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Here are 1-3 brief analogies for Pulmonx:

• Like Edwards Lifesciences, but focused on developing interventional devices for severe lung diseases instead of heart conditions.
• Boston Scientific for lung conditions, specializing in minimally invasive devices for patients with severe COPD.

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• Zephyr® Endobronchial Valve (EBV): A minimally invasive device used to treat severe emphysema by blocking diseased parts of the lung, allowing healthier parts to expand and function better.
• Chartis® Pulmonary Assessment System: A diagnostic catheter and console system used to assess collateral ventilation within the lungs to determine patient suitability for Zephyr EBV treatment.
• StratX® Lung Analysis Platform: Cloud-based software that provides quantitative analysis of patient CT scans to aid physicians in treatment planning for severe emphysema.

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Pulmonx (symbol: LUNG) sells primarily to other companies.

The company manufactures and sells medical devices, primarily the Zephyr Endobronchial Valve used in procedures to treat severe emphysema. These devices are purchased by healthcare institutions where such procedures are performed.

Pulmonx's major customers are:

• Hospitals (acute care facilities)
• Healthcare systems and networks
• Specialized pulmonology clinics and treatment centers

The company typically does not disclose specific individual hospital systems or healthcare networks as "major customers" in its public filings, as its sales are distributed across numerous such facilities globally rather than being concentrated with a few specific entities.

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• Minnetronix Medical, Inc.
• West Pharmaceutical Services (WST)

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Glen French, President & Chief Executive Officer

Mr. French has over 30 years of experience in the medical device industry. He served as Pulmonx's President and Chief Executive Officer from December 2014 to March 2023, and resumed the position in October 2025. Prior to Pulmonx, he was President, Pulmonary Endoscopy at Boston Scientific Corporation following its acquisition of Asthmatx, Inc., which he co-founded and served as CEO. He also co-founded and was CEO of Broncus Technologies, Inc., and co-founded and was a Board Member of NDO Surgical, Inc.

Derrick Sung, Ph.D., Chief Operating Officer & Chief Financial Officer

Dr. Sung brings over 20 years of finance, strategy, and commercial experience in the medical device industry. He has served as Chief Operating Officer and Chief Financial Officer for Pulmonx since November 2025, and previously served as Chief Financial Officer from July 2018 to October 2023. Before his current role at Pulmonx, he was Chief Financial Officer at Aerin Medical until November 2025. Prior to joining Pulmonx in 2018, Dr. Sung was Executive Vice President, Strategy & Corporate Development at iRhythm Technologies, Inc., where he helped guide the company through a successful IPO. He also spent seven years on Wall Street as a senior equity research analyst covering the medical device sector.

Sri Radhakrishnan, Chief Technical Officer

Mr. Radhakrishnan has nearly 20 years of experience in the medical device industry. He joined Pulmonx in 2008 and previously served as Sr. Director/VP of R&D and Operations before being named Chief Technical Officer. His medical device career began at Medtronic AneuRx/AVE, and he held management positions in engineering and operations at Bacchus Vascular (Covidien), Foxhollow, and ev3.

Lisa Paul, Chief People Officer

Ms. Paul has over 30 years of Human Resources leadership experience across medical device, technology, services, and communications companies. Before joining Pulmonx, she served as Chief People Officer at Natus Medical Incorporated from 2019-2022 and as EVP, Chief Human Resources Officer at Oclaro Technology Incorporated from 2014-2018. She has also held HR leadership roles at Flex, Cisco Systems, and Sun Microsystems.

David Lehman, General Counsel

Mr. Lehman has nearly 20 years of experience as General Counsel and Secretary for public medical device companies. He joined Pulmonx after serving as General Counsel at Intersect ENT and Thoratec Corporation. He has provided legal counsel to management teams and boards of directors on a range of legal, strategic, and compliance matters.

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The key risks to Pulmonx's business include its ongoing unprofitability and cash burn, heavy reliance on its primary product with slower-than-anticipated market adoption, and product-specific complications and regulatory hurdles.

1. Ongoing Net Losses and Cash Consumption: Pulmonx has a history of substantial net losses and continues to consume capital at a rapid rate, with operating expenses significantly exceeding revenue. For example, the company reported a net loss of $14.0 million in Q3 2025, and its operating expenses-to-revenue ratio was around 140% for the full year 2025. This persistent unprofitability and high cash burn rate pose a significant risk to the company's financial stability and its ability to achieve sustainable operations without needing to raise additional capital.
2. Heavy Reliance on a Single Product and Slow Market Adoption: The company's business model is heavily dependent on the success and adoption of its single primary product, the Zephyr Endobronchial Valve. Despite international markets performing well, adoption in the U.S. market has been slower than anticipated, challenging the company's revenue growth targets and overall business scalability. The company's financial performance is therefore highly sensitive to the continued acceptance by hospitals, physicians, and patients, which can be resistant to change.
3. Product-Associated Risks, Manufacturing, and Regulatory Hurdles: The use of the Zephyr Valve involves inherent risks and can lead to complications, including pneumothorax or even death, and it is contraindicated in certain patients. These product-associated risks, along with potential manufacturing challenges and evolving regulatory hurdles, could limit the widespread adoption of the device and negatively impact Pulmonx's business and financial performance.

