Pulmonx (LUNG)
Market Price (10/23/2026): $1.89 | Market Cap: $81.2 MilSector: Health Care | Industry: Life Sciences Tools & Services
Pulmonx (LUNG)
Market Price (10/23/2026): $1.89Market Cap: $81.2 MilSector: Health CareIndustry: Life Sciences Tools & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Chronic Respiratory Disease Management, Targeted Therapies, Show more. | Weak multi-year price returns2Y Excs Rtn is -102%, 3Y Excs Rtn is -153% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -46 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -53% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.4%, Rev Chg QQuarterly Revenue Change % is -4.6% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 20% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -35%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -35% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -64% Key risksLUNG key risks include [1] its ongoing unprofitability and cash burn, Show more. |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Chronic Respiratory Disease Management, Targeted Therapies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -102%, 3Y Excs Rtn is -153% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -46 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -53% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.4%, Rev Chg QQuarterly Revenue Change % is -4.6% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 20% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -35%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -35% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -64% |
| Key risksLUNG key risks include [1] its ongoing unprofitability and cash burn, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Pulmonx (LUNG) stock has gained about 45% since 6/30/2026 because of the following key factors:
1. Stronger-than-Expected Fiscal Q2 2026 Earnings and Improved Profitability Metrics. Pulmonx reported its fiscal Q2 2026 earnings on July 29, 2026, for the quarter ending June 30, 2026, significantly beating analyst expectations. The company announced an earnings per share (EPS) loss of $0.24, outperforming the consensus estimate of a $0.28 loss by $0.04. Revenue reached $22.76 million, exceeding analysts' projections of $22.39 million. Furthermore, Pulmonx demonstrated improved operational efficiency by reducing its net loss by 34% to $10.1 million, compared to $15.2 million in the same period last year. Adjusted EBITDA loss also decreased by 39% to $5.1 million from $8.4 million year-over-year. The company achieved a record gross margin of 78% in fiscal Q2 2026, up from 72% in fiscal Q2 2025.
2. Favorable Analyst Ratings and Elevated Price Targets. Throughout the specified period, Pulmonx maintained positive sentiment from Wall Street analysts, contributing to investor confidence. As of October 2026, analysts held a "Moderate Buy" or "Buy" consensus rating for LUNG stock. The average 12-month analyst price target was $7.67, implying a substantial upside of 321.2% from the stock's price of $1.75. Other analyst assessments in August and October 2026 similarly indicated significant upside potential, with average price targets ranging from $3.40 to $3.50, representing increases of 84.78% to 96.63% from respective current prices. D. Boral Capital specifically maintained a "Buy" rating with a $14 price target in October 2026.
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Pulmonx (LUNG) stock has gained about 45% since 6/30/2026 because of the following key factors:
1. Stronger-than-Expected Fiscal Q2 2026 Earnings and Improved Profitability Metrics. Pulmonx reported its fiscal Q2 2026 earnings on July 29, 2026, for the quarter ending June 30, 2026, significantly beating analyst expectations. The company announced an earnings per share (EPS) loss of $0.24, outperforming the consensus estimate of a $0.28 loss by $0.04. Revenue reached $22.76 million, exceeding analysts' projections of $22.39 million. Furthermore, Pulmonx demonstrated improved operational efficiency by reducing its net loss by 34% to $10.1 million, compared to $15.2 million in the same period last year. Adjusted EBITDA loss also decreased by 39% to $5.1 million from $8.4 million year-over-year. The company achieved a record gross margin of 78% in fiscal Q2 2026, up from 72% in fiscal Q2 2025.
2. Favorable Analyst Ratings and Elevated Price Targets. Throughout the specified period, Pulmonx maintained positive sentiment from Wall Street analysts, contributing to investor confidence. As of October 2026, analysts held a "Moderate Buy" or "Buy" consensus rating for LUNG stock. The average 12-month analyst price target was $7.67, implying a substantial upside of 321.2% from the stock's price of $1.75. Other analyst assessments in August and October 2026 similarly indicated significant upside potential, with average price targets ranging from $3.40 to $3.50, representing increases of 84.78% to 96.63% from respective current prices. D. Boral Capital specifically maintained a "Buy" rating with a $14 price target in October 2026.
