Pulmonx Reports Third Quarter 2026 Financial Results
Nine-month revenue fell 2.5% year over year despite the return to quarterly growth.
Sentiment and the balance of points
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Rhea-AI Summary
Pulmonx (Nasdaq: LUNG) reported third-quarter 2026 revenue growth and a narrower net loss for the period ended September 30. Revenue reached $22.835 million, up 6.2% year over year, with U.S. revenue of $14.911 million and international revenue of $7.924 million. Gross margin increased to 76% from 75%. Operating expenses fell 18% to $24.9 million, while net loss narrowed to $8.4 million, or $0.19 per share, from $14.0 million, or $0.34 per share.
Pulmonx continues to expect full-year revenue of $90 million to $92 million. It now expects approximately 77% gross margin and operating expenses of $108 million to $109 million, including approximately $14 million in non-cash stock-based compensation. Cash and equivalents were $52.7 million at September 30. The company expects cash, equivalents and marketable securities to decrease approximately $22 million in 2026, assuming no additional credit-facility drawdowns.
How this balance works
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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointThird-quarter revenue rose 6.2% to $22.835 million year over year; constant-currency growth was 6.5%.
- Moderate pointThird-quarter operating expenses decreased 18% to $24.9 million year over year.
- Moderate pointThird-quarter net loss narrowed to $8.4 million, or $0.19 per share, from $14.0 million, or $0.34.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year gross margin is now expected to be approximately 77%.
- Minor pointU.S. third-quarter revenue increased 6.8% to $14.911 million year over year.
12 minor points
- Minor pointInternational third-quarter revenue rose 5.2% to $7.924 million; growth excluding currency effects was 5.9%.
- Minor pointInternational third-quarter revenue excluding China grew 8.5% year over year, or 9.3% excluding currency effects.
- Minor pointThird-quarter gross profit increased to $17.399 million from $16.052 million a year earlier.
- Minor pointThird-quarter gross margin improved to 76% from 75% a year earlier.
- Minor pointThird-quarter adjusted EBITDA loss, a non-GAAP earnings measure, narrowed 57% to $3.5 million from $8.2 million.
- Minor pointNine-month international revenue excluding China grew 13.7% to $23.835 million; growth excluding currency effects was 8.9%.
- Minor pointNine-month gross profit increased to $51.185 million from $49.598 million a year earlier.
- Minor pointNine-month operating expenses declined to $80.688 million from $93.358 million a year earlier.
- Minor pointNine-month net loss narrowed to $32.128 million, or $0.76 per share, from $43.578 million, or $1.08.
- Minor pointNine-month adjusted EBITDA loss narrowed to $17.189 million from $25.136 million a year earlier.
- Minor point. Forward-looking: it has not happened yet and may not happen.Full-year revenue guidance remains $90 million to $92 million.
- Minor pointChina registration certificate renewal was completed, with commercial activity restarting in the region.
Negative
- Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year cash, equivalents and marketable securities are expected to decrease approximately $22 million, assuming no additional credit-facility drawdowns.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year operating expenses are now expected at $108 million to $109 million, including approximately $14 million of non-cash stock-based compensation.
- Minor pointNine-month revenue declined 2.5% to $66.177 million year over year, or 4.0% excluding currency effects.
- Minor pointNine-month U.S. revenue decreased 1.3% to $42.342 million year over year.
- Minor pointNine-month international revenue declined 4.6% to $23.835 million, or 8.6% excluding currency effects.
6 minor points
- Minor pointChina distributor sales were zero in the third quarter, versus $234,000 a year earlier.
- Minor pointCash and equivalents fell to $52.690 million at September 30 from $69.751 million at December 31, 2025.
- Minor pointThird-quarter interest expense increased to $1.234 million from $805,000 a year earlier.
- Minor pointNine-month interest expense increased to $3.428 million from $2.385 million a year earlier.
- Minor pointLong-term debt increased to $37.712 million at September 30 from $36.989 million at December 31, 2025.
