Pulmonx Reports First Quarter 2026 Financial Results
Rhea-AI Summary
Pulmonx (Nasdaq: LUNG) reported Q1 2026 results: revenue $20.6M (down 9% YoY; -12% constant currency), with U.S. $13.3M and international $7.3M (China-related decline; ex-China international +22% YoY). Gross margin was 78%, net loss $13.7M (EPS -$0.33), cash $61.6M. Full-year 2026 guidance: revenue $90M–$92M, gross margin ~75%, operating expenses $113M–$115M. Company refinanced debt with a 5-year interest-only facility extending maturity to 2031.
Positive
- Gross margin improved to 78% in Q1 2026
- Ex-China international revenue increased 22% year-over-year
- Refinanced debt with a 5-year interest-only credit facility extending maturity to 2031
- Full-year 2026 revenue guidance of $90M–$92M provides investor visibility
Negative
- Total revenue declined 9% YoY to $20.6M in Q1 2026
- International revenue down 12% YoY and -21% on a constant currency basis due to no sales in China
- Net loss of $13.7M and adjusted EBITDA loss of $8.5M in Q1 2026
- Expected full-year operating expenses of $113M–$115M imply continued cash burn
News Market Reaction – LUNG
On the day this news was published, LUNG gained 6.67%, reflecting a notable positive market reaction. Argus tracked a peak move of +14.8% during that session. Our momentum scanner triggered 7 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $3M to the company's valuation, bringing the market cap to $55.75M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
LUNG was down 3.91% while peers showed mixed action: ICCM -2.08%, APYX -2.14%, TELA -4.41% versus VNRX +8.17% and XTNT +4.92%. Momentum scans only flagged VNRX on the upside, pointing to a stock-specific reaction rather than a broad medical devices move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 04 | Q4/FY25 earnings | Positive | +11.8% | FY2025 revenue growth, solid margins, new $60M credit facility and 2026 guidance. |
| Nov 12 | Q3 2025 earnings | Negative | -18.9% | Modest growth but reduced 2025 revenue outlook and lowered operating expense guidance. |
| Jul 30 | Q2 2025 earnings | Negative | -41.6% | Strong revenue growth overshadowed by cut to full‑year 2025 revenue guidance. |
| Apr 30 | Q1 2025 earnings | Positive | -21.9% | Strong Q1 growth, reaffirmed 2025 guidance and DOJ declining to intervene in case. |
| Feb 19 | Q4/FY24 earnings | Positive | +32.2% | Record FY2024 and Q4 revenue with robust growth and upbeat 2025 guidance. |
Earnings releases have often led to sizable moves, with mostly aligned price reactions but one notable selloff on otherwise strong results.
Over the last five earnings updates, Pulmonx moved from record FY2024 growth into a more mixed 2025–2026 trajectory. FY2024 results showed strong double‑digit revenue growth and a positive price reaction. Subsequent 2025 quarters included guidance cuts and slower U.S. growth, which coincided with sharp declines, particularly after Q2 and Q3 2025. The March 2026 FY2025 report, which combined modest growth with a new credit facility and 2026 guidance, saw a positive reaction. Today’s Q1 2026 report continues that guidance framework but with year‑over‑year revenue declines.
Historical Comparison
In the past five earnings releases, LUNG’s average move was -7.68%, with mostly aligned reactions to fundamentals, framing expectations around volatility for this type of update.
Recent earnings show a progression from record FY2024 revenue to slower 2025 growth with guidance cuts, then FY2025 results and Q1 2026 maintaining high gross margins but with softening top‑line trends.
Regulatory & Risk Context
An effective amended Form S-3/A filed on 2025-11-24 allows Pulmonx to issue up to $200,000,000 in various securities over time for general corporate purposes, with no usage recorded yet. This provides flexibility to raise capital through equity, debt, or warrants during the shelf period.
Market Pulse Summary
The stock moved +6.7% in the session following this news. A strong positive reaction aligns with Pulmonx’s history of sizable earnings-day moves, where four of the last five earnings releases saw price changes consistent with the news tone and an average move of -7.68%. Investors may have focused on the 78% gross margin, reduced operating expenses, and reaffirmed 2026 guidance despite top‑line declines. The unused $200,000,000 shelf and new credit facility remain background considerations for future capital decisions.
Key Terms
adjusted EBITDA financial
non-GAAP financial measures financial
constant currency financial
GAAP financial
AI-generated analysis. Not financial advice.
REDWOOD CITY, Calif., April 29, 2026 (GLOBE NEWSWIRE) -- Pulmonx Corporation (Nasdaq: LUNG) (“Pulmonx” or the "Company"), a global leader in minimally invasive treatments for lung disease, today reported financial results for the first quarter of 2026 ended March 31, 2026.
