Pulmonx (LUNG) Q4 2024 earnings summary

Executive summary

• Achieved Q4 2024 worldwide revenue of $23.8M, up 23% year-over-year, and full-year revenue of $83.8M, up 22% over 2023.

• U.S. revenue grew 23% to $56.5M for 2024; international revenue rose 20% to $27.3M.

• U.S. Q4 sales reached $15.9M (16% growth), while international Q4 sales hit $7.9M (42% growth).

• Expanded U.S. account base by 52 new centers, ending 2024 with 283 active accounts; added 11 new Zephyr Valve U.S. treatment centers in Q4.

• Launched LungTraX platform, initiated AeriSeal CONVERT II Pivotal Trial and Japanese post-market study, and launched educational initiatives with the American Lung Association.

Financial highlights

• Q4 2024 gross margin was 74%, slightly down from 75% in Q4 2023; full-year gross margin remained at 74%.

• Q4 2024 gross profit was $17.6M, up from $14.4M in Q4 2023; full year gross profit was $62.0M, up from $50.8M.

• Q4 net loss was $13.2M ($0.33/share), improved from $13.9M ($0.36/share) in Q4 2023.

• Full-year net loss was $56.4M ($1.44/share), a 7% improvement over 2023.

• Adjusted EBITDA loss for Q4 was $7.5M (10% YoY improvement); full-year adjusted EBITDA loss was $31.3M (20% YoY improvement).

Outlook and guidance

• 2025 revenue guidance: $96M–$98M, with constant currency growth of 15–18%.

• Gross margin expected to remain at ~74%, trending higher in H2 2025.

• Operating expenses for 2025 projected at $133M–$135M, including ~$22M in non-cash stock-based compensation.

• Guidance assumes a ~100 basis point negative FX impact on reported revenue.

• U.S. growth expected to accelerate in H2 2025 as new initiatives scale; international growth strong in H1 2025, with typical seasonality in H2.