Pulmonx Corporation, a commercial-stage medical technology company focused on minimally invasive treatments for severe emphysema, reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved revenues of $20.4 million for Q3 2024, marking a 15.4% increase from $17.7 million in Q3 2023. For the nine months ended September 30, 2024, total revenue reached $60.0 million, up 21.5% from $49.4 million in the same period last year. This growth was primarily driven by increased sales of the Zephyr Endobronchial Valve and delivery catheters, with U.S. sales contributing significantly to the revenue increase.
Gross profit for Q3 2024 was $15.0 million, reflecting a gross margin of 73.7%, consistent with the previous year. For the nine-month period, gross profit rose to $44.4 million, with a gross margin of 74.0%, slightly up from 73.6% in 2023. Despite the revenue growth, Pulmonx reported a net loss of $14.1 million for Q3 2024, an improvement from a net loss of $14.9 million in Q3 2023. The nine-month net loss also decreased to $43.2 million from $47.0 million in the prior year.
The company’s cash and cash equivalents as of September 30, 2024, totaled $63.3 million, down from $83.5 million at the end of 2023. Total current assets decreased to $140.9 million from $150.4 million, while total liabilities increased to $73.5 million from $59.5 million. The accumulated deficit stood at $454.4 million.
Strategically, Pulmonx has been focusing on expanding its market presence and enhancing its product offerings. The company is investing in research and development, particularly for the AeriSeal System, which is currently in clinical trials. Additionally, the company has made significant changes in leadership, with Steven Williamson appointed as CEO following the retirement of Glendon French in March 2024.
The company also faces challenges, including reliance on single-source suppliers for critical components and ongoing investigations by the U.S. Department of Justice regarding its sales and marketing practices. Despite these challenges, Pulmonx aims to leverage its existing cash reserves to support operations for at least the next 12 months while continuing to pursue growth opportunities in the medical technology sector.
About Pulmonx Corp
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