Recent Highlights
- Achieved worldwide revenue of
$22.8 million in the second quarter of 2026, a 5% decrease over the same period last year and a decrease of 6% on a constant currency basis - Delivered
$14.2 million inU.S . revenue in the second quarter of 2026, representing a 4% year-over-year decrease - Delivered
$8.6 million in international revenue in the second quarter of 2026, representing a 6% year-over-year decrease and a decrease of 9% on a constant currency basis; excludingChina , year-over-year international revenue increased 12% and 9% on a constant currency basis - Achieved record gross margin of 78% in the second quarter of 2026
- Demonstrated operating leverage from cost realignment efforts, reducing net loss by 34% and adjusted EBITDA loss by 39% in the second quarter of 2026 as compared to the same period last year
“We are pleased with the progress we made in the second quarter executing our commercial strategy, advancing our clinical initiatives, and beginning to deliver the significant operating leverage we expected,” said
Second Quarter 2026 Financial Results
Total worldwide revenue in the second quarter of 2026 was
Gross profit in the second quarter of 2026 was
Operating expenses in the second quarter of 2026 were
Net loss in the second quarter of 2026 was
Adjusted EBITDA loss in the second quarter of 2026 was
Cash and cash equivalents totaled
2026 Financial Outlook
The Company now expects gross margin for the full year 2026 to be approximately 76%.
The Company continues to expect cash, cash equivalents, and marketable securities to decrease by approximately
Webcast and Conference Call Details
Use of Non-GAAP Financial Measures
To supplement Pulmonx’s condensed consolidated financial statements prepared in accordance with accounting principles generally accepted in
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.
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 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
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 against our strategic priorities, and deliver meaningful 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
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Investor Contact
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Consolidated Statements of Operations (in thousands, except share and per share data) (Unaudited) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenue | $ | 22,756 | $ | 23,859 | $ | 43,342 | $ | 46,397 | ||||||||
| Cost of goods sold | 5,014 | 6,655 | 9,556 | 12,851 | ||||||||||||
| Gross profit | 17,742 | 17,204 | 33,786 | 33,546 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Research and development | 5,034 | 5,306 | 9,933 | 10,062 | ||||||||||||
| Selling, general and administrative | 21,765 | 26,702 | 45,866 | 52,851 | ||||||||||||
| Total operating expenses | 26,799 | 32,008 | 55,799 | 62,913 | ||||||||||||
| Loss from operations | (9,057 | ) | (14,804 | ) | (22,013 | ) | (29,367 | ) | ||||||||
| Interest income | 329 | 723 | 679 | 1,587 | ||||||||||||
| Interest expense | (1,218 | ) | (799 | ) | (2,194 | ) | (1,580 | ) | ||||||||
| Other (expense) income, net | (1 | ) | (116 | ) | 76 | 51 | ||||||||||
| Net loss before tax | (9,947 | ) | (14,996 | ) | (23,452 | ) | (29,309 | ) | ||||||||
| Income tax expense | 133 | 177 | 282 | 312 | ||||||||||||
| Net loss | $ | (10,080 | ) | $ | (15,173 | ) | $ | (23,734 | ) | $ | (29,621 | ) | ||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.24 | ) | $ | (0.38 | ) | $ | (0.56 | ) | $ | (0.74 | ) | ||||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 42,468,762 | 40,429,655 | 42,184,793 | 40,193,469 | ||||||||||||
Condensed Consolidated Balance Sheets (in thousands) (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 55,843 | $ | 69,751 | ||||
