Pulmonx Corp Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Pulmonx Corp has an operating margin of -68.9%, meaning the company retains $-69 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -90.2% the prior year.
Pulmonx Corp's revenue surged 22.0% year-over-year to $83.8M, reflecting rapid business expansion. This strong growth earns a score of 91/100.
Pulmonx Corp carries a low D/E ratio of 0.40, meaning only $0.40 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 5.58, Pulmonx Corp holds $5.58 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While Pulmonx Corp generated -$31.5M in operating cash flow, capex of $1.4M consumed most of it, leaving -$33.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Pulmonx Corp passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Pulmonx Corp generates $0.56 in operating cash flow (-$31.5M OCF vs -$56.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Pulmonx Corp earns $-16.5 in operating income for every $1 of interest expense (-$57.7M vs $3.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows Pulmonx Corp (LUNG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Pulmonx Corp generated $83.8M in revenue in fiscal year 2024. This represents an increase of 22.0% from the prior year.
Pulmonx Corp's EBITDA was -$56.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.5% from the prior year.
Pulmonx Corp generated -$33.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 14.1% from the prior year.
Pulmonx Corp reported -$56.4M in net income in fiscal year 2024. This represents an increase of 7.3% from the prior year.
Pulmonx Corp earned $-1.44 per diluted share (EPS) in fiscal year 2024. This represents an increase of 10.0% from the prior year.
Pulmonx Corp held $70.9M in cash against $34.0M in long-term debt as of fiscal year 2024.
Pulmonx Corp had 40M shares outstanding in fiscal year 2024. This represents an increase of 3.3% from the prior year.
Pulmonx Corp's gross margin was 74.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 0.1 percentage points from the prior year.
Pulmonx Corp's operating margin was -68.9% in fiscal year 2024, reflecting core business profitability. This is up 21.3 percentage points from the prior year.
Pulmonx Corp's net profit margin was -67.3% in fiscal year 2024, showing the share of revenue converted to profit. This is up 21.3 percentage points from the prior year.
Pulmonx Corp invested $17.6M in research and development in fiscal year 2024. This represents a decrease of 2.8% from the prior year.
Pulmonx Corp invested $1.4M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 79.3% from the prior year.
LUNG Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $21.5M-9.9% | $23.9M+5.9% | $22.5M-5.2% | $23.8M+14.3% | $20.8M+10.2% | $18.9M-2.2% | $19.3M+9.1% | $17.7M |
| Cost of Revenue | $5.5M-18.1% | $6.7M+7.4% | $6.2M+0.3% | $6.2M+12.8% | $5.5M+14.7% | $4.8M-2.1% | $4.9M+5.2% | $4.6M |
| Gross Profit | $16.1M-6.7% | $17.2M+5.3% | $16.3M-7.1% | $17.6M+14.9% | $15.3M+8.7% | $14.1M-2.2% | $14.4M+10.5% | $13.0M |
| R&D Expenses | $4.8M-8.7% | $5.3M+11.6% | $4.8M+18.9% | $4.0M-28.7% | $5.6M+33.4% | $4.2M+8.0% | $3.9M-7.7% | $4.2M |
| SG&A Expenses | $25.6M-4.1% | $26.7M+2.1% | $26.1M-3.2% | $27.0M+6.7% | $25.3M+3.7% | $24.4M-0.1% | $24.4M+1.8% | $24.0M |
| Operating Income | -$14.4M+2.8% | -$14.8M-1.7% | -$14.6M-8.5% | -$13.4M+14.1% | -$15.6M-7.5% | -$14.5M-4.4% | -$13.9M+8.3% | -$15.2M |
| Interest Expense | $805K+0.8% | $799K+2.3% | $781K-7.2% | $842K-5.5% | $891K+0.9% | $883K-2.3% | $904K+1.2% | $893K |
