A Business at a Glance
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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 LungTraX Platform (which is called the StratX Platform in international markets), 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. Patients with severe emphysema generally experience a worse quality of life than patients with lung cancer, and we believe there is both an urgent clinical need and a strong market opportunity for a solution that is safe, effective and minimally invasive. In 2018, we received pre-market approval (“PMA”) from the U.S. Food and Drug Administration (“FDA”).
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 92M | 84M | 69M | 54M | 48M | 33M |
| Net Income | -57M | -56M | -61M | -59M | -49M | -32M |
| EPS | $-1.41 | $-1.44 | $-1.60 | $-1.59 | $-1.35 | $-3.16 |
| Free Cash Flow | -33M | -33M | -38M | -46M | -45M | -32M |
| ROIC | -32.7% | -47.1% | -39.7% | -34.4% | -25.2% | -14.3% |
| Gross Margin | 73.3% | 74.0% | 73.9% | 74.3% | 73.6% | 64.8% |
| Debt/Equity | 0.62 | 0.43 | 0.31 | 0.11 | 0.00 | 0.00 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -57M | -58M | -62M | -59M | -47M | -32M |
| Operating Margin | -62.4% | -68.9% | -90.2% | -109.3% | -97.7% | -98.8% |
| ROE | -94.5% | -55.3% | -51.4% | -38.3% | -25.2% | -14.3% |
| Shares Outstanding | 41M | 39M | 38M | 37M | 36M | 37M |
| Metric | 2019 | 2020 | 2021 | 2022 | |||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 33M | 33M | 48M | 54M | 69M | 84M | 92M |
| Gross Margin | 68.8% | 64.8% | 73.6% | 74.3% | 73.9% | 74.0% | 73.3% |
| R&D | 6.0M | 7.5M | 13M | 15M | 18M | 18M | 19M |
| SG&A | 34M | 46M | 70M | 83M | 95M | 102M | 105M |
| EBIT | -18M | -32M | -47M | -59M | -62M | -58M | -57M |
| Op. Margin | -54.7% | -98.8% | -97.7% | -109.3% | -90.2% | -68.9% | -62.4% |
| Net Income | -21M | -32M | -49M | -59M | -61M | -56M | -57M |
| Net Margin | -63.5% | -98.5% | -100.5% | -109.8% | -88.6% | -67.3% | -61.9% |
| Non-Recurring | 0 | 472K | 1.2M | 485K | 507K | 75K | 0 |
| Returns on Capital | |||||||
| ROIC | -33.3% | -14.3% | -25.2% | -34.4% | -39.7% | -47.1% | -32.7% |
| ROE | N/A | -14.3% | -25.2% | -38.3% | -51.4% | -55.3% | -94.5% |
| ROA | -38.7% | -12.2% | -20.7% | -30.4% | -34.2% | -33.1% | -41.0% |
| Cash Flow | |||||||
| Op. Cash Flow | -21M | -31M | -41M | -45M | -38M | -32M | -32M |
| Free Cash Flow | -21M | -32M | -45M | -46M | -38M | -33M | -33M |
| Owner Earnings | -21M | -34M | -53M | -63M | -61M | -56M | -56M |
| CapEx | 720K | 911K | 3.7M | 1.3M | 807K | 1.4M | 550K |
| Maint. CapEx | 365K | 483K | 867K | 1.5M | 1.5M | 1.5M | 1.1M |
| Growth CapEx | 355K | 428K | 2.8M | 0 | 0 | 0 | 0 |
| D&A | 365K | 483K | 867K | 1.5M | 1.5M | 1.5M | 1.1M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 12K | 21K | 26K | 27K | 0 | 0 | 0 |
| Buyback Yield | N/A | 0.0% | 0.0% | 0.0% | N/A | N/A | 0.0% |
| Stock-Based Comp | 364K | 3.2M | 11M | 16M | 22M | 23M | 23M |
| Debt Repayment | 0 | 2.7M | 41K | 53K | 94K | 95K | 95K |
| Balance Sheet | |||||||
| Net Debt | -28M | -232M | -180M | -186M | -130M | -105M | -116M |
| Cash & Equiv. | 15M | 232M | 148M | 102M | 84M | 71M | 153M |
