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MARKETS / NASDAQ / LUNG
NASDAQ · SURGICAL & MEDICAL INSTRUMENTS & APPARATUS · SMALL CAP

Pulmonx Corp. LUNG

8 fiscal years on record · USD · FY2025 reported · SEC filings only
$90.5M
▲ 8.0% YoY
$-54.0M
$-32.8M
In brief

What this company does

Pulmonx Corp is a commercial-stage medical technology company that provides a minimally invasive treatment for patients with severe emphysema, a form of chronic obstructive pulmonary disease (COPD). Its solution is comprised of the Zephyr Endobronchial Valve, the Chartis Pulmonary Assessment System and the LungTraX Platform, designed to treat severe emphysema patients who are still profoundly symptomatic despite medical management and either do not want or are ineligible for surgical approaches. In 2018, Pulmonx received pre-market approval (PMA) from the U.S. Food and Drug Administration, and the Zephyr Valve is now commercially available in numerous countries globally. The company also manufactures the AeriSeal System, a synthetic polymer foam designed to occlude collateral air channels in a target lung lobe, which is not approved by the FDA or for commercial sale in the United States. It markets and sells its products in the United States through a direct sales organization, and employs both direct and distributor-based sales models internationally. For the year ended December 31, 2025, Pulmonx generated revenue of $90.5 million, with a gross margin of 74.2% and a net loss of $54.0 million, compared to revenue of $83.8 million for 2024. As of December 31, 2025, the company had a total of 296 full time employees, with 229 employees in the U.S., 56 in Europe, and 11 in Asia Pacific. Pulmonx was incorporated in the state of California on December 26, 1995 as Pulmonx and reincorporated in the state of Delaware on December 4, 2013.

Written from the business description in Pulmonx Corp's annual report to the U.S. Securities and Exchange Commission, filed 10 March 2026. Every sentence was checked against that document before publication.

Growth
USD 90.5M
Revenue, FY2025 · full 8-year series below
Revenue $M Net income $M
FY2025 · Revenue 90.5 · Net income -54.0
40.0M80.0M-25.0M-50.0M20182019202020212022202320242025
Compound annual growth
+19.0%
+22.6%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +22.6% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−60 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -59.3% · Net -59.7%
-50%-100%20182019202020212022202320242025
ROE
FY2025 · ROE -77.2%
-50%-100%-150%20182019202020212022202320242025

Each USD of equity lost 77 cents this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -32.8
-20M-40M20182019202020212022202320242025
Net buybacks $M Dividends $M
FY2023 · Dividends — · Net buybacks -0.3
-1M-2M201820192020202120222023

Total assetsUSD 129.3M
EquityUSD 54.1M
CashUSD 69.8M
Gross debtUSD 37.1M
Net debtUSD -32.7M
Current ratio5.07×

The company holds more cash than debt.

The 8-year record
8 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 20252024202320222021202020192018
Revenue $B0.10.10.10.10.00.00.00.0
Operating income $B−0.1−0.1−0.1−0.1−0.0−0.0−0.0−0.0
EBITDA $B−0.1−0.1−0.1−0.1−0.0−0.0−0.0−0.0
Income tax $B0.00.00.00.00.00.00.00.0
Net income $B−0.1−0.1−0.1−0.1−0.0−0.0−0.0−0.0
Free cash flow $B−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
EPS, diluted $−1.33−1.44−1.60−1.59−1.35−3.16−11.66−11.03
Dividend / sh $········
Payout %········
ROE %−77.2−55.3−44.7−33.9−23.2−166.3··
Shares out B0.040.040.040.040.040.040.00·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 38 reconciliationsAUDITED

Reconciled in 8 of 19 fiscal years. 57 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivitySurgical & Medical Instruments & Apparatus
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2018

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