Pulmonx (LUNG)


Market Price (11/6/2026): $2.44 | Market Cap: $106.3 MilSector: Health Care | Industry: Life Sciences Tools & Services

Pulmonx (LUNG)


Market Price (11/6/2026): $2.44
Market Cap: $106.3 Mil
Sector: Health Care
Industry: Life Sciences Tools & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Chronic Respiratory Disease Management, Targeted Therapies, Show more.

Weak multi-year price returns
2Y Excs Rtn is -94%, 3Y Excs Rtn is -154%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -39 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -44%

Stock price has recently run up significantly
6M Rtn6 month market price return is 102%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.2%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 18%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -29%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 97%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -44%

Key risks
LUNG key risks include [1] its ongoing unprofitability and cash burn, Show more.

0 Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Chronic Respiratory Disease Management, Targeted Therapies, Show more.
1 Weak multi-year price returns
2Y Excs Rtn is -94%, 3Y Excs Rtn is -154%
2 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -39 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -44%
3 Stock price has recently run up significantly
6M Rtn6 month market price return is 102%
4 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.2%
5 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 18%
6 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -29%
7 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 97%
8 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -44%
9 Key risks
LUNG key risks include [1] its ongoing unprofitability and cash burn, Show more.

LUNG in ETFs

Weight = LUNG's share of each fund

VTI0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/5/2026

Pulmonx (LUNG) stock has gained about 55% since 7/31/2026 because of the following key factors:

1. Pulmonx returned to year-over-year revenue growth and significantly narrowed its net loss in fiscal Q3 2026.

The company reported worldwide revenue of $22.8 million, a 6% increase compared to the prior-year quarter. This growth was supported by a 7% rise in U.S. revenue to $14.9 million and a 5% increase in international revenue. Concurrently, the net loss decreased by 40% to $8.4 million, or $0.19 per share, from $14.0 million, or $0.34 per share, in fiscal Q3 2025.

2. Improved operating leverage and effective cost management contributed to a substantial reduction in losses.

Operating expenses for fiscal Q3 2026 declined by 18% year-over-year to $24.9 million. This operational efficiency led to an almost 60% reduction in Adjusted EBITDA loss, which narrowed to $3.5 million from $8.2 million in the same period a year ago.

Show more
Updated on 11/5/2026

Pulmonx (LUNG) stock has gained about 55% since 7/31/2026 because of the following key factors:

1. Pulmonx returned to year-over-year revenue growth and significantly narrowed its net loss in fiscal Q3 2026.

The company reported worldwide revenue of $22.8 million, a 6% increase compared to the prior-year quarter. This growth was supported by a 7% rise in U.S. revenue to $14.9 million and a 5% increase in international revenue. Concurrently, the net loss decreased by 40% to $8.4 million, or $0.19 per share, from $14.0 million, or $0.34 per share, in fiscal Q3 2025.

2. Improved operating leverage and effective cost management contributed to a substantial reduction in losses.

Operating expenses for fiscal Q3 2026 declined by 18% year-over-year to $24.9 million. This operational efficiency led to an almost 60% reduction in Adjusted EBITDA loss, which narrowed to $3.5 million from $8.2 million in the same period a year ago.

3. The company reaffirmed its full-year 2026 revenue guidance and raised its gross margin outlook.

Pulmonx reiterated its full-year 2026 revenue guidance in the range of $90 million to $92 million, signaling confidence in sustained performance. Furthermore, the gross margin expectation for the full year 2026 was raised to approximately 77%, indicating improved profitability per sale.

4. Positive developments in the China market and supportive analyst sentiment boosted investor confidence.

The renewal of the Zephyr Valve's registration in China in June 2026, with expectations to resume distributor shipments by early 2027, addressed a previous headwind to international growth. Concurrently, analysts maintained predominantly positive ratings, with a consensus "Buy" rating and an average price target of $3.70 from some analysts, representing a potential upside of 40.95%. For example, Stifel raised its price target for Pulmonx to $4 from $2.50.