3. Reaffirmed Full-Year Fiscal 2026 Financial Outlook and Strategic Execution. Following the fiscal Q2 2026 results, Pulmonx reiterated its full-year 2026 revenue guidance to be within the range of $90 million to $92 million, and also raised its gross margin outlook to approximately 76%. Management expressed confidence in its commercial strategy, ongoing clinical initiatives, and the positive impact of cost realignment efforts. Notably, international revenue, excluding sales into China (due to a pending registration certificate renewal), demonstrated a 12% year-over-year growth. This strategic focus and reaffirmed positive outlook signaled a path towards renewed year-over-year revenue growth and enhanced operating leverage.
4. Advancement of Clinical Pipeline with Active Trials. Pulmonx continued to advance its clinical pipeline, which includes the active CONVERT II clinical trial. This trial is designed to assess the safety and effectiveness of the AeriSeal® System for treating severe emphysema patients by blocking collateral ventilation. The trial is currently enrolling patients across numerous sites globally. Continued progress in clinical development for innovative treatments like the AeriSeal® System can bolster investor sentiment regarding the company's long-term growth prospects and market position in minimally invasive treatments for lung disease.
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Stock Movement Drivers
Fundamental Drivers
The 44.6% change in LUNG stock from 6/30/2026 to 10/22/2026 was primarily driven by a 48.4% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 10222026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.30 | 1.88 | 44.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 89 | 87 | -1.2% |
| P/S Multiple | 0.6 | 0.9 | 48.4% |
| Shares Outstanding (Mil) | 42 | 42 | -1.3% |
| Cumulative Contribution | 44.6% |
Market Drivers
6/30/2026 to 10/22/2026| Return | Correlation | |
|---|---|---|
| LUNG | 44.6% | |
| Market (SPY) | 2.3% | 29.3% |
| Sector (XLV) | 14.3% | 6.0% |
Fundamental Drivers
The 45.7% change in LUNG stock from 3/31/2026 to 10/22/2026 was primarily driven by a 54.7% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 10222026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.29 | 1.88 | 45.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 90 | 87 | -3.4% |
| P/S Multiple | 0.6 | 0.9 | 54.7% |
| Shares Outstanding (Mil) | 41 | 42 | -2.5% |
| Cumulative Contribution | 45.7% |
Market Drivers
3/31/2026 to 10/22/2026| Return | Correlation | |
|---|---|---|
| LUNG | 45.7% | |
| Market (SPY) | 17.8% | 28.5% |
| Sector (XLV) | 24.2% | 11.1% |
Fundamental Drivers
The 16.0% change in LUNG stock from 9/30/2025 to 10/22/2026 was primarily driven by a 26.2% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 10222026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.62 | 1.88 | 16.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 91 | 87 | -3.4% |
| P/S Multiple | 0.7 | 0.9 | 26.2% |
| Shares Outstanding (Mil) | 40 | 42 | -4.8% |
| Cumulative Contribution | 16.0% |
Market Drivers
9/30/2025 to 10/22/2026| Return | Correlation | |
|---|---|---|
| LUNG | 16.0% | |
| Market (SPY) | 15.6% | 27.6% |
| Sector (XLV) | 31.9% | 12.4% |
Fundamental Drivers
The -81.8% change in LUNG stock from 9/30/2023 to 10/22/2026 was primarily driven by a -85.8% change in the company's P/S Multiple.| (LTM values as of) | 9302023 | 10222026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.33 | 1.88 | -81.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 61 | 87 | 44.2% |
| P/S Multiple | 6.4 | 0.9 | -85.8% |
| Shares Outstanding (Mil) | 38 | 42 | -11.0% |
| Cumulative Contribution | -81.8% |
Market Drivers
9/30/2023 to 10/22/2026| Return | Correlation | |
|---|---|---|
| LUNG | -81.8% | |
| Market (SPY) | 84.8% | 21.3% |
| Sector (XLV) | 47.5% | 23.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LUNG Return | -54% | -74% | 51% | -47% | -67% | -17% | -97% |
| Peers Return | 17% | -10% | 5% | 27% | -1% | -20% | 12% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| LUNG Win Rate | 42% | 33% | 67% | 58% | 25% | 30% | |
| Peers Win Rate | 50% | 50% | 52% | 60% | 50% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
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 10/22/2026 (YTD)
How Low Can It Go
| Event | LUNG | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -12.0% | -7.8% |
| % Gain to Breakeven | 13.6% | 8.5% |
| Time to Breakeven | 7 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -37.3% | -9.5% |
| % Gain to Breakeven | 59.6% | 10.5% |
| Time to Breakeven | 44 days | 24 days |
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
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Asset Allocation
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| Event | LUNG | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -37.3% | -9.5% |
| % Gain to Breakeven | 59.6% | 10.5% |
| Time to Breakeven | 44 days | 24 days |
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
- 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.
