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LUNG

Pulmonx Corporation

LUNG

Pulmonx Corporation • NASDAQ
$1.62 ▼ -0.61% (-0.01)
Market Cap $66.82 M
52w High $9.37
52w Low $1.31
Dividend Yield 0%
P/E -1.15
Volume 299.78K
Outstanding Shares 41.24M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $21.502M ▼ $30.445M ▼ $-13.957M ▲ -64.91% ▼ $-0.34 ▲ $-12.778M ▲
Q2-2025 $23.859M ▲ $32.008M ▲ $-15.173M ▼ -63.594% ▲ $-0.38 ▼ $-13.898M ▲
Q1-2025 $22.538M ▼ $30.905M ▼ $-14.448M ▼ -64.105% ▼ $-0.36 ▼ $-14.563M ▼
Q4-2024 $23.765M ▲ $31.007M ▲ $-13.175M ▲ -55.439% ▲ $-0.33 ▲ $-13.123M ▼
Q3-2024 $20.387M $29.155M $-14.144M -69.378% $-0.36 $-12.685M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $76.549M ▼ $138.281M ▼ $78.248M ▲ $60.033M ▼
Q2-2025 $84.225M ▼ $147.187M ▼ $78.097M ▲ $69.09M ▼
Q1-2025 $88.702M ▼ $150.736M ▼ $73.069M ▼ $77.667M ▼
Q4-2024 $101.482M ▼ $162.85M ▼ $77.041M ▲ $85.809M ▼
Q3-2024 $107.779M $167.401M $73.476M $93.925M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-13.957M ▲ $-8.162M ▼ $8.711M ▲ $181K ▲ $1.085M ▲ $-8.251M ▼
Q2-2025 $-15.173M ▼ $-3.955M ▲ $5.471M ▼ $-20K ▼ $913K ▼ $-4.004M ▲
Q1-2025 $-14.448M ▼ $-13.222M ▼ $16.313M ▲ $664K ▲ $3.65M ▼ $-13.523M ▼
Q4-2024 $-13.175M ▲ $-6.73M ▲ $14.067M ▲ $62K ▼ $7.592M ▲ $-6.841M ▲
Q3-2024 $-14.144M $-7.242M $6.751M $459K $-151K $-7.658M

Five-Year Company Overview

Income Statement

Income Statement Revenue has been climbing steadily from a small base, showing that adoption of the company’s emphysema treatment is moving in the right direction. Gross profit is positive, which means the core products are priced above their direct costs. However, operating expenses, especially for sales, marketing, and R&D, remain heavy relative to revenue, so operating losses are still sizable. Net losses have been consistent year after year, with only modest improvement recently. Overall, this is a classic early‑stage med‑tech profile: growing top line but still far from break‑even and highly dependent on scaling revenue faster than costs over time.

Balance Sheet

Balance Sheet The balance sheet shows a gradual erosion of cash and total assets over the past few years, reflecting ongoing losses without full offset from new funding. Debt has increased from its low point but is still moderate compared with the overall size of the business. Equity remains positive but has been shrinking, which mirrors the cumulative losses. In simple terms, the company still has a financial cushion, but it is getting thinner, so access to future capital and careful cost control are important underlying risks.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, though there are signs of slight improvement more recently as revenue grows. Free cash flow follows the same pattern, with the company burning cash every year but not on heavy capital spending—most of the outflows are tied to operating the business and developing the market. This means the main challenge is not equipment or facilities but achieving enough sales scale and efficiency to cover operating costs. Unless losses narrow meaningfully, the business is likely to need additional funding over time to sustain operations.

Competitive Edge

Competitive Edge Pulmonx operates in a focused niche within lung disease treatment, centered on minimally invasive solutions for severe emphysema. Its strength lies in an integrated ecosystem: the Zephyr valve, combined with proprietary diagnostic tools like the Chartis system and StratX imaging platform, gives physicians a full pathway from patient selection to treatment. A strong clinical evidence base and training infrastructure deepen relationships with doctors and hospitals, creating switching costs. On the other hand, it faces competition from a well‑resourced rival valve system and from broader COPD treatment options, while reimbursement, procedure adoption, and physician training remain key execution challenges. The market is attractive but specialized, so success depends on continued differentiation and real‑world outcomes.

Innovation and R&D

Innovation and R&D The company is heavily innovation‑driven. Its core technology is already differentiated by pairing the valve with diagnostic tools that improve patient selection, which is a meaningful clinical and commercial advantage. Looking ahead, the AeriSeal system is a potentially transformative project, because it targets patients who are currently ineligible for the valve and could significantly expand the treatable population if clinical trials succeed. Work on next‑generation devices and software, including more advanced imaging and possibly AI‑enhanced planning tools, aims to refine outcomes and deepen the ecosystem. However, these programs carry the usual clinical, regulatory, and commercialization uncertainties, and they will require ongoing investment before they contribute meaningfully to cash generation.

Summary

Pulmonx is a specialized med‑tech company with a clear clinical focus and an integrated product ecosystem that stands out in the emphysema treatment space. Financially, it shows a typical growth‑stage pattern: steadily rising revenue but persistent operating and net losses, ongoing cash burn, and a gradually thinning balance‑sheet cushion. Its competitive position is supported by strong intellectual property, clinical data, and physician training, but it operates against larger competitors and must continually prove its value to payers and providers. Future value creation hinges on two main levers: scaling its current Zephyr‑based ecosystem and successfully advancing innovations like AeriSeal and improved digital tools, all while managing capital carefully and narrowing losses over time.

NEWS

November 19, 2025 · 4:01 PM UTC

FDA GRANTS FULL APPROVAL TO AMGEN'S IMDELLTRA® IN EXTENSIVE STAGE SMALL CELL LUNG CANCER

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November 12, 2025 · 4:05 PM UTC

Pulmonx Reports Third Quarter 2025 Financial Results

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October 27, 2025 · 4:05 PM UTC

Pulmonx Announces Management Transition and Preliminary Third Quarter 2025 Revenue; Reschedules Third Quarter 2025 Earnings Call to November 12, 2025

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October 15, 2025 · 4:05 PM UTC

Pulmonx to Report Third Quarter 2025 Financial Results on October 29, 2025

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September 5, 2025 · 2:11 PM UTC

Rutgers Robert Wood Johnson Medical School Study Published in JAMA Confirms Butterfly-Enabled POCUS Program Heavily Focused on LUNG US with AI Assistance Reduces Stay and Cost

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