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Stock Movement Drivers

Fundamental Drivers

The 57.1% change in LUNG stock from 7/31/2026 to 11/5/2026 was primarily driven by a 61.4% change in the company's P/S Multiple.
(LTM values as of)731202611052026Change
Stock Price ($)1.632.5657.1%
Change Contribution By: 
Total Revenues ($ Mil)89890.3%
P/S Multiple0.81.261.4%
Shares Outstanding (Mil)4243-3.0%
Cumulative Contribution57.1%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/5/2026
ReturnCorrelation
LUNG57.1% 
Market (SPY)-1.9%27.0%
Sector (XLV)13.8%32.4%

Fundamental Drivers

The 100.0% change in LUNG stock from 4/30/2026 to 11/5/2026 was primarily driven by a 112.6% change in the company's P/S Multiple.
(LTM values as of)430202611052026Change
Stock Price ($)1.282.56100.0%
Change Contribution By: 
Total Revenues ($ Mil)9089-1.9%
P/S Multiple0.61.2112.6%
Shares Outstanding (Mil)4143-4.1%
Cumulative Contribution100.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/5/2026
ReturnCorrelation
LUNG100.0% 
Market (SPY)2.3%29.9%
Sector (XLV)27.2%17.3%

Fundamental Drivers

The 28.0% change in LUNG stock from 10/31/2025 to 11/5/2026 was primarily driven by a 39.4% change in the company's P/S Multiple.
(LTM values as of)1031202511052026Change
Stock Price ($)2.002.5628.0%
Change Contribution By: 
Total Revenues ($ Mil)9189-2.0%
P/S Multiple0.91.239.4%
Shares Outstanding (Mil)4043-6.4%
Cumulative Contribution28.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/5/2026
ReturnCorrelation
LUNG28.0% 
Market (SPY)8.4%27.5%
Sector (XLV)29.8%16.9%

Fundamental Drivers

The -70.9% change in LUNG stock from 10/31/2023 to 11/5/2026 was primarily driven by a -77.3% change in the company's P/S Multiple.
(LTM values as of)1031202311052026Change
Stock Price ($)8.792.56-70.9%
Change Contribution By: 
Total Revenues ($ Mil)618946.4%
P/S Multiple5.51.2-77.3%
Shares Outstanding (Mil)3843-12.4%
Cumulative Contribution-70.9%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/5/2026
ReturnCorrelation
LUNG-70.9% 
Market (SPY)81.3%21.6%
Sector (XLV)55.5%24.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
LUNG Return-54%-74%51%-47%-67%16%-96%
Peers Return17%-10%5%27%-1%-17%16%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
LUNG Win Rate42%33%67%58%25%36% 
Peers Win Rate50%50%52%60%50%44% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
LUNG Max Drawdown-57%-86%-44%-62%-86%-50% 
Peers Max Drawdown-22%-35%-33%-19%-29%-45% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ISRG, BSX, RMD, MDT, INSP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/5/2026 (YTD)

How Low Can It Go

EventLUNGS&P 500
2024 Yen Carry Trade Unwind
  % Loss-12.0%-7.8%
  % Gain to Breakeven13.6%8.5%
  Time to Breakeven7 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-37.3%-9.5%
  % Gain to Breakeven59.6%10.5%
  Time to Breakeven44 days24 days

Compare to ISRG, BSX, RMD, MDT, INSP

In The Past

Pulmonx's stock fell -12.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 13.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventLUNGS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-37.3%-9.5%
  % Gain to Breakeven59.6%10.5%
  Time to Breakeven44 days24 days

Compare to ISRG, BSX, RMD, MDT, INSP

In The Past

Pulmonx's stock fell -12.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 13.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Pulmonx (LUNG)

Pulmonx Corporation (LUNG) is a medical technology company specializing in minimally invasive treatments for patients suffering from severe emphysema, a debilitating form of chronic obstructive pulmonary disease (COPD). The company develops and provides innovative devices aimed at improving the quality of life for adult patients experiencing hyperinflation due to emphysema.

The company's flagship product is the Zephyr Endobronchial Valve, a device designed to treat hyperinflation associated with severe emphysema. To support the effective application of the Zephyr Valve, Pulmonx also offers diagnostic and assessment tools. These include the Chartis Pulmonary Assessment System, a balloon catheter system used to assess collateral ventilation, and the StratX Lung Analysis Platform, a cloud-based service that analyzes CT scans to provide detailed information on emphysema destruction and lobar volume, helping physicians identify the most suitable target lobes for Zephyr Valve treatment.

Pulmonx primarily serves adult emphysema patients globally. Its market reach extends across the United States, Europe, the Middle East, Africa, and the Asia-Pacific region, providing its specialized medical solutions to a broad international patient base.

AI Analysis | Feedback

Here are 1-3 brief analogies for Pulmonx:

  • Like an Intuitive Surgical, but focused on providing a minimally invasive device solution for severe emphysema rather than robotic surgery.
  • Similar to Shockwave Medical, but instead of treating cardiovascular calcification, it develops innovative, minimally invasive devices to treat severe emphysema.
  • Imagine a very specialized Medtronic, dedicated solely to treating severe emphysema with its unique lung valves and assessment tools.

