Pulmonx Stock Earnings Reports

Pulmonx reported Q1 2026 revenue of $20.6M, down 9% year-over-year (12% constant currency). U.S. revenue was $13.3M (down 7%), and international revenue was $7.3M (down 12%), with the decline driven primarily by the absence of sales into China pending renewal of the Chinese registration certificate (expected in H2 2026). Management reiterated full-year 2026 revenue guidance of $90M–$92M 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. The company emphasized three priorities: reaccelerating U.S. sales (sales leadership and field roles largely filled, stabilized turnover, refocused selling priorities), advancing the AeriSeal CONVERT II pivotal trial (enrollment expected to complete in 2027, potential ~20% TAM expansion), and aligning cost structure (Q1 restructuring reduced ongoing operating expenses by >10%). Gross margin was 78% in Q1 (guidance ~75% for full year). Q1 net loss was $13.7M ($0.33/share); adjusted EBITDA loss was $8.5M (or $7.0M excluding one-time restructuring). Cash and marketable securities were $61.6M at quarter end. Management closed a $60M five-year interest-only credit facility (with up to $20M additional availability tied to revenue milestones) and expects full-year 2026 cash burn of roughly $23M (vs. $32M in 2025). Management reiterated confidence in returning to double-digit growth longer term but limited formal multi-year guidance beyond 2026.