| Income Tax | $128K-27.7% | $177K+31.1% | $135K+255.3% | $38K-54.8% | $84K-54.8% | $186K-25.0% | $248K+320.3% | $59K |
| Net Income | -$14.0M+8.0% | -$15.2M-5.0% | -$14.4M-9.7% | -$13.2M+14.0% | -$15.3M-11.5% | -$13.7M+1.0% | -$13.9M+6.8% | -$14.9M |
| EPS (Diluted) | $-0.34+10.5% | $-0.38-5.6% | $-0.36-9.1% | $-0.33+15.4% | $-0.39-8.3% | $-0.360.0% | $-0.36+7.7% | $-0.39 |
LUNG Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $138.3M-6.1% | $147.2M-2.4% | $150.7M-7.4% | $162.8M-5.7% | $172.6M+4.9% | $164.6M-7.4% | $177.8M-3.9% | $185.0M |
| Current Assets | $111.2M-7.3% | $120.0M-3.2% | $123.9M-9.0% | $136.2M-6.8% | $146.2M-1.2% | $147.9M-1.7% | $150.4M+2.1% | $147.4M |
| Cash & Equivalents | $76.5M+1.4% | $75.5M+1.2% | $74.6M+5.1% | $70.9M+11.7% | $63.5M-9.5% | $70.2M-16.0% | $83.5M-12.0% | $94.9M |
| Inventory | $16.2M+0.5% | $16.2M-3.8% | $16.8M-0.6% | $16.9M-0.4% | $17.0M-1.4% | $17.2M+2.9% | $16.7M+3.8% | $16.1M |
| Accounts Receivable | $13.8M-13.2% | $15.9M+13.8% | $14.0M+6.5% | $13.1M+18.4% | $11.1M+5.3% | $10.5M-13.1% | $12.1M+20.0% | $10.1M |
| Goodwill | $2.3M0.0% | $2.3M0.0% | $2.3M0.0% | $2.3M0.0% | $2.3M0.0% | $2.3M0.0% | $2.3M0.0% | $2.3M |
| Total Liabilities | $78.2M+0.2% | $78.1M+6.9% | $73.1M-5.2% | $77.0M+7.8% | $71.4M+32.1% | $54.1M-9.0% | $59.5M+0.3% | $59.3M |
| Current Liabilities | $22.9M+1.9% | $22.4M-10.0% | $24.9M+2.1% | $24.4M+49.9% | $16.3M-23.4% | $21.3M-8.0% | $23.2M+13.0% | $20.5M |
| Long-Term Debt | $37.0M0.0% | $37.0M+25.9% | $29.4M-13.6% | $34.0M-8.4% | $37.1M+16.0% | $32.0M-8.8% | $35.1M-5.6% | $37.2M |
| Total Equity | $60.0M-13.1% | $69.1M-11.0% | $77.7M-9.5% | $85.8M-15.2% | $101.2M-8.4% | $110.5M-6.6% | $118.3M-5.9% | $125.7M |
| Retained Earnings | -$511.1M-2.8% | -$497.2M-3.1% | -$482.0M-3.1% | -$467.6M-6.2% | -$440.2M-3.6% | -$424.9M-3.3% | -$411.2M-3.5% | -$397.3M |
LUNG Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$8.2M-108.9% | -$3.9M+70.4% | -$13.2M-96.5% | -$6.7M-16.6% | -$5.8M+51.1% | -$11.8M-39.6% | -$8.4M+2.1% | -$8.6M |
| Capital Expenditures | $89K+81.6% | $49K-83.7% | $301K+171.2% | $111K-76.3% | $469K+4.0% | $451K+125.5% | $200K-59.3% | $492K |
| Free Cash Flow | -$8.3M-108.5% | -$4.0M+70.7% | -$13.5M-97.7% | -$6.8M-9.6% | -$6.2M+49.1% | -$12.2M-41.6% | -$8.6M+5.1% | -$9.1M |
| Investing Cash Flow | $8.7M+59.2% | $5.5M-66.5% | $16.3M+16.0% | $14.1M+1784.7% | -$835K+66.7% | -$2.5M+9.0% | -$2.8M-379.1% | $987K |
| Financing Cash Flow | $181K+370.1% | -$67K-110.1% | $664K+971.0% | $62K+381.8% | -$22K-102.5% | $864K+4982.4% | $17K-97.0% | $571K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
LUNG Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.7%+2.5pp | 72.1%-0.4pp | 72.5%-1.5pp | 74.0%+0.4pp | 73.7%-1.0pp | 74.7%-0.0pp | 74.7%+1.0pp | 73.7% |
| Operating Margin | -66.9%-4.9pp | -62.1%+2.6pp | -64.6%-8.2pp | -56.5%+18.7pp | -75.2%+1.9pp | -77.1%-4.9pp | -72.2%+13.7pp | -85.9% |
| Net Margin | -64.9%-1.3pp | -63.6%+0.5pp | -64.1%-8.7pp | -55.4%+18.3pp | -73.7%-0.8pp | -72.9%-0.9pp | -72.0%+12.3pp | -84.3% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -10.1%+0.2pp | -10.3%-0.7pp | -9.6%-1.5pp | -8.1%+0.8pp | -8.9%-0.5pp | -8.3%-0.5pp | -7.8%+0.2pp | -8.1% |
| Current Ratio | 4.86-0.5 | 5.35+0.4 | 4.97-0.6 | 5.58-3.4 | 8.97+2.0 | 6.95+0.5 | 6.50-0.7 | 7.19 |
| Debt-to-Equity | 0.62+0.1 | 0.54+0.2 | 0.38-0.0 | 0.40+0.0 | 0.37+0.1 | 0.290.0 | 0.300.0 | 0.30 |
| FCF Margin | -38.4%-21.8pp | -16.6%+43.4pp | -60.0%-31.2pp | -28.8%+1.2pp | -30.0%+34.9pp | -65.0%-20.1pp | -44.9%+6.8pp | -51.6% |
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Frequently Asked Questions
What is Pulmonx Corp's annual revenue?
