Pulmonx (LUNG) Company Report

Pulmonx reported Q4 2025 worldwide revenue of $22.6 million, a 5% decrease year-over-year, and full year 2025 revenue of $90.5 million, an 8% increase over the prior year. The net loss for Q4 2025 was $10.4 million.
For full year 2026, the company expects revenue between $90 million and $92 million and operating expenses of $113 million to $115 million. Pulmonx anticipates reducing its annual cash burn from $32 million in 2025 to $23 million in 2026.
The company completed a cost restructuring initiative reducing ongoing operating expenses by over 10% and secured a $60 million credit facility to strengthen its balance sheet and extend debt maturity to 2031.
U.S. sales underperformance in 2025 was attributed to internal operational and executional challenges, including sales organization issues and turnover, with U.S. sales growth expected to resume in the back half of 2026.
The AeriSeal program's CONVERT II pivotal trial is a key focus, with enrollment expected to be completed in 2027, potentially expanding the total addressable market by an estimated 20% globally.

10 hours ago

Transcript

Pulmonx Reports Q4 and Full Year 2025 Results, Details Cost Restructuring and Debt Refinancing

LUNG

Earnings

Debt Issuance

Demand Weakening

Pulmonx reported Q4 2025 worldwide revenue of $22.6 million, a 5% decrease year-over-year, and full-year 2025 worldwide revenue of $90.5 million, an 8% increase over the prior year. U.S. revenue in Q4 2025 decreased 11% to $14.1 million.
The company implemented a cost restructuring initiative that reduced ongoing operating expenses by over 10% and secured a $60 million credit facility to refinance existing debt and extend maturity to 2031.
Pulmonx anticipates a significant reduction in annual cash burn, from $32 million in 2025 to $23 million in 2026, a nearly 30% decrease.
Weaker-than-expected U.S. revenue performance in 2025 was attributed to internal operational and executional challenges, including suboptimal sales incentives and significant sales organization turnover; the company is now focused on re-accelerating U.S. sales growth through organizational alignment and refined strategies.
Other key priorities include advancing TAM-expanding clinical initiatives, specifically the CONVERT II trial for AeriSeal, and aligning spending to achieve continued financial leverage and profitability.

10 hours ago

Transcript

Pulmonx Reports Q4 and Full Year 2025 Results, Provides 2026 Outlook

LUNG

Earnings

Guidance Update

Revenue Acceleration/Inflection

Pulmonx reported Q4 2025 worldwide revenue of $22.6 million, a 5% decrease year-over-year, and full year 2025 worldwide revenue of $90.5 million, an 8% increase over the prior year. The company posted a net loss of $10.4 million or $0.25 per share for Q4 2025 and a net loss of $54 million or $1.33 per share for the full year 2025.
For full year 2026, Pulmonx expects revenue in the range of $90 million to $92 million and operating expenses between $113 million and $115 million. The company anticipates a significant decrease in annual cash burn from $32 million in 2025 to $23 million in 2026.
The company attributed weaker-than-expected U.S. revenue performance in 2025 to internal operational and executional challenges, including a suboptimal sales incentive structure and significant turnover of approximately half of the sales organization. U.S. sales growth is expected to resume in the back half of 2026.
Pulmonx has implemented a cost restructuring initiative, reducing ongoing operating expenses by over 10%, and secured a $60 million credit facility to strengthen its balance sheet and extend debt maturity to 2031.
The AeriSeal program remains a key focus, with enrollment in the CONVERT II pivotal trial accelerating and expected to be completed in 2027, potentially expanding the total addressable market by an estimated 20% globally.

10 hours ago

Transcript

Pulmonx Reports Q4 and Full Year 2025 Financial Results

LUNG

Earnings

Guidance Update

Debt Issuance

Pulmonx reported worldwide revenue of $22.6 million for the fourth quarter of 2025, a 5% decrease over the same period last year, and $90.5 million for the full year 2025, an 8% increase over the prior year.
The company achieved a gross margin of 78% in the fourth quarter of 2025 and 74% for the full year 2025, with a net loss of $10.4 million (or $0.25 per share) for Q4 2025 and $54.0 million (or $1.33 per share) for the full year 2025.
As of December 31, 2025, Pulmonx held $69.8 million in cash, cash equivalents, and marketable securities, and refinanced its debt, securing up to $60 million in committed capital.
For the full year 2026, Pulmonx expects revenue to be in the range of $90 million to $92 million and gross margin to be approximately 75%.

