Pulmonx Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Pulmonx Corp. has submitted its annual 10-K filing for the fiscal year 2023.</b>

AI Summary

Pulmonx Corp (LUNG) filed a Annual Report (10-K) with the SEC on February 27, 2024. Pulmonx Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 700 Chesapeake Drive, Redwood City, CA 94063. Pulmonx Corp. is incorporated in Delaware. The SIC code for Pulmonx Corp. is 3841 (Surgical & Medical Instruments & Apparatus).

Why It Matters

For investors and stakeholders tracking Pulmonx Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Pulmonx Corp.'s financial performance, business operations, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's health and future prospects. The detailed financial statements and disclosures within the 10-K allow stakeholders to understand the company's revenue, expenses, assets, liabilities, and cash flows, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — Pulmonx Corp shows moderate risk based on this filing. The company's financial performance and future growth are subject to market adoption of its medical devices and competition, as indicated by its SIC code in the surgical and medical instruments sector.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Pulmonx Corp.'s operational performance and market position.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-02-27 — Filed As Of Date (Filing Date)
• 001-39562 — SEC File Number (SEC Filing Information)
• 3841 — Standard Industrial Classification (Company Industry)

Key Players & Entities

• Pulmonx Corp (company) — Filer
• 700 Chesapeake Drive (address) — Business Address
• Redwood City (city) — Business Address
• CA (state) — Business Address
• 94063 (zip_code) — Business Address
• DE (state) — State of Incorporation
• 3841 (sic_code) — Standard Industrial Classification
• 20231231 (date) — Conformed Period of Report

FAQ

Industry Context

Pulmonx Corp operates in the surgical and medical instruments and apparatus industry, focusing on devices for respiratory conditions.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business and financial condition.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the risk factors section for potential challenges and uncertainties.
3. Compare the 2023 financial results with previous years to identify trends.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-27: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023, providing the latest annual financial and operational data for Pulmonx Corp.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share LUNG The Nasdaq Sto
• $68.7 m — mber 31, 2023. We generated revenue of $68.7 million, with a gross margin of 73.9% and
• $60.8 m — gross margin of 73.9% and a net loss of $60.8 million, for the year ended December 31,
• $53.7 m — ecember 31, 2023 compared to revenue of $53.7 million, with a gross margin of 74.3% and
• $58.9 m — gross margin of 74.3% and a net loss of $58.9 million, for the year ended December 31,
• $411.2 million — 2023, we had an accumulated deficit of $411.2 million. We currently generate most of our reve
• $12 billion — bal market opportunity of approximately $12 billion. As of 2018, approximately 3.8 million
• $5 billion — .S. market opportunity of approximately $5 billion. Emphysema is diagnosed through a comb

Filing Documents

• lung-20231231.htm (10-K) — 1956KB
• exhibit10_30pulmonx-amende.htm (EX-10.30) — 36KB
• exhibit23_1bdoconsentfy23.htm (EX-23.1) — 2KB
• exhibit31_1x123123.htm (EX-31.1) — 9KB
• exhibit31_2x123123.htm (EX-31.2) — 9KB
• exhibit32_1x123123.htm (EX-32.1) — 6KB
• exhibit32_2x123123.htm (EX-32.2) — 5KB
• lung-20231231_g1.jpg (GRAPHIC) — 86KB
• lung-20231231_g10.jpg (GRAPHIC) — 180KB
• lung-20231231_g11.jpg (GRAPHIC) — 269KB
• lung-20231231_g12.jpg (GRAPHIC) — 181KB
• lung-20231231_g13.jpg (GRAPHIC) — 706KB
• lung-20231231_g2.jpg (GRAPHIC) — 186KB
• lung-20231231_g3.jpg (GRAPHIC) — 1070KB
• lung-20231231_g4.jpg (GRAPHIC) — 14KB
• lung-20231231_g5.jpg (GRAPHIC) — 1081KB
• lung-20231231_g6.jpg (GRAPHIC) — 1091KB
• lung-20231231_g7.jpg (GRAPHIC) — 20KB
• lung-20231231_g8.jpg (GRAPHIC) — 53KB
• lung-20231231_g9.jpg (GRAPHIC) — 132KB
• exhibit97_1xpulmonxclawbac.htm (EX-97.1) — 56KB
• 0001127537-24-000024.txt (&nbsp;) — 23787KB
• lung-20231231.xsd (EX-101.SCH) — 59KB
• lung-20231231_cal.xml (EX-101.CAL) — 115KB
• lung-20231231_def.xml (EX-101.DEF) — 278KB
• lung-20231231_lab.xml (EX-101.LAB) — 948KB
• lung-20231231_pre.xml (EX-101.PRE) — 594KB
• lung-20231231_htm.xml (XML) — 1296KB

Risk Factors

Item 1A. Risk Factors 31

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 88

Cybersecurity

Item 1C. Cybersecurity 88

Properties

Item 2. Properties 89

Legal Proceedings

Item 3. Legal Proceedings 89

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 89 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 90

Reserved

Item 6. Reserved 90

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 91

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 104

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 105

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 148

Controls and Procedures

Item 9A. Controls and Procedures 148

Other Information

Item 9B. Other Information 150

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 150 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 151

Executive Compensation

Item 11. Executive Compensation 152

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 152

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 153

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 154 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 155

Form 10-K Summary

Item 16. Form 10-K Summary 158

SIGNATURES

SIGNATURES 159 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, or Exchange Act. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith beliefs as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify forward-looking statements by terms such as "may," "might," "will," "objective," "intend," "should," "could," "can," "would," "expect," "believe," "anticipate," "project," "target," "design," "estimate," "predict," "potential," "plan" or the negative of these terms, or similar expressions and comparable terminology intended to identify forward-looking statements. These statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties, including those set forth in Part I, Item 1A "Risk Factors" and elsewhere in this Annual Report on Form 10-K. Forward-looking statements include, but are not limited to, statements about: our ability to design, develop, manufacture and market innovative products to treat patients with challenging medical conditions, particularly thos

BUSINESS

ITEM 1. BUSINESS Overview 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. 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 June 2018, we received pre-market approval ("PMA") by the U.S. Food and Drug Administration ("FDA"). The Zephyr Valve is now commercially available in more than 25 countries, with over 100,000 valves used to treat more than 25,000 patients. 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. Over 100 scientific articles have been published regarding the clinical benefits of Zephyr Valves, including multiple meta-analyses, review articles, cost-effectiveness analyses and risk-benefit analyses. The Zephyr Valve showed statistically significant improvements in lung function, exercise capacity and quality of life when compared to medical management alone in multiple randomized controlled clinical trials. Additionally, independent studies have demonstrated that Zephyr Valves deliver increases in the BODE Index (a multi-dimensional health status scoring system for patients with COPD) that have been associated with long-term survival benefits. We market and sell our products in the United States through

View Full Filing

View this 10-K filing on SEC EDGAR