third quarter of 2026
Filed Oct 27, 2026Pulmonx returned to year-over-year revenue growth in the third quarter while reducing net loss and Adjusted EBITDA loss through lower operating expenses.
Third-quarter revenue grew 6% year over year, gross margin improved, and losses narrowed materially, but nine-month revenue declined 2.5% and international revenue was affected by the absence of China distributor sales.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended September 30GAAP | $22.84M | – | 6.2 % |
| Cost of goods sold, three months ended September 30GAAP | 5.44M | – | – |
| Gross profit, three months ended September 30GAAP | $17.40M | – | – |
| Gross margin, three months ended September 30GAAP | 76% | – | – |
| Research and development expense, three months ended September 30GAAP | 4.86M | – | – |
| Selling, general and administrative expense, three months ended September 30GAAP | 20.02M | – | – |
| Total operating expenses, three months ended September 30GAAP | $24.89M | – | decrease of 18% |
| Loss from operations, three months ended September 30GAAP | −7.49M | – | – |
| Interest income, three months ended September 30GAAP | 345K | – | – |
| Interest expense, three months ended September 30GAAP | −1.23M | – | – |
| Other (expense) income, net, three months ended September 30GAAP | 136K | – | – |
| Net loss before tax, three months ended September 30GAAP | −8.24M | – | – |
| Income tax expense, three months ended September 30GAAP | 151K | – | – |
| Net loss, three months ended September 30GAAP | −$8.39M | – | reduction of 40% |
| Net loss per share attributable to common stockholders, basic and diluted, three months ended September 30GAAP | $ (0.19) | – | – |
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted, three months ended September 30GAAP | 43,176,913 | – | – |
| Adjusted EBITDA, three months ended September 30non-GAAP | −$3.53M | – | reduction of 57% |
| Revenue, nine months ended September 30GAAP | $66.18M | – | (2.5) % |
| Cost of goods sold, nine months ended September 30GAAP | 14.99M | – | – |
| Gross profit, nine months ended September 30GAAP | 51.19M | – | – |
| Research and development expense, nine months ended September 30GAAP | 14.80M | – | – |
| Selling, general and administrative expense, nine months ended September 30GAAP | 65.89M | – | – |
| Total operating expenses, nine months ended September 30GAAP | $80.69M | – | – |
| Loss from operations, nine months ended September 30GAAP | −29.50M | – | – |
| Interest income, nine months ended September 30GAAP | 1.02M | – | – |
| Interest expense, nine months ended September 30GAAP | −3.43M | – | – |
| Other (expense) income, net, nine months ended September 30GAAP | 212K | – | – |
| Net loss before tax, nine months ended September 30GAAP | −31.70M | – | – |
| Income tax expense, nine months ended September 30GAAP | 433K | – | – |
| Net loss, nine months ended September 30GAAP | −$32.13M | – | – |
| Net loss per share attributable to common stockholders, basic and diluted, nine months ended September 30GAAP | $ (0.76) | – | – |
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted, nine months ended September 30GAAP | 42,519,134 | – | – |
| Adjusted EBITDA, nine months ended September 30non-GAAP | −$17.19M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| United States, three months ended September 30The Company cited a fully staffed U.S. sales leadership team. | $14.91M | – | 6.8 % |
| International, three months ended September 30Growth was tempered by an absence of sales to the Company’s distributor in China as it restarts commercial activity following renewal of its Chinese registration certificate. | $7.92M | – | 5.2 % |
| International excluding China, three months ended September 30The filing reported growth excluding China on a GAAP and constant currency basis. | $7.92M | – | 8.5 % |
| United States, nine months ended September 30No separate driver was reported. | $42.34M | – | (1.3) % |
| International, nine months ended September 30No separate driver was reported. | $23.84M | – | (4.6) % |
| International excluding China, nine months ended September 30No separate driver was reported. | $23.84M | – | 13.7 % |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
full year 2026 outlook
- Revenue$90 million to $92 million
- Gross marginapproximately 77%
- Operating expenses$108 million to $109 million, inclusive of approximately $14 million of non-cash stock-based compensation
- NoteCash, cash equivalents, and marketable securities to decrease by approximately $22 million, assuming no additional drawdowns under the Company’s credit facility.
What drove it
- Third-quarter total revenue increased 6.2 % on a reported basis and 6.5 % on a constant currency basis.
- International revenue excluding China increased 8.5 % on a reported basis and 9.3 % on a constant currency basis in the third quarter.
- The Company attributed cost leverage to cost realignment efforts and cited a more focused global commercial team.
- Gross margin was 76% in the third quarter of 2026, compared to 75% for the same period in 2025.
Concerns
- Nine-month total revenue declined (2.5) % and international revenue declined (4.6) % on a reported basis.
