Pulmonx Corp (NASDAQ: LUNG) is a medical device company that develops and sells minimally invasive treatment solutions for patients with severe emphysema. Revenue comes primarily from transactional product sales, specifically Zephyr Valves and delivery catheters sold to hospitals and distributors, with smaller contributions from the Chartis System (balloon catheters, console sales, and usage fees) and the LungTraX Platform. No single customer accounted for more than 10% of revenue during the years ended December 31, 2025 or December 31, 2024. The company sells through a direct sales force in the United States and through a combination of direct sales and third-party distributors in select international markets, with reimbursement coverage in major health systems across Europe, Australia, South Korea, and Japan. Glendon E. French serves as President and Chief Executive Officer. The company does not pay dividends and retains earnings to fund business development, as stated in the FY2025 10-K filed March 10, 2026.

Revenue model

Transactional product sales to hospitals and distributors. Primary revenue from Zephyr Valves and delivery catheters. Secondary revenue from Chartis System balloon catheters, console sales, and usage fees, plus the LungTraX Platform. Revenue fluctuates with procedure volume, average valves used per patient, pricing, discounts, and U.S. versus international sales mix (FY2025 10-K).

Products and services

Zephyr Valves and delivery catheters (primary revenue source); Chartis System comprising balloon catheters, usage fees, and the Chartis console; LungTraX Platform, launched in 2024, used to identify patients potentially eligible for Zephyr Valve treatment and involving processing of patient protected health information (PHI) as a HIPAA Business Associate.

Customers and end markets

Hospitals and distributors are the direct customers. End patients are individuals with severe emphysema. No single customer exceeded 10% of revenue in FY2025 or FY2024. The target clinical setting is pulmonology departments and emphysema centers of excellence.

Value-chain role

Medical device manufacturer and direct commercial seller. Sells through an in-house direct sales force in the United States and through direct sales plus third-party distributors in select international markets. Maintains a dedicated patient reimbursement support team in the United States to secure prior authorization approvals and educate private insurers.

Geographic exposure

United States (direct sales force). International markets including much of Europe, Australia, South Korea, and Japan, served via direct sales and third-party distributors. International reimbursement covered by major health systems in those regions (FY2025 10-K).

Competitors

Competitors with established relationships with pulmonologists treating emphysema patients (unnamed in filing excerpts), Providers of lung volume reduction surgery, Providers of lung transplantation, Providers of other minimally invasive emphysema treatments

Source: SEC 10-K, filed 2026-03-10

Industry: Surgical & Medical Instruments & Apparatus Peers: ATRION CORP BioLife Solutions Inc Bioventus Inc Rxsight Inc CERUS CORP OrthoPediatrics Corp SmileDirectClub, Inc. Utah Medical Products Inc UFP Technologies Inc