Pulmonx makes and sells the Zephyr Endobronchial Valve, a minimally invasive treatment for severe emphysema. The Zephyr Valve is a small, one-way valve implanted via bronchoscope that blocks airways to a diseased lung lobe, causing it to deflate and allowing healthier portions of the lung to expand. The procedure takes roughly an hour, uses an average of four valves per patient, and is reversible. Pulmonx's business model is consumable-driven: valves and their delivery catheters are single-use products sold to hospitals on a per-procedure basis, so revenue scales directly with procedure volume. Pulmonx also sells the Chartis Pulmonary Assessment System, a balloon catheter used to determine patient eligibility before valve placement, and the LungTraX Platform, a cloud-based CT tool that identifies eligible patients and manages the care workflow. Pulmonx sells directly to hospitals in the U.S. and major international markets, targeting interventional pulmonologists and referring community pulmonologists. The U.S. represents roughly 63% of revenue, with the remainder driven by Europe and China. The company's primary growth levers are deepening procedure volume at existing hospital accounts, adding new treating centers, and improving the efficiency of the multi-step patient identification and workup process. Pulmonx is also developing AeriSeal, a foam therapy that could expand its addressable patient pool by converting currently ineligible patients into Zephyr Valve candidates.