Revenue growth has slowed to 6.2% in 2026Q3 while SG&A of $20.0M consumed roughly 88% of gross profit, leaving operating margin at -32.8% and suggesting losses remain structurally tied to the cost base.
Pulmonx Corporation (LUNG) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 88.78M | 90.5M | 83.79M | 68.67M | 53.66M | 48.42M | 32.73M | 32.59M | 20M |
| Revenue Growth % | -3.15% | 8.01% | 22.01% | 27.98% | 10.84% | 47.91% | 0.42% | 62.94% | - |
| Cost of Goods Sold | 20.05M | 23.36M | 21.79M | 17.92M | 13.8M | 12.79M | 11.53M | 10.18M | 7.72M |
| COGS % of Revenue | - | 25.81% | 26% | 26.1% | 25.71% | 26.41% | 35.23% | 31.23% | 38.58% |
| Gross Profit | 68.73M | 67.14M | 62M | 50.75M | 39.87M | 35.63M | 21.2M | 22.41M | 12.29M |
| Gross Margin % | 77.42% | 74.19% | 74% | 73.9% | 74.29% | 73.59% | 64.77% | 68.77% | 61.42% |
| Gross Profit Growth % | - | 8.29% | 22.16% | 27.31% | 11.89% | 68.05% | -5.41% | 82.44% | - |
| Operating Expenses | 108.13M | 120.8M | 119.7M | 112.69M | 98.5M | 82.93M | 53.53M | 40.25M | 27.34M |
| OpEx % of Revenue | - | 133.49% | 142.86% | 164.09% | 183.56% | 171.29% | 163.55% | 123.49% | 136.66% |
| Selling, General & Admin | 88.75M | 101.31M | 102.14M | 94.61M | 83.11M | 69.87M | 46.07M | 34.2M | 20.35M |
| SG&A % of Revenue | - | 111.95% | 121.9% | 137.76% | 154.87% | 144.31% | 140.76% | 104.93% | 101.71% |
| Research & Development | 19.38M | 19.49M | 17.57M | 18.08M | 15.4M | 13.06M | 7.46M | 6.05M | 6.99M |
| R&D % of Revenue | - | 21.54% | 20.97% | 26.33% | 28.69% | 26.98% | 22.79% | 18.56% | 34.95% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -39.41M | -53.66M | -57.7M | -61.94M | -58.64M | -47.3M | -32.33M | -17.84M | -15.05M |
| Operating Margin % | -44.39% | -59.3% | -68.87% | -90.19% | -109.27% | -97.7% | -98.77% | -54.73% | -75.24% |
| Operating Income Growth % | - | 7% | 6.83% | -5.62% | -23.96% | -46.31% | -81.25% | -18.51% | - |
| EBITDA | -38.52M | -52.61M | -56.21M | -60.39M | -57.12M | -46.44M | -31.85M | -17.47M | -14.78M |
| EBITDA Margin % | -43.39% | -58.13% | -67.09% | -87.93% | -106.45% | -95.91% | -97.3% | -53.61% | -73.9% |
| EBITDA Growth % | 31.29% | 6.41% | 6.92% | -5.71% | -23.01% | -45.8% | -82.28% | -18.2% | - |
| D&A (Non-Cash Add-back) | 888K | 1.05M | 1.49M | 1.55M | 1.51M | 867K | 483K | 365K | 270K |
| EBIT | -37.74M | -50.22M | -52.39M | -57.04M | -57.5M | -47.49M | -28.84M | -18.02M | -15.95M |
| Net Interest Income | -2.72M | -504K | 1.55M | 2.34M | 463K | -429K | -2.97M | -1.89M | -2.5M |
| Interest Income | 1.48M | 2.65M | 5.06M | 5.57M | 1.53M | 400K | 213K | 432K | 21K |
| Interest Expense | 4.2M | 3.15M | 3.51M | 3.23M | 1.07M | 829K | 3.18M | 2.32M | 2.52M |
| Other Income/Expense | -2.53M | 286K | 1.81M | 1.66M | 67K | -1.01M | 314K | -2.5M | -3.42M |
| Pretax Income | -41.93M | -53.38M | -55.89M | -60.27M | -58.57M | -48.32M | -32.02M | -20.34M | -18.47M |
| Pretax Margin % | -47.24% | -58.98% | -66.71% | -87.76% | -109.15% | -99.8% | -97.82% | -62.4% | -92.32% |
| Income Tax | 619K | 626K | 500K | 571K | 353K | 343K | 213K | 363K | 12K |
| Effective Tax Rate % | -1.48% | -1.17% | -0.89% | -0.95% | -0.6% | -0.71% | -0.67% | -1.78% | -0.06% |
| Net Income | -42.55M | -54M | -56.39M | -60.84M | -58.92M | -48.66M | -32.23M | -20.7M | -18.48M |
| Net Margin % | -47.93% | -59.67% | -67.3% | -88.6% | -109.8% | -100.51% | -98.47% | -63.52% | -92.38% |
| Net Income Growth % | 25.02% | 4.24% | 7.31% | -3.26% | -21.09% | -50.98% | -55.68% | -12.04% | - |
| Net Income (Continuing) | -42.55M | -54M | -56.39M | -60.84M | -58.92M | -48.66M | -32.23M | -20.7M | -18.48M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.99 | -1.33 | -1.44 | -1.60 | -1.59 | -1.35 | -0.90 | -0.58 | -0.89 |
| EPS Growth % | 29.08% | 7.64% | 10% | -0.63% | -17.78% | -50% | -55.17% | 34.83% | - |
| EPS (Basic) | - | -1.33 | -1.44 | -1.60 | -1.59 | -1.35 | -0.90 | -0.58 | -0.89 |
| Diluted Shares Outstanding | 43.18M | 40.69M | 39.11M | 37.97M | 37.1M | 36.13M | 35.69M | 35.43M | 20.71M |
| Basic Shares Outstanding | 43.18M | 40.69M | 39.11M | 37.97M | 37.1M | 36.13M | 35.69M | 35.43M | 20.71M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying LUNG stock.
