Pulmonx Q3恢复同比增长、亏损大幅收窄并维持全年指引，盘后涨约15%

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 27, 2026
PULMONX CORPORATION
(Exact name of Registrant as Specified in Its Charter)
Delaware
001-39562
77-0424412
(State or Other Jurisdiction
(Commission File Number)
(IRS Employer
of Incorporation)
Identification No.)
700 Chesapeake Drive
Redwood City,
CA
94063
(Address of Principal Executive Offices)
(Zip Code)
(
650
)
364-0400
Registrant's telephone number, including area code
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (
see
General Instructions A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.001 par value
LUNG
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On October 27, 2026, Pulmonx Corporation (the “Company”) issued a press release announcing its financial results for the third fiscal quarter ended September 30, 2026. A copy of the Company’s press release dated October 27, 2026, titled “Pulmonx Reports Third Quarter 2026 Financial Results” is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The foregoing information (including the exhibit hereto) is being furnished under “Item 2.02 Results of Operations and Financial Condition” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d)
Exhibits.
Exhibit No.
Description
99.1
Press release dated October 27, 2026
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Pulmonx Corporation
Dated: October 27, 2026
By:
/s/ Derrick Sung
Derrick Sung, Ph.D.
Chief Operating Officer and Chief Financial Officer

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EX-99.1
2
lung3q26earningsrelease102.htm
EX-99.1
Document
Exhibit 99.1
Pulmonx Reports Third Quarter 2026 Financial Results
Redwood City, CA - October 27, 2026
– Pulmonx Corporation (Nasdaq: LUNG) (“Pulmonx” or the “Company”), a global leader in minimally invasive treatments for lung disease, today reported financial results for the third quarter of 2026 ended September 30, 2026.
Recent Highlights
•
Achieved worldwide revenue of $22.8 million in the third quarter of 2026, a 6% increase over the same period last year on both a GAAP and constant currency basis
•
Delivered $14.9 million in U.S. revenue in the third quarter of 2026, representing a 7% year-over-year increase
•
Delivered $7.9 million in international revenue in the third quarter of 2026, representing a 5% year-over-year increase and an increase of 6% on a constant currency basis; excluding China, year-over-year international revenue increased 9% on both a GAAP and constant currency basis
•
Realized gross margin of 76% in the third quarter of 2026
•
Demonstrated continued operating leverage from cost realignment efforts, reducing net loss by 40% and Adjusted EBITDA loss by 57% in the third quarter of 2026 as compared to the same period last year
“We are very pleased to have returned to year-over-year revenue growth in the third quarter. We continue to execute on our commercial strategy, advance our clinical initiatives, and deliver the operating leverage we expected,” said Glen French, President and Chief Executive Officer of Pulmonx. “With a fully staffed U.S. sales leadership team, a more focused global commercial team, and a realigned cost structure, we are confident in our ability to build on this momentum and deliver growth while advancing our longer-term strategic priorities.”
Third Quarter 2026 Financial Results
Total worldwide revenue in the third quarter of 2026 was $22.8 million, a 6% increase from $21.5 million in the third quarter of 2025 on both a GAAP and constant currency basis. U.S. revenue was $14.9 million, a 7% increase from the third quarter of 2025. International revenue was $7.9 million, a 5% increase compared to the third quarter of 2025, and a 6% increase on a constant currency basis. International revenue growth was tempered by an absence of sales to the Company’s distributor in China as we restart commercial activity in the region following the renewal of our Chinese registration certificate. Excluding China, international revenue grew 9% year-over-year on a GAAP and constant currency basis.
Gross profit in the third quarter of 2026 was $17.4 million, compared to $16.1 million for the third quarter of 2025. Gross margin for the third quarter of 2026 was 76%, compared to 75% for the same period in 2025.
Operating expenses in the third quarter of 2026 were $24.9 million, compared to $30.4 million for the third quarter of 2025, representing a decrease of 18%.
Net loss in the third quarter of 2026 was $8.4 million, or $0.19 per share, compared to a net loss of $14.0 million, or $0.34 per share, for the same period in 2025.
Adjusted EBITDA loss in the third quarter of 2026 was $3.5 million, a reduction of 57% as compared to adjusted EBITDA loss of $8.2 million for the same period in 2025.
Cash and cash equivalents totaled $52.7 million as of September 30, 2026.
2026 Financial Outlook
Pulmonx continues to expect revenue for the full year 2026 to be in the range of $90 million to $92 million.
The Company now expects gross margin for the full year 2026 to be approximately 77%.
