Pulmonx Corporation reported its financial results for the third quarter of 2025, revealing a revenue increase of 5.5% to $21.5 million compared to $20.4 million in the same period last year. For the nine months ending September 30, 2025, revenue rose by 13.1% to $67.9 million, up from $60.0 million in the prior year. The company’s gross profit for the quarter was $16.1 million, yielding a gross margin of 74.7%, slightly up from 73.7% in the previous year. Despite the revenue growth, Pulmonx reported a net loss of $14.0 million for the quarter, a marginal improvement from a net loss of $14.1 million in Q3 2024. The accumulated deficit as of September 30, 2025, stood at $511.1 million.
In terms of operational metrics, Pulmonx has focused on expanding its market presence, particularly in the United States, where it generated $14.0 million in sales during the quarter. International sales also saw growth, increasing to $7.5 million. The company continues to invest in its sales and marketing infrastructure, with a significant portion of its revenue derived from the Zephyr Valve, which is used in treating severe emphysema. The company has established reimbursement policies with major payors, including Medicare and several commercial insurers, which have positively impacted sales.
Pulmonx has also made strategic investments in research and development, with R&D expenses rising by 29.4% to $4.8 million in Q3 2025. This increase is attributed to higher costs associated with clinical trials and product development. Selling, general, and administrative expenses remained relatively stable, increasing by 0.7% to $25.6 million. The company’s total operating expenses for the quarter were $30.4 million, leading to a loss from operations of $14.4 million.
Looking ahead, Pulmonx anticipates continued investment in its sales and marketing efforts to drive adoption of its products, particularly the Zephyr Valve. The company is also focused on expanding its international sales and marketing programs. However, it expects to incur net losses for the foreseeable future and will require additional funding to support its operations and growth initiatives. As of September 30, 2025, Pulmonx had cash and cash equivalents of $76.5 million, which management believes will sustain operations for at least the next 12 months. The company is actively exploring various financing options to support its ongoing development and commercialization efforts.
About Pulmonx Corp
Pulmonx Corporation is a medical technology company specializing in minimally invasive treatments for severe emphysema, a form of COPD. Its core products include the Zephyr Endobronchial Valve, Chartis Pulmonary Assessment System, and LungTraX Platform, used to improve lung function and quality of life. The company serves global markets, offering solutions that are safe, effective, and supported by extensive clinical data and regulatory approvals.
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