Pulmonx Corporation, a commercial-stage medical technology company, reported revenue of $90.5 million for the year ended December 31, 2025, an 8% increase compared to $83.8 million in 2024. The company's gross margin remained relatively stable at 74.2% in 2025, compared to 74.0% in the previous year. Despite the revenue growth, Pulmonx continued to operate at a net loss, reporting a loss of $54.0 million in 2025, slightly improved from a net loss of $56.4 million in 2024. The company's accumulated deficit as of December 31, 2025, reached $521.6 million.
The increase in revenue was attributed to the continued growth of Zephyr Valve procedure volumes, with U.S. sales increasing by $0.6 million to $57.0 million and international sales rising by $6.2 million to $33.5 million. Cost of goods sold also increased by 7.2% to $23.4 million, driven by the higher volume of products sold. Operating expenses totaled $120.8 million in 2025, a slight increase from $119.7 million in 2024, with research and development expenses increasing by 10.9% to $19.5 million due to higher clinical trial costs and personnel expenses, offset by a non-cash impairment charge of $1.9 million related to certain previously capitalized software development costs recorded in the second quarter of 2024.
Selling, general, and administrative expenses saw a slight decrease of 0.8%, totaling $101.3 million in 2025 compared to $102.1 million in 2024. This decrease was primarily due to lower payroll and consulting expenses, offset by an increase in advertising and marketing-related expenses. Interest income decreased by 47.6% to $2.7 million, while interest expense decreased by 10% to $3.2 million. The company's cash and cash equivalents totaled $69.8 million as of December 31, 2025.
Pulmonx is focused on expanding its commercial operations in the United States and internationally, with a direct sales force targeting pulmonologists performing interventional pulmonary procedures. The company is also investing in research and development to enhance its existing products and develop new technologies, such as the AeriSeal System, which is currently undergoing clinical trials. As of December 31, 2025, the company had 296 full-time employees, with 229 in the U.S., 56 in Europe, and 11 in Asia Pacific. The company anticipates that its existing cash and cash equivalents will be sufficient to fund its operating expenses for at least the next twelve months.
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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