Pulmonx Corporation Reports Q2 2026 Revenue Decline to $22.8 Million

Pulmonx Corporation reported its financial results for the second quarter of 2026, revealing a revenue of $22.8 million, a decrease of 4.6% from $23.9 million in the same period last year. For the first half of 2026, the company generated $43.3 million in revenue, down 6.6% from $46.4 million in the first half of 2025. The decline in revenue was attributed primarily to reduced procedure volumes for the Zephyr Valve in the U.S. and a lack of sales into China due to pending regulatory approvals. Despite the revenue drop, the company achieved a gross margin of 78.0% for both the three and six months ended June 30, 2026, an increase from 72.1% and 72.3%, respectively, in the prior year, largely due to decreased manufacturing costs.

Operating expenses for the second quarter decreased significantly to $26.8 million from $32.0 million a year earlier, driven by reductions in both research and development and selling, general, and administrative costs. The company reported a net loss of $10.1 million for the quarter, an improvement from a net loss of $15.2 million in the same quarter of 2025. For the six-month period, the net loss was $23.7 million, compared to $29.6 million in the prior year. The reduction in losses was attributed to lower operating expenses and improved gross margins.

In terms of strategic developments, Pulmonx has focused on expanding its sales and marketing efforts, particularly in the U.S. and international markets. The company has made significant investments in its sales force and marketing initiatives to increase awareness and adoption of its products. As of June 30, 2026, Pulmonx had cash and cash equivalents of $55.8 million, down from $69.8 million at the end of 2025, and an accumulated deficit of $545.3 million. The company has also entered into a new credit agreement with Perceptive Credit Holdings, securing a $40 million loan to support its operations and growth initiatives.

Operationally, Pulmonx reported a slight increase in its customer base, with approximately 500 high-volume hospitals in the U.S. performing procedures using the Zephyr Valve. The company continues to work on expanding its international presence, particularly in regions where it has established reimbursement for its products. The filing indicated that Pulmonx is committed to ongoing research and development, with plans to invest in new product offerings and enhancements to existing products, which are expected to drive future growth.

Looking ahead, Pulmonx anticipates continued challenges in achieving profitability, projecting that it will incur net losses for the foreseeable future. The company plans to leverage its existing cash reserves and pursue additional funding through equity and debt financing to support its growth strategy. Management remains optimistic about the long-term potential of its products and the markets it serves, particularly as it seeks to expand its addressable market and enhance its product offerings.