Pulmonx now expects total operating expenses for the full year 2026 to fall within the range of $108 million to $109 million, inclusive of approximately $14 million of non-cash stock-based compensation.
The Company now expects cash, cash equivalents, and marketable securities to decrease by approximately $22 million for the full year 2026 assuming no additional drawdowns under the Company’s credit facility.
Webcast and Conference Call Details
Pulmonx will host a conference call today, October 27, 2026, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its third quarter financial results. A live webcast of the conference call will be available on the Investor Relations section of the Company’s website at
https://investors.pulmonx.com/
. The webcast will be archived on the website following the completion of the call.
Use of Non-GAAP Financial Measures
To supplement Pulmonx’s condensed consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, Pulmonx provides certain non-GAAP financial measures in this release as supplemental financial metrics. Non-GAAP financial measures reflect an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results, may provide a more complete understanding of factors and trends affecting Pulmonx’s business.
Constant currency calculations show reported current period revenues as if the foreign exchange rates remain the same as those in effect in the comparable prior year period. Pulmonx uses results on a constant currency basis as one measure to evaluate its performance. Pulmonx calculates constant currency by calculating current-year results using foreign currency exchange rates from the applicable comparable period in the prior year. Pulmonx generally refers to such amounts calculated on a constant currency basis as excluding the impact of foreign exchange or being on a constant currency basis. Pulmonx believes the presentation of results on a constant currency basis in addition to reported results helps improve investors’ ability to understand its operating results and evaluate its performance in comparison to prior periods. Pulmonx generally uses constant currency to facilitate management’s financial and operational decision-making, including evaluation of Pulmonx’s historical operating results.
The Company defines Adjusted EBITDA as earnings before interest income or expense, taxes, depreciation and amortization and stock-based compensation and may also exclude certain non-recurring, irregular or one-time items not reflective of our ongoing core business operations, such as impairment charges. Management believes that, in order to properly understand short-term and long-term financial trends, investors may wish to consider the impact of these excluded items in addition to GAAP measures. Further, management uses Adjusted EBITDA for strategic and annual operating planning. We believe these non-GAAP financial measures are useful as a supplement in evaluating our ongoing operational performance and enhancing an overall understanding of our past financial performance.
Reconciliation of these non-GAAP financial measures to the most comparable GAAP measures is set forth in the tables below.
The non-GAAP financial measures used by Pulmonx should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. Because non-GAAP financial measures exclude the effect of items that increase or decrease the Company’s reported results of operations, management strongly encourages investors to review, when they become available, the Company’s consolidated financial statements and publicly filed reports in their entirety. The Company’s definition of non-GAAP measures may differ from similarly titled measures used by others.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s current assumptions and expectations of future events and trends, which affect or may affect our strategy, operations or financial performance, and actual results may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. These forward-looking statements include, but are not limited to, statements regarding our ability to drive improvements in revenue growth, execute on our commercial strategy, advance our strategic priorities, and deliver operating leverage, our possible or assumed future results of operations, including long-term outlook, descriptions of our revenues, total operating expenses, gross margin, balances of cash, cash equivalents, and marketable securities, profitability, guidance for full year 2026, and overall business strategy. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could cause actual results to differ materially from those contemplated in this press release can be found in the Risk Factors section of Pulmonx’s public filings with the Securities and Exchange Commission (“SEC”), including the Quarterly Report on Form 10-Q filed with the SEC on August 4, 2026, available at www.sec.gov. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. All statements other than statements of historical fact are forward-looking statements. Except to the extent required by law, we undertake no obligation to update or review any estimate, projection, or forward-looking statement. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in our business.
About Pulmonx Corporation
Pulmonx Corporation (Nasdaq: LUNG) is a global leader in minimally invasive treatments for chronic obstructive pulmonary disease (COPD). Pulmonx’s Zephyr® Endobronchial Valve, Chartis® Pulmonary Assessment System, LungTraX® Platform, and StratX® Lung Analysis Reports are designed to assess and treat patients with severe emphysema/COPD who despite medical management are still profoundly symptomatic. Pulmonx received U.S. Food and Drug Administration (FDA) Premarket Approval (PMA) to
commercialize the Zephyr® Endobronchial Valve following its designation as a “breakthrough device.” The Zephyr Valve is commercially available in more than 25 countries, is included in global treatment guidelines and is widely considered a standard of care treatment option for improving breathing, activity and quality of life in patients with severe emphysema. For more information on the Zephyr Valves and the company, please visit
www.Pulmonx.com
Pulmonx®, AeriSeal®, Chartis®, LungTraX®, StratX®, and Zephyr® are registered trademarks of Pulmonx Corporation.
