses and other current assets4,233 4,343 
Total current assets164,428 168,953 
Long-term marketable securities12,454 5,924 
Long-term inventory4,434 5,283 
Property and equipment, net4,218 4,694 
Goodwill2,333 2,333 
Intangible assets, net92 154 
Right of use assets4,706 5,806 
Other long-term assets448 529 
Total assets$193,113 $193,676 
Liabilities and Stockholders' Equity
Current liabilities
  Accounts payable$2,377 $1,758 
  Accrued liabilities13,562 13,276 
  Income taxes payable41 19 
  Deferred revenue95 120 
  Short-term debt93 90 
  Current lease liabilities3,353 3,229 
Total current liabilities19,521 18,492 
Deferred tax liability94 94 
Long-term lease liabilities2,399 3,849 
Long-term debt37,147 17,234 
Total liabilities59,161 39,669 
Stockholders' equity
Common stock38 38 
  Additional paid-in capital514,331 502,712 
  Accumulated other comprehensive income1,956 1,575 
  Accumulated deficit(382,373)(350,318)
Total stockholders' equity133,952 154,007 
Total liabilities and stockholders' equity$193,113 $193,676 

Pulmonx Corporation
Reconciliation of Reported Revenue % Change to Constant Currency Revenue % Change
(in thousands)

Three months ended June 30,
20232022% ChangeFX Impact %Constant Currency % Change
United States$11,022 $8,616 27.9 %— %27.9 %
International6,172 5,334 15.7 %(0.5)%16.2 %
Total$17,194 $13,950 23.3 %(0.1)%23.4 %
Six months ended June 30,
20232022% ChangeFX Impact %Constant Currency % Change
United States$20,359 $14,629 39.2 %— %39.2 %
International11,370 10,106 12.5 %(3.0)%15.5 %
Total$31,729 $24,735 28.3 %(1.2)%29.5 %

Pulmonx Corporation
Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA
(in thousands)

Three months ended June 30,Six months ended June 30,
GAAP Net loss$(16,195)$(14,640)$(32,055)$(30,468)
  Depreciation and amortization409 376 846 744 
  Stock-based compensation5,862 4,383 10,500 7,896 
  Interest (income)/expense, net(546)24 (1,102)117 
  Provision for income taxes140 40 264 107 
Adjusted EBITDA$(10,330)$(9,817)$(21,547)$(21,604)