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Pulmonx Corporation, a commercial-stage medical technology company that provides a minimally invasive treatment for patients with severe emphysema, a form of chronic obstructive pulmonary disease. It offers Zephyr Endobronchial Valve; and Chartis Pulmonary Assessment System, a balloon catheter and console system with flow and pressure sensors that are used to assess the presence of collateral ventilation. The company also offers LungTraX Platform, a cloud-based quantitative computed tomography analysis service that provides physicians with multiple products, such as LungTraX Connect to improve workup efficiency; LungTraX Detect to enable patient identification; and StratX Lung report that is designed for solution that includes information on emphysema destruction, fissure completeness, and lobar volume to help identify target lobes for treatment with Zephyr Valves. It serves emphysema patients in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The company was formerly known as Pulmonx and changed its name to Pulmonx Corporation in December 2013. Pulmonx Corporation was incorporated in 1995 and is headquartered in Redwood City, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $90M | $-49M | $-54M | $-33M | -99.8% | 8.0% | - |
| 2024 | $84M | $-51M | $-56M | $-33M | -65.7% | 22.0% | - |
| 2023 | $69M | $-55M | $-61M | $-38M | -51.4% | 28.0% | - |
| 2022 | $54M | $-56M | $-59M | $-46M | -38.3% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 53.66 | 68.67 | 83.79 | 90.50 |
| Cost Of Revenue | 13.80 | 17.92 | 21.79 | 23.36 |
| Gross Profit | 39.87 | 50.75 | 62 | 67.14 |
| Operating Expense | 98.50 | 112.69 | 119.70 | 120.80 |
| Operating Income | -58.64 | -61.94 | -57.70 | -53.66 |
| EBITDA | -55.99 | -55.49 | -50.89 | -49.17 |
| EBIT | -57.50 | -57.04 | -52.39 | -50.22 |
| Pretax Income | -58.57 | -60.27 | -55.89 | -53.38 |
| Tax Provision | 0.35 | 0.57 | 0.50 | 0.63 |
| Net Income | -58.92 | -60.84 | -56.39 | -54 |
| Net Income Common Stockholders | -58.92 | -60.84 | -56.39 | -54 |
| Total Expenses | 112.30 | 130.61 | 141.49 | 144.16 |
| Interest Expense | 1.07 | 3.23 | 3.51 | 3.15 |
| Interest Income | 1.53 | 5.57 | 5.06 | 2.65 |
| Research And Development | 15.40 | 18.08 | 17.57 | 19.49 |
| Selling General And Administration | 83.11 | 94.61 | 102.14 | 101.31 |
| Normalized EBITDA | -55.99 | -55.49 | -50.89 | -49.17 |
| Normalized Income | -58.92 | -60.84 | -56.39 | -54 |
| Basic EPS | -1.59 | -1.60 | -1.44 | -1.33 |
| Diluted EPS | -1.59 | -1.60 | -1.44 | -1.33 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.21 | 0.21 |
| Net Income From Continuing Operation Net Minority Interest | -58.92 | -60.84 | -56.39 | -54 |
| Reconciled Depreciation | 1.51 | 1.55 | 1.49 | 1.05 |
| Reconciled Cost Of Revenue | 13.80 | 17.92 | 21.79 | 23.36 |
| Net Interest Income | 0.46 | 2.34 | 1.55 | -0.50 |
| Net Income From Continuing And Discontinued Operation | -58.92 | -60.84 | -56.39 | -54 |
| Total Operating Income As Reported | -58.64 | -61.94 | -57.70 | -53.66 |
| Diluted Average Shares | 37.10 | 37.97 | 39.11 | 40.69 |
| Basic Average Shares | 37.10 | 37.97 | 39.11 | 40.69 |
| Diluted NI Availto Com Stockholders | -58.92 | -60.84 | -56.39 | -54 |
| Net Income Including Noncontrolling Interests | -58.92 | -60.84 | -56.39 | -54 |
| Net Income Continuous Operations | -58.92 | -60.84 | -56.39 | -54 |
| Other Income Expense | -0.40 | -0.67 | 0.26 | 0.79 |
| Other Non Operating Income Expenses | -0.40 | -0.67 | 0.26 | 0.79 |
| Net Non Operating Interest Income Expense | 0.46 | 2.34 | 1.55 | -0.50 |
| Interest Expense Non Operating | 1.07 | 3.23 | 3.51 | 3.15 |
| Interest Income Non Operating | 1.53 | 5.57 | 5.06 | 2.65 |
| Operating Revenue | 53.66 | 68.67 | 83.79 | 90.50 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Pulmonx Corporationthis co. | LUNG | $51M | - | 0.92 | -99.8% | -0.71 |
| DocGo Inc. | DCGO | $70M | - | 0.48 | -144.9% | -0.41 |
| Actuate Therapeutics, Inc. Common stock | ACTU | $68M | - | 8.45 | -280.5% | - |
| LENSAR, Inc. | LNSR | $65M | - | -2.48 | 131.7% | -3.17 |
| Accuray Incorporated | ARAY | $50M | - |
| 0.94 |
| -2.0% |
| -107.66 |
| INmune Bio Inc. | INMB | $35M | - | 1.50 | -195.3% | -0.38 |
| Myomo, Inc. | MYO | $31M | - | 2.68 | -136.6% | -2.33 |
| Tvardi Therapeutics, Inc. | TVRD | $29M | - | 1.37 | -87.0% | 0.07 |
| Tevogen Bio Holdings Inc. | TVGN | $27M | - | -1.52 | 319.1% | -1.64 |
| Peer Median | - | - | 1.15 | -111.8% | -1.64 | |