AI Analysis | Feedback

```html
  • Zephyr Endobronchial Valve: A solution for the treatment of bronchoscopic in adult patients with hyperinflation associated with severe emphysema.
  • Chartis Pulmonary Assessment System: A balloon catheter and console system with flow and pressure sensors used to assess the presence of collateral ventilation.
  • StratX Lung Analysis Platform: A cloud-based quantitative computed tomography analysis service that offers information on emphysema destruction, fissure completeness, and lobar volume.
```

AI Analysis | Feedback

Pulmonx Corporation (LUNG) is a medical technology company that provides minimally invasive devices and analysis platforms for the treatment of chronic obstructive pulmonary diseases, specifically severe emphysema. Given the nature of its products (e.g., Zephyr Endobronchial Valve, Chartis Pulmonary Assessment System, StratX Lung Analysis Platform), the company primarily sells to healthcare providers rather than directly to individual patients.

Therefore, Pulmonx's major customers are not individual consumers but rather institutional purchasers within the healthcare industry. These can be broadly categorized as:

  • Hospitals: Especially those with specialized pulmonology departments or interventional bronchoscopy capabilities, where complex procedures using devices like the Zephyr Valve are performed.
  • Specialized Lung Clinics and Emphysema Treatment Centers: Facilities that focus on advanced care for respiratory diseases and offer comprehensive treatment options for conditions like severe emphysema.
  • Healthcare Systems: Large integrated networks of hospitals, clinics, and other healthcare facilities that make centralized purchasing decisions for their various components.

AI Analysis | Feedback

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Glen French, President & Chief Executive Officer

Glen French has over 30 years of experience in the medical device industry. He served as Pulmonx's President and Chief Executive Officer from December 2014 to March 2023, and resumed the position in October 2025, having maintained continuous service on the company's Board. French previously co-founded and served as Chief Executive Officer of Asthmatx, Inc., which was acquired by Boston Scientific Corporation. He also co-founded and led Broncus Technologies, Inc. and was a co-founder and board member of NDO Surgical, Inc. French has co-founded, built, and sold three medical device companies and took a fourth company (Pulmonx) public.

Derrick Sung, Ph.D., Chief Operating Officer & Chief Financial Officer

Derrick Sung brings over 20 years of finance, strategy, and commercial experience across various facets of the medical device industry. He has served as Chief Operating Officer and Chief Financial Officer for Pulmonx since November 2025, and previously served as Chief Financial Officer for Pulmonx from July 2018 to October 2023. Prior to rejoining Pulmonx, Sung served as Chief Financial Officer at Aerin Medical until November 2025. Before his initial tenure at Pulmonx, he was Executive Vice President, Strategy & Corporate Development at iRhythm Technologies, Inc. (NASDAQ: IRTC), where he helped guide the company through a successful IPO. He also spent seven years on Wall Street as a senior equity research analyst covering the medical device sector for Sanford C. Bernstein & Company.

Lisa Paul, Chief People Officer

Lisa Paul possesses over 30 years of Human Resources leadership experience within medical device, technology, services, and communications companies. Before joining Pulmonx, Paul was the Chief People Officer at Natus Medical Incorporated from 2019 to 2022 and Executive Vice President, Chief Human Resources Officer at Oclaro Technology Incorporated from 2014 to 2018.

Geoffrey Beran Rose, Chief Commercial Officer

Geoffrey Beran Rose serves as the Chief Commercial Officer for Pulmonx Corporation. Detailed background information regarding founding or selling companies, or a pattern of managing private equity-backed companies, was not available in the provided search results.

David Lehman, General Counsel & Secretary

David Lehman holds the position of General Counsel and Secretary at Pulmonx. Detailed background information regarding founding or selling companies, or a pattern of managing private equity-backed companies, was not available in the provided search results.

