|Bid||52.88 x 900|
|Ask||53.25 x 1200|
|Day's Range||52.41 - 56.01|
|52 Week Range||37.64 - 56.99|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||48.20|
The Zephyr Valve Helps COPD/Emphysema Patients Breathe Easier Without the Risk of Major Surgery1 REDWOOD CITY, Calif., Nov. 30, 2020 (GLOBE NEWSWIRE) -- As part of COPD Awareness Month, Pulmonx Corporation is announcing that over 20,000 patients have been treated worldwide with their Zephyr® Endobronchial Valves (Zephyr Valve), the first FDA-approved minimally-invasive treatment for severe emphysema, a form of COPD. The Zephyr Valve has been shown to deliver significant benefits to patients with emphysema, including improvements in lung function, exercise capacity and quality of life.1 The valves are placed via bronchoscopy, with no incision or cutting, so these benefits are achieved without the risks of traditional surgical options.“The Zephyr Valve treatment represents a major advancement in the field of bronchoscopy and can be truly life changing for patients with advanced disease,” states Dr. D. Kyle Hogarth, MD, Professor of Medicine and Director of Bronchoscopy at the University of Chicago Medical Center. “Before this option, many COPD/emphysema patients struggled to breathe despite maximum medical therapy. Endobronchial valves are the first option we have had to help patients breathe easier and re-engage with life without the risks of major surgery. The Zephyr Valve is quickly becoming a standard of care for patients with advanced COPD/emphysema.”Despite taking the best available medications, many patients with emphysema, a common form of COPD, suffer from hyperinflation of their lungs where air becomes trapped in the lungs, preventing fresh air from entering and thereby causing severe shortness of breath. Patients with hyperinflation have difficulty doing even the simplest tasks like showering or walking up a flight of stairs. The Zephyr Valves reduce lung hyperinflation by allowing trapped air to escape and preventing new air from entering that diseased lobe. This allows the healthier parts of the lung to function better and results in patients being able to breathe more easily and experience less shortness of breath.1“Our corporate mission is to improve the lives of patients with severe COPD/emphysema, so we are very excited about achieving this significant milestone of treating more than 20,000 patients,” said Glen French, President and Chief Executive Officer. “Hundreds of hospitals in the US and abroad now offer our Zephyr Valves, so we are on our way to enabling many patients to breathe easier in the years to come.” “Helping patients breathe easier changes not only their immediate quality of life, but also breaks the cycle of deterioration that comes from inactivity and can contribute to a higher-quality of life long-term,” states D.J. (Dirk-Jan) Slebos, MD, Professor of Interventional Pulmonology, University of Groningen, The Netherlands. “My patients report that they are back to being more active and participating in hobbies like gardening and biking that, before the valves, had become too difficult because of the disease.”Patients treated with the Zephyr Valves report experiencing significantly more days when their symptoms were “better” and fewer days that were “worse” over 12 months compared to the control group.2 Cumulative clinical data suggests that patients treated successfully with endobronchial valves, like the Zephyr Valve, have increases in the BODE Index (a multi-dimensional health status scoring system for patients with COPD) that have been associated with survival benefits.3-10 The Zephyr Valve treatment is included in national and global treatment guidelines for COPD including an ‘Evidence A' rating from The Global Initiative for Chronic Obstructive Lung Disease (GOLD).About Pulmonx Pulmonx Corporation (NASDAQ: LUNG) is a commercial-stage medical technology company that provides minimally invasive treatment for patients with severe emphysema, a form of COPD. The Pulmonx solution, which is comprised of the Zephyr Endobronchial Valve, the Chartis® Pulmonary Assessment System and the StratX® Lung Analysis Platform, is