Pulmonx Corporation
- Open
- 1.29
- Day high
- 1.30
- Day low
- 1.24
- Prev close
- 1.25
- Volume
- 441K
- Mkt cap
- $60M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.3
- P/S
- 0.7
- Yield
- —
- Per share
- —
Pulmonx Corporation (LUNG) is a Healthcare company listed on NASDAQ. The stock is down 52% over the past year.
Pulmonx Corporation (LUNG) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
LUNG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $-0.33 | $-0.33 | +0.0% | $21M | +0.8% |
| Mar 4, 2026 | $-0.39 | $-0.25 | +35.9% | $23M | +7.5% |
| Nov 12, 2025 | $-0.40 | $-0.34 | +15.0% | $22M | -1.0% |
| Jul 30, 2025 | $-0.40 | $-0.38 | +5.0% | $24M | +2.0% |
| Apr 30, 2025 | $-0.37 | $-0.36 | +2.7% | $23M | +2.3% |
| Feb 19, 2025 | $-0.45 | $-0.33 | +26.7% | $24M | +6.6% |
| Oct 30, 2024 | $-0.43 | $-0.36 | +16.3% | $20M | -8.5% |
| Jul 31, 2024 | $-0.41 | $-0.39 | +4.9% | $21M | +3.2% |
| May 1, 2024 | $-0.43 | $-0.36 | +16.3% | $19M | +5.4% |
| Feb 21, 2024 | $-0.39 | $-0.36 | +7.7% | $19M | +5.5% |
| Aug 2, 2023 | $-0.43 | $-0.43 | +0.0% | $17M | +8.4% |
| May 2, 2023 | $-0.43 | $-0.42 | +2.3% | $15M | +7.7% |
LUNG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 9, 2026 | Burns Thomas Williamdirector | Grant | 40,000 | — |
| Jun 9, 2026 | Sullivan Tiffanydirector | Grant | 40,000 | — |
| Jun 9, 2026 | Melenikiotou Georgiadirector | Grant | 40,000 | — |
| Jun 9, 2026 | Florin Daniel Pdirector | Grant | 40,000 | — |
| Jun 9, 2026 | Ferrari Richarddirector | Grant | 40,000 | — |
| Jun 9, 2026 | Mead Dana G Jr.director | Grant | 40,000 | — |
| Mar 4, 2026 | Radhakrishnan Srikanthofficer: Chief Science &Techn. Officer | Grant | 175,000 | — |
| Mar 4, 2026 | Radhakrishnan Srikanthofficer: Chief Science &Techn. Officer | Sell | 4,198 | $1.43 |
| Mar 4, 2026 | Radhakrishnan Srikanthofficer: Chief Science &Techn. Officer | Sell | 756 | $1.43 |
| Mar 4, 2026 | Radhakrishnan Srikanthofficer: Chief Science &Techn. Officer | Sell | 2,461 | $1.43 |
| Mar 4, 2026 | Radhakrishnan Srikanthofficer: Chief Science &Techn. Officer | Sell | 3,068 | $1.43 |
| Mar 4, 2026 | French Glendon E. IIIdirector, officer: President and CEO | Sell | 58,368 | $1.43 |
| Mar 4, 2026 | French Glendon E. IIIdirector, officer: President and CEO | Sell | 2,708 | $1.43 |
| Mar 4, 2026 | Lehman David Aaronofficer: GENERAL COUNSEL | Sell | 4,433 | $1.43 |
| Mar 4, 2026 | Lehman David Aaronofficer: GENERAL COUNSEL | Sell | 2,590 | $1.43 |
Source: LUNG SEC Form 4 filings, latest Jun 9, 2026. For informational purposes only — not investment advice.
See the full LUNG insider & 13F page →Pulmonx Corporation company profile
Overview
Pulmonx Corporation (NASDAQ:LUNG) is a medical technology company founded in 1995 and headquartered in Redwood City, California. The company specializes in developing and commercializing minimally invasive devices for treating chronic obstructive pulmonary disease (COPD), particularly severe emphysema. Since going public in October 2020, Pulmonx has focused on expanding its flagship Zephyr Endobronchial Valve system globally while developing complementary technologies to address the broader COPD patient population.