| Long-Term Debt | 0 | 0 | 179K | 17M | 35M | 34M | 37M |
| Debt/Equity | 0.00 | 0.00 | 0.00 | 0.11 | 0.31 | 0.43 | 0.62 |
| Interest Coverage | -7.7 | -10.2 | -57.1 | -55.0 | -19.2 | -16.5 | -16.5 |
| Equity | -187M | 226M | 193M | 154M | 118M | 86M | 60M |
| Total Assets | 54M | 264M | 235M | 194M | 178M | 163M | 138M |
| Total Liabilities | 36M | 38M | 42M | 40M | 59M | 77M | 78M |
| Intangibles | 2.9M | 2.7M | 2.6M | 2.5M | 2.4M | 2.3M | 2.3M |
| Retained Earnings | -211M | -243M | -291M | -350M | -411M | -468M | -511M |
| Working Capital | 27M | 237M | 190M | 150M | 127M | 112M | 88M |
| Current Assets | 41M | 250M | 208M | 169M | 150M | 136M | 111M |
| Current Liabilities | 14M | 13M | 18M | 18M | 23M | 24M | 23M |
| Per Share Data | |||||||
| EPS | -11.66 | -3.16 | -1.35 | -1.59 | -1.60 | -1.44 | -1.41 |
| Owner EPS | -0.60 | -0.93 | -1.46 | -1.70 | -1.61 | -1.43 | -1.35 |
| Book Value | -5.25 | 6.11 | 5.36 | 4.16 | 3.11 | 2.19 | 1.46 |
| Cash Flow/Share | -0.58 | -0.83 | -1.15 | -1.22 | -0.99 | -0.81 | -1.35 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 35.7M | 37.0M | 36.0M | 37.1M | 38.0M | 39.2M | 41.2M |
| Valuation | |||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | -1.0 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | 10.3 | 6.1 | 1.9 | 4.2 | 3.1 | 1.0 |
| Price/Sales | N/A | 54.4 | 33.1 | 13.0 | 6.1 | 3.9 | 0.6 |
| FCF Yield | N/A | -1.3% | -3.8% | -16.2% | -7.7% | -12.6% | -54.8% |
| Market Cap | N/A | 2.3B | 1.2B | 287M | 498M | 262M | 59M |
| Avg. Price | N/A | 48.13 | 44.52 | 18.85 | 10.98 | 8.30 | 1.44 |
| Year-End Price | N/A | 63.18 | 32.55 | 7.74 | 13.09 | 6.70 | 1.44 |
Pulmonx Corp passes 2 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 72.1%. At current prices, the estimated annualized return to fair value is +5.6%.
Pulmonx Corp (LUNG) has a 5-year average return on invested capital (ROIC) of -32.1%. This is below average and may indicate limited pricing power.
Pulmonx Corp (LUNG) has a market capitalization of $59M. It is classified as a small-cap stock.
Pulmonx Corp (LUNG) does not currently pay a regular dividend.
Pulmonx Corp (LUNG) operates in the Surgical & Medical Instruments & Apparatus industry, within the Healthcare sector.
Pulmonx Corp (LUNG) reported annual revenue of $84 million in its most recent fiscal year, based on SEC EDGAR filings.
Pulmonx Corp (LUNG) has a net profit margin of -67.3%. The company is currently unprofitable.
Pulmonx Corp (LUNG) generated $-33 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Pulmonx Corp (LUNG) has a debt-to-equity ratio of 0.43. This indicates a conservatively financed balance sheet.
Pulmonx Corp (LUNG) reported earnings per share (EPS) of $-1.44 in its most recent fiscal year.
Pulmonx Corp (LUNG) has a return on equity (ROE) of -55.3%. A negative ROE may indicate losses or negative equity.
Pulmonx Corp (LUNG) has a 5-year average gross margin of 72.1%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 6 years of financial data for Pulmonx Corp (LUNG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Pulmonx Corp (LUNG) has a book value per share of $2.19, based on its most recent annual SEC filing.
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