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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):
- 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.
- 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.
- 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
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:
- 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.
- 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.
- 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%.
- 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.
Peer Outperformance in Life Sciences Tools & Services
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| LUNG | Pulmonx | 13.7% | -1.7x | 17.5% | -78.1% | -95.2% | — |
| MEDP | Medpace | 16.8% | 35.3x | 19.6% | 187.4% | 249.6% | +345pp |
| CDNA | CareDx | 15.1% | 32.1x | 374.5% | 1227.4% | -4.1% | +91pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 15.4% | 55.7% | 98.5% | CAH 471% · MCK 396% · COR 189% |
| Health Care Services | 20 | 19.4% | 46.6% | 16.2% | HIMS 284% · RDNT 123% · DGX 83% |
| Health Care Facilities | 24 | 1.1% | 19.2% | 5.8% | NHC 289% · THC 283% · ENSG 150% |
| Managed Health Care | 8 | 39.7% | 2.1% | 3.2% | OSCR 96% · HQY 49% · ELV 11% |
| Health Care Equipment | 50 | -3.1% | 6.3% | -12.6% | UFPT 374% · GKOS 293% · TMDX 163% |
| Pharmaceuticals | 61 | -11.9% | 5.1% | -33.1% | LQDA 1006% · KNSA 654% · CORT 474% |
| Health Care Supplies | 11 | 20.8% | -3.2% | -38.6% | LNTH 341% · HAE 62% · MMSI 30% |
| Life Sciences Tools & Services ← | 109 | -10.1% | -10.2% | -67.3% | MEDP 250% · NTRA 249% · IRTC 76% |
| Biotechnology | 364 | -22.7% | -23.5% | -80.8% | DNTH 1103% · ELVN 1075% · TRVI 961% |
| Health Care Technology | 22 | -26.5% | -63.2% | -82.3% | VEEV 1% · DOCS -48% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Pulmonx Earnings Notes | 12/16/2025 | |
| Can Pulmonx Stock Recover If Markets Fall? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 83.62 |
| Mkt Cap | 51.9 |
| Rev LTM | 8,616 |
| Op Inc LTM | 2,821 |
| FCF LTM | 1,717 |
| FCF 3Y Avg | 1,837 |
| CFO LTM | 2,948 |
| CFO 3Y Avg | 2,305 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.8% |
| Rev Chg 3Y Avg | 14.9% |
| Rev Chg Q | 8.1% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Inc Chg LTM | 24.4% |
| Op Inc Chg 3Y Avg | 22.0% |
| Op Mgn LTM | 20.0% |
| Op Mgn 3Y Avg | 18.8% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 21.5% |
| CFO/Rev 3Y Avg | 20.9% |
| FCF/Rev LTM | 14.7% |
| FCF/Rev 3Y Avg | 14.1% |
Price Behavior
| Market Price | $1.88 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 10/01/2020 | |
| Distance from 52W High | -27.7% | |
| 50 Days | 200 Days | |
| DMA Price | $2.04 | $1.65 |
| DMA Trend | up | down |
| Distance from DMA | -7.7% | 14.3% |
| 3M | 1YR | |
| Volatility | 104.3% | 95.2% |
| Downside Capture | 123.48 | 199.73 |
| Upside Capture | 339.70 | 181.89 |
| Correlation (S&P 500) | 34.3% | 26.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.81 | 2.38 | 3.33 | 2.22 | 2.10 | 1.20 |
| Up Beta | -3.92 | 2.30 | 5.93 | 2.59 | 2.38 | 0.82 |
| Down Beta | 5.69 | 8.41 | 3.22 | 2.83 | 2.30 | 1.17 |