Business
Pulmonx operates in the medical device industry, specifically targeting the treatment of chronic obstructive pulmonary disease (COPD), which affects millions of patients worldwide. COPD is a progressive lung disease that makes breathing increasingly difficult, with emphysema being one of its most severe forms. Emphysema occurs when the air sacs in the lungs are damaged, causing them to lose their elasticity and trap air, leading to hyperinflation that impairs breathing. The company's core product is the Zephyr Endobronchial Valve, a small, one-way valve implanted in the airways through a minimally invasive bronchoscopic procedure. These valves work by blocking airflow to the most damaged parts of the lung while allowing trapped air and fluids to escape, effectively reducing hyperinflation and improving breathing function. The procedure does not require surgical incisions and can be performed under conscious sedation. Pulmonx also offers the Chartis Pulmonary Assessment System, which consists of a balloon catheter and console system used to assess collateral ventilation - the presence of alternative air pathways between lung segments. This assessment is crucial for determining patient eligibility for Zephyr Valve treatment, as patients with significant collateral ventilation may not benefit from the procedure. The company's newest offering is the StratX Lung Analysis Platform, a cloud-based quantitative computed tomography (CT) analysis service that helps physicians identify suitable patients for treatment. This platform analyzes CT scans to provide information on emphysema destruction patterns, fissure completeness, and lobar volumes. Additionally, Pulmonx is developing the AeriSeal system, currently in clinical trials, which is designed to treat patients with collateral ventilation who are currently ineligible for Zephyr Valve therapy. This system uses a polymer foam to seal collateral channels, potentially expanding the addressable patient population by approximately 20%. Revenue is primarily generated through product sales, with the Zephyr Valve system representing the vast majority of revenues. Based on recent financial reports, approximately 67% of revenue comes from the U.S. market, while international markets contribute about 33%.
Revenue model
Pulmonx generates revenue primarily through the sale of medical devices to hospitals and healthcare systems. The company operates on a product sales model, where revenue is recognized when Zephyr Valves and related systems are sold to healthcare providers. Each Zephyr Valve procedure typically requires multiple valves (usually 2-4 valves per patient), creating recurring revenue opportunities as hospitals treat more patients. The company's paying customers are hospitals and healthcare systems that perform bronchoscopic procedures. In the United States, the procedures are generally well-reimbursed by Medicare and private insurance, with hospitals receiving payment for both the devices and the procedure itself. Internationally, reimbursement varies by country, with some markets like Germany and Japan providing favorable coverage while others require more direct-pay arrangements. Several factors influence Pulmonx's margins and growth potential. Positive margin drivers include the company's ability to achieve economies of scale in manufacturing as volumes increase, favorable geographic mix shifts toward higher-margin markets, and the premium pricing that medical devices typically command due to their life-saving nature. The company currently maintains gross margins around 74-75%, reflecting the specialized nature of its products. Challenges to margins include the significant investment required in clinical education and physician training, as the Zephyr Valve procedure requires specialized skills that many pulmonologists must learn. The company also faces ongoing research and development costs for pipeline products like AeriSeal, and substantial sales and marketing expenses to build awareness among both physicians and patients. Additionally, international expansion often involves working through distributors, which can compress margins compared to direct sales. Market penetration remains relatively low despite the large addressable patient population, requiring continued investment in physician education, patient identification programs, and awareness campaigns. The company estimates there are approximately 600,000 potential patients in the U.S. alone, but current treatment rates suggest significant room for growth as awareness and adoption increase.
