Pulmonx Corporation reported a revenue increase of 14.8% for the second quarter of 2025, generating $23.9 million compared to $20.8 million in the same period of 2024. For the first half of 2025, revenue reached $46.4 million, up 17.1% from $39.6 million in the prior year. The company’s gross profit for the quarter was $17.2 million, yielding a gross margin of 72.1%, slightly down from 73.7% a year earlier. Despite the revenue growth, Pulmonx recorded a net loss of $15.2 million for the quarter, a marginal improvement from a net loss of $15.3 million in Q2 2024. The accumulated deficit as of June 30, 2025, stood at $497.2 million.
In terms of operational metrics, Pulmonx's sales in the United States increased to $14.7 million, while international sales rose significantly to $9.1 million, reflecting a strong demand for the Zephyr Valve and related products. The company has been focusing on expanding its market presence, particularly in international markets, which contributed to the overall revenue growth. The total operating expenses for the second quarter were $32.0 million, up from $30.9 million in the previous year, driven primarily by increased selling, general, and administrative costs.
Pulmonx has made strategic investments in its sales and marketing organization, which is crucial for driving product adoption and awareness among healthcare providers. The company continues to enhance its clinical studies and product development efforts, particularly for the AeriSeal System, which is currently undergoing clinical trials. As of June 30, 2025, Pulmonx employed approximately 500 personnel, reflecting its commitment to expanding its workforce to support growth initiatives.
The company’s cash, cash equivalents, and marketable securities totaled $84.2 million at the end of the second quarter, providing a solid liquidity position to support ongoing operations. Pulmonx has also been managing its debt effectively, with $37.1 million outstanding under its term loan agreements. The company anticipates continued net losses in the near term as it invests in growth and product development, but management believes that existing resources will sustain operations for at least the next 12 months.
Looking ahead, Pulmonx aims to leverage its existing product portfolio while exploring new market opportunities. The company is focused on increasing its market share in the minimally invasive treatment space for severe emphysema and chronic obstructive pulmonary disease (COPD). Management remains optimistic about the potential for revenue growth driven by expanding its sales force and enhancing product awareness among healthcare providers and patients.
About Pulmonx Corp
Pulmonx Corporation is a medical technology company specializing in minimally invasive treatments for severe emphysema, a form of COPD. Its core products include the Zephyr Endobronchial Valve, Chartis Pulmonary Assessment System, and LungTraX Platform, used to improve lung function and quality of life. The company serves global markets, offering solutions that are safe, effective, and supported by extensive clinical data and regulatory approvals.
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