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Pulmonx
(NASDAQ:LUNG)
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Rating:51Neutral
Price Target:
$2.50
▲(113.68% Upside)
Action:Reiterated
Date:08/05/26
The score is held down primarily by weak financial performance: ongoing large losses, significant cash burn, and rising leverage alongside negative revenue growth. Offsetting this, the latest earnings call indicated operational improvement (higher gross margin, lower operating expenses, narrowing losses) and reiterated guidance with improved financing runway. Technically, the trend is positive but appears overextended (high RSI/Stoch), and valuation remains constrained by negative earnings and no indicated dividend yield.
Positive Factors
Sustainable Gross Margin Improvement
Higher gross margin, supported by lower distributor mix and supply-chain efficiencies, strengthens unit economics. Maintaining margins above 75% could improve the path toward break-even as Zephyr adoption and procedure volumes expand.
Negative Factors
Persistent Unprofitability and Cash Burn
Pulmonx remains dependent on external funding or balance-sheet capacity because losses continue to translate into cash outflows. Persistent negative cash generation limits flexibility and makes execution on growth investments more financially sensitive.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustainable Gross Margin Improvement
Higher gross margin, supported by lower distributor mix and supply-chain efficiencies, strengthens unit economics. Maintaining margins above 75% could improve the path toward break-even as Zephyr adoption and procedure volumes expand.
Read all positive factors
Pulmonx (LUNG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$95.77M
Dividend YieldN/A
Average Volume (3M)454.13K
Price to Earnings (P/E)―
Beta (1Y)1.54
Revenue Growth-3.43%
EPS Growth19.16%
CountryUS
Employees296
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-1.15
Shares Outstanding42,948,270
10 Day Avg. Volume218,977
30 Day Avg. Volume454,128
Financial Highlights & Ratios
PEG Ratio0.22
Price to Book (P/B)1.66
Price to Sales (P/S)0.99
P/FCF Ratio-2.73
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$3.50Price Target Upside199.15% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-1.04
Revenue Forecast (FY)$90.54M
Pulmonx Business Overview & Revenue Model
Company Description
Pulmonx Corporation is a biomedical technology firm dedicated to developing and commercializing advanced, less invasive devices for managing chronic obstructive pulmonary diseases. Its primary offering, the Zephyr Endobronchial Valve, is specifica...
How the Company Makes Money
Pulmonx primarily makes money by selling its bronchoscopic lung volume reduction products to healthcare providers (typically hospitals and procedure centers) that perform emphysema treatments. The company’s revenue model is largely product-based: ...
Pulmonx Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call presents a cautiously optimistic picture: multiple operational and financial improvements (notably a nearly 40% reduction in adjusted EBITDA loss, 16% YoY reduction in operating expenses, gross margin expansion, China registration renewal, filled U.S. leadership roles, and reiterated full-year guidance) signal meaningful progress on execution and financial leverage. Near-term challenges remain, including an overall revenue decline driven by the China shipment suspension, ongoing quarterly losses and cash burn, typical seasonality (Q3), and the multi-quarter ramp required for new sales hires and clinical enrollment timelines. On balance, the positive operational and balance-sheet developments outweigh the near-term headwinds, but material execution is still required to convert momentum into sustained revenue growth.Positive Updates
Quarterly Revenue and Full-Year Guidance Reiterated
Total worldwide revenue of $22.8M in Q2 2026; management reiterated full-year 2026 revenue guidance of $90M to $92M and expects to return to global sales growth later in the year.
Negative Updates
Year‑over‑Year Revenue Decline
Total revenue declined 5% YoY (6% constant currency) to $22.8M; U.S. revenue down 4% YoY to $14.2M; international revenue down 6% YoY (9% cc) to $8.6M—the declines driven primarily by China disruption.
Read all updates
Q2-2026 Updates
Positive
Negative
Quarterly Revenue and Full-Year Guidance Reiterated
Total worldwide revenue of $22.8M in Q2 2026; management reiterated full-year 2026 revenue guidance of $90M to $92M and expects to return to global sales growth later in the year.
