Pulmonx (LUNG) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 6.2% YoY to $22.835M as Zephyr Valve procedure volumes grew; operating expenses and net loss declined, supporting improved operating leverage.

• 9M revenue fell 2.5% YoY to $66.177M, while net loss narrowed to $32.128M from $43.578M.

• FY 2026 revenue guidance was reiterated at $90M–$92M.

Financial highlights

• Q3 revenue was $22.835M vs. $21.502M; gross profit was $17.399M vs. $16.052M.

• Q3 operating expenses fell 18.2% YoY to $24.889M, including SG&A of $20.0M, down 21.8%, and R&D of $4.9M, up 0.4%.

• Q3 operating loss was $7.490M vs. $14.393M; net loss was $8.394M vs. $13.957M, and diluted EPS was $(0.19) vs. $(0.34).

• Adjusted EBITDA loss was $3.528M vs. $8.223M, a 57% YoY reduction.

• 9M revenue was $66.177M vs. $67.899M; operating expenses fell 13.6% to $80.7M and gross profit rose to $51.2M from $49.6M.

Outlook and guidance

• FY 2026 revenue guidance remains $90M–$92M; gross margin is expected to be ~77%.

• FY 2026 operating expenses are expected at $108M–$109M, including ~ $14M of non-cash stock-based compensation.

• Cash, cash equivalents and marketable securities are expected to decrease by ~ $22M in FY 2026, assuming no additional credit-facility drawdowns.

• Guidance contemplates China shipments resuming in Q4 or early 2027; distributor shipments are anticipated by early 2027.

• Management expects losses for the next several years and substantial additional funding needs; current cash is expected to fund planned operations for at least 12 months after interim financial-statement issuance.