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Pulmonx
Pulmonx (LUNG) investor relations material
Pulmonx Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Mar, 2026
Executive summary
Leadership conducted a comprehensive review, realigned cost structure, and prioritized high-return programs to balance growth and profitability.
Top priorities are re-accelerating U.S. sales growth, advancing clinical initiatives, and aligning spending for financial leverage.
Significant internal operational and executional challenges led to U.S. underperformance in 2025, including sales force turnover and suboptimal incentive structures.
New leadership and streamlined commercial focus aim to rebuild momentum, with most U.S. sales positions now filled and productivity expected to ramp in the second half of 2026.
Full year 2025 worldwide revenue reached $90.5M, up 8% year-over-year; Q4 revenue was $22.6M, down 5% from Q4 2024.
Gross margin improved to 78% in Q4 2025 and held at 74% for the full year.
Net loss narrowed to $54.0M for 2025 ($1.33/share) from $56.4M in 2024 ($1.44/share).
Cost restructuring and debt refinancing initiatives were executed to support future growth and profitability.
Financial highlights
Q4 2025 worldwide revenue was $22.6M, down 5% year-over-year; full-year 2025 revenue was $90.5M, up 8%.
U.S. Q4 revenue was $14.1M, down 11% year-over-year; full-year U.S. revenue was $57M, up 1%.
International Q4 revenue was $8.5M, up 8% year-over-year; full-year international revenue was $33.5M, up 23%.
Q4 2025 gross margin was 78% (vs. 74% prior year); full-year gross margin was 74%.
Q4 net loss was $10.4M ($0.25/share), improved from $13.2M ($0.33/share) prior year; full-year net loss was $54M ($1.33/share).
Adjusted EBITDA loss for Q4 was $5.5M (vs. $7.5M prior year); full-year adjusted EBITDA loss was $30.6M.
Ended 2025 with $69.8M in cash equivalents and marketable securities.
Operating expenses for 2025 were $120.8M, up 1% from 2024.
Outlook and guidance
2026 revenue expected between $90M-$92M, with growth resuming in both U.S. and international businesses in the back half.
Gross margin for 2026 projected at ~75%, trending higher in H1 and lower in H2 as distributor sales increase.
Operating expenses for 2026 guided at $113M-$115M, including ~$21M in stock-based compensation; excluding this, a 7%-9% decrease from 2025.
Annual cash burn expected to decrease from $32M in 2025 to $23M in 2026.
Double-digit global growth anticipated by Q4 2026.
Cash and equivalents expected to decrease by ~$23M in 2026, assuming no further credit facility drawdowns.
How will new sales structure prevent 2025 issues?
Assess cash runway and balance sheet flexibility
AeriSeal: timeline and TAM impact
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Next Pulmonx earnings date
Q1 202629 Apr, 2026
Pulmonx
Next Pulmonx earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Pulmonx Corporation, a medical technology company, provides minimally invasive devices for the treatment of chronic obstructive pulmonary diseases. The company markets airway clearance therapy systems used to administer medications and mucus-thinning agents to treat cystic fibrosis and other respiratory conditions. Its products include Pulmonx System for Lungs, Lung Flute device, and Combyn device that are used in the subglottic suctioning of mucus from the upper part of the lungs. Pulmonx Corporation was founded in 1995 and is headquartered in Redwood City, California.
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