AI Analysis | Feedback

Here are the key risks to Pulmonx Corporation (LUNG):

  1. Ongoing Net Losses and Cash Burn: Pulmonx Corporation has a history of significant net losses and anticipates these losses to continue for the foreseeable future. The company consistently reports negative operating and net income, indicating that the cost of scaling its specialized medical device business, particularly in the U.S. market, exceeds its gross profit. This persistent need for capital and negative free cash flow presents a runway constraint, as the company needs to outrun its cash burn rate before potentially requiring additional capital.
  2. Reliance on Zephyr Valve and Challenges in Market Adoption/Commercial Execution: The financial health and future success of Pulmonx are highly dependent on the commercial success and broad market acceptance of its Zephyr Endobronchial Valve. The company has experienced top-line weakness, especially in the United States, attributed to soft procedural volumes and internal operational and sales disruptions, including high turnover within its sales organization. Resistance from hospitals, physicians, and patients to adopt new treatment methods could also limit growth prospects. International markets, such as China, have also presented volatility due to inventory and regulatory issues.
  3. Product-Related Risks, Regulatory Hurdles, and Competition: The Zephyr Endobronchial Valve procedure, while minimally invasive, carries inherent product risks including potential complications like pneumothorax (collapsed lung) and, in rare cases, death. These risks represent ongoing regulatory and liability concerns. As a medical technology company, Pulmonx is subject to stringent regulatory processes; any delays or failures in obtaining or maintaining regulatory approvals for its current or future products could materially impact its business. Furthermore, the company operates in a competitive medical devices industry, facing pressures from other treatments and technologies.

AI Analysis | Feedback

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AI Analysis | Feedback

Pulmonx Corporation (NASDAQ: LUNG) primarily addresses a significant global market for its innovative treatments for severe emphysema.

  • The estimated global addressable market opportunity for Pulmonx's Zephyr Endobronchial Valves, which includes the use of the Chartis Pulmonary Assessment System and StratX Lung Analysis Platform for patient selection, is approximately $12 billion.
  • This market size is based on an estimated 1.2 million severe emphysema patients globally who may be eligible for treatment with Zephyr Valves out of approximately 3.2 million severe emphysema patients.
  • In the United States, there are an estimated 1.5 million patients with severe emphysema.
  • An investigational AeriSeal System, which is in development, has the potential to expand Pulmonx's total addressable market by approximately 20% globally by addressing patients with collateral ventilation.

AI Analysis | Feedback

Pulmonx Corporation (LUNG) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

  1. Increased Adoption and Commercial Momentum of the Zephyr Valve in the U.S. Market: The company anticipates re-accelerated U.S. sales in the latter half of 2026, following efforts to address past execution issues and implement a renewed U.S. sales focus. Pulmonx aims to regain commercial momentum and foster broader adoption of its Zephyr Valve therapy in the United States.
  2. Expansion and Growth in International Markets: International revenue has demonstrated consistent growth, with significant increases in recent quarters. Pulmonx is actively expanding its presence in high-potential international markets, including Japan and China, which are expected to fuel future top-line growth for the Zephyr Valve, with anticipated resumption of China sales in the latter half of 2026 after certificate renewal.
  3. Launch and Adoption of New Therapeutic Products: A significant driver of medium-term growth is the development and commercialization of new products, notably the AeriSeal program. The AeriSeal CONVERT II pivotal trial is a priority, with completion expected in 2027. Management believes this program could expand the company's global total addressable market by approximately 20%.
  4. Leveraging Patient Identification and Assessment Platforms: Pulmonx's Chartis Pulmonary Assessment System and StratX Lung Analysis Platform are crucial for identifying suitable patients for Zephyr Valve treatment. By building an entire ecosystem around patient identification, assessment, and treatment, the company aims to streamline the patient selection process and further drive Zephyr Valve procedure volumes.

AI Analysis | Feedback

Here is a summary of Pulmonx's (LUNG) capital allocation decisions over the last 3-5 years:

Share Issuance

  • Pulmonx completed its Initial Public Offering (IPO) in October 2020, issuing 11,500,000 shares of common stock at $19.00 per share, resulting in gross proceeds of approximately $218.5 million.
  • The company regularly grants equity awards, such as Restricted Stock Units (RSUs) and Performance Stock Units (PSUs), to employees and executives. For instance, in December 2025, 1,625,000 shares were granted under its 2025 Inducement Plan to new hires, including 1,225,000 RSUs and up to 400,000 PSUs for the Chief Financial Officer.
  • The number of outstanding shares has increased steadily, from 36.63 million in 2021 to 40.93 million in 2025, and approximately 42.24 million in March 2026, largely due to these equity grants.

Inbound Investments

  • In March 2026, Pulmonx closed a five-year credit facility for up to $60 million with Perceptive Advisors, which included an initial $40 million term loan drawn to refinance existing debt.
  • This credit facility also provides an option to draw an additional $20 million through the end of 2027, contingent upon achieving certain revenue milestones, and extends the company's debt maturity to 2031.