Read all positive updates
Company Guidance
Pulmonx reiterated full‑year 2026 revenue guidance of $90–92 million, now expects full‑year gross margin of ~76% and operating expenses of $109–111 million (inclusive of ~ $15 million of non‑cash stock‑based compensation), and projects roughly $23 million of cash burn for the year (≈30% reduction vs. 2025); at June 30, 2026 cash and cash equivalents were $55.8 million. In Q2 they reported $22.8 million of revenue (‑5% YoY, ‑6% cc), U.S. revenue $14.2 million (‑4% YoY, +7% sequential), international $8.6 million, gross margin 78% (vs. 72% prior year), adjusted EBITDA loss of $5.1 million (vs. $8.4M prior), net loss $10.1 million (vs. $15.2M prior), net loss per share $0.24 (vs. $0.38), total operating expenses $26.8 million (‑16% YoY; excluding SBC down 11%), R&D $5.0M, SG&A $21.8M, SBC $3.7M, and 12 new U.S. treating centers added in the quarter; management also noted a renewed China registration (shipments expected to resume early next year), access to an additional $20 million of undrawn capital subject to revenue milestones and a debt maturity extended to 2031, and a goal to return to global sales growth later in 2026 and exit the year growing at or near double digits.Pulmonx Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
34
Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 87.44M | 90.50M | 83.79M | 68.67M | 53.66M | 48.42M |
| Gross Profit | 67.38M | 67.14M | 62.00M | 50.75M | 39.87M | 35.63M |
| EBITDA | -43.05M | -49.17M | -50.79M | -55.09M | -55.99M | -46.62M |
| Net Income | -48.12M | -54.00M | -56.39M | -60.84M | -58.92M | -48.66M |
Balance Sheet | ||||||
| Total Assets | 114.73M | 129.29M | 162.85M | 177.78M | 193.68M | 235.17M |
| Cash, Cash Equivalents and Short-Term Investments | 55.84M | 70.01M | 101.48M | 117.10M | 141.14M | 180.04M |
| Total Debt | 56.21M | 56.36M | 56.47M | 41.42M | 24.40M | 26.46M |
| Total Liabilities | 75.54M | 75.17M | 77.04M | 59.47M | 39.67M | 41.93M |
| Stockholders Equity | 39.20M | 54.12M | 85.81M | 118.31M | 154.01M | 193.24M |
Cash Flow | ||||||
| Free Cash Flow | -30.67M | -32.90M | -32.98M | -38.42M | -46.45M | -45.10M |
| Operating Cash Flow | -30.56M | -32.45M | -31.54M | -37.61M | -45.14M | -41.43M |
| Investing Cash Flow | 8.69M | 30.48M | 17.48M | -2.01M | -4.22M | -46.26M |
| Financing Cash Flow | 1.75M | 903.00K | 1.36M | 21.40M | 2.47M | 4.50M |
Pulmonx Technical Analysis
Positive
1.17
Price Trends
1.55
Positive
1.46
Positive
1.64
Positive
Market Momentum
0.24
Negative
64.12
Neutral
71.12
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LUNG, the sentiment is Positive. The current price of 1.17 is below the 20-day moving average (MA) of 1.79, below the 50-day MA of 1.55, and below the 200-day MA of 1.64, indicating a bullish trend. The MACD of 0.24 indicates Negative momentum. The RSI at 64.12 is Neutral, neither overbought nor oversold. The STOCH value of 71.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LUNG.
Pulmonx Risk Analysis
Pulmonx disclosed 83 risk factors in its most recent earnings report. Pulmonx reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Pulmonx Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
54 Neutral | $47.74M | -3.09 | -34.09% | ― | -53.40% | -1719.88% | |
53 Neutral | $128.90M | -14.80 | -78.70% | ― | 25.59% | 55.35% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $95.77M | -1.94 | -96.66% | ― | -3.43% | 19.16% | |
46 Neutral | $7.91M | -0.42 | -211.73% | ― | 41.62% | 20.47% | |
44 Neutral | $46.51M | -4.03 | -23.45% | ― | -14.27% | -132.84% | |
43 Neutral | $29.18M | -0.84 | 1248.13% | ― | 6.09% | 30.65% |
* Healthcare Sector Average
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Pulmonx Corporate Events
Executive/Board ChangesShareholder Meetings
Pulmonx Shareholders Back Board, Auditor and Pay Program
Positive
Jun 4, 2026
On June 4, 2026, Pulmonx Corporation held its 2026 Annual Meeting of Stockholders, with approximately 77% of eligible shares represented, and shareholders elected three Class III directors to serve until the 2029 annual meeting. Investors also rat...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.