1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Valuation
Discussion
Symbol
LUNG
Event Date
2020-10-01
IPO Date (Actual)
2020-09-30
Sector
Health Care
Subsector
Health Care Equipment & Supplies
Offer Range
$19.00-$19.00
Shares Offered
10M
35.67M
$593.7M
28.0%
Implied Upside vs Midpoint
Description
We are a commercial-stage medical technology company that provides a minimally invasive treatment for patients with severe emphysema, a form of chronic obstructive pulmonary disease (COPD). Our solution, which is comprised of the Zephyr Endobronchial Valve (Zephyr Valve), the Chartis Pulmonary Assessment System (Chartis System) and the StratX Lung Analysis Platform (StratX Platform), is designed to treat severe emphysema patients who, despite medical management, are still profoundly symptomatic and either do not want or are ineligible for surgical approaches. We estimate our solution currently addresses approximately 500,000 patients in the United States and 700,000 patients in select international markets, which represents a global market opportunity of approximately $12 billion. We have a compelling body of clinical evidence with over 100 scientific articles published regarding the clinical benefits of Zephyr Valves, including in The New England Journal of Medicine, The Lancet and the American Journal of Respiratory and Critical Care Medicine. Multiple randomized controlled clinical trials have demonstrated that patients selected with the Chartis System and successfully treated with Zephyr Valves have shown statistically and clinically significant improvements in lung function, exercise capacity and quality of life compared to medical management alone. In June 2018, we received pre-market approval (PMA) by the U.S. Food and Drug Administration (FDA) as a result of our breakthrough technology designation. 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 through June 30, 2020. We have established reimbursement in major markets in North America, Europe and Asia Pacific and the Zephyr Valve has been included in treatment guidelines for COPD worldwide. --- We were initially incorporated under the laws of the State of California in December 1995 under the name Pulmonx. We reincorporated under the laws of the State of Delaware in December 2013 under the name Pulmonx Corporation. Our principal executive offices are located at 700 Chesapeake Drive, Redwood City, California 94063. Our telephone number is 1-650-364-0400. Our website address is www.pulmonx.com.
Pulmonx Corporation annual income statement and balance sheet, FY 2021 to FY 2025, as reported in SEC filings.
| Metric | FY 2021 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue | $48.4M | — | $83.8M | $90.5M |
| Gross profit | $35.6M | — | $62.0M | $67.1M |
| Operating income | ($47.3M) | — | ($57.7M) | ($53.7M) |
| Net income | ($48.7M) | — | ($56.4M) | ($54.0M) |
| Metric | FY 2021 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Total assets | $235M | — | $163M | $129M |
| Total liabilities | $41.9M | — | $77.0M | $75.2M |
| Total equity | $193M | $118M | $85.8M | $54.1M |
| Cash & equivalents | $148M | $83.8M | $70.9M | $69.8M |