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Pulmonx Reports Fourth Quarter and Full Year 2020 Financial Results

Redwood City, CA – March 2, 2021
– Pulmonx Corporation (Nasdaq: LUNG) (“Pulmonx” or the "Company"), a global leader in minimally invasive treatments for lung disease, today reported financial results for the fourth quarter and full year of 2020 ended December 31, 2020.

Recent Highlights
Achieved full year 2020 worldwide revenue of $32.7M, including 51% year-over-year sales growth in the U.S. despite challenges posed by the pandemic
Expanded base of U.S. treatment centers for Zephyr Valve by over 50% since the start of 2020
Increased the number of U.S. sales representatives by over 40% since the start of the 2020

“In closing out 2020, we are encouraged by the demonstrable resilience of our business and underlying demand for the Zephyr Valve. Although we faced headwinds from COVID-19 through the fourth quarter and into the first two months of 2021, recent signals indicate that procedure volumes are now recovering,” said Glen French, President & Chief Executive Officer. “With our expanded commercial footprint and the continued interest from patients and providers in the Zephyr Valve, we expect to reaccelerate growth as the pandemic subsides.”

Fourth Quarter 2020 Financial Results
Total worldwide revenue in the fourth quarter of 2020 was $9.8 million, a 5% decline from $10.3 million in the fourth quarter of 2019 and a decline of 8% on a constant currency basis. U.S. revenue was $4.9 million, a 4% increase compared to the fourth quarter of 2019. International revenue was $5.0 million, a 12% decrease compared to the fourth quarter of 2019, and a 17.0% decrease on a constant currency basis. The increase in U.S. revenue was driven by increased sales of the Zephyr Valve as we expanded commercialization efforts, while the decrease in international revenue was due to the continued impact of the COVID pandemic on our business.

Gross profit in the fourth quarter of 2020 was $7.1 million, compared to $7.3 million for the fourth quarter of 2019. Gross margin for the fourth quarter of 2020 was 72.0%, up from 70.9% for the same period in 2019.

Operating expenses in the fourth quarter of 2020 were $16.4 million, compared to $11.6 million for the fourth quarter of 2019, representing an increase of 41%. The increase in operating expenses was primarily driven by an increase in stock-based compensation, personnel-related expenses to expand our commercial, research and development, and general and administrative functions, as well as expenses associated with operating as a public company.

Net loss in the fourth quarter of 2020 was $9.3 million, or $0.27 per share, compared to a net loss of $4.7 million, or $2.48 per share, for the same period in 2019.

Full Year 2020 Financial Results
Total worldwide revenue for the full year of 2020 was $32.7 million, a 0.4% increase from $32.6 million for the full year of 2019 and a decline of 0.5% on a constant currency basis. U.S. revenue was $16.2 million, a 51% increase compared to the full year of 2019. International revenue was $16.5 million, a 24% decrease compared to the full year of 2019, and a 26% decrease on a constant currency basis. The increase in U.S. revenue was driven by increased sales of the Zephyr Valve as we expanded commercialization efforts while the decrease in international revenue was due to the impact of the COVID pandemic on our business.

Gross profit for the full year of 2020 was $21.2 million, compared to $22.4 million for the full year of 2019. Gross margin for the full year of 2020 was 64.8%, down from 68.8% for the same period in 2019. The decrease in gross margin was due to a temporary slowdown in production resulting from the COVID pandemic.



The following information was filed by Pulmonx Corp (LUNG) on Tuesday, March 2, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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