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what it is
Pulmonx sells a valve system and lung-testing tools for people with severe emphysema.
how it gets paid
Last year Pulmonx did ~$90.5M in revenue (FY2025). Zephyr Valve Therapy was the main engine at ~$72.5M, or about 80% of sales.
why it's growing
Revenue grew ~8% in FY2025. Q4 2025 revenue was ~$22.6M, down ~5% vs. prior year — so the year’s lift did not come from a blowout final quarter.
what just happened
Q4 2025: ~$22.6M revenue, ~78% gross margin, net loss ~$0.25 per share (improved vs the year-ago quarter).
At a glance
C+ balance sheet — struggling to keep the lights on
85/100 earnings predictability — models often land near guidance
-$1.33 fy2025 eps (reported)
~$90–92M fy2026 revenue guide
~-59% fy operating margin — deep operating loss vs sales
xvary composite: 32/100 — weak
What they do
Pulmonx sells a valve system and lung-testing tools for people with severe emphysema.
Pulmonx sells a valve doctors place through the airway, not with major surgery. That therapy has over 100 published studies and sells in more than 25 countries. Your bet is on proof, not hype.
How they make money
$90.5M
annual revenue (FY2025) · their business grew ~+8% last year
Zephyr Valve Therapy
$72.5M
Chartis Assessment System
$11M
LungTraX Platform
$7M
The products that matter
emphysema treatment device
Zephyr Endobronchial Valve
sole commercial product · supports ~$90.5M FY revenue
It is the commercial engine. This product family drives the bulk of the ~$90.5M FY revenue base, which tells you both why it matters and why concentration risk is so high.
~80% of revenue
lung assessment console
Chartis System
procedure support · tied to ~$90.5M revenue base
Chartis helps determine whether a patient is a fit for Zephyr treatment. It matters because the company only generated ~$90.5M in FY revenue, and this tool supports that same revenue stream rather than diversifying it.
workflow support
procedure planning software
LungTraX Platform
planning / imaging layer · matches segment table
LungTraX supports the Zephyr workflow alongside StratX reporting. With 2026 revenue guided to $90M–$92M, these lines look more like ecosystem support than a separate growth engine.
ecosystem assist
Key numbers
$90.5M
annual revenue
This is the size of the business. A small top line means every wobble shows up fast.
-59.3%
op margin (FY)
FY operating loss relative to revenue is deep — gross profit is real, but opex still swamps it.
74%
gross margin (FY)
FY gross margin was ~74% per filings; Q4 was ~78%. The device economics are not the main problem — scale and opex are.
$55M
long-term debt
Debt is 44% of capital. That makes the balance sheet a constraint, not a cushion.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $55M (44% of capital)
C+ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for LUNG right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Q4 2025 revenue ~$22.6M (down ~5% vs. prior year) with ~78% gross margin.
Net loss was ~$0.25 per share vs ~$0.33 in the year-ago quarter — still red, but narrower. FY2025 revenue was ~$90.5M (+~8%), with net loss ~$1.33 per share.
$22.6M
Q4 revenue
-$0.25
Q4 eps
78%
Q4 gross margin
gross margin
~78% Q4 gross margin is the bright spot — it shows the product can contribute before opex and the balance sheet still dominate the story.
source: Pulmonx FY2025 / Q4 2025 results (Mar 2026)
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What could go wrong
The top risk is Zephyr procedure demand failing to recover after the Q4 commercial stumble.
med
Flat 2026 guidance leaves no room for narrative inflation
Management guided to $90M–$92M of revenue for 2026 after delivering $90.5M in 2025. That means the company is not being paid for growth right now because it is not offering any.
If revenue stays flat while losses continue, the stock stops being a medtech growth bet and starts trading like a financing problem.
med
U.S. sales disruption may be more than a one-quarter hiccup
U.S. sales fell 11% in Q4 2025 because of sales team turnover. For a one-product company, commercial execution is not one input among many. It is the whole machine.
If hospitals and referral channels are slower to re-engage than management expects, the flat guide could still prove optimistic.
med
Gross margin is decent, but the cost structure is still upside down
Pulmonx is targeting roughly 75% gross margin in 2026, but operating expenses are guided to $113M–$115M against just $90M–$92M of revenue. The product is not the problem. The operating model is.
That gap keeps cash burn alive and pushes out any realistic path to breakeven.
med
Debt buys time, not proof
Long-term debt stands at $55M, or 44% of capital, and the company added a $60M credit facility. That helps liquidity, but it also raises the cost of being wrong.
If losses remain near the 2025 level of $54.0M, you should expect capital structure pressure to stay part of the story.
$90M–$92M of guided 2026 revenue against $113M–$115M of operating expense is the combined risk picture in one line: this business still needs a turnaround before it needs a valuation debate.
source: institutional data · regulatory filings · risk analysis
Pay attention to
next catalyst
Q1 2026 earnings on may 5, 2026
This is the first real test of the flat $90M–$92M annual guide. If the sales force issue was temporary, you should see it in the first half, not at the end of the year.
commercial
u.s. sales trend after the 11% q4 drop
This is the number that mattered in the last quarter. If U.S. revenue keeps falling, the broader growth story is still broken.
unit economics
gross margin holding near 75%
Margin tells you whether the product itself still works economically. If margin slips while revenue stays flat, operating leverage moves the wrong way twice.
liquidity
cash burn versus the new $60M facility
The facility is breathing room. You should watch whether quarterly losses start narrowing, because more debt without better execution just postpones the same question.
Analyst rankings
earnings predictability
85 / 100
Scores high on “predictability” here mean guidance and models often align — not that the business is stable; the equity is still high risk.
risk rank
5
This stock is safer than roughly 5% of the market. In plain English: the volatility and financing risk are both real.
source: institutional data
Institutional activity
institutional ownership data for LUNG is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1.79
current price
n/a
target midpoint · n/a from current
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