Adjusted EBITDA loss was $8.4 million compared to $7.6 million last year.
Cash, cash equivalents and marketable securities totaled $84.2 million at quarter end, down $4.5 million from March 31, 2025, with total cash utilization for the first half of 2025 at $17.3 million.
Gross margin was 72%, down from 74% last year, primarily due to a shift in geographic revenue mix with more international and distributor sales.
International revenue reached a record $9.1 million, a 32% increase compared to $6.9 million last year and a 27% increase on a constant currency basis, driven by growth in Europe and Asia.
Net loss was $15.2 million or $0.38 per share, compared to a net loss of $15.3 million or $0.39 per share last year.
Pulmonx reported second quarter 2025 revenue of $23.9 million, a 15% increase from $20.8 million in the same period last year and a 13% increase on a constant currency basis.
Research and development expenses were $5.3 million, down from $5.6 million last year due to a one-time impairment charge in 2024; excluding that, R&D spending increased 36%.
Sales, general and administrative expenses increased 5% to $26.7 million, driven by investments in commercial efforts including direct-to-patient outreach.
Total operating expenses were $32 million, a 3% increase from $30.9 million last year, with noncash stock-based compensation at $5.6 million.
U.S. revenue was $14.7 million, up 6% from $13.9 million in the prior year period but below expectations due to tough year-over-year comparisons and operational pressures.
Adjusted earnings per share increased 27% to $0.79 in Q2, with first half adjusted EPS up 42% driven by margin expansion and reduced interest expenses.
Adjusted EBITDA margin was flat year-over-year at 17.2%, with year-to-date margin expansion of 75 basis points.
Enovis reported second quarter 2025 sales of $565 million, a 7% increase year-over-year and 5% organic growth on a constant currency basis.
Gross margins improved by 90 basis points in the quarter and 200 basis points year-to-date, driven by favorable product mix and productivity programs.
Interest expense decreased to $9 million from $17 million in the prior year quarter.
The company delivered positive free cash flow in Q2 despite $6 million in tariff payments.
Dafinchi