Capital Expenditures

  • Pulmonx reported capital expenditures of approximately -$0.09 million USD in the most recent quarter and -$452,000 in the last 12 months.
  • These negative figures indicate that the cash inflow from the sale of property, plant, and equipment exceeded the cash outflow for new capital asset purchases during these periods.

Better Bets vs. Pulmonx (LUNG)

Peer Outperformance in Life Sciences Tools & Services

LUNG has trailed 79% of its 107 Life Sciences Tools & Services peers over 5Y. Life Sciences Tools & Services ranks 8th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Life Sciences Tools & Services constituents that LUNG has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
83%
of 124 industry peers · 50.6% return
3Y
28%
of 113 industry peers · -73.4% return
5Y
21%
of 107 industry peers · -94.3% return
No Life Sciences Tools & Services peer with a comparable growth profile has beaten LUNG by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Life Sciences Tools & Services is LUNG's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 7.6%56.6%93.6% CAH 498% · MCK 396% · COR 181%
Health Care Services 20 33.8%28.8%6.1% HIMS 189% · RDNT 125% · DGX 100%
Health Care Facilities 25 13.9%27.4%-1.4% THC 280% · NHC 210% · EHC 186%
Managed Health Care 8 47.9%1.6%-2.2% OSCR 95% · HQY 52% · ELV 10%
Health Care Equipment 50 11.0%17.8%-17.6% UFPT 355% · GKOS 286% · PLSE 127%
Pharmaceuticals 61 -12.9%10.6%-37.3% LQDA 977% · XERS 571% · KNSA 500%
Health Care Supplies 11 23.9%17.0%-40.1% LNTH 248% · HAE 66% · MMSI 29%
Life Sciences Tools & Services ← 108 -8.1%-18.9%-74.5% AXGN 255% · NTRA 214% · MEDP 181%
Biotechnology 364 -25.8%-36.1%-82.0% ELVN 1073% · TRVI 995% · DNTH 956%
Health Care Technology 21 -21.4%-50.4%-82.8% VEEV -3% · DOCS -51%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Pulmonx Earnings Notes12/16/2025
2Can Pulmonx Stock Recover If Markets Fall?10/17/2025
Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

LUNGISRGBSXRMDMDTINSPMedian
NamePulmonx Intuitiv.Boston S.ResMed MedtronicInspire . 
Mkt Price2.44460.9744.00237.97102.8366.4584.64
Mkt Cap0.1160.963.734.0131.61.948.9
Rev LTM8911,57821,0695,73337,5418818,655
Op Inc LTM-393,7344,3381,8997,147162,817
FCF LTM-263,5981,5161,5886,132981,552
FCF 3Y Avg-312,1522,3251,5645,527781,858
CFO LTM-264,0904,2341,7718,0351352,930
CFO 3Y Avg-302,9573,9321,6987,3601162,328

Growth & Margins

LUNGISRGBSXRMDMDTINSPMedian
NamePulmonx Intuitiv.Boston S.ResMed MedtronicInspire . 
Rev Chg LTM-3.2%20.5%8.9%9.0%9.8%-0.2%9.0%
Rev Chg 3Y Avg11.6%19.2%15.4%9.4%6.0%16.4%13.5%
Rev Chg Q6.2%21.7%1.4%5.9%13.7%-7.9%6.1%
QoQ Delta Rev Chg LTM1.5%4.9%0.3%1.4%3.2%-2.0%1.5%
Op Inc Chg LTM31.1%32.6%16.6%8.9%7.5%-57.1%12.7%
Op Inc Chg 3Y Avg13.3%30.4%23.2%17.9%6.3%80.7%20.6%
Op Mgn LTM-44.4%32.3%20.6%33.1%19.0%1.8%19.8%
Op Mgn 3Y Avg-60.1%29.3%19.2%32.4%18.5%2.6%18.9%
QoQ Delta Op Mgn LTM8.6%1.0%-0.4%-0.4%0.3%-4.2%-0.0%
CFO/Rev LTM-28.8%35.3%20.1%30.9%21.4%15.3%20.7%
CFO/Rev 3Y Avg-35.2%29.8%20.8%32.2%21.2%13.6%21.0%
FCF/Rev LTM-28.8%31.1%7.2%27.7%16.3%11.1%13.7%
FCF/Rev 3Y Avg-36.1%20.7%12.5%29.7%15.9%9.1%14.2%