- The Company reported no sales to its distributor in China during the third quarter as it restarts commercial activity following renewal of its Chinese registration certificate.
- Pulmonx remained loss-making, reporting net loss of $ (8,394) (in thousands) and Adjusted EBITDA of $ (3,528) (in thousands) in the third quarter.
- Interest expense was (1,234) (in thousands) in the third quarter, compared with (805) (in thousands) in the prior-year quarter.
What to watch
- Execution of the restart of commercial activity in China following renewal of the Chinese registration certificate.
- Whether U.S. and international revenue sustain the third-quarter return to year-over-year growth.
- Progress toward the full-year revenue outlook of $90 million to $92 million.
- Delivery of approximately 77% full-year gross margin and total operating expenses of $108 million to $109 million.
- Cash, cash equivalents, and marketable securities, which the Company expects to decrease by approximately $22 million for full year 2026 assuming no additional credit-facility drawdowns.
Balance sheet and cash flow
- Cash and cash equivalents were $ 52,690 (in thousands) as of September 30, 2026, compared with $ 69,751 (in thousands) as of December 31, 2025.
- Restricted cash was 257 (in thousands) as of September 30, 2026, compared with 258 (in thousands) as of December 31, 2025.
- Short-term debt was 100 (in thousands) as of September 30, 2026, compared with 106 (in thousands) as of December 31, 2025.
- Long-term debt was 37,712 (in thousands) as of September 30, 2026, compared with 36,989 (in thousands) as of December 31, 2025.
- Total assets were $ 110,212 (in thousands) as of September 30, 2026, compared with $ 129,291 (in thousands) as of December 31, 2025.
- Total liabilities were 76,012 (in thousands) as of September 30, 2026, compared with 75,175 (in thousands) as of December 31, 2025.
- Total stockholders' equity was 34,200 (in thousands) as of September 30, 2026, compared with 54,116 (in thousands) as of December 31, 2025.
Analysis
Pulmonx reported third-quarter revenue of $ 22,835 (in thousands), up 6.2 % from $ 21,502 (in thousands). The quarter marked a return to year-over-year growth, with U.S. revenue of $ 14,911 (in thousands), up 6.8 %, and international revenue of $ 7,924 (in thousands), up 5.2 %. Constant-currency total revenue growth was 6.5 %.
The geographic mix remains important. International revenue growth was constrained by the absence of sales to the Company's distributor in China while Pulmonx restarts commercial activity following renewal of its Chinese registration certificate. International revenue excluding China rose 8.5 % in the quarter and 9.3 % on a constant currency basis. For the nine-month period, however, total revenue was $ 66,177 (in thousands), down (2.5) %, and international revenue was $ 23,835 (in thousands), down (4.6) %.
Profitability improved substantially on cost actions. Gross profit increased to $ 17,399 (in thousands) and gross margin rose to 76% from 75%. Total operating expenses fell to $ 24,889 (in thousands) from $ 30,445 (in thousands), while selling, general and administrative expense declined to 20,025 (in thousands) from 25,599 (in thousands). Net loss narrowed to $ (8,394) (in thousands) from $ (13,957) (in thousands), and Adjusted EBITDA loss narrowed to $ (3,528) (in thousands) from $ (8,223) (in thousands).
Liquidity at September 30, 2026 included cash and cash equivalents of $ 52,690 (in thousands), while long-term debt was 37,712 (in thousands). Pulmonx expects cash, cash equivalents, and marketable securities to decrease by approximately $22 million for full year 2026, assuming no additional drawdowns under its credit facility. The release did not report operating cash flow or free cash flow.
For full year 2026, Pulmonx continues to expect revenue of $90 million to $92 million and now expects gross margin of approximately 77%. It now expects total operating expenses of $108 million to $109 million, inclusive of approximately $14 million of non-cash stock-based compensation. The reported outlook places attention on sustaining the third-quarter commercial momentum, the China restart, and continued operating-expense discipline.
Management, verbatim
We are very pleased to have returned to year-over-year revenue growth in the third quarter. We continue to execute on our commercial strategy, advance our clinical initiatives, and deliver the operating leverage we expected.
Glen French, President and Chief Executive Officer
With a fully staffed U.S. sales leadership team, a more focused global commercial team, and a realigned cost structure, we are confident in our ability to build on this momentum and deliver growth while advancing our longer-term strategic priorities.
Glen French, President and Chief Executive Officer
Not in the filing
stated, not guessed- Previous-release outlook was not provided, so comparison of actual results with prior guidance is unavailable.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Capital returns, including share repurchases and dividends, were not reported.
- Marketable securities balance as of September 30, 2026 was not reported.
- Prior-quarter comparisons were not reported.
- Full-year 2026 tax-rate guidance was not reported.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.