Investor Contact
Brian Johnston or Webb Campbell
Gilmartin Group
investors@pulmonx.com
Pulmonx Corporation
Consolidated Statements of Operations
(in thousands, except share and per share data)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Revenue
$
22,835
$
21,502
$
66,177
$
67,899
Cost of goods sold
5,436
5,450
14,992
18,301
Gross profit
17,399
16,052
51,185
49,598
Operating expenses
Research and development
4,864
4,846
14,797
14,908
Selling, general and administrative
20,025
25,599
65,891
78,450
Total operating expenses
24,889
30,445
80,688
93,358
Loss from operations
(7,490)
(14,393)
(29,503)
(43,760)
Interest income
345
611
1,024
2,198
Interest expense
(1,234)
(805)
(3,428)
(2,385)
Other (expense) income, net
136
758
212
809
Net loss before tax
(8,243)
(13,829)
(31,695)
(43,138)
Income tax expense
151
128
433
440
Net loss
$
(8,394)
$
(13,957)
$
(32,128)
$
(43,578)
Net loss per share attributable to common stockholders, basic and diluted
$
(0.19)
$
(0.34)
$
(0.76)
$
(1.08)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted
43,176,913
40,936,896
42,519,134
40,444,001
Pulmonx Corporation
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
September 30, 2026
December 31, 2025
Assets
Current assets
Cash and cash equivalents
$
52,690
$
69,751
Restricted cash
257
258
Accounts receivable, net
12,014
12,072
Inventory
15,436
15,845
Prepaid expenses and other current assets
3,664
3,758
Total current assets
84,061
101,684
Long-term inventory
3,793
3,604
Property and equipment, net
1,761
2,220
Goodwill
2,333
2,333
Right of use assets
17,039
18,028
Other long-term assets
1,225
1,422
Total assets
$
110,212
$
129,291
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable
$
4,512
$
3,905
Accrued liabilities
14,555
14,556
Income taxes payable
171
263
Deferred revenue
12
18
Short-term debt
100
106
Current lease liabilities
1,389
1,210
Total current liabilities
20,739
20,058
Deferred tax liability
71
69
Long-term lease liabilities
17,145
18,059
Long-term debt
37,712
36,989
Common stock warrant liability
345
—
Total liabilities
76,012
75,175
Stockholders' equity
Common stock
44
42
Additional paid-in capital
586,127
573,272
Accumulated other comprehensive income
1,715
2,360
Accumulated deficit
(553,686)
(521,558)
Total stockholders' equity
34,200
54,116
Total liabilities and stockholders' equity
$
110,212
$
129,291
Pulmonx Corporation
Reconciliation of Reported Revenue % Change to Constant Currency Revenue % Change
(in thousands, except percentages)
(Unaudited)
Three Months Ended September 30,
2026
2025
% Change
FX Impact %
Constant Currency % Change
United States
$
14,911
$
13,967
6.8
%
—
%
6.8
%
International
7,924
7,535
5.2
%
(0.7)
%
5.9
%
Total
$
22,835
$
21,502
6.2
%
(0.3)
%
6.5
%
Three Months Ended September 30,
2026
2025
% Change
FX Impact %
Constant Currency % Change
International
$
7,924
$
7,535
5.2
%
(0.7)
%
5.9
%
less China
—
(234)
(100.0)
%
—
%
(100.0)
%
International excluding China
$
7,924
$
7,301
8.5
%
(0.8)
%
9.3
%
Nine Months Ended September 30,
2026
2025
% Change
FX Impact %
Constant Currency % Change
United States
$
42,342
$
42,919
(1.3)
%
—
%
(1.3)
%
International
23,835
24,980
(4.6)
%
4.0
%
(8.6)
%
Total
$
66,177
$
67,899
(2.5)
%
1.5
%
(4.0)
%
Nine Months Ended September 30,
2026
2025
% Change
FX Impact %
Constant Currency % Change
International
$
23,835
$
24,980
(4.6)
%
4.0
%
(8.6)
%
less China
—
(4,014)
(100.0)
%
—
%
(100.0)
%
International excluding China
$
23,835
$
20,966
13.7
%
4.8
%
8.9
%
Pulmonx Corporation
Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA
(in thousands)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
GAAP Net loss
$
(8,394)
$
(13,957)
$
(32,128)
$
(43,578)
Depreciation and amortization
215
246
657
823
Stock-based compensation
3,611
5,166
11,445
16,992
Interest (income)/expense, net
889
194
2,404
187
Provision for income taxes
151
128
433
440
Adjusted EBITDA
$
(3,528)
$
(8,223)
$
(17,189)
$
(25,136)