Pulmonx Corporation reported fourth‑quarter 2025 results that showed a 5% decline in worldwide revenue to $22.6 million, a $10.4 million net loss, and earnings per share of –$0.25, beating the consensus estimate of –$0.39. Revenue fell 2.7% versus the $21.74 million estimate, while the EPS beat was driven by tighter operating costs and a higher gross margin.
U.S. revenue dropped 11% to $14.1 million, reflecting a slowdown in the domestic market, whereas international revenue grew 8% to $8.5 million, offsetting the U.S. decline. Gross margin rose to 78% from 74% in the prior year, a lift attributed to pricing power and a more favorable product mix.
For the full year, Pulmonx generated $90.5 million in revenue, up 8% from $83.8 million in 2024, and posted a net loss of $54.0 million, or –$1.33 per share, compared with a –$56.4 million loss in 2024. The company guided 2026 revenue to $90 million–$92 million and a gross margin of roughly 75%, indicating a flat outlook but confidence in maintaining profitability.
CEO Glen French said the company is in a period of transition and is focused on reaccelerating commercial growth and advancing its clinical pipeline. He highlighted the importance of disciplined spending and a bottom‑up assessment of the business to align investments with strategic goals.
Investors reacted positively to the earnings release, citing the EPS beat and margin expansion as key drivers, while the revenue miss and cautious guidance tempered enthusiasm. The market viewed the results as evidence of effective cost control amid a challenging U.S. environment.
The earnings report underscores Pulmonx’s ongoing effort to strengthen its balance sheet, reduce operating expenses by 11% to $27.4 million, and maintain a cash position of $69.8 million. The company’s focus on international growth and a disciplined operating plan suggests a path toward profitability, though U.S. market challenges remain a headwind.
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