| Up Capture | -17% | 212% | 383% | 248% | 275% | 87% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 9 | 18 | 30 | 58 | 112 | 348 |
| Down Capture | 305% | 81% | 114% | 153% | 149% | 112% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 11 | 21 | 30 | 61 | 130 | 378 |
[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 | |
|---|---|---|---|---|
| LUNG | 16.8% | 95.2% | 0.56 | - |
| Sector ETF (XLV) | 26.6% | 16.3% | 1.26 | 10.4% |
| Equity (SPY) | 14.8% | 12.7% | 0.80 | 26.0% |
| Gold (GLD) | -2.2% | 28.4% | -0.09 | 11.5% |
| Commodities (DBC) | 52.1% | 20.7% | 1.91 | -9.3% |
| Real Estate (VNQ) | 4.7% | 13.9% | 0.08 | 5.5% |
| Bitcoin (BTCUSD) | -22.4% | 43.4% | -0.47 | 11.8% |
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 | -45.3% | 83.1% | -0.32 | - |
| Sector ETF (XLV) | 9.0% | 15.3% | 0.39 | 26.2% |
| Equity (SPY) | 13.0% | 17.1% | 0.57 | 28.9% |
| Gold (GLD) | 17.1% | 18.9% | 0.72 | 5.6% |
| Commodities (DBC) | 9.3% | 19.5% | 0.36 | -1.0% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 26.3% |
| Bitcoin (BTCUSD) | 8.0% | 51.7% | 0.33 | 17.7% |
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 | -26.0% | 79.2% | -0.25 | - |
| Sector ETF (XLV) | 11.8% | 16.7% | 0.58 | 25.6% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 29.5% |
| Gold (GLD) | 11.9% | 16.4% | 0.59 | 4.9% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 0.9% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 26.1% |
| Bitcoin (BTCUSD) | 63.0% | 66.2% | 1.03 | 15.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 7/29/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/27/2025 | 26.9% | 17.3% | 9.0% |
| 10/10/2023 | -13.4% | -16.7% | -8.9% |
| 5/2/2023 | 8.6% | 9.7% | 5.8% |
| 2/22/2023 | 20.2% | 31.1% | 29.6% |
| 8/2/2022 | 3.4% | 11.0% | -0.6% |
| 5/3/2022 | -0.4% | -34.1% | -24.7% |
| 2/23/2022 | -4.5% | -4.4% | -7.3% |
| 11/2/2021 | 7.9% | 8.3% | -23.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 6 | 6 | 5 |
| # Negative | 6 | 6 | 7 |
| Median Positive | 8.3% | 10.3% | 9.0% |
| Median Negative | -2.9% | -13.0% | -9.9% |
| Max Positive | 26.9% | 31.1% | 29.6% |
| Max Negative | -13.4% | -34.1% | -24.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/27/2025 | 26.9% | 17.3% | 9.0% |
| 10/10/2023 | -13.4% | -16.7% | -8.9% |
| 5/2/2023 | 8.6% | 9.7% | 5.8% |
| 2/22/2023 | 20.2% | 31.1% | 29.6% |
| 8/2/2022 | 3.4% | 11.0% | -0.6% |
| 5/3/2022 | -0.4% | -34.1% | -24.7% |
| 2/23/2022 | -4.5% | -4.4% | -7.3% |
| 11/2/2021 | 7.9% | 8.3% | -23.1% |
| 8/3/2021 | 2.8% | -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 | |||
| # Positive | 6 | 6 | 5 |
| # Negative | 6 | 6 | 7 |
| Median Positive | 8.3% | 10.3% | 9.0% |
| Median Negative | -2.9% | -13.0% | -9.9% |
| Max Positive | 26.9% | 31.1% | 29.6% |
| Max Negative | -13.4% | -34.1% | -24.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 03/10/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 03/10/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/10/2021 | 10-Q |
| 03/31/2021 | 05/12/2021 | 10-Q |
| 12/31/2020 | 03/15/2021 | 10-K |
| 09/30/2020 | 11/13/2020 | 10-Q |
| 06/30/2020 | 10/01/2020 | 424B4 |
Insider Activity
