Pulmonx Reports Third Quarter 2025 Financial Results
REDWOOD CITY, Calif., Nov. 12, 2025 (GLOBE NEWSWIRE) -- Pulmonx Corporation (Nasdaq: LUNG) (“Pulmonx” or the "Company"), a global leader in minimally invasive treatments for lung disease, today reported financial results for the third quarter of 2025 ended September 30, 2025.
Recent Highlights
- Achieved worldwide revenue of $21.5 million in the third quarter of 2025, a 5% increase over the same period last year and an increase of 4% on a constant currency basis
- Delivered $7.5 million in international revenue in the third quarter of 2025, representing 15% year-over-year growth and an increase of 9% on a constant currency basis
- Delivered $14.0 million in U.S. revenue in the third quarter of 2025, representing 1% year-over-year growth
- Realized gross margin of 75% in the third quarter of 2025
- Reappointed Glen French as President and Chief Executive Officer and appointed Derrick Sung as Chief Operating Officer and Chief Financial Officer
“While our third quarter performance broadly met expectations, we feel there is a meaningful opportunity to leverage our operational foundation and refine execution to expand Zephyr Valve treatment volumes,” said Glen French, President and Chief Executive Officer of Pulmonx. “We remain steadfast in our mission to improve the quality of life for patients with severe emphysema and are committed to acting with discipline to ensure our investments and operations are aligned with our goal to achieve sustainable, profitable growth.”
Third Quarter 2025 Financial Results
Total worldwide revenue in the third quarter of 2025 was $21.5 million, a 5% increase from $20.4 million in the third quarter of 2024, and an increase of 4% on a constant currency basis. U.S. revenue was $14.0 million, a 1% increase from the third quarter of 2024. International revenue was $7.5 million, a 15% increase compared to the third quarter of 2024, and a 9% increase on a constant currency basis. The growth in revenue reflects continued commercial execution and global adoption of Zephyr Valve procedures.
Gross profit in the third quarter of 2025 was $16.1 million, compared to $15.0 million for the third quarter of 2024. Gross margin for the third quarter of 2025 was 75%, compared to 74% for the same period in 2024.
Operating expenses in the third quarter of 2025 were $30.4 million, compared to $29.2 million for the third quarter of 2024, representing an increase of 4%. The increase in operating expenses was attributable to increases in clinical, development, and commercial investments.
Net loss in the third quarter of 2025 was $14.0 million, or $0.34 per share, compared to a net loss of $14.1 million, or $0.36 per share for the same period in 2024.
Adjusted EBITDA loss in the third quarter of 2025 was $8.2 million compared to $8.1 million for the same period in 2024.
Cash and cash equivalents totaled $76.5 million as of September 30, 2025.
2025 Financial Outlook
Pulmonx is updating its 2025 financial outlook and expects full year 2025 total revenue to be in the range of $89 million to $90 million.
The Company expects gross margin for the full year 2025 to be approximately 73%.
Pulmonx expects total operating expenses for the full year 2025 to fall within the range of $125 million to $126 million, inclusive of approximately $21 million of non-cash stock-based compensation.
The Company’s updated guidance does not anticipate any potential impact from future tariffs or trade policy changes, or their effects on the global macroeconomic environment, including foreign currency fluctuations.
Webcast and Conference Call Details
Pulmonx will host a conference call today, November 12, 2025, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its third quarter financial results. A live webcast of the conference call will be available on the Investor Relations section of the Company's website at . The webcast will be archived on the website following the completion of the call.
Use of Non-GAAP Financial Measures
To supplement Pulmonx’s condensed consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, Pulmonx provides certain non-GAAP financial measures in this release as supplemental financial metrics. Non-GAAP financial measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results, may provide a more complete understanding of factors and trends affecting Pulmonx’s business.
