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Pulmonx
Pulmonx commercialized the Zephyr Valve, the first FDA-approved implant for severe emphysema.
Pulmonx
Pulmonx was founded in 1998 and raised capital as a private medical device company for 22 years before going public on Nasdaq (LUNG) in October 2020. The company was built around technology originating from the University of Washington and the Fred Hutchinson Cancer Research Center, where researchers developed a bronchoscopic approach to reducing hyperinflation in damaged lungs. CEO Glendon French has led the company since 2015, steering the Zephyr Valve through the key regulatory milestones and international commercialization that preceded the IPO. The Zephyr Valve targets a subset of COPD patients with severe emphysema and no collateral ventilation — identifiable through the company's proprietary Chartis System diagnostic. The valves are placed via bronchoscope, blocking airflow to diseased lung lobes so healthier tissue can expand and function. Pulmonx sells into three channels: capital equipment for the Chartis diagnostic, disposable valves per procedure, and service contracts. Beyond the US market, the Zephyr Valve holds CE Mark in Europe and approvals in multiple Asian markets including Japan, where the aging demographic presents a structural demand tailwind. Competitors include Olympus with its Spiration Valve System, though Pulmonx maintains a first-mover advantage in the bronchoscopic lung volume reduction category with the broadest clinical evidence base. The company operates with a commercial team spanning the United States, Germany, France, the UK, and Japan. Its Redwood City headquarters house R&D, manufacturing, and G&A functions. Pulmonx reported full-year 2023 revenue of $68.7 million (per the firm, February 2024), up from $53.7 million in 2022, and ended the year with approximately 270 employees. The company has not disclosed plans to diversify beyond its core emphysema franchise, instead focusing on penetrating the estimated $3 billion global addressable market. Pulmonx sits at an unusual intersection — a public company that still behaves like a clinical-stage device firm, with adoption gated by hospital training, physician reimbursement codes, and the slow grind of guideline inclusion. Its structural differentiator is the locked-pair relationship between the diagnostic (Chartis) and the therapeutic (Zephyr Valve), creating a recurring revenue logic that resembles a razor-and-blade model more common in surgical robotics than in interventional pulmonology.
General information
Firm type
Asset Manager
Year founded
1998
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Redwood City
Corporate office
Redwood City, CA, United States
Principals
Glendon French
Chief Executive Officer
Sector focus
Frequently asked questions
What does Pulmonx's Zephyr Valve actually do?
The Zephyr Valve is a one-way silicone implant placed via bronchoscope into the most damaged lobe of an emphysema patient's lung. It blocks airflow during inhalation but allows trapped air and secretions to escape, causing the diseased lobe to collapse. Healthier lobes then expand, improving breathing mechanics. The therapy is specifically for patients with little to no collateral ventilation between lobes, which Pulmonx identifies using its Chartis System diagnostic.
How does Pulmonx generate revenue?
Pulmonx sells the Chartis System console as a capital purchase to hospitals, then derives recurring revenue from the disposable Zephyr Valve kits used per procedure. Each patient typically receives four to five valves. As of 2023, US revenue accounted for roughly 60% of total sales, with international markets — including Germany, Japan, and France — contributing the balance.
What is Pulmonx's competitive position in bronchoscopic lung volume reduction?
Pulmonx holds the broadest FDA label and the deepest clinical evidence base in the category, including the pivotal LIBERATE trial published in the American Journal of Respiratory and Critical Care Medicine. The primary competitor is Olympus, which markets the Spiration Valve System. Pulmonx's locked diagnostic-therapeutic pair — Chartis plus Zephyr — creates a system-level moat that a me-too valve alone cannot easily replicate.
When did Pulmonx go public and how was it funded prior?
Pulmonx completed its IPO on Nasdaq under the ticker LUNG in October 2020, pricing shares at $19 and raising roughly $190 million. Before going public, the company raised over $150 million across private rounds from investors including Ally Bridge Group, Adage Capital Management, and Boston Scientific Corporation.
Who leads Pulmonx's commercial and clinical strategy?
Glendon French has served as CEO and President since 2015. He came to Pulmonx from Vertiflex, another spinal device company that was later acquired by Boston Scientific. French has focused the organization on building out US sales territories, expanding the Japanese reimbursement pathway, and generating the real-world registry evidence that pulmonary societies require for guideline endorsement.
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