Pulmonx Corp (LUNG) reported $83.8M in total revenue for fiscal year 2024. This represents a 22.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Pulmonx Corp's revenue growing?
Pulmonx Corp (LUNG) revenue grew by 22% year-over-year, from $68.7M to $83.8M in fiscal year 2024.
Is Pulmonx Corp profitable?
No, Pulmonx Corp (LUNG) reported a net income of -$56.4M in fiscal year 2024, with a net profit margin of -67.3%.
What is Pulmonx Corp's earnings per share (EPS)?
Pulmonx Corp (LUNG) reported diluted earnings per share of $-1.44 for fiscal year 2024. This represents a 10.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Pulmonx Corp's EBITDA?
Pulmonx Corp (LUNG) had EBITDA of -$56.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Pulmonx Corp have?
As of fiscal year 2024, Pulmonx Corp (LUNG) had $70.9M in cash and equivalents against $34.0M in long-term debt.
What is Pulmonx Corp's gross margin?
Pulmonx Corp (LUNG) had a gross margin of 74.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Pulmonx Corp's operating margin?
Pulmonx Corp (LUNG) had an operating margin of -68.9% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Pulmonx Corp's net profit margin?
Pulmonx Corp (LUNG) had a net profit margin of -67.3% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Pulmonx Corp's free cash flow?
Pulmonx Corp (LUNG) generated -$33.0M in free cash flow during fiscal year 2024. This represents a 14.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Pulmonx Corp's operating cash flow?
Pulmonx Corp (LUNG) generated -$31.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Pulmonx Corp's total assets?
Pulmonx Corp (LUNG) had $162.8M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Pulmonx Corp's capital expenditures?
Pulmonx Corp (LUNG) invested $1.4M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Pulmonx Corp spend on research and development?
Pulmonx Corp (LUNG) invested $17.6M in research and development during fiscal year 2024.
How many shares does Pulmonx Corp have outstanding?
Pulmonx Corp (LUNG) had 40M shares outstanding as of fiscal year 2024.
What is Pulmonx Corp's current ratio?
Pulmonx Corp (LUNG) had a current ratio of 5.58 as of fiscal year 2024, which is generally considered healthy.
What is Pulmonx Corp's debt-to-equity ratio?
Pulmonx Corp (LUNG) had a debt-to-equity ratio of 0.40 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Pulmonx Corp's return on assets (ROA)?
Pulmonx Corp (LUNG) had a return on assets of -34.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Pulmonx Corp's cash runway?
Based on fiscal year 2024 data, Pulmonx Corp (LUNG) had $70.9M in cash against an annual operating cash burn of $31.5M. This gives an estimated cash runway of approximately 27 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Pulmonx Corp's Piotroski F-Score?
Pulmonx Corp (LUNG) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Pulmonx Corp's earnings high quality?
Pulmonx Corp (LUNG) has an earnings quality ratio of 0.56x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Pulmonx Corp cover its interest payments?
Pulmonx Corp (LUNG) has an interest coverage ratio of -16.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Pulmonx Corp?
Pulmonx Corp (LUNG) scores 58 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.