Pulmonx Corp. Files Q3 2024 10-Q

TL;DR

**Pulmonx Q3 2024 10-Q filed. Financials and operations detailed.**

AI Summary

Pulmonx Corp. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the company, which is involved in the surgical and medical instruments and apparatus industry. Specific financial figures and operational highlights are presented within the report.

Why It Matters

This filing provides investors and stakeholders with the latest financial health and operational status of Pulmonx Corp., crucial for understanding the company's performance in the medical device sector.

Risk Assessment

Risk Level: medium — As a medical device company, Pulmonx faces inherent risks related to product development, regulatory approvals, market adoption, and competition.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 2024-11-01 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2024-01-01 to 2024-09-30 — Year-to-Date Period (Covers the first nine months of the fiscal year 2024.)
• 2023-01-01 to 2023-09-30 — Prior Year-to-Date Period (Covers the first nine months of the fiscal year 2023 for comparison.)

Key Players & Entities

• Pulmonx Corp (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241101 (date) — Filing date of the report
• 700 Chesapeake Drive, Redwood City, CA 94063 (address) — Company's business and mailing address

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share LUNG The Nasdaq Sto

Filing Documents

• lung-20240930.htm (10-Q) — 1648KB
• exhibit31_1x110124.htm (EX-31.1) — 10KB
• exhibit31_2x110124.htm (EX-31.2) — 10KB
• exhibit32_1x110124.htm (EX-32.1) — 6KB
• exhibit32_2x110124.htm (EX-32.2) — 6KB
• 0001127537-24-000087.txt ( ) — 8248KB
• lung-20240930.xsd (EX-101.SCH) — 53KB
• lung-20240930_cal.xml (EX-101.CAL) — 96KB
• lung-20240930_def.xml (EX-101.DEF) — 235KB
• lung-20240930_lab.xml (EX-101.LAB) — 724KB
• lung-20240930_pre.xml (EX-101.PRE) — 506KB
• lung-20240930_htm.xml (XML) — 1082KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 5

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 5 Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Operations and Comprehensive Loss 7 Condensed Consolidated Statements of Stockholders' Equity 8 Condensed Consolidated Statements of Cash Flows 10 Notes to Unaudited Condensed Consolidated Financial Statements 12

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 43

Controls and Procedures

Item 4. Controls and Procedures 44

OTHER INFORMATION

PART II. OTHER INFORMATION 45

Legal Proceedings

Item 1. Legal Proceedings 45

Risk Factors

Item 1A. Risk Factors 46

Unregistered Sales of Securities and Use of Proceeds

Item 2. Unregistered Sales of Securities and Use of Proceeds 103

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 103

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 103

Other Information

Item 5. Other Information 103

Exhibits

Item 6. Exhibits 104

Signatures

Signatures 106 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations and financial condition, business strategy, plans, and objectives of management for future operations and statements that are necessarily dependent upon future events are forward-looking statements. In some cases, you can identify forward-looking statements by words 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 other similar expressions, although not all forward-looking statements contain these words. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of known and unknown risks, uncertainties, and assumptions, including risks described in the section entitled "Risk Factors." These risks are not exhaustive. Other sections of this Quarterly Report on Form 10-Q include additional factors that could harm our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors nor can we assess the impact of all factors on our bu

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements Pulmonx Corporation Condensed Consolidated Balance Sheets (in thousands, except share and per share amounts) (unaudited) September 30, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 63,312 $ 83,547 Restricted cash 258 237 Short-term marketable securities 44,467 33,555 Accounts receivable, net 11,670 12,105 Inventory 16,959 16,743 Prepaid expenses and other current assets 4,263 4,235 Total current assets 140,929 150,422 Long-term marketable securities — 14,390 Long-term inventory 2,266 2,580 Property and equipment, net 2,983 4,028 Goodwill 2,333 2,333 Intangible assets, net — 31 Right of use assets 18,236 3,406 Other long-term assets 654 591 Total assets $ 167,401 $ 177,781 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 4,576 $ 1,497 Accrued liabilities 12,779 16,234 Income taxes payable 74 93 Deferred revenue 109 104 Short-term debt 99 2,155 Current lease liabilities 663 3,074 Total current liabilities 18,300 23,157 Deferred tax liability 129 114 Long-term lease liabilities 17,910 1,106 Long-term debt 37,137 35,089 Total liabilities 73,476 59,466 Commitments and contingencies (Note 8) 5 Table of Contents Stockholders' equity Preferred stock, $ 0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding as of September 30, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value, 200,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 39,487,879 shares issued and outstanding as of September 30, 2024 and 38,516,383 shares issued and outstanding as of December 31, 2023 39 39 Additional paid-in capital 545,732 526,797 Accumulated other comprehensive income 2,534 2,640 Accumulated deficit ( 454,380 ) ( 411,161 ) Total stockholders' equity 93,925 118,315 Total liabilities and stockholders' equity $ 167,401 $ 177,781 The accompanying notes are an integral part of these unaudited interim c

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View this 10-Q filing on SEC EDGAR