Revenue growth has shifted from double-digit gains to an 8.7% contraction in 2026Q1, while SG&A expenses of $24.1 million continue to significantly outpace the $16.0 million in gross profit.
| Sales/Revenue | 88.55M | 90.5M | 83.79M | 68.67M | 53.66M | 48.42M | 32.73M | 32.59M | 20M |
| Revenue Growth % | 1.23% | 8.01% | 22.01% | 27.98% | 10.84% | 47.91% | 0.42% | 62.94% | - |
| Cost of Goods Sold | 21.7M | 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 | 66.84M | 67.14M | 62M | 50.75M | 39.87M | 35.63M | 21.2M | 22.41M | 12.29M |
| Gross Margin % | 75.49% | 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 | 118.9M | 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 | 99.26M | 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 | 19.63M | 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 | -52.06M | -53.66M | -57.7M | -61.94M | -58.64M | -47.3M | -32.33M | -17.84M | -15.05M |
| Operating Margin % | -58.79% | -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 | -51.06M | -52.61M | -56.11M | -59.99M | -57.12M | -46.44M | -31.93M | -16.64M | -14.78M |
| EBITDA Margin % | -57.67% | -58.13% | -66.97% | -87.35% | -106.45% | -95.91% | -97.55% | -51.04% | -73.9% |
| EBITDA Growth % | 9.03% | 6.24% | 6.46% | -5.01% | -23.01% | -45.42% | -91.93% | -12.55% | - |
| D&A (Non-Cash Add-back) | 996K | 1.05M | 1.59M | 1.95M | 1.51M | 867K | 400K | 1.2M | 270K |
| EBIT | -49.22M | -50.22M | -52.39M | -57.04M | -57.5M | -47.49M | -28.84M | -18.02M | -15.95M |
| Net Interest Income | -1.21M | -504K | 1.55M | 2.34M | 463K | -429K | -2.97M | -1.89M | -2.5M |
| Interest Income | 2.14M | 2.65M | 5.06M | 5.57M | 1.53M | 400K | 213K | 432K | 21K |
| Interest Expense | 3.35M | 3.15M | 3.51M | 3.23M | 1.07M | 829K | 3.18M | 2.32M | 2.52M |
| Other Income/Expense | -513K | 286K | 1.81M | 1.66M | 67K | -1.01M | 314K | -2.5M | -3.42M |
| Pretax Income | -52.57M | -53.38M | -55.89M | -60.27M | -58.57M | -48.32M | -32.02M | -20.34M | -18.47M |
| Pretax Margin % | -59.37% | -58.98% | -66.71% | -87.76% | -109.15% | -99.8% | -97.82% | -62.4% | -92.32% |
| Income Tax | 640K | 626K | 500K | 571K | 353K | 343K | 213K | 363K | 12K |
| Effective Tax Rate % | -1.22% | -1.17% | -0.89% | -0.95% | -0.6% | -0.71% | -0.67% | -1.78% | -0.06% |
| Net Income | -53.21M | -54M | -56.39M | -60.84M | -58.92M | -48.66M | -32.23M | -20.7M | -18.48M |
| Net Margin % | -60.09% | -59.67% | -67.3% | -88.6% | -109.8% | -100.51% | -98.47% | -63.52% | -92.38% |
| Net Income Growth % | 6.8% | 4.24% | 7.31% | -3.26% | -21.09% | -50.98% | -55.68% | -12.04% | - |
| Net Income (Continuing) | -53.21M | -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) | -1.27 | -1.33 | -1.44 | -1.60 | -1.59 | -1.35 | -0.90 | -0.58 | -0.89 |
| EPS Growth % | 9.72% | 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 | 41.9M | 40.69M | 39.11M | 37.97M | 37.1M | 36.13M | 35.69M | 35.43M | 20.71M |
| Basic Shares Outstanding | 41.9M | 40.69M | 39.11M | 37.97M | 37.1M | 36.13M | 35.69M | 35.43M | 20.71M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Persistent operating cash burn
According to the latest quarterly financial data, Pulmonx's year-over-year revenue growth has decelerated significantly, reaching a contraction of 8.7% in 2026Q1, which suggests that the company is struggling to maintain the momentum seen in previous periods where growth rates frequently exceeded 20% annually.
The shift from double-digit expansion to recent contraction indicates that the initial market-creation phase may be reaching a saturation point in early-adopter clinical centers. Investors should monitor whether this trend reflects a fundamental slowdown in procedure adoption or merely temporary volatility in hospital capital expenditure cycles.
As reported in the company's income statements, Pulmonx maintains a robust gross margin profile, consistently hovering around 74% to 77%, which highlights the premium pricing power of the Zephyr Valve system despite the broader challenges in achieving overall profitability at the operating level.
While these margins are competitive with peers like AtriCure, they are insufficient to cover the heavy SG&A burden required to support the high-touch clinical sales model. This disparity suggests that the product's value proposition is strong, but the current commercial infrastructure remains disproportionately expensive relative to the revenue generated.
Based on the provided financial figures, Pulmonx continues to exhibit deeply negative operating margins, with the 2026Q1 operating margin reaching -62.9%, demonstrating a persistent inability to scale operating expenses in alignment with the company's revenue trajectory over the last ten quarters.
The lack of operating leverage suggests that the company's sales and marketing expenditures are not yet yielding the expected economies of scale. Without a clear inflection point where revenue growth outpaces SG&A expansion, the current cost structure appears to be a structural drag on long-term value creation.
Analysis of the income statement reveals that SG&A expenses remain the primary driver of the company's net losses, consistently consuming nearly all of the gross profit generated, as evidenced by the $24.1 million SG&A spend against $16.0 million in gross profit during 2026Q1.
This cost structure reflects the intensive clinical support and training required to navigate hospital value committees and drive procedural adoption. The reliance on such high overhead suggests that any disruption to the sales pipeline could rapidly exacerbate the company's cash burn, warranting further investigation into expense discipline.
Based on the reported financial statements, the combination of decelerating revenue and persistent net losses raises significant questions regarding the sustainability of the current growth-at-any-cost strategy, particularly as the company approaches a potential need for additional capital to fund its ongoing operations.
Short-term observers may focus on the risk that the addressable market is smaller than anticipated due to the collateral ventilation filter, which could permanently cap the company's growth ceiling. If the current trajectory continues, the company may face significant dilution risks as it seeks to bridge the gap to cash-flow break-even.
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.