| Restricted cash | 259 | 258 | ||||||
| Accounts receivable, net | 12,247 | 12,072 | ||||||
| Inventory | 16,390 | 15,845 | ||||||
| Prepaid expenses and other current assets | 3,394 | 3,758 | ||||||
| Total current assets | 88,133 | 101,684 | ||||||
| Long-term inventory | 3,803 | 3,604 | ||||||
| Property and equipment, net | 1,885 | 2,220 | ||||||
| 2,333 | 2,333 | |||||||
| Right of use assets | 17,267 | 18,028 | ||||||
| Other long-term assets | 1,311 | 1,422 | ||||||
| Total assets | $ | 114,732 | $ | 129,291 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 4,675 | $ | 3,905 | ||||
| Accrued liabilities | 14,070 | 14,556 | ||||||
| Income taxes payable | 264 | 263 | ||||||
| Deferred revenue | 16 | 18 | ||||||
| Short-term debt | 103 | 106 | ||||||
| Current lease liabilities | 1,277 | 1,210 | ||||||
| Total current liabilities | 20,405 | 20,058 | ||||||
| Deferred tax liability | 62 | 69 | ||||||
| Long-term lease liabilities | 17,403 | 18,059 | ||||||
| Long-term debt | 37,428 | 36,989 | ||||||
| Common stock warrant liability | 238 | — | ||||||
| Total liabilities | 75,536 | 75,175 | ||||||
| Stockholders' equity | ||||||||
| Common stock | 43 | 42 | ||||||
| Additional paid-in capital | 582,396 | 573,272 | ||||||
| Accumulated other comprehensive income | 2,049 | 2,360 | ||||||
| Accumulated deficit | (545,292 | ) | (521,558 | ) | ||||
| Total stockholders' equity | 39,196 | 54,116 | ||||||
| Total liabilities and stockholders' equity | $ | 114,732 | $ | 129,291 | ||||
Reconciliation of Reported Revenue % Change to Constant Currency Revenue % Change (in thousands, except percentages) (Unaudited) | ||||||||||||||||
| Three Months Ended | ||||||||||||||||
| 2026 | 2025 | % Change | FX Impact % | Constant Currency % Change | ||||||||||||
| $ | 14,176 | $ | 14,731 | (3.8 | )% | — | % | (3.8 | )% | |||||||
| International | 8,580 | 9,128 | (6.0 | )% | 3.0 | % | (9.0 | )% | ||||||||
| Total | $ | 22,756 | $ | 23,859 | (4.6 | )% | 1.2 | % | (5.8 | )% | ||||||
| Three Months Ended | ||||||||||||||||
| 2026 | 2025 | % Change | FX Impact % | Constant Currency % Change | ||||||||||||
| International | $ | 8,580 | $ | 9,128 | (6.0 | )% | 3.0 | % | (9.0 | )% | ||||||
| less | — | (1,484 | ) | (100.0 | )% | — | % | (100.0 | )% | |||||||
| International excluding | $ | 8,580 | $ | 7,644 | 12.2 | % | 3.6 | % | 8.6 | % | ||||||
| Six Months Ended | ||||||||||||||||
| 2026 | 2025 | % Change | FX Impact % | Constant Currency % Change | ||||||||||||
| $ | 27,431 | $ | 28,952 | (5.3 | )% | — | % | (5.3 | )% | |||||||
| International | 15,911 | 17,445 | (8.8 | )% | 6.1 | % | (14.9 | )% | ||||||||
| Total | $ | 43,342 | $ | 46,397 | (6.6 | )% | 2.3 | % | (8.9 | )% | ||||||
| Six Months Ended | ||||||||||||||||
| 2026 | 2025 | % Change | FX Impact % | Constant Currency % Change | ||||||||||||
| International | $ | 15,911 | $ | 17,445 | (8.8 | )% | 6.1 | % | (14.9 | )% | ||||||
| less | — | (3,779 | ) | (100.0 | )% | — | % | (100.0 | )% | |||||||
| International excluding | $ | 15,911 | $ | 13,666 | 16.4 | % | 7.8 | % | 8.6 | % | ||||||
Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA (in thousands) (Unaudited) | |||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||
| GAAP Net loss | $ | (10,080 | ) | $ | (15,173 | ) | $ | (23,734 | ) | $ | (29,621 | ) | |
| Depreciation and amortization | 222 | 299 | 442 | 577 | |||||||||
| Stock-based compensation | 3,698 | 6,214 | 7,834 | 11,826 | |||||||||
| Interest (income)/expense, net | 889 | 76 | 1,515 | (7 | ) | ||||||||
| Provision for income taxes | 133 | 177 | 282 | 312 | |||||||||
| Adjusted EBITDA | $ | (5,138 | ) | $ | (8,407 | ) | $ | (13,661 | ) | $ | (16,913 | ) | |