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Pulmonx Corporation (NASDAQ: LUNG) focuses on minimally invasive treatments for severe lung disease, primarily emphysema/COPD. The company's main products include the Zephyr® Endobronchial Valve, the Chartis® Pulmonary Assessment System, and the StratX® Lung Analysis Platform.

The estimated global addressable market for Pulmonx's Zephyr Valves, which are used to treat severe emphysema, is approximately $12 billion. This estimation is based on approximately 1.2 million severe emphysema patients globally who may be eligible for Zephyr Valve treatment.

Additionally, Pulmonx is developing the AeriSeal® lung sealing system, which, if successfully developed and approved, is expected to expand the treatable patient population and further increase the addressable market for their solutions by making Zephyr Valve treatment accessible to patients with collateral ventilation.

For context, the broader global endobronchial valves market, which includes products like the Zephyr Valve, was valued at USD 171.15 million in 2023 and is projected to grow to USD 275.83 million by 2030. Another estimate places the global endobronchial valves market at USD 284.76 million by 2032. North America is identified as a region with significant market share and expected high growth in the endobronchial valves market.

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Pulmonx (NASDAQ: LUNG) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies centered around its Zephyr Endobronchial Valve and pipeline innovations.

1. Increased Adoption and Market Penetration of Zephyr Valves: Pulmonx's primary revenue driver is expected to continue to be the increased adoption and utilization of its Zephyr Endobronchial Valves. The company's "Acquire, Test, and Treat" strategy, which focuses on enhancing patient identification and therapy adoption, is a core component of this growth. Efforts include expanding the number of treatment centers and training more physicians to perform the procedure, thereby broadening patient access in both domestic and international markets.
2. International Market Expansion: Significant growth is projected from Pulmonx's international business. The company has reported strong international revenue growth, particularly in markets such as Europe and Asia, including Japan and China. Continued expansion within these and other global markets, driven by increasing awareness and demand for Zephyr Valves, is expected to be a substantial contributor to future revenue.
3. Commercialization and Adoption of the AeriSeal System: The AeriSeal System represents a key product pipeline catalyst. Currently undergoing the CONVERT II pivotal trial, this system is designed to enable Zephyr Valve treatment for patients with collateral ventilation, who are currently ineligible. Positive 6-month data from the trial, expected in early 2026, could lead to FDA approval and significantly expand the addressable patient population for Pulmonx's therapies, with revenue contributions anticipated post-approval and commercial launch.
4. Enhanced Patient Identification through AI-Powered Tools and Direct-to-Patient Initiatives: Pulmonx is investing in strategies to improve patient identification, including the rollout of its AI-powered LungTraX Detect system. This tool aims to identify eligible emphysema patients from routine CT scans, expanding the funnel of potential candidates for Zephyr Valve treatment. Additionally, direct-to-patient advertising campaigns are driving significant patient engagement and inquiries, increasing awareness and leading to more patient referrals.

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Share Repurchases

• In November 2022, Pulmonx repurchased 14,459 shares of unvested common stock from former employees upon termination of employment, at an average price of $1.87 per share.

Share Issuance

• Pulmonx completed its Initial Public Offering (IPO) on September 30, 2020.
• The company regularly issues shares under its equity incentive plans and employee stock purchase plans, with Form S-8 filings occurring annually since 2020 to register these shares.
• In March 2024, Pulmonx registered 2,556,220 shares of Common Stock for issuance, including shares for its 2020 Equity Incentive Plan, 2020 Employee Stock Purchase Plan, and inducement awards.

Inbound Investments

• Pulmonx raised $66 million in a Series D funding round on May 5, 2020, with Ally Bridge Group leading the investment.
• The company's Initial Public Offering (IPO) in September 2020 served as a significant inbound investment from public markets.

Capital Expenditures

• Specific dollar values for capital expenditures over the last 3-5 years are not explicitly detailed in available public information.
• The company has focused on continued investments in commercial activities and clinical development costs related to its AeriSeal program.
• Pulmonx is committed to a "full investment" in its "acquire, test, and treat" strategy to support growth and market expansion.