Pulmonx Reports $22.5 Million Revenue in Q1 2025, 19.5% Increase Year-Over-Year

Pulmonx Corporation reported a revenue of $22.5 million for the first quarter of 2025, marking a 19.5% increase from $18.9 million in the same period of the previous year. The company's gross profit for the quarter was $16.3 million, resulting in a gross margin of 72.5%, slightly down from 74.7% year-over-year. Despite the revenue growth, Pulmonx incurred a net loss of $14.4 million, compared to a net loss of $13.7 million in the first quarter of 2024. The increase in revenue was primarily driven by higher sales of the Zephyr Valve in both the U.S. and international markets.

In terms of operational metrics, Pulmonx's cost of goods sold rose by 29.7% to $6.2 million, attributed to increased production volume and manufacturing costs. Research and development expenses also increased by 13% to $4.8 million, reflecting ongoing investments in clinical trials and product development. Selling, general, and administrative expenses rose by 7.2% to $26.1 million, largely due to higher marketing and personnel costs. The company reported a loss from operations of $14.6 million, which was relatively stable compared to the previous year.

Pulmonx continues to expand its market presence, with significant growth in international sales, which increased by $2.3 million to $8.3 million. The company has established reimbursement for its products in major markets, including the U.S., Europe, and Asia Pacific. As of March 31, 2025, Pulmonx had cash, cash equivalents, and marketable securities totaling $88.7 million, alongside an accumulated deficit of $482 million. The company’s employee headcount has also increased, reflecting its commitment to expanding its sales and marketing organization.

Looking ahead, Pulmonx plans to continue investing in research and development to enhance its product offerings and expand its market reach. The company anticipates ongoing net losses as it scales operations and seeks to increase product adoption. Management believes that its existing cash reserves will support operations for at least the next 12 months, but acknowledges the need for additional funding to support future growth initiatives. The company is also focused on maintaining compliance with financial covenants associated with its debt obligations, which currently total approximately $37.2 million.