12 hours ago

Press Release

Pulmonx Reports Q4 and Full Year 2025 Financial Results and Issues 2026 Guidance

LUNG

Earnings

Guidance Update

Debt Issuance

Pulmonx Corporation reported worldwide revenue of $22.6 million for the fourth quarter of 2025, a 5% decrease from the prior year, and $90.5 million for the full year 2025, an 8% increase over the prior year.
The company achieved a gross margin of 78% in Q4 2025 and 74% for the full year 2025, with a net loss of $10.4 million ($0.25 per share) for Q4 2025 and $54.0 million ($1.33 per share) for the full year 2025.
Pulmonx refinanced its existing debt, securing up to $60 million in committed capital under a new 5-year interest-only credit facility, and executed a cost restructuring initiative to reduce operating expenses.
For the full year 2026, Pulmonx expects revenue to be in the range of $90 million to $92 million, with a gross margin of approximately 75% and total operating expenses between $113 million and $115 million.

12 hours ago

8-K

Pulmonx Announces Q3 2025 Results and Management Changes

LUNG

Earnings

Management Change

Guidance Update

Pulmonx announced the return of Glenn French as CEO and Derrick Sung as COO and CFO.
For Q3 2025, total worldwide revenue was $21.5 million, a 5% increase from the prior year, with a gross margin of 75%. The company reported a net loss of $14 million, or $0.34 per share.
The company updated its full-year 2025 guidance, expecting revenue in the range of $89-$90 million, a gross margin of approximately 73%, and operating expenses between $125-$126 million.
New management is focused on realigning spending, improving operating leverage, and extending the cash runway to drive sustainable, profitable growth, acknowledging slowing U.S. sales growth.

Nov 12, 2025, 9:30 PM

Transcript

Pulmonx Reports Third Quarter 2025 Financial Results and Updates Full Year Guidance

LUNG

Earnings

Guidance Update

Management Change

Pulmonx Corporation reported worldwide revenue of $21.5 million for the third quarter of 2025, marking a 5% increase over the same period last year.
The company achieved a gross margin of 75% in Q3 2025 and a net loss of $14.0 million, or $0.34 per share.
Pulmonx updated its full year 2025 total revenue outlook to a range of $89 million to $90 million.
Glen French was reappointed as President and Chief Executive Officer, and Derrick Sung was appointed as Chief Operating Officer and Chief Financial Officer.

Nov 12, 2025, 9:05 PM

8-K

Pulmonx Announces Management Transition and Preliminary Q3 2025 Revenue

LUNG

CEO Change

CFO Change

Earnings

Pulmonx Corporation announced a management transition, with Glen French reappointed President and CEO, effective immediately, and Derrick Sung appointed Chief Operating Officer and Chief Financial Officer, effective November 3, 2025.
Former President and CEO, Steve Williamson, and former CFO, Mehul Joshi, have resigned from their respective roles, effective immediately, and will serve in advisory capacities through December 1, 2025.
The company expects preliminary, unaudited third quarter 2025 revenue to be approximately $21.5 million.
The third quarter 2025 financial results release and accompanying conference call have been rescheduled to November 12, 2025.

Oct 27, 2025, 8:05 PM

8-K

Pulmonx Announces Management Transition and Preliminary Q3 2025 Revenue

LUNG

Management Change

CEO Change

CFO Change

Pulmonx announced a significant management transition, with Glen French reappointed as President and Chief Executive Officer, and Derrick Sung appointed as Chief Operating Officer and Chief Financial Officer.
Steve Williamson and Mehul Joshi have resigned from their respective roles, effective immediately.
The company anticipates preliminary, unaudited third quarter 2025 revenue to be approximately $21.5 million.
The release of third quarter 2025 financial results and the accompanying conference call has been rescheduled to November 12, 2025.

Oct 27, 2025, 8:05 PM

Press Release

Calyxo Expands Board and Achieves Patient Milestone

LUNG

Board Change

New Projects/Investments

Revenue Acceleration/Inflection

Calyxo, Inc. has expanded its Board of Directors with the appointment of Dana G. Mead, Jr., who brings four decades of medical device operating and investing experience.
The company announced that more than 20,000 patients have been treated to date with its CVAC System, which is used for the steerable ureteroscopic renal evacuation (SURE) procedure for kidney stone treatment.
The CVAC System, which was FDA-cleared in 2024, has demonstrated a mean stone clearance from 94-96% and resulted in 73% fewer healthcare consumption events compared to standard ureteroscopy in a two-year study.