Pulmonx returns to growth, beats, 2026 outlook reaffirmed

 

Pulmonx returns to growth with Q3 revenue up 6% to $22.8m, beating estimates, loss per share narrowing to $0.19, 2026 outlook reaffirmed

• Q3 revenue was $22.8m, +6% YoY, first global growth under current leadership.
• Q3 revenue of $22.8m and loss per share of -$0.19 beat analyst estimates.
• U.S. revenue grew 7% to $14.9m; international rose 5% to $7.9m, +9% ex-China.
• Gross margin improved to 76%; management now expects about 77% gross margin for full-year 2026.
• Operating expenses declined 18% YoY to $24.9m, driving ~60% improvement in adjusted EBITDA loss to -$3.5m.
• Net loss narrowed 40% YoY to $8.4m, or -$0.19 per share versus -$0.34 prior.
• Company reiterated 2026 revenue guidance of $90–92m, implying continued growth in Q4.
• 2026 operating expenses guided to $108–109m, including ~$14m stock-based compensation, reflecting a leaner cost base.
• Cash was $52.7m; 2026 cash burn expected around $22m, ~30% lower than 2025.
• China sales to resume after registration renewal, but expected to be only ~2% of revenue.
• AeriSeal trial enrollment on track; product could expand addressable market ~20% with material 2028 impact.
• Main concern: Sustaining and accelerating growth with a relatively junior salesforce while key pipeline contributions remain several years away.
• Strong quarter, driven by a return to revenue growth combined with substantial operating leverage and reduced cash burn.

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