Pulmonx (LUNG) Q3 2026 Earnings Call: Revenue Returns to Growth
Source Tradingkey
Key Takeaways
- Pulmonx reported Q3 2026 worldwide revenue of $22.8 million, up 6% year over year and marking its first return to global year-over-year growth since management rejoined the company.
- U.S. revenue rose 7% to $14.9 million, supported by improved commercial execution, substantially filled sales territories and eight new treating centers.
- International revenue increased 5% to $7.9 million, or 6% in constant currency. Excluding China, international revenue grew approximately 9%.
- Gross margin improved to 76% from 75%, while operating expenses declined 18% to $24.9 million.
- Adjusted EBITDA loss narrowed nearly 60% to $3.5 million from $8.2 million. Net loss improved 40% to $8.4 million.
- Management reiterated full-year 2026 revenue guidance of $90 million to $92 million and expects gross margin of approximately 77%.
Key Financial Data
| Metric | Q3 2026 | Q3 2025 | Change / Commentary |
|---|---|---|---|
| Worldwide revenue | $22.8 million | $21.5 million | Up 6% reported and constant currency |
| U.S. revenue | $14.9 million | $14.0 million | Up 7% |
| International revenue | $7.9 million | $7.5 million | Up 5%; up 6% constant currency |
| Gross margin | 76% | 75% | Higher due to sales mix and supply-chain efficiencies |
| Operating expenses | $24.9 million | $30.4 million | Down 18% |
| R&D expenses | $4.9 million | $4.8 million | Slight increase |
| SG&A expenses | $20.0 million | $25.6 million | Down 22% |
| Net loss | $8.4 million | $14.0 million | Loss reduced 40% |
| Net loss per share | $0.19 | $0.34 | Loss narrowed |
| Adjusted EBITDA loss | $3.5 million | $8.2 million | Nearly 60% reduction |
| Cash and cash equivalents | $52.7 million | — | Down $3.2 million from June 30, 2026 |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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