Recent Highlights
- Achieved worldwide revenue of
$20.6 million in the first quarter of 2026, a9% decrease over the same period last year and a decrease of12% on a constant currency basis - Delivered
$13.3 million in U.S. revenue in the first quarter of 2025, representing a7% year-over-year decrease - Delivered
$7.3 million in international revenue in the first quarter of 2026, representing a12% year-over-year decrease and a decrease of21% on a constant currency basis; excluding China, year-over-year international revenue increased22% and9% on a constant currency basis - Realized gross margin of
78% in the first quarter of 2026 - As previously reported, refinanced prior debt under a new 5-year interest-only credit facility that extends maturity out to 2031
“During the first quarter we initiated our refreshed U.S. commercial strategies and continued to execute in our direct international markets. We are encouraged by early signs of progress from the actions we have taken to refocus our U.S. sales organization and advance our clinical programs,” said Glen French, President and Chief Executive Officer of Pulmonx. “With a fully staffed global sales organization, we remain confident in our ability to drive sequential improvement in revenue growth, execute against our strategic priorities, and deliver meaningful operating leverage in 2026.”
First Quarter 2026 Financial Results
Total worldwide revenue in the first quarter of 2026 was
Gross profit in the first quarter of 2026 was
Operating expenses in the first quarter of 2026 were
Net loss in the first quarter of 2026 was
Adjusted EBITDA loss in the first quarter of 2026 was
Cash and cash equivalents totaled
2026 Financial Outlook
Pulmonx continues to expect revenue for the full year 2026 to be in the range of
The Company continues to expect gross margin for the full year 2026 to be approximately
Pulmonx continues to expect total operating expenses for the full year 2026 to fall within the range of
The Company continues to expect cash, cash equivalents, and marketable securities to decrease by approximately
Webcast and Conference Call Details
Pulmonx will host a conference call today, April 29, 2026, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its first quarter financial results. 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
To supplement Pulmonx’s condensed consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, Pulmonx provides certain non-GAAP financial measures in this release as supplemental financial metrics. Non-GAAP financial measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results, may provide a more complete understanding of factors and trends affecting Pulmonx’s business.
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. Pulmonx believes the presentation of results on a constant currency basis in addition to reported results helps improve investors’ ability to understand its operating results and evaluate its performance in comparison to prior periods. Pulmonx generally uses constant currency to facilitate management's financial and operational decision-making, including evaluation of Pulmonx’s historical operating results.
The Company defines Adjusted EBITDA as earnings before interest income or expense, taxes, depreciation and amortization and stock-based compensation and may also exclude certain non-recurring, irregular or one-time items not reflective of our ongoing core business operations, such as impairment charges. Management believes in order to properly understand short-term and long-term financial trends, investors may wish to consider the impact of these excluded items in addition to GAAP measures. Further, management uses adjusted EBITDA for strategic and annual operating planning. We believe these non-GAAP financial measures are useful as a supplement in evaluating our ongoing operational performance and enhancing an overall understanding of our past financial performance.
Reconciliation of these non-GAAP financial measures to the most comparable GAAP measures is set forth in the tables below.
The non-GAAP financial measures used by Pulmonx should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. Because non-GAAP financial measures exclude the effect of items that increase or decrease the company's reported results of operations, management strongly encourages investors to review, when they become available, the Company's consolidated financial statements and publicly filed reports in their entirety. The Company's definition of non-GAAP measures may differ from similarly titled measures used by others.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s current assumptions and expectations of future events and trends, which affect or may affect our strategy, operations or financial performance, and actual results may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. These forward-looking statements include, but are not limited to, statements regarding our commercial strategy to grow the adoption of our Zephyr Valve treatment and expand our global treatable market, our expectations regarding our ability to drive sequential improvements in U.S. revenue growth, executive against our strategic priorities, deliver meaningful operating leverage, our possible or assumed future results of operations, including long-term outlook, descriptions of our revenues, total operating expenses, gross margin, balances of cash, cash equivalents, and marketable securities, profitability, guidance for full year 2026, commercial momentum, and overall business strategy. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could cause actual results to differ materially from those contemplated in this press release can be found in the Risk Factors section of Pulmonx’s public filings with the Securities and Exchange Commission (“SEC”), including the Annual Report on Form 10-K filed with the SEC on March 10, 2026, available at www.sec.gov. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. All statements other than statements of historical fact are forward-looking statements. Except to the extent required by law, we undertake no obligation to update or review any estimate, projection, or forward-looking statement. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in our business.
About Pulmonx Corporation
Pulmonx Corporation (Nasdaq: LUNG) is a global leader in minimally invasive treatments for chronic obstructive pulmonary disease (COPD). Pulmonx’s Zephyr® Endobronchial Valve, Chartis® Pulmonary Assessment System, LungTraXTM Platform, and StratX® Lung Analysis Reports are designed to assess and treat patients with severe emphysema/COPD who despite medical management are still profoundly symptomatic. Pulmonx received FDA pre-market approval to commercialize the Zephyr Valve following its designation as a “breakthrough device.” The Zephyr Valve is commercially available in more than 25 countries, is included in global treatment guidelines and is widely considered a standard of care treatment option for improving breathing, activity and quality of life in patients with severe emphysema. For more information on the Zephyr Valves and the company, please visit www.Pulmonx.com.
Pulmonx®, AeriSeal®, Chartis®, StratX®, and Zephyr® are registered trademarks and LungTraXTM is a trademark of Pulmonx Corporation.
