Pulmonx Corp
NASDAQ: LUNG · HEALTHCARE · MEDICAL DEVICES
Updated 2026-06-03
Pulmonx Corp (LUNG) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $115000.00 | $332005.00 | $19450.00 | $8800.00 | $0.00 | $20.00M | $32.59M | $32.73M | $48.42M | $53.66M | $68.67M | $83.79M | $90.50M |
| Revenue growth (YoY) | — | +188.7% | -94.1% | -54.8% | -100.0% | — | +62.9% | +0.4% | +47.9% | +10.8% | +28.0% | +22.0% | +8.0% |
| Cost of revenue | $0.00 | $48824.00 | $15563.00 | $10193.00 | $0.00 | $7.72M | $10.18M | $11.53M | $12.79M | $13.80M | $17.92M | $21.79M | $23.36M |
| Gross profit | $115000.00 | $283181.00 | $3887.00 | $-1393.00 | $0.00 | $12.29M | $22.41M | $21.20M | $35.63M | $39.87M | $50.75M | $62.00M | $67.14M |
| Gross margin | 100.0% | 85.3% | 20.0% | -15.8% | — | 61.4% | 68.8% | 64.8% | 73.6% | 74.3% | 73.9% | 74.0% | 74.2% |
| R&D | $798386.00 | $610199.00 | $1.25M | $1.22M | $1.63M | $6.99M | $6.05M | $7.46M | $13.06M | $15.40M | $18.08M | $17.57M | $19.49M |
| SG&A | $258954.00 | $1.39M | $1.26M | $1.29M | $3.62M | $20.35M | $33.60M | $44.57M | $64.77M | $77.00M | $89.81M | $94.23M | $101.31M |
| Operating income | $-942340.00 | $-1.72M | $-2.50M | $-2.51M | $-5.25M | $-15.05M | $-17.84M | $-32.33M | $-47.30M | $-58.64M | $-61.94M | $-57.70M | $-53.66M |
| Operating margin | -819.4% | -517.2% | -12876.1% | -28517.5% | — | -75.2% | -54.7% | -98.8% | -97.7% | -109.3% | -90.2% | -68.9% | -59.3% |
| EBITDA | — | — | — | — | — | $-15.68M | $-16.82M | $-28.44M | $-46.62M | $-55.99M | $-55.09M | $-50.79M | $-52.61M |
| EBITDA margin | 0.0% | 0.0% | 0.0% | 0.0% | — | -78.4% | -51.6% | -86.9% | -96.3% | -104.3% | -80.2% | -60.6% | -58.1% |
| EBIT | $-942340.00 | $-1.72M | $-2.53M | $-2.51M | $-5.25M | $-15.95M | $-18.02M | $-28.84M | $-47.49M | $-57.50M | $-57.04M | $-52.39M | $-53.66M |
| Interest expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.52M | $2.32M | $3.18M | $829000.00 | $1.07M | $3.23M | $3.51M | $3.15M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $-1.23M | $-1.92M | $-2.80M | $-2.78M | $-5.37M | $-18.48M | $-20.70M | $-32.23M | $-48.66M | $-58.92M | $-60.84M | $-56.39M | $-54.00M |
| Net income growth (YoY) | — | -56.0% | -45.6% | +0.9% | -93.5% | -244.2% | -12.0% | -55.7% | -51.0% | -21.1% | -3.3% | +7.3% | +4.2% |
| Profit margin | -1072.1% | -579.4% | -14398.3% | -31539.3% | — | -92.4% | -63.5% | -98.5% | -100.5% | -109.8% | -88.6% | -67.3% | -59.7% |
Frequently asked questions
What is Pulmonx Corp's revenue?
Pulmonx Corp's trailing twelve-month revenue is $88.55M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is LUNG?
In its most recent fiscal year, LUNG ran a gross margin of 74.19%, an operating margin of -59.30%, and a net margin of -59.67%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does LUNG generate?
LUNG produced $-32.90M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is LUNG's balance sheet healthy?
LUNG holds $70.01M in cash and equivalents against $36.99M in long-term debt, on $54.12M of shareholder equity. Cash on hand exceeds long-term debt, so the balance sheet adds little financial risk to the thesis.