designed to treat severe emphysema/COPD patients who, despite medical management, are still profoundly symptomatic. Pulmonx received FDA pre-market approval to commercialize the Zephyr Valve following its designation as a “breakthrough device.” The Zephyr Valve is commercially available in more than 25 countries, with over 80,000 valves used to treat more than 20,000 patients. For more information on the Zephyr Valves, please visit www.MyLungsMyLife.com. For more information on the company, please visit www.Pulmonx.com.Pulmonx, Chartis®, StratX®, and Zephyr® are registered trademarks of Pulmonx Corporation.Forward Looking Statements This release contains forward‐looking statements within the meaning of Sections 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We may, in some cases, use terms such as “look forward,” confident,” “promises,” “predicts,” “believe,” “potential,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes to identify these forward‐looking statements and include, without limitation, statements about Pulmonx’s ability to treat a greater number of patients and deliver significant benefits to patients. Forward‐looking statements should not be read as a guarantee of future performance or results and may not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. These forward‐looking statements are based on Pulmonx’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward‐looking statements as a result of these risks and uncertainties, which include, without limitation those related to the safety, efficacy and patient and physician adoption of the company’s products, the ability to obtain and maintain reimbursement codes for its products, and the company’s ability to procure and maintain required regulatory approvals for its products. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in Pulmonx’s filings with the Securities and Exchange Commission (SEC), including the Company’s quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2020 filed with the SEC and available at www.sec.gov. Pulmonx does not undertake any obligation to update forward‐looking statements and expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward‐looking statements contained herein. Media Contact: Meghan Oreste 617-823-1441 moreste@Pulmonx.comInvestor Contact: Brian Johnston Gilmartin Group email@example.com_______________1.Criner G. et al. Am J Respir Crit Care Med. 2018; 198 (9):1151–1164. 2.Dransfield M. et al. Ann Am Thorac Soc. 2020 Jul; 17 (7):829-838. 3.Criner, GJ, Delage, A, Voelker, K, Hogarth, DK, et al. Improving Lung Function in Severe Heterogenous Emphysema with the Spiration Valve System (EMPROVE). A Multicenter, Open-Label Randomized Controlled Clinical Trial. Am J Respir Crit Care Med, 2019; 200(11), 1354–1362. 4.Kemp, SV, Slebos, DJ, Kirk, A, Kornaszewska, M, Carron, K, Ek, L, & Briault, A. A multicenter randomized controlled trial of Zephyr endobronchial valve treatment in heterogeneous emphysema (TRANSFORM). Am J Respir Crit Care Med, 2017; 196(12), 1535–1543. 5.Valipour, A, Slebos, DJ, Herth, F, Darwiche, K, Wagner, M, Ficker, JH, & Eberhardt, R. Endobronchial valve therapy in patients with homogeneous emphysema. Results from the IMPACT study. Am J Respir Crit Care Med, 2016; 194(9), 1073–1082 and data on file. 6.Klooster, K, ten Hacken, NH, Hartman, JE, Kerstjens, HA, van Rikxoort, EM, & Slebos, DJ. Endobronchial valves for emphysema without interlobar collateral ventilation. N Engl J Med, 2015; 373(24), 2325–2335. 7.Welling J et al. Patient Selection for Bronchoscopic Lung Volume Reduction. International Journal of Chronic Obstructive Pulmonary Disease 2020; 15, 871–881. 8.Gompelmann et al. Survival after endoscopic valve therapy in patients with severe emphysema. Respiration 2019; 97(2), 145-152. 9.Garner et al. Survival after endobronchial valve placement for emphysema: A 10-year follow-up study. Am J Respir Crit Care Med. 2016; 194(4), 519-521. 10.Klooster et al, Improved Predictors of Survival after Endobronchial Valve Treatment in Patients with Severe Emphysema Letter to the editor, American Journal of Respiratory and Critical Care Medicine Volume 195 Number 9 | May 1, 2017.
