Q1 2024 Pulmonx Corp Earnings Call Transcript
Key Points
- Pulmonx Corp (LUNG) reported a strong Q1 with $18.9 million in worldwide sales, marking a 30% growth year-over-year.
- The company is confident in achieving its full-year revenue guidance of $81 million to $84 million, reflecting its robust commercial strategy.
- Pulmonx Corp (LUNG) has expanded its market presence by adding nine new Zephyr Valve centers in the U.S., bringing the total to 346.
- Gross margin improved to 75% in Q1 2024 from 73% in the previous year, driven by favorable geographic mix and higher utilization.
- The company is making significant progress in international markets, particularly in Europe, with a 15% growth overall and 24% in key geographies.
- Despite strong sales growth, Pulmonx Corp (LUNG) reported a net loss of $13.7 million in Q1 2024.
- Operating expenses increased to $28.6 million, up 6% from the previous year, indicating higher costs associated with expanding commercial activities.
- The company anticipates a material revenue contribution from the Japanese market only by approximately 2026, suggesting a longer timeline for returns on investment in this region.
- Pulmonx Corp (LUNG) is still in the process of ramping up its new product, AirSeal, with expectations to complete enrollment in the pivotal trial by the end of the next year.
- While there is ongoing investment in R&D and commercial activities, the company is yet to achieve profitability, maintaining a focus on long-term growth over immediate financial returns.
Good day, and thank you for standing by, and welcome to Pulmonx Q1 2024 earnings conference call.(Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Elizabeth Sparicio Investor Relations at the Gilmartin Group. Please go ahead.
Good afternoon, and thank you all for participating in today's call. Joining me from Pulmonx are Steve Williamson, President and Chief Executive Officer; and Mehul Joshi, Chief Financial Officer.
Earlier today, Protonics issued a press release announcing its financial results for the quarter ended March 31, 2024. A copy of the press release is available on Pulmonx's website. Before we begin, I'd like to remind you that management will make statements during this call that include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.
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