Pulmonx (LUNG) Q4 2023 earnings summary

Executive summary

• FY 2023 revenue rose 28% to $68.7M, driven by U.S. growth and continued adoption of Zephyr Valve procedures.

• Q4 revenue reached a record $19.3M, up 25% YoY; management cited U.S. commercial strategy and access expansion as drivers of long-term growth confidence.

Financial highlights

• Q4 revenue was $19.3M, up 25% reported and 23% at constant currency; gross profit was $14.4M, up 29% YoY.

• Q4 operating expenses rose 10% to $28.3M; net loss was $13.9M, or $0.36/share, versus $14.3M, or $0.38/share, in Q4 2022.

• FY revenue increased 28% to $68.7M; gross profit rose 27% to $50.8M, while operating expenses increased 14% to $112.7M.

• FY net loss was $60.8M, or $1.60/share, versus $58.9M, or $1.59/share, in 2022.

Outlook and guidance

• FY 2024 revenue guidance: $81M–$84M.

• FY 2024 gross margin guidance: 74%–75%; operating expenses: $132M–$134M, including ~$30M of non-cash stock-based compensation.

• 2024 priorities include expanding and strengthening the account base and advancing AeriSeal clinical development, including CONVERT II trial activity.