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. Pulmonx uses results on a constant currency basis as one measure to evaluate its performance. Pulmonx calculates constant currency by calculating current-year results using foreign currency exchange rates from the applicable comparable period in the prior year. Pulmonx generally refers to such amounts calculated on a constant currency basis as excluding the impact of foreign exchange or being on a constant currency basis. Pulmonx believes the presentation of results on a constant currency basis in addition to reported results helps improve investors’ ability to understand its operating results and evaluate its performance in comparison to prior periods. Pulmonx generally uses constant currency to facilitate management's financial and operational decision-making, including evaluation of Pulmonx’s historical operating results.
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 Pulmonx should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. Because non-GAAP financial measures exclude the effect of items that increase or decrease the company's reported results of operations, management strongly encourages investors to review, when they become available, the Company's consolidated financial statements and publicly filed reports in their entirety. The Company's definition of non-GAAP measures may differ from similarly titled measures used by others.
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 possible or assumed future results of operations, including long-term outlook, descriptions of our revenues, total operating expenses, gross margin, profitability, guidance for full year 2025, 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 SEC on August 1, 2025, available at Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. All statements other than statements of historical fact are forward-looking statements. Except to the extent required by law, we undertake no obligation to update or review any estimate, projection, or forward-looking statement. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in our business.
About Pulmonx Corporation
Pulmonx Corporation (Nasdaq: LUNG) is a global leader in minimally invasive treatments for chronic obstructive pulmonary disease (COPD). Pulmonx’s Zephyr® Endobronchial Valve, Chartis® Pulmonary Assessment System, LungTrax™ Platform, and StratX® Lung Analysis Reports are designed to assess and treat patients with severe emphysema/COPD who despite medical management are still profoundly symptomatic. Pulmonx received FDA pre-market approval to commercialize the Zephyr Valve following its designation as a “breakthrough device.” The Zephyr Valve is commercially available in more than 25 countries, is included in global treatment guidelines and is widely considered a standard of care treatment option for improving breathing, activity and quality of life in patients with severe emphysema. For more information on the Zephyr Valves and the company, please visit .
Pulmonx®, AeriSeal®, Chartis®, StratX®, and Zephyr® are registered trademarks and LungTraX™ is a trademark of Pulmonx Corporation.
Investor Contact
Brian Johnston
Laine Morgan
Gilmartin Group
| Pulmonx Corporation Consolidated Statements of Operations (in thousands, except share and per share data) (Unaudited) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | $ | 21,502 | $ | 20,387 | $ | 67,899 | $ | 60,024 | ||||||||
| Cost of goods sold | 5,450 | 5,361 | 18,301 | 15,613 | ||||||||||||
| Gross profit | 16,052 | 15,026 | 49,598 | 44,411 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Research and development | 4,846 | 3,744 | 14,908 | 13,569 | ||||||||||||
| Selling, general and administrative | 25,599 | 25,411 | 78,450 | 75,129 | ||||||||||||
| Total operating expenses | 30,445 | 29,155 | 93,358 | 88,698 | ||||||||||||
| Loss from operations | (14,393 | ) | (14,129 | ) | (43,760 | ) | (44,287 | ) | ||||||||