- Minor pointStockholders’ equity declined to $34.200 million at September 30 from $54.116 million at December 31, 2025.
News Explained
The reported quarter’s revenue growth did not reverse the year-to-date trend: Pulmonx reported revenue of
Details
Market Reaction – LUNG
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Key Figures
- Worldwide revenue
- $22.8 million; 6% increase
- Third quarter 2026, year over year
- Gross margin
- 76%
- Third quarter 2026, compared with 75% in the prior-year quarter
- Operating expenses
- $24.9 million; 18% decrease
- Third quarter 2026, compared with the prior-year quarter
- Net loss
- $8.4 million
- Third quarter 2026, compared with $14.0 million in the prior-year quarter
- Net loss per share
- $0.19
- Third quarter 2026, compared with $0.34 in the prior-year quarter
- Adjusted EBITDA loss
- $3.5 million; 57% reduction
- Third quarter 2026, compared with the prior-year quarter
- Cash and cash equivalents
- $52.7 million
- As of September 30, 2026
- Full-year revenue outlook
- $90 million to $92 million
- 2026; company continued to expect this range
Previous Earnings Reports
-
Revenue fell 5% year over year while net loss narrowed and gross margin reached 78%.
-
Revenue increased 5% year over year, with gross margin at 75% and net loss of $14.0 million.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
gaap financial
constant currency financial
adjusted ebitda financial
stock-based compensation financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
REDWOOD CITY, Calif., Oct. 27, 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 third quarter of 2026 ended September 30, 2026.
Recent Highlights
- Achieved worldwide revenue of
$22.8 million in the third quarter of 2026, a6% increase over the same period last year on both a GAAP and constant currency basis - Delivered
$14.9 million in U.S. revenue in the third quarter of 2026, representing a7% year-over-year increase - Delivered
$7.9 million in international revenue in the third quarter of 2026, representing a5% year-over-year increase and an increase of6% on a constant currency basis; excluding China, year-over-year international revenue increased9% on both a GAAP and constant currency basis - Realized gross margin of
76% in the third quarter of 2026 - Demonstrated continued operating leverage from cost realignment efforts, reducing net loss by
40% and Adjusted EBITDA loss by57% in the third quarter of 2026 as compared to the same period last year
“We are very pleased to have returned to year-over-year revenue growth in the third quarter. We continue to execute on our commercial strategy, advance our clinical initiatives, and deliver the operating leverage we expected,” said Glen French, President and Chief Executive Officer of Pulmonx. “With a fully staffed U.S. sales leadership team, a more focused global commercial team, and a realigned cost structure, we are confident in our ability to build on this momentum and deliver growth while advancing our longer-term strategic priorities.”
Third Quarter 2026 Financial Results
Total worldwide revenue in the third quarter of 2026 was
Gross profit in the third quarter of 2026 was
Operating expenses in the third quarter of 2026 were
Net loss in the third quarter of 2026 was
Adjusted EBITDA loss in the third 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 now expects gross margin for the full year 2026 to be approximately
Pulmonx now expects total operating expenses for the full year 2026 to fall within the range of
The Company now expects cash, cash equivalents, and marketable securities to decrease by approximately
Webcast and Conference Call Details
Pulmonx will host a conference call today, October 27, 2026, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its third 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 that, 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 ability to drive improvements in revenue growth, execute on our commercial strategy, advance our strategic priorities, and deliver 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, 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 Quarterly Report on Form 10-Q filed with the SEC on August 4, 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, LungTraX® 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 U.S. Food and Drug Administration (FDA) Premarket Approval (PMA) to commercialize the Zephyr® Endobronchial 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®, LungTraX®, StratX®, and Zephyr® are registered trademarks of Pulmonx Corporation.
