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Dec 31, 2025
Pulmonx Q4 2025 Earnings Report
Pulmonx Q4 2025 Earnings Report
Key Takeaways
Pulmonx reported a mixed fourth quarter with a 5% revenue decline year-over-year, primarily driven by weakness in the U.S. market, though international growth and improved gross margins provided some offset. The company is currently in a transition period, executing a cost restructuring plan and refinancing debt to extend its financial runway into 2031.
Q4 worldwide revenue decreased 5% year-over-year to $22.6 million, or 7% on a constant currency basis.
Gross margin improved significantly to 78% in Q4 2025 compared to 74% in the prior year period.
Net loss narrowed to $10.4 million ($0.25 per share) from $13.2 million ($0.33 per share) in Q4 2024.
The company successfully refinanced its debt with a new $60 million interest-only credit facility extending to 2031.
Revenue by Geographic Location
Forward Guidance
Pulmonx expects modest revenue growth and continued financial discipline for the full year 2026.
Positive Outlook
- Full year 2026 revenue expected between $90 million and $92 million
- Anticipated gross margin of approximately 75%
- Operating expenses expected to decrease to a range of $113 million to $115 million
- New 5-year interest-only credit facility extends debt maturity to 2031
- Focus on reaccelerating commercial growth and advancing clinical pipeline
Challenges Ahead
- Cash and marketable securities expected to decrease by approximately $23 million in 2026
- Recent performance reflects a period of transition
- U.S. revenue showed a double-digit decline in the most recent quarter
- Operating expenses still include $21 million in non-cash stock-based compensation
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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