Pulmonx (LUNG)
NASDAQ:LUNG
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Pulmonx
(NASDAQ:LUNG)
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Rating:44Neutral
Price Target:
$1.50
▼(-16.67% Downside)
Action:Reiterated
Date:05/09/26
The score is held down primarily by weak financial performance (revenue slowdown, large ongoing losses, negative free cash flow, and higher leverage) and bearish technicals (price below key moving averages and negative MACD). The latest earnings call modestly offsets this with reiterated guidance, improved margins, cost reductions, and strengthened liquidity, but execution risk remains high. Valuation offers limited support due to negative earnings and no dividend.
Positive Factors
High Gross Margins
Sustained mid-to-high 70% gross margins reflect a favorable per-procedure economics for single-use valve sales. This structural margin advantage provides room to fund R&D and clinical programs, and increases the likelihood that revenue growth will translate to meaningful operating leverage as fixed costs normalize.
Negative Factors
Negative Cash Flow & Ongoing Losses
Persistent negative operating and free cash flow means the business is not self-funding growth. Over a multi‑quarter horizon this raises reliance on external capital, increases dilution or debt needs, and constrains discretionary investment in commercial expansion and clinical programs.
Read all positive and negative factors
Positive Factors
Negative Factors
High Gross Margins
Sustained mid-to-high 70% gross margins reflect a favorable per-procedure economics for single-use valve sales. This structural margin advantage provides room to fund R&D and clinical programs, and increases the likelihood that revenue growth will translate to meaningful operating leverage as fixed costs normalize.
Read all positive factors
Pulmonx (LUNG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$65.47M
Dividend YieldN/A
Average Volume (3M)308.20K
Price to Earnings (P/E)―
Beta (1Y)1.25
Revenue Growth1.23%
EPS Growth10.65%
CountryUS
Employees291
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-1.30
Shares Outstanding42,237,200
10 Day Avg. Volume245,979
30 Day Avg. Volume308,202
Financial Highlights & Ratios
PEG Ratio0.22
Price to Book (P/B)1.66
Price to Sales (P/S)0.99
P/FCF Ratio-2.73
Enterprise Value/Market Cap0.92
Enterprise Value/Revenue0.68
Enterprise Value/Gross Profit0.90
Enterprise Value/Ebitda-1.22
Forecast
1Y Price Target
$3.50Price Target Upside94.44% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-1.14
Revenue Forecast (FY)$90.87M
Pulmonx Business Overview & Revenue Model
Company Description
Pulmonx Corporation, a medical technology company, provides minimally invasive devices for the treatment of chronic obstructive pulmonary diseases. It offers Zephyr Endobronchial Valve, a solution for the treatment of bronchoscopic in adult patien...
How the Company Makes Money
Pulmonx primarily makes money by selling its Zephyr Endobronchial Valve system and related accessories used in bronchoscopic lung volume reduction procedures. Revenue is generated when hospitals and healthcare providers purchase single-use implant...
Pulmonx Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call mixes clear near-term challenges (Q1 revenue declines, China registration-driven international disruption, ongoing net losses) with several meaningful positive developments: improved gross margin, cost reductions lowering operating expense trajectory, strengthened liquidity via a $60M credit facility, addition of U.S. treating centers and filled sales roles, and progressing pivotal clinical enrollment that could expand TAM by ~20%. Management reiterated full-year guidance of $90M–$92M and expects sequential improvement with a return to growth in H2 2026. The narrative is execution- and timing-dependent but supported by concrete operational and financial actions that materially reduce downside risk.Positive Updates
Reiterated Full-Year Revenue Guidance and Return-to-Growth Plan
Reiterated 2026 revenue guidance of $90M–$92M and expects sequential quarter-on-quarter improvement with return to year-over-year growth in both U.S. and international businesses in the back half of 2026 and exit the year with double-digit growth.
Negative Updates
Year-Over-Year Revenue Decline
Total worldwide revenue declined 9% YoY (12% decline on a constant-currency basis) from $22.5M to $20.6M. U.S. revenue declined 7% YoY (from $14.2M to $13.3M). International revenue declined 12% YoY (21% decline on a constant-currency basis) to $7.3M.
Read all updates
Q1-2026 Updates
Positive
Negative
Reiterated Full-Year Revenue Guidance and Return-to-Growth Plan
Reiterated 2026 revenue guidance of $90M–$92M and expects sequential quarter-on-quarter improvement with return to year-over-year growth in both U.S. and international businesses in the back half of 2026 and exit the year with double-digit growth.