Investor Contact
Brian Johnston or Webb Campbell
Gilmartin Group
investors@pulmonx.com
| Pulmonx Corporation Consolidated Statements of Operations (in thousands, except share and per share data) (Unaudited) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenue | $ | 22,835 | $ | 21,502 | $ | 66,177 | $ | 67,899 | ||||||||
| Cost of goods sold | 5,436 | 5,450 | 14,992 | 18,301 | ||||||||||||
| Gross profit | 17,399 | 16,052 | 51,185 | 49,598 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Research and development | 4,864 | 4,846 | 14,797 | 14,908 | ||||||||||||
| Selling, general and administrative | 20,025 | 25,599 | 65,891 | 78,450 | ||||||||||||
| Total operating expenses | 24,889 | 30,445 | 80,688 | 93,358 | ||||||||||||
| Loss from operations | (7,490 | ) | (14,393 | ) | (29,503 | ) | (43,760 | ) | ||||||||
| Interest income | 345 | 611 | 1,024 | 2,198 | ||||||||||||
| Interest expense | (1,234 | ) | (805 | ) | (3,428 | ) | (2,385 | ) | ||||||||
| Other (expense) income, net | 136 | 758 | 212 | 809 | ||||||||||||
| Net loss before tax | (8,243 | ) | (13,829 | ) | (31,695 | ) | (43,138 | ) | ||||||||
| Income tax expense | 151 | 128 | 433 | 440 | ||||||||||||
| Net loss | $ | (8,394 | ) | $ | (13,957 | ) | $ | (32,128 | ) | $ | (43,578 | ) | ||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.19 | ) | $ | (0.34 | ) | $ | (0.76 | ) | $ | (1.08 | ) | ||||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 43,176,913 | 40,936,896 | 42,519,134 | 40,444,001 | ||||||||||||
| Pulmonx Corporation Condensed Consolidated Balance Sheets (in thousands) (Unaudited) | ||||||||
| September 30, 2026 | December 31, 2025 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 52,690 | $ | 69,751 | ||||
| Restricted cash | 257 | 258 | ||||||
| Accounts receivable, net | 12,014 | 12,072 | ||||||
| Inventory | 15,436 | 15,845 | ||||||
| Prepaid expenses and other current assets | 3,664 | 3,758 | ||||||
| Total current assets | 84,061 | 101,684 | ||||||
| Long-term inventory | 3,793 | 3,604 | ||||||
| Property and equipment, net | 1,761 | 2,220 | ||||||
| Goodwill | 2,333 | 2,333 | ||||||
| Right of use assets | 17,039 | 18,028 | ||||||
| Other long-term assets | 1,225 | 1,422 | ||||||
| Total assets | $ | 110,212 | $ | 129,291 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 4,512 | $ | 3,905 | ||||
| Accrued liabilities | 14,555 | 14,556 | ||||||
| Income taxes payable | 171 | 263 | ||||||
| Deferred revenue | 12 | 18 | ||||||
| Short-term debt | 100 | 106 | ||||||
| Current lease liabilities | 1,389 | 1,210 | ||||||
| Total current liabilities | 20,739 | 20,058 | ||||||
| Deferred tax liability | 71 | 69 | ||||||
| Long-term lease liabilities | 17,145 | 18,059 | ||||||
| Long-term debt | 37,712 | 36,989 | ||||||
| Common stock warrant liability | 345 | — | ||||||
| Total liabilities | 76,012 | 75,175 | ||||||
| Stockholders' equity | ||||||||
| Common stock | 44 | 42 | ||||||
| Additional paid-in capital | 586,127 | 573,272 | ||||||
| Accumulated other comprehensive income | 1,715 | 2,360 | ||||||
| Accumulated deficit | (553,686 | ) | (521,558 | ) | ||||
| Total stockholders' equity | 34,200 | 54,116 | ||||||
| Total liabilities and stockholders' equity | $ | 110,212 | $ | 129,291 | ||||
| Pulmonx Corporation Reconciliation of Reported Revenue % Change to Constant Currency Revenue % Change (in thousands, except percentages) (Unaudited) | ||||||||||||||||