Valuation

LUNGISRGBSXRMDMDTINSPMedian
NamePulmonx Intuitiv.Boston S.ResMed MedtronicInspire . 
Mkt Cap0.1160.963.734.0131.61.948.9
P/S1.213.93.05.93.52.23.3
P/Op Inc-2.743.114.717.918.4122.018.2
P/EBIT-2.843.115.817.118.062.717.5
P/E-2.554.418.221.425.219.120.2
P/CFO-4.139.315.119.216.414.215.7
Total Yield-38.5%1.8%5.4%5.7%6.6%5.2%5.3%
Dividend Yield0.0%0.0%0.0%1.0%2.7%0.0%0.0%
FCF Yield 3Y Avg-29.4%1.4%2.1%4.4%5.3%3.3%2.7%
D/E0.50.00.20.00.20.00.1
Net D/E0.0-0.00.2-0.00.1-0.20.0

Returns

LUNGISRGBSXRMDMDTINSPMedian
NamePulmonx Intuitiv.Boston S.ResMed MedtronicInspire . 
1M Rtn37.1%13.9%4.3%7.8%18.1%-2.6%10.9%
3M Rtn19.0%23.3%-10.8%6.9%20.7%12.8%15.9%
6M Rtn92.1%1.6%-22.2%15.7%34.2%45.8%24.9%
12M Rtn43.5%-16.0%-55.5%-1.9%17.5%-19.8%-8.9%
3Y Rtn-74.6%66.3%-16.7%59.3%54.5%-59.6%18.9%
1M Excs Rtn34.0%12.6%7.2%6.7%21.7%-0.0%9.9%
3M Excs Rtn20.5%22.6%-9.9%13.5%19.8%11.3%16.7%
6M Excs Rtn87.6%-3.1%-26.9%10.9%29.5%41.0%20.2%
12M Excs Rtn29.0%-27.8%-68.8%-15.9%4.2%-35.4%-21.8%
3Y Excs Rtn-151.7%-6.2%-96.2%-9.3%-21.0%-138.1%-58.6%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment9084695448
Total9084695448


Price Behavior

Price Behavior
Market Price$2.56 
Market Cap ($ Bil)0.1 
First Trading Date10/01/2020 
Distance from 52W High-19.1% 
   50 Days200 Days
DMA Price$2.08$1.67
DMA Trendupdown
Distance from DMA23.3%53.0%
 3M1YR
Volatility105.4%98.6%
Downside Capture88.57166.20
Upside Capture298.54201.04
Correlation (S&P 500)14.3%25.6%
LUNG Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta1.491.171.952.191.941.18
Up Beta-12.75-6.900.492.922.430.77
Down Beta3.582.493.712.912.031.18
Up Capture647%313%394%356%309%123%
Bmk +ve Days12182862130427
Stock +ve Days12213059115349
Down Capture-195%70%-28%66%129%112%
Bmk -ve Days10253664121325
Stock -ve Days9203059125376

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with LUNG
LUNG49.1%98.6%0.82-
Sector ETF (XLV)29.2%16.9%1.3317.2%
Equity (SPY)9.5%13.6%0.4127.3%
Gold (GLD)3.6%28.7%0.1110.9%
Commodities (DBC)37.7%21.2%1.40-6.5%
Real Estate (VNQ)12.0%14.2%0.5512.2%
Bitcoin (BTCUSD)-20.8%43.3%-0.428.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with LUNG
LUNG-41.9%85.3%-0.22-
Sector ETF (XLV)8.6%15.4%0.3626.8%
Equity (SPY)11.3%17.3%0.4828.8%
Gold (GLD)17.5%19.1%0.745.1%
Commodities (DBC)8.0%19.6%0.29-0.8%
Real Estate (VNQ)1.2%18.9%-0.0526.1%
Bitcoin (BTCUSD)5.9%51.5%0.2916.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with LUNG
LUNG-23.7%80.8%-0.16-
Sector ETF (XLV)12.2%16.8%0.6026.2%
Equity (SPY)14.9%18.0%0.7029.4%
Gold (GLD)12.0%16.5%0.594.5%
Commodities (DBC)7.6%18.1%0.331.2%
Real Estate (VNQ)5.7%20.7%0.2326.0%
Bitcoin (BTCUSD)61.3%66.2%1.0114.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity0.7 Mil
Short Interest: % Change Since 9302026-13.0%
Average Daily Volume0.3 Mil
Days-to-Cover Short Interest2.5 days
Basic Shares Quantity43.2 Mil
Short % of Basic Shares1.6%

