Short answer
Pulmonx Corp (LUNG) filed its fiscal 2025 10-K annual report with the SEC on Mar 10, 2026. It reported revenue of $90M (+8.0% year over year) and net income of −$54M.
- Top risk flagged: FDA 510(k) clearance required for future products, uncertainty in obtaining approvals threatens product commercialization
FY2025 key financial metrics · XBRL
- Revenue
- $90M
- +8.0% YoY
- Net income
- −$54M
- +4.2% YoY
- Operating margin
- -59.3%
- +9.6 pp YoY
- Gross margin
- 74.2%
- +0.2 pp YoY
- EPS (diluted)
- −$1.33
- +7.6% YoY
- ROE
- -99.8%
- −34.1 pp YoY
- Operating cash flow
- −$32M
- −2.7% YoY
Source: XBRL data from the Pulmonx Corp (LUNG) FY2025 10-K on SEC EDGAR. USD.
Pulmonx Corp FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Minimally invasive treatment for severe emphysema using Zephyr Valve, Chartis System and LungTraX Platform
- New emphasis: Global clinical trial CONVERT II for FDA approval of AeriSeal System, a synthetic polymer foam device with Breakthrough Device designation
- Strategic shift: Expanding direct U.S. sales and commercial operations while growing international presence via direct and distributor models
- Quantitative highlights: Revenue $90.5M (+8% YoY), gross margin 74.2%, 95% revenue from direct sales, $54.0M net loss improving from prior year
- Noteworthy fact: Five-year LIBERATE study durability results presented in 2024 showing long-term safety and efficacy for Zephyr Valve
Management Discussion & Analysis
- Revenue $90.5M in 2025, up 8.0% YoY from $83.8M in 2024; US sales $57.0M (+$0.6M), International $33.5M (+$6.2M)
- Gross margin 74.2% in 2025 vs 74.0% in 2024; cost of goods sold $23.4M up 7.2% mainly from volume increase
- Best segment: International sales growth +22.7% ($27.3M to $33.5M); Worst: US sales nearly flat +1.1% ($56.5M to $57.0M)
- Net loss improved to $54.0M from $56.4M; R&D expenses increased 10.9% to $19.5M; SG&A decreased 0.8% to $101.3M
- Cash $69.8M end 2025; $37.1M debt outstanding; post-period $40M term loan secured with access to $20M more tied to revenue milestones
- Management plans continued investment in sales, R&D, marketing; expects ongoing net losses and need for additional funding
- Key risks: sales force recruitment/retention, reimbursement coverage expansion, competitive pressures, manufacturing efficiency, seasonality
Risk Factors
- FDA 510(k) clearance required for future products, uncertainty in obtaining approvals threatens product commercialization
- Revenue exposure in US, Europe, and Asia Pacific vulnerable to economic conditions and hospital contracting delays
- Single product reliance on Zephyr Valve limited to severe emphysema; constrained market indications risk sales concentration
- Competition from alternative emphysema treatments and possible novel therapies could disrupt market share and adoption
- Net losses $54M in 2025, accumulated deficit $521.6M, ongoing cash burn pressures capital needs and profitability prospects
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