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Jun 30, 2025
Pulmonx Q2 2025 Earnings Report
Pulmonx reported its second quarter 2025 financial results, highlighting strong international revenue growth and a revision of full-year guidance.
Key Takeaways
Pulmonx achieved worldwide revenue of $23.9 million in Q2 2025, a 15% increase year-over-year, driven by strong international performance. Despite this growth, the company revised its full-year revenue guidance downwards due to slower-than-expected revenue conversion from U.S. initiatives, while also reducing its operating expense outlook.
Worldwide revenue reached $23.9 million in Q2 2025, marking a 15% increase compared to the same period last year.
International revenue grew significantly by 32% year-over-year to $9.1 million, providing a solid foundation for the quarter.
Gross margin for the second quarter of 2025 was 72%, a slight decrease from 74% in the prior year.
The company reported a net loss of $15.2 million, or $0.38 per share, and an Adjusted EBITDA loss of $8.4 million.
Revenue by Geographic Location
Forward Guidance
Pulmonx has revised its full-year 2025 revenue guidance downwards to a range of $90 million to $92 million, from previous expectations of $96 million to $98 million. However, the company also reduced its total operating expense guidance for the full year to $128 million to $130 million, down from $133 million to $135 million.
Positive Outlook
- Revised full-year 2025 total operating expenses guidance decreased to $128 million to $130 million.
- Anticipated gross margin for the full year 2025 is approximately 74%.
- Efforts to build a scalable ecosystem by improving patient identification, access, and engagement are beginning to deliver results.
- Company is positioned for sustained, long-term growth.
- No anticipated impact from future tariffs or trade policy changes included in guidance.
Challenges Ahead
- Full-year 2025 revenue guidance revised downwards to $90 million to $92 million.
- Revenue trajectory is slightly lower than prior expectations.
- Longer-than-expected revenue conversion from U.S. initiatives.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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