Read all positive updates
Company Guidance
Pulmonx reiterated full‑year 2026 revenue guidance of $90–$92 million, expects full‑year gross margin of ~75% (higher in H1, lower in H2) and full‑year operating expenses of $113–$115 million (inclusive of ≈$19 million of noncash stock‑based compensation). In Q1 the company reported revenue of $20.6 million (−9% YoY; U.S. $13.3M, −7% YoY; international $7.3M, −12% YoY and −21% constant currency), gross margin 78% (vs. 73% prior year), operating expenses $29M (including $3.8M stock‑based comp and ~$1.4M one‑time restructuring costs), R&D $4.9M, SG&A $24.1M, net loss $13.7M or $0.33 per share (41.9M weighted shares), adjusted EBITDA loss $8.5M (ex‑restruct. $7.0M, 18% improvement), and they added 15 new U.S. treating centers. Liquidity and cadence: cash of $61.6M at March 31 (down $8.2M), closed a $60M five‑year interest‑only credit facility (access to an additional $20M subject to revenue milestones), executed cost reductions cutting ongoing operating expenses >10%, expect ~ $23M cash burn in 2026 (vs $32M in 2025), anticipate sequential quarterly improvement with a return to year‑over‑year growth in both U.S. and international in H2 and to exit 2026 growing in the double digits; China registration renewal is expected in H2 (China <5% of sales).Pulmonx Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
38
Negative
Cash Flow
27
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 88.55M | 90.50M | 83.79M | 68.67M | 53.66M | 48.42M |
| Gross Profit | 66.84M | 67.14M | 62.00M | 50.75M | 39.87M | 35.63M |
| EBITDA | -49.31M | -52.61M | -50.79M | -55.09M | -55.99M | -46.62M |
| Net Income | -53.21M | -54.00M | -56.39M | -60.84M | -58.92M | -48.66M |
Balance Sheet | ||||||
| Total Assets | 119.97M | 129.29M | 162.85M | 177.78M | 193.68M | 235.17M |
| Cash, Cash Equivalents and Short-Term Investments | 61.57M | 70.01M | 101.48M | 117.10M | 141.14M | 180.04M |
| Total Debt | 56.29M | 56.36M | 56.47M | 41.42M | 24.40M | 26.46M |
| Total Liabilities | 74.20M | 75.17M | 77.04M | 59.47M | 39.67M | 41.93M |
| Stockholders Equity | 45.76M | 54.12M | 85.81M | 118.31M | 154.01M | 193.24M |
Cash Flow | ||||||
| Free Cash Flow | -29.46M | -32.90M | -32.98M | -38.42M | -46.45M | -45.10M |
| Operating Cash Flow | -29.30M | -32.45M | -31.54M | -37.61M | -45.14M | -41.43M |
| Investing Cash Flow | 14.16M | 30.48M | 17.48M | -2.01M | -4.22M | -46.26M |
| Financing Cash Flow | 2.24M | 903.00K | 1.36M | 21.40M | 2.47M | 4.50M |
Pulmonx Technical Analysis
Positive
1.80
Price Trends
1.36
Positive
1.55
Positive
1.67
Negative
Market Momentum
0.03
Negative
65.96
Neutral
89.70
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LUNG, the sentiment is Positive. The current price of 1.8 is above the 20-day moving average (MA) of 1.33, above the 50-day MA of 1.36, and above the 200-day MA of 1.67, indicating a neutral trend. The MACD of 0.03 indicates Negative momentum. The RSI at 65.96 is Neutral, neither overbought nor oversold. The STOCH value of 89.70 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LUNG.
Pulmonx Risk Analysis
Pulmonx disclosed 83 risk factors in its most recent earnings report. Pulmonx reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Pulmonx Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
59 Neutral | $172.94M | -18.45 | -90.62% | ― | 18.22% | 59.78% | |
56 Neutral | $67.33M | ― | 3.68% | ― | -0.32% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $39.85M | -0.72 | -1344.47% | ― | 13.48% | 43.42% | |
48 Neutral | $53.17M | ― | -15.79% | ― | -42.94% | -529.29% | |
47 Neutral | $16.14M | -1.30 | -211.73% | ― | 8.92% | 17.49% | |
44 Neutral | $65.47M | -0.99 | -82.79% | ― | 1.23% | 10.65% |
* Healthcare Sector Average
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Pulmonx Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Pulmonx Secures New Term Loan and Issues Warrants
Positive
Mar 5, 2026
On March 2, 2026, Pulmonx Corporation entered into a new senior secured term loan facility of up to $60 million with Perceptive Credit Holdings V, LP, drawing an initial $40 million and gaining access to two additional $10 million tranches conting...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.