Earnings Returns History

Updated 11/5/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/27/202627.3%37.4% 
7/29/202628.8%58.4%93.6%
4/29/20266.7%7.5%37.5%
3/4/202611.8%24.7%-7.6%
11/12/2025-18.9%-29.6%30.1%
7/30/2025-41.6%-48.9%-44.1%
4/30/2025-21.9%-23.8%-29.6%
2/19/202532.2%38.9%16.0%
...
SUMMARY STATS   
# Positive131310
# Negative121214
Median Positive11.4%14.1%22.8%
Median Negative-8.1%-19.5%-21.1%
Max Positive32.2%58.4%93.6%
Max Negative-60.9%-53.7%-49.9%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/27/202627.3%37.4% 
7/29/202628.8%58.4%93.6%
4/29/20266.7%7.5%37.5%
3/4/202611.8%24.7%-7.6%
11/12/2025-18.9%-29.6%30.1%
7/30/2025-41.6%-48.9%-44.1%
4/30/2025-21.9%-23.8%-29.6%
2/19/202532.2%38.9%16.0%
10/30/2024-8.0%13.5%-5.0%
7/31/2024-6.1%-15.2%5.9%
5/1/202421.5%14.1%-6.1%
2/21/2024-18.2%-35.4%-35.2%
10/30/202311.4%21.8%39.8%
8/2/20230.2%-15.0%-20.9%
5/2/20238.6%9.7%5.8%
2/22/202320.2%31.1%29.6%
11/3/2022-60.9%-53.7%-49.9%
8/2/20223.4%11.0%-0.6%
5/3/2022-0.4%-34.1%-24.7%
2/23/2022-4.5%-4.4%-7.3%
11/2/20217.9%8.3%-23.1%
8/3/20212.8%-1.5%1.5%
5/4/2021-8.3%-13.9%-9.9%
3/2/2021-0.6%-12.1%-21.2%
11/10/2020-1.3%0.9%9.6%
SUMMARY STATS   
# Positive131310
# Negative121214
Median Positive11.4%14.1%22.8%
Median Negative-8.1%-19.5%-21.1%
Max Positive32.2%58.4%93.6%
Max Negative-60.9%-53.7%-49.9%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202611/03/202610-Q
06/30/202608/04/202610-Q
03/31/202605/04/202610-Q
12/31/202503/10/202610-K
09/30/202511/12/202510-Q
06/30/202508/01/202510-Q
03/31/202505/02/202510-Q
12/31/202402/25/202510-K
09/30/202411/01/202410-Q
06/30/202408/02/202410-Q
03/31/202405/03/202410-Q
12/31/202302/27/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/08/202310-Q
12/31/202203/01/202310-K
Collapse to Preview
Report DateFiling DateFiling
09/30/202611/03/202610-Q
06/30/202608/04/202610-Q
03/31/202605/04/202610-Q
12/31/202503/10/202610-K
09/30/202511/12/202510-Q
06/30/202508/01/202510-Q
03/31/202505/02/202510-Q
12/31/202402/25/202510-K
09/30/202411/01/202410-Q
06/30/202408/02/202410-Q
03/31/202405/03/202410-Q
12/31/202302/27/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/08/202310-Q
12/31/202203/01/202310-K
09/30/202211/08/202210-Q
06/30/202208/08/202210-Q
03/31/202205/09/202210-Q
12/31/202103/01/202210-K
09/30/202111/09/202110-Q
06/30/202108/10/202110-Q
03/31/202105/12/202110-Q
12/31/202003/15/202110-K
09/30/202011/13/202010-Q
06/30/202010/01/2020424B4

Recent Forward Guidance

Updated 11/2/2026

Latest: Q3 2026 Earnings Reported 10/27/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Non-Cash Stock-Based CompensationReported 14.00 Mil -6.7% LoweredGuidance: 15.00 Mil for 2026
2026 Cash, Cash Equivalents, and Marketable SecuritiesReported      
2026 RevenueReported90.00 Mil91.00 Mil92.00 Mil0 AffirmedGuidance: 91.00 Mil for 2026
2026 Gross MarginReported 77.0%  1.0%RaisedGuidance: 76.0% for 2026
2026 Total Operating ExpensesReported108.00 Mil108.50 Mil109.00 Mil-1.4% LoweredGuidance: 110.00 Mil for 2026


Prior: Q2 2026 Earnings Reported 7/29/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Stock-Based CompensationReported 15.00 Mil -21.1% LoweredGuidance: 19.00 Mil for 2026
2026 Cash, Cash Equivalents, and Marketable SecuritiesReported     AffirmedGuidance: 0 for 2026
2026 RevenueReported90.00 Mil91.00 Mil92.00 Mil0.0% AffirmedGuidance: 91.00 Mil for 2026
2026 Gross MarginReported 76.0%  1.0%RaisedGuidance: 75.0% for 2026
2026 Operating ExpensesReported109.00 Mil110.00 Mil111.00 Mil-3.5% LoweredGuidance: 114.00 Mil for 2026

