Pulmonx Corporation

Pulmonx reported second-quarter 2026 revenue of $22.8 million, down 5% from $23.9 million a year ago and down 6% on a constant-currency basis. U.S. revenue was $14.2 million, down 4% year over year, while international revenue was $8.6 million, down 6% year over year and down 9% constant currency; excluding China, international revenue grew 12% year over year and 9% constant currency. Gross margin was 78% versus 72% last year, net loss was $10.1 million versus $15.2 million a year ago, and net loss per share was $0.24 versus $0.38. Adjusted EBITDA loss improved to $5.1 million from $8.4 million. For 2026, management reiterated revenue guidance of $90 million to $92 million, expects gross margin of approximately 76%, operating expenses of $109 million to $111 million including about $15 million of stock-based compensation, and cash burn of roughly $23 million for the full year.

Glen French said the company is making progress on three priorities: reaccelerating sales growth, driving operating leverage, and advancing clinical initiatives. He emphasized that the U.S. sales organization is being rebuilt with all sales leadership positions filled, turnover normalized, and a stronger culture and incentive structure in place. On China, he said the registration renewal was a key hurdle and that the company is now focused on restarting commercial activity, with material revenue expected early next year. He also highlighted AeriSeal as a market-expansion opportunity that could expand the addressable market by roughly 20% globally.

Derrick Sung focused on the financial reset from the cost alignment initiative, saying recurring operating expenses were targeted to be reduced by over 10% while still funding growth initiatives. He cited net loss of $10.1 million, adjusted EBITDA loss of $5.1 million, and operating expenses of $26.8 million, down 16% year over year; excluding stock compensation, operating expenses fell 11%. Cash and cash equivalents were $55.8 million at June 30, down $5.8 million sequentially, and he reiterated expected full-year cash burn of roughly $23 million, nearly 30% below 2025. He also noted the credit facility restructuring extends debt maturity to 2031 and adds access to an additional $20 million in undrawn capital subject to revenue milestones.

Analysts asked about the progress and size of the U.S. salesforce rebuild, and management said open positions have been filled and turnover is back to a normal level, with new hires typically taking 6 to 9 months to ramp but training changes could improve that. On China, management said the renewed registration was a binary milestone, that accounts are being restarted, and that meaningful revenue likely will not appear until early next year. Analysts also pressed on 2027 upside and gross margin durability; management declined to give 2027 guidance but said it expects to exit 2026 near double-digit growth and believes gross margin should stay comfortably at or above 75% even after China resumes shipments. On seasonality, CFO Derrick Sung said Q3 is still expected to be sequentially softer than Q2, including in the U.S., despite the salesforce rebuild.