Pulmonx (NASDAQ:LUNG) Posts Quarterly Earnings Results, Hits Expectations

Pulmonx (NASDAQ:LUNG) posted its quarterly earnings data on Wednesday. The company reported ($0.33) earnings per share for the quarter, meeting the consensus estimate of ($0.33), FiscalAI reports. The firm had revenue of $20.59 million for the quarter, compared to analysts’ expectations of $20.43 million. Pulmonx had a negative net margin of 59.67% and a negative return on equity of 82.79%.

Here are the key takeaways from Pulmonx’s conference call:

• Total worldwide revenue was $20.6 million in Q1 2026, down 9% year-over-year (12% on a constant currency basis), with U.S. revenue down 7% and adjusted EBITDA loss of $8.5 million; management attributed much of the international decline to the absence of sales to its China distributor.
• Management reaffirmed full-year 2026 revenue guidance of $90 million–$92 million and expects sequential quarterly improvement, with a return to year-over-year growth in both U.S. and international businesses in the back half of the year.
• Pulmonx says it has filled U.S. sales leadership and most field roles, stabilized turnover, implemented a focused “near-to-far” commercial strategy, and added 15 new U.S. treating centers in Q1—actions it expects will drive improving U.S. sales productivity as hires ramp.
• The company executed cost reductions (reducing ongoing operating expenses by >10%), recorded lower operating spend, closed a $60 million credit facility (extending debt maturity to 2031), and expects 2026 cash burn of roughly $23 million versus $32 million in 2025, with $61.6 million in cash and marketable securities at quarter end.
• The CONVERT II pivotal trial for AeriSeal is progressing well after clinical leadership changes, with management “highly confident” enrollment will complete in 2027—AeriSeal could expand the company’s total addressable market by ~20% and be a medium‑to‑long‑term revenue driver.

Pulmonx Trading Up 5.4%

NASDAQ:LUNG traded up $0.07 during trading hours on Thursday, reaching $1.27. The company’s stock had a trading volume of 563,791 shares, compared to its average volume of 469,876. The firm has a market capitalization of $53.43 million, a price-to-earnings ratio of -0.95 and a beta of 0.19. The firm has a 50-day simple moving average of $1.45 and a 200-day simple moving average of $1.71. Pulmonx has a 1 year low of $1.13 and a 1 year high of $5.46. The company has a debt-to-equity ratio of 0.68, a quick ratio of 4.28 and a current ratio of 5.07.

Insider Buying and Selling

In related news, CEO Glendon E. French III sold 67,813 shares of Pulmonx stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $1.43, for a total value of $96,972.59. Following the transaction, the chief executive officer owned 1,409,511 shares in the company, valued at $2,015,600.73. This trade represents a 4.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders have sold 98,265 shares of company stock valued at $140,519. 6.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Pulmonx

Several institutional investors have recently added to or reduced their stakes in the company. ExodusPoint Capital Management LP purchased a new stake in Pulmonx during the 4th quarter valued at $4,312,000. Vestal Point Capital LP bought a new position in shares of Pulmonx during the third quarter valued at approximately $1,345,000. State Street Corp raised its holdings in shares of Pulmonx by 3.6% during the fourth quarter. State Street Corp now owns 821,217 shares of the company’s stock valued at $1,815,000 after acquiring an additional 28,813 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of Pulmonx by 556.6% during the second quarter. Bank of America Corp DE now owns 481,268 shares of the company’s stock valued at $1,246,000 after acquiring an additional 407,971 shares in the last quarter. Finally, Barclays PLC raised its holdings in shares of Pulmonx by 39.0% during the fourth quarter. Barclays PLC now owns 472,251 shares of the company’s stock valued at $1,044,000 after acquiring an additional 132,569 shares in the last quarter. Hedge funds and other institutional investors own 91.04% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on LUNG. D. Boral Capital restated a “buy” rating and set a $14.00 price objective on shares of Pulmonx in a research report on Thursday. Weiss Ratings restated a “sell (e+)” rating on shares of Pulmonx in a research report on Thursday, January 22nd. Finally, Canaccord Genuity Group lowered their price objective on shares of Pulmonx from $6.00 to $5.00 and set a “buy” rating on the stock in a research report on Thursday, March 5th. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $5.38.

Pulmonx News Summary

Here are the key news stories impacting Pulmonx this week:

• Positive Sentiment: D. Boral Capital reaffirmed a “Buy” rating and set a $14.00 price target on LUNG, implying large upside from current levels. Benzinga
• Positive Sentiment: Pulmonx will present at the Bank of America Healthcare Conference (May 12), giving management a forum to discuss commercialization progress and pipeline updates with investors. Conference Notice
• Neutral Sentiment: Q1 2026 results: EPS of ($0.33) met consensus and revenue was about $20.6M (near estimates). The print removes an earnings surprise but leaves growth questions. Press Release
• Neutral Sentiment: Pulmonx issued FY2026 revenue guidance of $90.0M–$92.0M, roughly in line with consensus (~$90.9M), so guidance is not a major downside surprise but offers limited upside. Earnings Release (guidance)
• Neutral Sentiment: Earnings call transcript is available for investors who want management commentary on procedure volumes, reimbursement or cadence of commercialization. Earnings Call Transcript
• Negative Sentiment: Underlying operational metrics show pressure: revenue down ~8.7% YoY in some summaries, worsening operating loss and negative cash from operations; cash balance declined year-over-year to roughly $61.8M — increases funding risk if losses persist. Detailed Financials
• Negative Sentiment: Notable insider selling activity (multiple officers selling shares in recent months) may concern investors about near-term conviction among insiders. Insider Trading Details

Pulmonx Company Profile

Pulmonx Corporation is a commercial-stage medical device company focused on bronchoscopic lung volume reduction for patients suffering from severe emphysema. The company’s flagship therapy, the Zephyr® Endobronchial Valve System, employs one-way valves delivered via a minimally invasive bronchoscopic procedure to collapse diseased portions of the lung, reducing hyperinflation and improving respiratory function. Complementing this treatment, Pulmonx offers the Chartis® Pulmonary Assessment System, which provides clinicians with quantitative measurements of collateral ventilation to aid in patient selection and optimize clinical outcomes.

The Zephyr Valve received the CE mark in Europe in 2008 and FDA approval in the United States in 2018, and it has since been adopted by leading respiratory and thoracic centers across North America and Europe.