Q1 2026 Earnings Reported 4/29/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Stock-Based CompensationReported 19.00 Mil -9.5% LoweredGuidance: 21.00 Mil for 2026
2026 Cash, Cash Equivalents, and Marketable SecuritiesReported     AffirmedGuidance: 46.80 Mil for 2026
2026 RevenueReported90.00 Mil91.00 Mil92.00 Mil0 AffirmedGuidance: 91.00 Mil for 2026
2026 Gross MarginReported 75.0%  0.0%AffirmedGuidance: 75.0% for 2026
2026 Operating ExpensesReported113.00 Mil114.00 Mil115.00 Mil0 AffirmedGuidance: 114.00 Mil for 2026

Q4 2025 Earnings Reported 3/4/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Stock-Based CompensationReported 21.00 Mil 0.0% Same NewGuidance: 21.00 Mil for 2025
2026 Cash, Cash Equivalents, and Marketable SecuritiesReported 46.80 Mil    
2026 RevenueReported90.00 Mil91.00 Mil92.00 Mil1.7% Higher NewGuidance: 89.50 Mil for 2025
2026 Gross MarginReported 75.0%  2.0%Higher NewGuidance: 73.0% for 2025
2026 Operating ExpensesReported113.00 Mil114.00 Mil115.00 Mil-9.2% Lower NewGuidance: 125.50 Mil for 2025

Insider Activity

Updated 9/3/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Radhakrishnan, SrikanthChief Science & Techn. OfficerDirectSell90320262.2614,24532,194716,406Form
2French, Glendon E IiiPresident and CEODirectSell90320262.2641,88294,6532,571,735Form
3Lehman, David AaronGeneral CounselDirectSell90320262.2614,33432,395817,729Form
4Rose, Geoffrey BeranChief Commercial OfficerDirectSell90320262.267,87917,8071,016,620Form
5French, Glendon E IiiPresident and CEODirectSell60320261.5713,51121,2121,849,714Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Radhakrishnan, SrikanthChief Science & Techn. OfficerDirectSell90320262.2614,24532,194716,406Form
2French, Glendon E IiiPresident and CEODirectSell90320262.2641,88294,6532,571,735Form
3Lehman, David AaronGeneral CounselDirectSell90320262.2614,33432,395817,729Form
4Rose, Geoffrey BeranChief Commercial OfficerDirectSell90320262.267,87917,8071,016,620Form
5French, Glendon E IiiPresident and CEODirectSell60320261.5713,51121,2121,849,714Form
6Radhakrishnan, SrikanthChief Science &Techn. OfficerDirectSell60320261.5414,49722,325510,108Form
7Lehman, David AaronGENERAL COUNSELDirectSell60320261.5414,59422,475579,288Form
8Rose, Geoffrey BeranCHIEF COMMERCIAL OFFICERDirectSell60320261.548,02312,355704,875Form
9French, Glendon E IiiPresident and CEODirectSell60320261.5442,63865,6631,835,176Form
10Radhakrishnan, SrikanthChief Science &Techn. OfficerDirectSell30420261.4310,48314,991244,152Form
11French, Glendon E IiiPresident and CEODirectSell30420261.4367,81396,9732,015,601Form
12Rose, Geoffrey BeranCHIEF COMMERCIAL OFFICERDirectSell30420261.437,73211,057523,000Form
13Lehman, David AaronGENERAL COUNSELDirectSell30420261.4312,23717,499344,280Form
14Florin, Daniel PDirectSell120920251.9923,32146,409186,881Form
15French, Glendon E IiiPresident and CEODirectSell120220251.578,80513,824435,399Form
16Rose, Geoffrey BeranCHIEF COMMERCIAL OFFICERDirectSell120220251.576,3229,926586,342Form
17Lehman, David AaronGENERAL COUNSELDirectSell120220251.5710,27816,136397,197Form
18Williamson, Steven SPRESIDENT AND CEODirectSell90320251.609,64815,437574,347Form
19Joshi, MehulChief Financial Officer & PAODirectSell90320251.607,93612,698333,582Form
20Rose, Geoffrey BeranCHIEF COMMERCIAL OFFICERDirectSell90320251.606,54310,469607,661Form
21Lehman, David AaronGENERAL COUNSELDirectSell90320251.609,76915,630421,232Form
Core Cache Last Updated: 11/5/2026