What happened
Shares of Pulmonx Corporation (LUNG -6.37%) were up 10.9% for the week as of Friday afternoon after being up as much as 13%, according to data provided by S&P Global Market Intelligence . The healthcare company, which focuses on providing minimally invasive interventional pulmonology devices to treat obstructive lung diseases, released full-year and fourth-quarter numbers on Wednesday. The stock closed last week at $9.23 and rose to as high as $12.38 on Thursday. Overall, it is down more than 58% over the past 12 months but is up more than 22% so far this year. Its shares have a 52-week low of $4.07 and a 52-week high of $28.30.
So what
The company's yearly and quarterly revenue had a nice jump, surprising some analysts. Pulmonx reported Q4 revenue of $15.4 million, up 13% year over year. The company, which is ramping up the commercial launch of its Zephyr valve to help chronic obstructive pulmonary disease (COPD) patients, is still losing money, dropping $14.3 million, or $0.38 in earnings per share (EPS) loss in the quarter, compared to a loss of $13 million, or an EPS loss of $0.35 in the same period last year.
The company also set a record with $53.7 million in annual revenue, up 11%, with gross profit of $39.9 million, up 12% over 2021. The company had a net loss of $58.9 million, or an annual EPS loss of $1.59, compared to a net loss of $48.7 million and an EPS loss of $1.35 in 2021.
Now what
There's plenty of room for Pulmonx to grow sales of the Zephyr. The company said it sees a $12 billion opportunity for the device, which is available now in 50 countries.
Pulmonx said it expects revenue for the full-year 2023 to be in the range of $63 million to $65 million, and gross margin to be between 73% and 74%. In guidance the company released with its earnings report, it said it expects revenue and gross margin to climb but so too will expenses, so it may be a while until Pulmonx sees a profit. It also said it expects operating expenses to be between $112 million and $114 million, up from $98.5 million in 2022.
