Redwood City, California, November 2, 2021 (Global News Agency) - Pulmonx Corporation (NASDAQ: LUNG) ("Pulmonx" or "Company") is a global leader in minimally invasive treatment of severe lung diseases. Today reports the financial report for the third quarter results as of September 30, 2021.
In the third quarter of 2021, global revenue will be USD 13.3 million, a year-on-year increase of 25%
The gross profit margin achieved in the third quarter of 2021 was 73%, compared with 70% in the same period last year
Added 18 new US Zephyr® valve treatment centers, increasing the total to 198
Announced active underwriting policy decisions from Anthem Blue Cross Blue Shield, Michigan Blue Cross Blue Shield, and New Jersey Horizon Blue Cross Blue Shield, which together represent approximately 44 million new insureds
Using Zephyr® Valves to treat more than 25,000 patients worldwide reached milestone
President and CEO Glen French said: "Despite the significant headwinds caused by COVID, we are proud to achieve record sales in the third quarter because we have benefited from the impact Particularly strong performance in smaller regions." "The potential demand for our Zephyr Valve treatment continues to grow, and we are still subject to strong patient screening, the speed at which we open new treatment centers, and our success in ensuring extensive coverage of active payers Encouragement."
Financial Results for the Third Quarter of 2021 In the third quarter of 2021, total global revenue for the third quarter of 2021 was US$13.3 million, an increase of 25% from the US$10.6 million in the third quarter of 2020, and an increase of 23% at a constant exchange rate. U.S. revenue was US$6.9 million, an increase of 28% from the third quarter of 2020. International revenue was US$6.4 million, an increase of 22% compared to the third quarter of 2020, and an increase of 18% at a constant exchange rate. Revenue growth reflects the strong business momentum and surge in surgeries in geographic regions less affected by COVID during the quarter, but was offset by slower growth in regions where COVID has affected the hospital's ability to perform surgeries.
Gross profit in the third quarter of 2021 was US$9.7 million, compared to US$7.5 million in the third quarter of 2020. The gross profit margin in the third quarter of 2021 was 73%, higher than 70% in the same period in 2020. The profit margin benefits from the increase in production and the realization of production efficiency.
Operating expenses in the third quarter of 2021 were US$19.5 million, compared to US$12.8 million in the third quarter of 2020, an increase of 52%. The increase in operating expenses was mainly due to human investment to expand our commercial, research and development, general and administrative functions, stock-based compensation, and expenses related to operating as a listed company.
The net loss for the third quarter of 2021 was US$10.2 million, or US$0.28 per share, while the net loss for the same period in 2020 was US$3.9 million, or US$1.37 per share.
As of September 30, 2021, cash, cash equivalents and marketable securities totaled US$202.6 million.
Pulmonx's 2021 financial outlook maintains its full-year 2021 revenue guidance between US$49 and US$51 million. As COVID-19 continues to bring uncertainty, the company expects that the full-year revenue of 2021 will be close to the low end of the range, an increase of at least 50% over the full-year revenue of the company in 2020.
Pulmonx now expects total operating expenses for the full year of 2021 to be between $83 and $85 million, including stock-based compensation.
Webcast and conference call details Pulmonx will host a conference call today (November 2, 2021) at 1:30 pm Pacific Time / 4:30 pm Eastern Time to discuss its financial results for the third quarter of 2021. The dial-in number for domestic calls is (833) 614-1518, and the dial-in number for international calls is (270) 823-1072. The conference ID is 9545716. The investor relations section of the company's website https://investors.pulmonx.com/ will provide a webcast of the conference call. After the conference call, the webcast will be archived on the website.
The use of non-GAAP financial measures Pulmonx describes in this press release the constant currency percentage change in revenue, which is a non-GAAP financial measure. The fixed currency calculation shows the reported income for the current period as if the foreign exchange rate remained unchanged from the effective exchange rate for the comparable period of the previous year. Pulmonx uses fixed currency-based results as a measure of its performance. Pulmonx calculates the fixed currency by using the foreign currency exchange rate for the applicable comparable period of the previous year to calculate the results of the current year. Pulmonx usually refers to the amount calculated on a fixed currency basis, such as excluding foreign exchange effects or based on a fixed currency. The following table lists the reconciliation of this non-GAAP financial measure with the most comparable GAAP measure.
Pulmonx believes that, in addition to the reported performance, fixed currency-based performance reports help improve investors’ ability to understand their operating performance and assess their performance compared to previous periods. Pulmonx usually uses fixed currencies to facilitate management's financial and operational decisions, including the evaluation of Pulmonx's historical operating performance. Non-GAAP financial metrics reflect another way to view the company’s operations. When viewed together with GAAP results, you can have a more comprehensive understanding of the factors and trends that affect Pulmonx’s business.
Such non-GAAP financial measures should be considered as a supplement to, not a substitute for, financial information prepared in accordance with GAAP. Since non-GAAP financial measures do not include the impact of items that increase or decrease the company’s reported operating performance, management strongly encourages investors to fully review the company’s consolidated financial statements and publicly filed reports when available. The company's definition of non-GAAP measures may differ from measures with similar names 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 regarding future events and trends that will affect or may affect the company’s business, strategy, operations or financial performance. Actual results may differ from those expressed in such statements due to the following reasons Or the results implied have significant differences and numerous risks and uncertainties. Forward-looking statements may include information about the impact of the COVID-19 pandemic on the company and its operations, the restoration of the number of executed procedures, and the company’s possible or assumed future operating results, including a description of the company’s revenue, gross profit margin, profitability, 2021 full-year guidance, business momentum and overall business strategy. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that may cause actual results to differ materially from those expected in this press release can be found in the "Risk Factors" section of Pulmonx's public documents filed with the United States Securities and Exchange Commission ("SEC"), including the submitted Form 10-Q The quarterly report will be contacted with the SEC on August 10, 2021 and is available at www.sec.gov. 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 facts are forward-looking statements. Except as required by law, the company assumes no obligation to update or review any estimates, forecasts or forward-looking statements. Due to the risks and uncertainties inherent in the company's business, actual results may differ from the results described in this press release.
About Pulmonx Pulmonx (NASDAQ: LUNG) is a global leader in the minimally invasive treatment of severe lung diseases. Pulmonx's Zephyr® endobronchial valve, Chartis® lung assessment system, and StratX® lung analysis platform are designed to evaluate and treat patients with severe emphysema/COPD who still have severe symptoms despite medical management. Pulmonx received FDA pre-market approval to commercialize the Zephyr valve because it was designated as a "breakthrough device." Zephyr valves are marketed in more than 25 countries/regions, and more than 100,000 valves are used to treat more than 25,000 patients. For more information about Zephyr Valves and the company, please visit www.Pulmonx.com.
Pulmonx®, Chartis®, StratX® and Zephyr® are registered trademarks of Pulmonx Corporation.
Investor Contact Information Brian Johnston Gilmartin Group Investors@pulmonx.com
Pulmonx Corporation Condensed Consolidated Operating Statement (in thousands, except for stock and per share data) (unaudited)
Net loss per share attributable to ordinary shareholders, basic and diluted
Weighted average shares, basic and diluted, used to calculate the net loss per share attributable to ordinary shareholders
Pulmonx Corporation Condensed Consolidated Balance Sheet (in thousands) (unaudited)
Prepaid expenses and other liquid assets
Total liabilities and shareholders' equity
Pulmonx Corporation reports the reconciliation of the percentage change in revenue and the percentage change in fixed currency revenue (in thousands) (unaudited)
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