Pulmonx Reports Third Quarter 2026 Financial Results

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, a 6% 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 a 7% year-over-year increase
• Delivered $7.9 million in international revenue in the third quarter of 2026, representing a 5% year-over-year increase and an increase of 6% on a constant currency basis; excluding China, year-over-year international revenue increased 9% 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 by 57% 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 $22.8 million, a 6% increase from $21.5 million in the third quarter of 2025 on both a GAAP and constant currency basis. U.S. revenue was $14.9 million, a 7% increase from the third quarter of 2025. International revenue was $7.9 million, a 5% increase compared to the third quarter of 2025, and a 6% increase on a constant currency basis. International revenue growth was tempered by an absence of sales to the Company’s distributor in China as we restart commercial activity in the region following the renewal of our Chinese registration certificate. Excluding China, international revenue grew 9% year-over-year on a GAAP and constant currency basis.

Gross profit in the third quarter of 2026 was $17.4 million, compared to $16.1 million for the third quarter of 2025. Gross margin for the third quarter of 2026 was 76%, compared to 75% for the same period in 2025.

Operating expenses in the third quarter of 2026 were $24.9 million, compared to $30.4 million for the third quarter of 2025, representing a decrease of 18%.

Net loss in the third quarter of 2026 was $8.4 million, or $0.19 per share, compared to a net loss of $14.0 million, or $0.34 per share, for the same period in 2025.

Adjusted EBITDA loss in the third quarter of 2026 was $3.5 million, a reduction of 57% as compared to adjusted EBITDA loss of $8.2 million for the same period in 2025.

Cash and cash equivalents totaled $52.7 million as of September 30, 2026.

2026 Financial Outlook
Pulmonx continues to expect revenue for the full year 2026 to be in the range of $90 million to $92 million.

The Company now expects gross margin for the full year 2026 to be approximately 77%.

Pulmonx now expects total operating expenses for the full year 2026 to fall within the range of $108 million to $109 million, inclusive of approximately $14 million of non-cash stock-based compensation.

The Company now expects cash, cash equivalents, and marketable securities to decrease by approximately $22 million for the full year 2026 assuming no additional drawdowns under the Company’s credit facility.

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	)