Competitive moat
Pulmonx possesses a moderate but meaningful competitive moat built primarily on regulatory barriers, clinical expertise, and first-mover advantages in the endobronchial valve market. The company's strongest defensive position comes from its extensive clinical data package, including long-term studies demonstrating both safety and efficacy of the Zephyr Valve system. This clinical evidence, accumulated over more than a decade, creates significant barriers for new entrants who would need to conduct similarly extensive and expensive trials. The company benefits from regulatory moats in key markets, having secured FDA approval in the United States and CE marking in Europe, along with recent approval in Japan. These regulatory approvals require substantial investment in clinical trials and regulatory expertise that competitors must replicate. Additionally, the specialized nature of the bronchoscopic procedure creates switching costs, as hospitals and physicians invest significant time and resources in training and establishing treatment protocols. However, Pulmonx's moat faces several vulnerabilities. The company operates in a relatively small market segment within the broader COPD treatment landscape, making it susceptible to competitive threats from larger medical device companies with greater resources. Potential disruption could come from alternative minimally invasive treatments, pharmaceutical advances in COPD management, or new technologies that address lung hyperinflation through different mechanisms. The company's intellectual property portfolio provides some protection, but medical device patents can be designed around by sophisticated competitors. Furthermore, the requirement for extensive physician training and patient identification creates both an opportunity and a vulnerability - while it creates barriers to entry, it also limits the speed of market adoption and creates opportunities for competitors to develop more user-friendly alternatives. The emergence of larger competitors like Boston Scientific or Medtronic in this space could pose significant challenges, as these companies have greater financial resources, broader hospital relationships, and established sales forces that could accelerate market development while potentially commoditizing the technology.
Risks & safety
Pulmonx presents a mixed margin of safety profile with strong liquidity but ongoing profitability challenges. • Liquidity position: Strong with $74.6 million in cash and short-term investments as of Q1 2025, providing substantial runway given current burn rates • Debt levels: Moderate debt-to-equity ratio of 0.73, manageable given the company's asset base and cash position • Cash burn: Negative free cash flow of approximately $33 million annually, but improving quarterly trends suggest better cash management • Current ratio: Excellent at 4.97, indicating strong ability to meet short-term obligations • Solvency risk: Low in near term given cash reserves, but company needs to achieve profitability or access capital markets within 2-3 years • Valuation metrics: Trading at negative P/E ratios due to losses, but EV/Revenue multiple appears reasonable for a growing medical device company • Graham net-net: Ratio of 0.88 suggests stock trades below liquidation value, providing some downside protection • Book value: Price-to-book ratio of 3.46 reflects premium to tangible assets but reasonable for growth-stage medical device company • Other considerations: Recent resolution of DOJ investigation removes regulatory overhang; growing international revenue provides geographic diversification; expanding clinical pipeline with AeriSeal offers additional growth optionality
Recent development
Over the past few years, Pulmonx has executed a comprehensive transformation from a single-product company to a more diversified COPD treatment platform. The company's strategic evolution centers around its "Acquire, Test, and Treat" strategy, designed to address the entire patient journey from identification through treatment. A major development has been the launch of the LungTraX platform, which includes LungTraX Detect software for proactively identifying emphysema patients through hospital PACS systems, and LungTraX Connect for streamlining patient workflows. Early pilot results show that 10-15% of CT scans reveal radiographic emphysema, suggesting significant potential for patient identification improvements. The company has significantly expanded its direct-to-patient marketing efforts, launching its first television commercial in the U.S. and implementing comprehensive digital marketing campaigns. These initiatives resulted in a 135% increase in first-time patient inquiries, demonstrating the effectiveness of consumer-facing awareness programs. Clinical pipeline expansion represents another key development, with the AeriSeal CONVERT II pivotal trial now underway. This program aims to expand the addressable patient population by approximately 20% by treating patients with collateral ventilation who are currently ineligible for Zephyr Valve therapy. The CONVERT I trial showed promising results with 77.6% successful conversion rates. International expansion has accelerated, particularly in China through new distribution agreements and preparation for the Japanese market launch expected in 2026. The company has also strengthened its European presence and adapted successful U.S. commercial strategies for international markets. The company has invested heavily in physician education and training programs, doubling peer-to-peer medical education events and hiring therapy awareness specialists to improve physician engagement and procedural adoption rates. These efforts have contributed to expanding the active treatment center network to 283 locations by the end of 2024.
LUNG company profile · for informational purposes only — not investment advice.
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