Pulmonx Corp (LUNG) FY2025 10-K Annual Report
Pulmonx Corp (LUNG) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 10, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Pulmonx Corp FY2025 10-K Analysis
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
Pulmonx Corp FY2025 Key Financial MetricsXBRL
Revenue
$90M
▲ +8.0% YoY
Net Income
-$54M
▲ +4.2% YoY
Gross Margin
74.2%
▲ +19bp YoY
Operating Margin
-59.3%
▲ +957bp YoY
Net Margin
-59.7%
▲ +763bp YoY
ROE
-99.8%
▼ -3407bp YoY
Total Assets
$129M
▼ -20.6% YoY
EPS (Diluted)
$-1.33
▲ +7.6% YoY
Operating Cash Flow
-$32M
▼ -2.7% YoY
Source: XBRL data from Pulmonx Corp FY2025 10-K filing on SEC EDGAR. All figures in USD.
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