| Interest income | 611 | 1,269 | 2,198 | 4,016 | ||||||||||||
| Interest expense | (805 | ) | (891 | ) | (2,385 | ) | (2,665 | ) | ||||||||
| Other income (expense), net | 758 | (201 | ) | 809 | 179 | |||||||||||
| Net loss before tax | (13,829 | ) | (13,952 | ) | (43,138 | ) | (42,757 | ) | ||||||||
| Income tax expense | 128 | 192 | 440 | 462 | ||||||||||||
| Net loss | $ | (13,957 | ) | $ | (14,144 | ) | $ | (43,578 | ) | $ | (43,219 | ) | ||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.34 | ) | $ | (0.36 | ) | $ | (1.08 | ) | $ | (1.11 | ) | ||||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 40,936,896 | 39,276,447 | 40,444,001 | 38,953,032 | ||||||||||||
| Pulmonx Corporation Condensed Consolidated Balance Sheets (in thousands) (Unaudited) | |||||||
| September 30, 2025 | December 31, 2024 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 76,549 | $ | 70,905 | |||
| Restricted cash | 261 | 257 | |||||
| Short-term marketable securities | — | 30,577 | |||||
| Accounts receivable, net | 13,797 | 13,120 | |||||
| Inventory | 16,248 | 16,915 | |||||
| Prepaid expenses and other current assets | 4,380 | 4,474 | |||||
| Total current assets | 111,235 | 136,248 | |||||
| Long-term inventory | 2,474 | 1,681 | |||||
| Property and equipment, net | 2,443 | 2,907 | |||||
| Goodwill | 2,333 | 2,333 | |||||
| Right of use assets | 18,279 | 18,545 | |||||
| Other long-term assets | 1,517 | 1,136 | |||||
| Total assets | $ | 138,281 | $ | 162,850 | |||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 6,420 | $ | 3,827 | |||
| Accrued liabilities | 14,936 | 16,472 | |||||
| Income taxes payable | 189 | 49 | |||||
| Deferred revenue | 92 | 135 | |||||
| Short-term debt | 105 | 3,176 | |||||
| Current lease liabilities | 1,136 | 778 | |||||
| Total current liabilities | 22,878 | 24,437 | |||||
| Deferred tax liability | 47 | 87 | |||||
| Long-term lease liabilities | 18,298 | 18,515 | |||||
| Long-term debt | 37,025 | 34,002 | |||||
| Total liabilities | 78,248 | 77,041 | |||||
| Stockholders' equity | |||||||
| Common stock | 41 | 40 | |||||
| Additional paid-in capital | 568,887 | 551,211 | |||||
| Accumulated other comprehensive income | 2,238 | 2,113 | |||||
| Accumulated deficit | (511,133 | ) | (467,555 | ) | |||
| Total stockholders' equity | 60,033 | 85,809 | |||||
| Total liabilities and stockholders' equity | $ | 138,281 | $ | 162,850 | |||
| Pulmonx Corporation Reconciliation of Reported Revenue % Change to Constant Currency Revenue % Change (in thousands) (Unaudited) | ||||||||||||||
| Three Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | % Change | FX Impact % | Constant Currency % Change | ||||||||||
| United States | $ | 13,967 | $ | 13,836 | 0.9 | % | — | % | 0.9 | % | ||||
| International | 7,535 | 6,551 | 15.0 | % | 5.9 | % | 9.1 | % | ||||||
| Total | $ | 21,502 | $ | 20,387 | 5.5 | % | 1.9 | % | 3.6 | % | ||||
| Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | % Change | FX Impact % | Constant Currency % Change | ||||||||||
| United States | $ | 42,919 | $ | 40,586 | 5.7 | % | — | % | 5.7 | % | ||||
| International | 24,980 | 19,438 | 28.5 | % | 2.6 | % | 25.9 | % | ||||||
| Total | $ | 67,899 | $ | 60,024 | 13.1 | % | 0.8 | % | 12.3 | % | ||||
| Pulmonx Corporation Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA (in thousands) (Unaudited) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| GAAP Net loss | $ | (13,957 | ) | $ | (14,144 | ) | $ | (43,578 | ) | $ | (43,219 | ) | |||
| Depreciation and amortization | 246 | 376 | 823 | 1,199 | |||||||||||
| Stock-based compensation | 5,166 | 5,839 | 16,992 | 17,432 | |||||||||||
| Impairment of capitalized software development costs | — | — | — | 1,717 | |||||||||||
| Interest expense (income), net | 194 | (378 | ) | 187 | (1,351 | ) | |||||||||
| Provision for income taxes | 128 | 192 | 440 | 462 | |||||||||||
| Adjusted EBITDA | $ | (8,223 | ) | $ | (8,115 | ) | $ | (25,136 | ) | $ | (23,760 | ) | |||
