Pulmonx(NASDAQ) LUNG

Pulmonx makes devices for people with severe lung disease. Its main products help patients breathe easier without surgery. These tools are used by doctors worldwide to treat emphysema.

Gadgets That Help You Breathe: Products and Services

• Zephyr Endobronchial Valve: Minimally invasive valve for severe emphysema; main revenue driver (majority of sales).
• Chartis Pulmonary Assessment System: Balloon and sensor tool to check lung airflow before treatment.
• StratX Lung Analysis Platform: Cloud-based scan analysis to help doctors plan valve placement.
• AeriSeal System: Foam to block unwanted air channels in lungs; not yet sold in the U.S.
• Delivery Catheters and Services: Tools and support for using the main devices.

From Redwood City to the World: Growth and Expansion

• Entered U.S. market with FDA approval for Zephyr Valve in 2018.
• Opened or expanded commercial operations in Europe, Middle East, Africa, and Asia-Pacific, including both direct and distributor-based sales, with 91% of revenue generated in markets where the company sells directly for the six months ended June 30, 2025.
• Launched the LungTraX Platform in 2024, a cloud-based analysis service to help identify patients eligible for treatment with Zephyr Valves.
• The AeriSeal System is in a global clinical trial called CONVERT II to support a PMA application for U.S. approval.
• Opened new office in Switzerland in 2025 and entered into agreements to expand the California headquarters premises effective June 1, 2028.

What Makes Pulmonx Stand Out

Pulmonx combines device therapy, patient assessment, and imaging analytics in one system. Its products are included in global treatment guidelines and have established insurance coverage in key markets. The company’s direct sales model supports strong relationships with hospitals and clinics worldwide.

Five Things You Need to Know

• Revenue was $24 million in Q2 2025, up 14.8% year-over-year.
• Gross margin was 72.1% in Q2 2025, down from 73.7% in Q2 2024.
• Net loss was $15 million in Q2 2025, a slight improvement from last year.
• International sales made up 38.3% of Q2 2025 revenue, up from 32.5% last year.
• Cash and investments totaled $84.2 million as of June 30, 2025.

Bottom Line

Pulmonx has grown by focusing on non-surgical lung treatments and expanding globally. Its integrated approach and steady revenue growth position it as a notable player in medical devices for lung disease.