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pulmonx Pulmonx Reports Third Quarter 2021 Financial Results November 2 , 2021 REDWOOD CITY , Calif . , Nov. 02 , 2021 ( GLOBE NEWSWIRE ) Pulmonx Corporation ( Nasdaq : LUNG ) ( “ Pulmonx " or the " Company " ) , a global leader in minimally invasive treatments for severe lung disease , today reported financial results for the third quarter ended September 30 , 2021 . Recent Highlights -- • Achieved worldwide revenue of $ 13.3 million in the third quarter of 2021 , a 25 % increase over the same period last year • Realized gross margin of 73 % in the third quarter of 2021 as compared to 70 % in the same period last year • Added 18 new U.S. Zephyr® Valve treating centers , increasing the total to 198 • Announced positive coverage policy decisions from Anthem Blue Cross Blue Shield , Blue Cross Blue Shield of Michigan and Horizon Blue Cross Blue Shield of New Jersey , collectively representing approximately 44 million incremental covered lives • Achieved milestone of treating over 25,000 patients worldwide with Zephyr® Valves " Despite facing significant headwinds from COVID , we are proud to have achieved record sales in the third quarter as we benefitted from particularly strong performance in less impacted geographies , " said Glen French , President & Chief Executive Officer . " Underlying demand for our Zephyr Valve treatment continues to grow and we remain encouraged by strong patient screening volumes , the rate at which we opened new treating centers , and our success in broadly securing positive payor coverage . " Third Quarter 2021 Financial Results Total worldwide revenue in the third quarter of 2021 was $ 13.3 million , a 25 % increase from $ 10.6 million in the third quarter of 2020 and an increase of 23 % on a constant currency basis . U.S. revenue was $ 6.9 million , a 28 % increase compared to the third quarter of 2020. International revenue was $ 6.4 million , a 22 % increase compared to the third quarter of 2020 , and a 18 % increase on a constant currency basis . The increase in revenue reflects strong commercial momentum and procedure volume growth in geographic regions less impacted by COVID during the quarter , offset by lower growth in regions where COVID impacted the ability for hospitals to perform procedures . Gross profit in the third quarter of 2021 was $ 9.7 million , compared to $ 7.5 million in the third quarter of 2020. Gross margin for the third quarter of 2021 was 73 % , up from 70 % for the same period in 2020. The improvement in gross margin benefited from increased production throughput and the realization of production efficiencies . Operating expenses in the third quarter of 2021 were $ 19.5 million , compared to $ 12.8 million in the third quarter of 2020 , representing an increase of 52 % . The increase in operating expenses was primarily driven by an investment in personnel to expand our commercial , research and development , and general and administrative functions , stock - based compensation , and expenses associated with operating as a public company . Net loss in the third quarter of 2021 was $ 10.2 million , or $ 0.28 per share , compared to a net loss of $ 3.9 million , or $ 1.37 per share , for the same period in 2020 . Cash , cash equivalents , and marketable securities totaled $ 202.6 million as of September 30 , 2021 . 2021 Financial Outlook Pulmonx is maintaining its full year 2021 revenue guidance in the range of $ 49 to $ 51 million . With COVID - 19 continuing to pose uncertainty , the Company expects full year 2021 revenue to fall near the low end of this range , representing at least 50 % growth over the Company's full year 2020 revenue . Pulmonx now expects total operating expenses for the full year 2021 to fall within the range of $ 83 to $ 85 million inclusive of stock - based compensation . Webcast and Conference Call Details Pulmonx will host a conference call today , November 2 , 2021 , at 1:30 p.m. PT / 4 : 30 p.m. ET to discuss its third quarter 2021 financial results . The dial - in numbers are ( 833 ) 614-1518 for domestic callers or ( 270 ) 823-1072 for international callers . The conference ID is 9545716. A live webcast of the conference call will be available on the Investor Relations section of the Company's website at https://investors.pulmonx.com/ . The webcast will be archived on the website following the completion of the call . Use of Non - GAAP Financial Measures Pulmonx has presented constant currency percentage change in revenues , a non - GAAP financial measure , in this press release . Constant currency calculations show reported current period revenues as if the foreign exchange rates remain the same as those in effect in the comparable prior year period . Pulmonx uses results on a constant currency basis as one measure to evaluate its performance . Pulmonx calculates constant currency by calculating current - year results using foreign currency exchange rates from the applicable comparable period in the prior year . Pulmonx generally refers to such amounts calculated on a constant currency basis as excluding the impact of foreign exchange or being on a constant currency basis . Reconciliation of this non - GAAP financial measure to the most comparable GAAP measure is set forth in the tables below .