Investor Contact
Brian Johnston
Gilmartin Group
investors@pulmonx.com
| Pulmonx Corporation | ||||||||
| Consolidated Statements of Operations | ||||||||
| (in thousands, except share and per share data) | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Revenue | $ | 20,586 | $ | 22,538 | ||||
| Cost of goods sold | 4,542 | 6,196 | ||||||
| Gross profit | 16,044 | 16,342 | ||||||
| Operating expenses | ||||||||
| Research and development | 4,899 | 4,756 | ||||||
| Selling, general and administrative | 24,101 | 26,149 | ||||||
| Total operating expenses | 29,000 | 30,905 | ||||||
| Loss from operations | (12,956 | ) | (14,563 | ) | ||||
| Interest income | 350 | 864 | ||||||
| Interest expense | (976 | ) | (781 | ) | ||||
| Other income, net | 77 | 167 | ||||||
| Net loss before tax | (13,505 | ) | (14,313 | ) | ||||
| Income tax expense | 149 | 135 | ||||||
| Net loss | $ | (13,654 | ) | $ | (14,448 | ) | ||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.33 | ) | $ | (0.36 | ) | ||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 41,897,669 | 39,954,658 | ||||||
| Pulmonx Corporation | |||||||
| Condensed Consolidated Balance Sheets | |||||||
| (in thousands) | |||||||
| (Unaudited) | |||||||
| March 31, 2026 | December 31, 2025 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 61,572 | $ | 69,751 | |||
| Restricted cash | 257 | 258 | |||||
| Accounts receivable, net | 10,830 | 12,072 | |||||
| Inventory | 16,310 | 15,845 | |||||
| Prepaid expenses and other current assets | 3,777 | 3,758 | |||||
| Total current assets | 92,746 | 101,684 | |||||
| Long-term inventory | 3,819 | 3,604 | |||||
| Property and equipment, net | 2,060 | 2,220 | |||||
| Goodwill | 2,333 | 2,333 | |||||
| Right of use assets | 17,654 | 18,028 | |||||
| Other long-term assets | 1,354 | 1,422 | |||||
| Total assets | $ | 119,966 | $ | 129,291 | |||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 3,474 | $ | 3,905 | |||
| Accrued liabilities | 13,728 | 14,556 | |||||
| Income taxes payable | 329 | 263 | |||||
| Deferred revenue | 32 | 18 | |||||
| Short-term debt | 104 | 106 | |||||
| Current lease liabilities | 1,239 | 1,210 | |||||
| Total current liabilities | 18,906 | 20,058 | |||||
| Deferred tax liability | 72 | 69 | |||||
| Long-term lease liabilities | 17,741 | 18,059 | |||||
| Long-term debt | 37,209 | 36,989 | |||||
| Common stock warrant liability | 277 | — | |||||
| Total liabilities | 74,205 | 75,175 | |||||
| Stockholders' equity | |||||||
| Common stock | 42 | 42 | |||||
| Additional paid-in capital | 578,762 | 573,272 | |||||
| Accumulated other comprehensive income | 2,169 | 2,360 | |||||
| Accumulated deficit | (535,212 | ) | (521,558 | ) | |||
| Total stockholders' equity | 45,761 | 54,116 | |||||
| Total liabilities and stockholders' equity | $ | 119,966 | $ | 129,291 | |||
| Pulmonx Corporation | |||||||||||||||
| Reconciliation of Reported Revenue % Change to Constant Currency Revenue % Change | |||||||||||||||
| (in thousands, except percentages) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Three Months Ended March 31, | |||||||||||||||
| 2026 | 2025 | % Change | FX Impact % | Constant Currency % Change | |||||||||||
| United States | $ | 13,255 | $ | 14,221 | (6.8 | )% | — | % | (6.8 | )% | |||||
| International | 7,331 | 8,317 | (11.9 | )% | 9.5 | % | (21.4 | )% | |||||||
| Total | $ | 20,586 | $ | 22,538 | (8.7 | )% | 3.5 | % | (12.2 | )% | |||||
| Three Months Ended March 31, | |||||||||||||||
| 2026 | 2025 | % Change | FX Impact % | Constant Currency % Change | |||||||||||
| International | $ | 7,331 | $ | 8,317 | (11.9 | )% | 9.5 | % | (21.4 | )% | |||||
| less China | — | (2,295 | ) | (100.0 | )% | — | % | (100.0 | )% | ||||||
| International excluding China | $ | 7,331 | $ | 6,022 | 21.7 | % | 13.1 | % | 8.6 | % | |||||
| Pulmonx Corporation | |||||||
| Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA | |||||||
| (in thousands) | |||||||
| (Unaudited) | |||||||
| Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| GAAP Net loss | $ | (13,654 | ) | $ | (14,448 | ) | |
| Depreciation and amortization | 220 | 278 | |||||
| Stock-based compensation | 4,136 | 5,612 | |||||
| Interest (income)/expense, net | 626 | (83 | ) | ||||
| Provision for income taxes | 149 | 135 | |||||
| Adjusted EBITDA | $ | (8,523 | ) | $ | (8,506 | ) | |
