LUNG · Pulmonx Corporation

Pulmonx reported first quarter 2026 revenue of $20.6 million, a 9% decrease from $22.5 million in the prior year period. The decline was driven by a 12% drop in international revenue to $7.3 million, primarily attributable to a halt in sales to China pending the renewal of a registration certificate. Excluding China, international revenue grew 22% year-over-year. U.S. revenue decreased 7% to $13.3 million. Despite the top-line contraction, gross margin expanded significantly to 78% from 73%, contributing to a reduction in net loss to $13.7 million ($0.33 per share) from $14.4 million ($0.36 per share) in the first quarter of 2025. Operating expenses decreased 6% to $29.0 million. Management highlighted early progress from refreshed U.S. commercial strategies and expressed confidence in driving sequential revenue improvement and operating leverage throughout 2026. The company reaffirmed its full-year 2026 revenue guidance of $90 million to $92 million and gross margin expectations of approximately 75%.