| Three Months Ended September 30, | ||||||||||||||||
| 2026 | 2025 | % Change | FX Impact % | Constant Currency % Change | ||||||||||||
| United States | $ | 14,911 | $ | 13,967 | 6.8 | % | — | % | 6.8 | % | ||||||
| International | 7,924 | 7,535 | 5.2 | % | (0.7 | )% | 5.9 | % | ||||||||
| Total | $ | 22,835 | $ | 21,502 | 6.2 | % | (0.3 | )% | 6.5 | % | ||||||
| Three Months Ended September 30, | ||||||||||||||||
| 2026 | 2025 | % Change | FX Impact % | Constant Currency % Change | ||||||||||||
| International | $ | 7,924 | $ | 7,535 | 5.2 | % | (0.7 | )% | 5.9 | % | ||||||
| less China | — | (234 | ) | (100.0 | )% | — | % | (100.0 | )% | |||||||
| International excluding China | $ | 7,924 | $ | 7,301 | 8.5 | % | (0.8 | )% | 9.3 | % | ||||||
| Nine Months Ended September 30, | ||||||||||||||||
| 2026 | 2025 | % Change | FX Impact % | Constant Currency % Change | ||||||||||||
| United States | $ | 42,342 | $ | 42,919 | (1.3 | )% | — | % | (1.3 | )% | ||||||
| International | 23,835 | 24,980 | (4.6 | )% | 4.0 | % | (8.6 | )% | ||||||||
| Total | $ | 66,177 | $ | 67,899 | (2.5 | )% | 1.5 | % | (4.0 | )% | ||||||
| Nine Months Ended September 30, | ||||||||||||||||
| 2026 | 2025 | % Change | FX Impact % | Constant Currency % Change | ||||||||||||
| International | $ | 23,835 | $ | 24,980 | (4.6 | )% | 4.0 | % | (8.6 | )% | ||||||
| less China | — | (4,014 | ) | (100.0 | )% | — | % | (100.0 | )% | |||||||
| International excluding China | $ | 23,835 | $ | 20,966 | 13.7 | % | 4.8 | % | 8.9 | % | ||||||
| Pulmonx Corporation Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA (in thousands) (Unaudited) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| GAAP Net loss | $ | (8,394 | ) | $ | (13,957 | ) | $ | (32,128 | ) | $ | (43,578 | ) | ||||
| Depreciation and amortization | 215 | 246 | 657 | 823 | ||||||||||||
| Stock-based compensation | 3,611 | 5,166 | 11,445 | 16,992 | ||||||||||||
| Interest (income)/expense, net | 889 | 194 | 2,404 | 187 | ||||||||||||
| Provision for income taxes | 151 | 128 | 433 | 440 | ||||||||||||
| Adjusted EBITDA | $ | (3,528 | ) | $ | (8,223 | ) | $ | (17,189 | ) | $ | (25,136 | ) | ||||
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Pulmonx's third-quarter 2026 revenue and earnings results?
Pulmonx reported $22.835 million in revenue, up 6.2% year over year, and a net loss of $8.4 million, or $0.19 per share. The year-earlier net loss was $14.0 million, or $0.34 per share.
What is Pulmonx's full-year 2026 financial outlook?
Pulmonx expects $90 million to $92 million in revenue, approximately 77% gross margin and $108 million to $109 million in operating expenses. Expenses include approximately $14 million of non-cash stock-based compensation. Expected cash, equivalents and marketable-securities usage is approximately $22 million, assuming no additional credit-facility drawdowns.
Why did Pulmonx have no China distributor sales in the third quarter of 2026?
Pulmonx attributes the absence of China distributor sales to restarting commercial activity following renewal of its Chinese registration certificate. Third-quarter China revenue was zero, compared with $234,000 a year earlier. International revenue excluding China increased 8.5% year over year, or 9.3% excluding currency effects.