For fiscal year 2025, Pulmonx Corporation (LUNG) reported total revenue of $90.5M. This represents a 352.4% increase compared to $20.0M in 2018.
Pulmonx Corporation (LUNG) reported a net loss of $54.0M for the fiscal year ending 2025.
Pulmonx Corporation (LUNG) reported an operating income of $-53.7M, resulting in an operating profit margin of -59.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Pulmonx Corporation (LUNG) generated $67.1M in gross profit for the year, representing a gross profit margin of 74.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses
Metrics are mathematically derived from official filings.
Revenue Growth Stalling Near Flat
Based on Pulmonx's reported quarterly figures, revenue reached $22.8M in 2026Q3 after growing 6.2% year over year, a sharp slowdown from the 20-23% growth rates reported across much of 2024 and early 2025.
The shift from double-digit growth in 2024 to mid-single-digit and occasionally negative sequential movement suggests demand for the Zephyr valve platform may be maturing or facing reimbursement and adoption friction. Quarterly revenue has hovered between roughly $20M and $24M for about two years, which implies limited top-line scaling. Investors should monitor whether the 2026Q3 rebound is sustainable or simply reflects a favorable comparison period.
Gross Margin Strong but Eroding
As reported in the financial statements, Pulmonx's gross margin fell from 74.0% in 2024Q4 to 76.2% in 2026Q3, recovering from a 72.1% trough in 2025Q2 but remaining well below peer INSP at 85.4%.
The gross margin recovery over the last three quarters suggests improved manufacturing absorption or favorable product mix, though the level still trails the higher-margin medtech peer set. A roughly 9-point gap to Inspire Medical indicates less pricing power or a higher cost-of-goods structure. The margin profile is adequate for a device company but leaves limited room for error if pricing pressure emerges.
Operating Losses Not Narrowing Meaningfully
Based on Pulmonx's reported figures, SG&A of $20.0M in 2026Q3 consumed roughly 88% of gross profit of $17.4M, and operating margin remained at -32.8%, far from breakeven despite revenue of $22.8M.
Operating income has improved from deep losses above -60% in 2025 to -32.8% in the latest quarter, but this improvement appears driven largely by SG&A moderating rather than revenue scaling. The cost base still exceeds gross profit, indicating the business has not reached operating leverage. Investors should monitor whether SG&A discipline can continue without impairing commercial reach.
Losses Driven by Core Operations
According to recent SEC filings, Pulmonx's net loss of $8.4M in 2026Q3 closely tracks its operating loss of $7.5M, with net margin of -36.8% indicating minimal non-operating distortion in the reported EPS of -$0.19.
The alignment between operating and net losses suggests the reported deficit reflects core business economics rather than one-time items or large non-operating charges. Stock-based compensation of $3.6M in the latest quarter represents a meaningful but not dominant share of the expense base. The EPS trend is improving, yet the absolute loss per share remains negative and warrants continued scrutiny.
SG&A Dominates the Cost Structure
Based on Pulmonx's reported figures, SG&A of $20.0M and R&D of $4.9M together represented about 110% of gross profit in 2026Q3, with COGS of $5.4M being the smallest outflow.
The cost structure is heavily weighted toward commercial and administrative spending, which is typical for a company building a sales infrastructure around a specialized device. R&D spending has remained relatively steady around $4-5M per quarter, suggesting ongoing but measured investment in the pipeline. The key question is whether SG&A can decline as a percentage of revenue faster than revenue growth slows.
Persistent Losses Challenge the Growth Thesis
As reported in the financial statements, Pulmonx has posted operating losses in every one of the last ten quarters, with a cumulative operating loss exceeding $180M, while revenue growth has decelerated to 6.2%.
The strongest bear argument is that the company has not demonstrated a credible path to profitability, and the recent revenue deceleration may signal that the commercial model is hitting a ceiling. Peer PRCT and ATRC also show negative operating margins, which suggests a sector-wide challenge, but LUNG's margin deficit remains among the deeper ones. Investors should monitor whether the 2026Q3 growth rebound persists before assuming a durable inflection.