LUNG PRESS-RELEASE SEC Filing Analysis

Final — all horizons settled through T+60d ⚠ clustered

LUNG ▼ -1.24% at T+60d

NEUTRAL call ✗ call lost -1.24% · α vs SPY -12.54% · entry $1.61 → $1.59

Currently $1.53 · -4.97% from $1.61 entry

Entry anchored
Mar 4, 03:59 PM ET
via Databento tick

T+1d

+25.47%

call +25.47% · α +26.78%

$2.02

settled 3mo ago

T+5d

+10.56%

call +10.56% · α +12.80%

$1.78

settled 3mo ago

T+20d

-17.39%

call -17.39% · α -13.60%

$1.33

settled 2mo ago

T+60d

-1.24%

call -1.24% · α -12.54%

$1.59

settled 12d ago

Price Chart

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Executive Summary

Pulmonx reported mixed financial results for 2025, with full-year revenue up 8% to $90.5 million but Q4 revenue down 5% to $22.6 million. The company improved gross margins and reduced operating expenses, narrowing losses, but issued conservative 2026 guidance with revenue expected flat at $90M–$92M, signaling ongoing challenges in reaccelerating growth despite cost discipline and balance sheet strengthening.

Key Financial Metrics

Revenue

$90.5M

+8.0% YoY

EPS

$-1.33

Guidance

$90M-$92M

lowered

Actionable Insight

The stock may react negatively to flat 2026 revenue guidance despite improved margins and cost control, suggesting near-term growth headwinds persist. Watch for signs of U.S. commercial recovery and international sustainability. Debt refinancing improves liquidity, but profitability remains distant.

Key Facts

Full-year 2025 revenue: $90.5M (+8% YoY), driven by 23% growth in international markets
Q4 2025 revenue: $22.6M (-5% YoY), with U.S. revenue down 11%
Gross margin improved to 78% in Q4 (from 74% YoY) and 74% for full year
Net loss narrowed to $54.0M in 2025 vs. $56.4M in 2024; Q4 loss improved to $10.4M from $13.2M
Refinanced debt with $60M credit facility extending maturity to 2031
2026 revenue guidance: $90M–$92M (flat YoY), operating expenses expected to decrease to $113M–$115M

Financial Impact

Flat revenue guidance despite cost-cutting; cash burn expected to decrease from $32M in 2025 to $23M in 2026

revenueepsoperating_expensecash_flow

Risk Factors

U.S. revenue decline (-11% YoY in Q4) shows persistent commercial weakness
Flat 2026 revenue guidance indicates limited near-term growth visibility
Cash balance declined to $69.8M in 2025 and expected to fall further by ~$23M in 2026

Market Snapshot

Exchange

Nasdaq

Documents Analyzed

This report is based on 1 press release from GlobeNewswire.

Document	Accession Number
PRESS-RELEASE Data (Synthetic)	press-3249737

8 reports for LUNG

T+1T+5T+20T+60

Track record builds as more directional reports settle.

Filters

Reports for LUNG — sortable, filterable
	Type				Now
Jun 3, 2026 6d ago	Insider Cluster NEUTRAL ★ 2/10	$1.53 awaiting T+20	awaiting T+20	—	$1.53 (−0.00%)
Jun 3, 2026 6d ago	Insider Cluster NEUTRAL ★ 4/10	$1.53 awaiting T+20	awaiting T+20	—	$1.53 (−0.00%)
Apr 22, 2026 6w ago	DEFA14A NEUTRAL ★ 3/10	$1.28 $1.54	▲ +20.31%	▲ +15.68%	$1.53 (+19.53%)
Apr 15, 2026 7w ago	Press Release NEUTRAL ★ 3/10	$1.46 $1.33	▼ −8.90%	▼ −14.72%	$1.53 (+4.79%)
Mar 5, 2026 13w ago	8-K BEARISH ★ 7/10	$1.61 $1.33	▲ +17.39%	▲ +13.60%	$1.53 (+4.97%)
Mar 4, 2026 13w ago	8-K MIXED ★ 6/10	$1.61 $1.33	▼ −17.39%	▼ −13.60%	$1.53 (−4.97%)
Mar 4, 2026 13w ago	Press Release MIXED ★ 6/10	$1.61 $1.33	▼ −17.39%	▼ −13.60%	$1.53 (−4.97%)
Mar 2, 2026 14w ago	Insider Cluster NEUTRAL ★ 2/10	$1.53 $1.18	▼ −22.62%	▼ −14.68%	$1.53 (+0.33%)

US Market Status

Market Closed — Opens Thu (10h 58m)

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