REDWOOD CITY, Calif., Nov. 10, 2020 (GLOBE NEWSWIRE) -- Pulmonx Corporation (Nasdaq: LUNG) (“Pulmonx”), a commercial-stage medical technology company that provides minimally invasive treatment for patients with severe emphysema, a form of COPD, today reported financial results for the third quarter ended September 30, 2020. Third Quarter 2020 & Recent Highlights * Reported revenue of $10.6 million in the third quarter of 2020, a 17% increase over the same period last year * Achieved gross margin of 70.3%, relatively flat compared to the third quarter of 2019 * Completed an initial public offering of 11.5 million shares, raising approximately $201.4 million in net proceeds to the Company * Secured a positive coverage decision for Zephyr Valve from Health Care Service Corporation, adding 16 million additional lives under coverage“In the third quarter we saw a recovery of our business as procedure volumes rebounded from second quarter lows, despite ongoing pandemic related headwinds, and as awareness and demand for our platform solution increased meaningfully,” said Glen French, President & Chief Executive Officer. “Following our initial public offering in October, we are well positioned financially and operationally to focus on driving further commercial momentum as we take the next steps in building on our position as a global leader in minimally invasive treatments for lung disease.”Third Quarter 2020 Financial Results Total worldwide revenue for the third quarter 2020 was $10.6 million, a 17% increase from $9.1 million in the third quarter of 2019 and an increase of 15% on a constant currency basis. U.S. revenue was $5.3 million, a 57% increase compared to the third quarter 2019. International revenue was $5.3 million, an 8% decrease compared to the third quarter 2019, and an 11% decrease on a constant currency basis. The increase in U.S. revenue was driven by increasing commercial traction from the launch of Zephyr Valve while the decrease in international revenue was due to the impact of the COVID pandemic on our business.Gross profit for the third quarter of 2020 was $7.5 million, compared to $6.4 million for the third quarter 2019. Gross margin for the third quarter of 2020 was 70.3%, relatively flat compared to 70.4% for the same period in 2019.Operating expenses for the third quarter of 2020 were $12.8 million, compared to $10.0 million for the third quarter of 2019, representing an increase of 28%. The increase in operating expenses were primarily driven by an increase in personnel-related expenses to expand our commercial and research and development functions, as well as expenses related to building out our general and administrative infrastructure and support staff. Net loss for the third quarter of 2020 was $3.9 million, or $1.37 per share, compared to a net loss of $4.3 million, or $2.41 per share, for the same period in 2019. Net loss included a non-cash gain of $2.5 million from changes in the fair value of derivative liabilities associated with outstanding convertible debt and a success fee.Cash and cash equivalents were $39.8 million as of September 30, 2020. This excludes net cash proceeds of $201.4 million from the Company’s initial public offering completed in October 2020.2020 Financial Outlook While the COVID-19 pandemic poses a continued risk of uncertainty to the Company’s operating results, Pulmonx expects full year 2020 revenue to be in the range of $31.5-$32.0 million.Webcast and Conference Call Details Pulmonx will host a conference call today, November 10, 2020, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its third quarter 2020 financial results. The dial-in numbers are (833) 614-1518 for domestic callers and (270) 823-1072 for international callers. The conference ID is 7802229. A live webcast of the conference call will be available on the Investor Relations section of the Company's website at https://investors.pulmonx.com/. The webcast will be archived on the website following the completion of the call.Use of Non-GAAP Financial Measures Pulmonx has presented constant currency percentage change in revenues, a non-GAAP financial measure, in this press release. Constant currency calculations show reported current period revenues as if the foreign exchange rates remain the same as those in effect in the comparable prior year period. Pulmonx uses results on a constant currency basis as one measure to evaluate its performance. Pulmonx calculates constant currency by calculating current-year results using foreign currency exchange rates from the applicable comparable period in the prior year. Pulmonx generally refers to such amounts calculated on a constant currency basis as excluding the impact of foreign exchange or being on a constant currency basis. Reconciliation of this non-GAAP financial measure to the most comparable GAAP measure is set forth in the tables below.Pulmonx believes the presentation of results on a constant currency basis in addition to reported results helps improve investors’ ability to understand its operating results and evaluate its performance in comparison to prior periods. Pulmonx generally uses constant currency to facilitate management's financial and operational decision-making, including evaluation of Pulmonx’s historical operating results. Non-GAAP financial measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results, may provide a more complete understanding of factors and trends affecting Pulmonx’s business.This non-GAAP financial measure should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. Because non-GAAP financial measures exclude the effect of items that increase or decrease the company's reported results of operations, management strongly encourages investors to review, when they become available, the Company's consolidated financial statements and publicly filed reports in their entirety. The Company's definition of non-GAAP measures may differ from similarly titled measures used by others.Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s current assumptions and expectations of future events and trends, which affect or may affect the Company’s business, strategy, operations or financial performance, and actual results may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. Forward-looking statements may include information concerning the impact of the COVID-19 pandemic on the Company and its operations, the Company’s possible or assumed future results of operations, including descriptions of the Company’s revenues, gross margin, profitability, outlook for 2020 full year revenue, commercial momentum, and overall business strategy. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could cause actual results to differ materially from those contemplated in this press release can be found in the Risk Factors section of Pulmonx’s public filings with the Securities and Exchange Commission (“SEC”), including the final prospectus filed with the SEC pursuant to Rule 424(b)(4) filed on October 1, 2020, available at www.sec.gov. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. All statements other than statements of historical fact are forward-looking statements. Except to the extent required by law, the Company undertakes no obligation to update or review any estimate, projection, or forward-looking statement. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business.About Pulmonx Corporation Pulmonx® Corporation (NASDAQ: LUNG) is a commercial-stage medical technology company that provides minimally invasive treatment for patients with severe emphysema, a form of COPD. The Pulmonx solution, which is comprised of the Zephyr® Endobronchial Valve (Zephyr Valve), the Chartis® Pulmonary Assessment System (Chartis System) and the StratX® Lung Analysis Platform, is designed to treat severe emphysema/COPD patients who, despite medical management, are still profoundly symptomatic. Pulmonx received FDA pre-market approval to commercialize the Zephyr Valve following its designation as a “breakthrough device.” The Zephyr Valve is now commercially available in more than 25 countries, with over 80,000 valves used to treat more than 20,000 patients. For more information, visit www.Pulmonx.com.Pulmonx®, Chartis®, StratX®, and Zephyr® are registered trademarks of Pulmonx Corporation.Investor Contact Brian Johnston Gilmartin Group firstname.lastname@example.org Pulmonx Corporation Consolidated Statements of Operations (in thousands, except share and per share data) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Revenue $10,612 $9,104 $22,903 $22,248 Cost of goods sold 3,150 2,697 8,779 7,171 Gross profit. 7,462 6,407 14,124 15,077 Operating expenses Research and development 1,997 1,399 4,988 4,446 Selling, general and administrative 10,813 8,621 32,114 24,179 Total operating expenses 12,810 10,020 37,102 28,625 Loss from operations. (5,348) (3,613) (22,978) (13,548) Interest income 9 167 98 310 Interest expense (1,103) (460) (2,914) (1,867) Other income (expense), net 2,631 (340) 3,052 (713) Net loss before tax (3,811) (4,246) (22,742) (15,818) Income tax expense 49 89 192 216 Net loss (3,860) (4,335) (22,934) (16,034) Net loss per share attributable to common stockholders, basic and diluted $(1.37) $(2.41) $(10.33) $(9.21) Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 2,814,798 1,800,286 2,220,734 1,740,072 Pulmonx Corporation Condensed Consolidated Balance Sheets (in thousands) (Unaudited) September 30, 2020 December 31, 2019 Assets Current assets Cash and cash equivalents$39,806 $14,767 Restricted cash231 — Short-term marketable securities— 13,580 Accounts receivable, net5,260 5,511 Inventory9,288 5,612 Prepaid expenses and other current assets1,037 1,601 Total current assets55,622 41,071 Property and equipment, net1,164 902 Goodwill2,333 2,333 Intangible assets, net431 524 Deferred offering costs1,680 1,563 Right of use assets9,489 6,561 Other long-term assets525 579 Total assets$71,244 $53,533 Liabilities, Convertible Preferred Stock and Stockholders’ Deficit Current liabilities Accounts payable$2,297 $2,681 Accrued liabilities8,844 9,463 Income taxes payable158 233 Deferred revenue92 173 Current lease liabilities1,927 446 Derivative liabilities1,856 1,165 Total current liabilities15,174 14,161 Deferred tax liability54 43 Long-term lease liabilities8,250 6,403 Credit agreement539 — Term loan16,763 14,965 Convertible notes29,754 — Total liabilities70,534 35,572 Convertible preferred stock207,599 205,339 Stockholders’ deficit Common stock4 2 Additional paid-in capital24,896 21,750 Accumulated other comprehensive income1,648 1,373 Accumulated deficit(233,437) (210,503) Total stockholders’ deficit(206,889) (187,378) Total liabilities, convertible preferred stock and stockholders’ deficit$71,244 $53,533 Pulmonx Corporation Reconciliation of Reported Revenue % Change to Constant Currency Revenue % Change (in thousands) (Unaudited) Three months ended September 30, 2020 2019 % Change FX Impact % Constant Currency % Change United States$5,345 $3,405 57.0 % — % 57.0 % International5,267 5,699 (7.6)% (3.2)% (10.8)% Total$10,612 $9,104 16.6 % (2.1)% 14.5 % Nine months ended September 30, 2020 2019 % Change FX Impact % Constant Currency % Change United States$11,315 $6,001 88.6 % — % 88.6 % International11,588 16,247 (28.7)% (0.2)% (28.9)% Total$22,903 $22,248 2.9 % (0.1)% 2.8 %
NEW YORK, NY / ACCESSWIRE / November 10, 2020 / Pulmonx Corp (NASDAQ:LUNG) will be discussing their earnings results in their 2020 Third Quarter Earnings call to be held on November 10, 2020 at 4:30 PM Eastern Time.