Updated 9/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Radhakrishnan, Srikanth | Chief Science & Techn. Officer | Direct | Sell | 9032026 | 2.26 | 14,245 | 32,194 | 716,406 | Form |
| 2 | French, Glendon E Iii | President and CEO | Direct | Sell | 9032026 | 2.26 | 41,882 | 94,653 | 2,571,735 | Form |
| 3 | Lehman, David Aaron | General Counsel | Direct | Sell | 9032026 | 2.26 | 14,334 | 32,395 | 817,729 | Form |
| 4 | Rose, Geoffrey Beran | Chief Commercial Officer | Direct | Sell | 9032026 | 2.26 | 7,879 | 17,807 | 1,016,620 | Form |
| 5 | French, Glendon E Iii | President and CEO | Direct | Sell | 6032026 | 1.57 | 13,511 | 21,212 | 1,849,714 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Radhakrishnan, Srikanth | Chief Science & Techn. Officer | Direct | Sell | 9032026 | 2.26 | 14,245 | 32,194 | 716,406 | Form |
| 2 | French, Glendon E Iii | President and CEO | Direct | Sell | 9032026 | 2.26 | 41,882 | 94,653 | 2,571,735 | Form |
| 3 | Lehman, David Aaron | General Counsel | Direct | Sell | 9032026 | 2.26 | 14,334 | 32,395 | 817,729 | Form |
| 4 | Rose, Geoffrey Beran | Chief Commercial Officer | Direct | Sell | 9032026 | 2.26 | 7,879 | 17,807 | 1,016,620 | Form |
| 5 | French, Glendon E Iii | President and CEO | Direct | Sell | 6032026 | 1.57 | 13,511 | 21,212 | 1,849,714 | Form |
| 6 | Radhakrishnan, Srikanth | Chief Science &Techn. Officer | Direct | Sell | 6032026 | 1.54 | 14,497 | 22,325 | 510,108 | Form |
| 7 | Lehman, David Aaron | GENERAL COUNSEL | Direct | Sell | 6032026 | 1.54 | 14,594 | 22,475 | 579,288 | Form |
| 8 | Rose, Geoffrey Beran | CHIEF COMMERCIAL OFFICER | Direct | Sell | 6032026 | 1.54 | 8,023 | 12,355 | 704,875 | Form |
| 9 | French, Glendon E Iii | President and CEO | Direct | Sell | 6032026 | 1.54 | 42,638 | 65,663 | 1,835,176 | Form |
| 10 | Radhakrishnan, Srikanth | Chief Science &Techn. Officer | Direct | Sell | 3042026 | 1.43 | 10,483 | 14,991 | 244,152 | Form |
| 11 | French, Glendon E Iii | President and CEO | Direct | Sell | 3042026 | 1.43 | 67,813 | 96,973 | 2,015,601 | Form |
| 12 | Rose, Geoffrey Beran | CHIEF COMMERCIAL OFFICER | Direct | Sell | 3042026 | 1.43 | 7,732 | 11,057 | 523,000 | Form |
| 13 | Lehman, David Aaron | GENERAL COUNSEL | Direct | Sell | 3042026 | 1.43 | 12,237 | 17,499 | 344,280 | Form |
| 14 | Florin, Daniel P | Direct | Sell | 12092025 | 1.99 | 23,321 | 46,409 | 186,881 | Form | |
| 15 | French, Glendon E Iii | President and CEO | Direct | Sell | 12022025 | 1.57 | 8,805 | 13,824 | 435,399 | Form |
| 16 | Rose, Geoffrey Beran | CHIEF COMMERCIAL OFFICER | Direct | Sell | 12022025 | 1.57 | 6,322 | 9,926 | 586,342 | Form |
| 17 | Lehman, David Aaron | GENERAL COUNSEL | Direct | Sell | 12022025 | 1.57 | 10,278 | 16,136 | 397,197 | Form |
| 18 | Williamson, Steven S | PRESIDENT AND CEO | Direct | Sell | 9032025 | 1.60 | 9,648 | 15,437 | 574,347 | Form |
| 19 | Joshi, Mehul | Chief Financial Officer & PAO | Direct | Sell | 9032025 | 1.60 | 7,936 | 12,698 | 333,582 | Form |
| 20 | Rose, Geoffrey Beran | CHIEF COMMERCIAL OFFICER | Direct | Sell | 9032025 | 1.60 | 6,543 | 10,469 | 607,661 | Form |
| 21 | Lehman, David Aaron | GENERAL COUNSEL | Direct | Sell | 9032025 | 1.60 | 9,769 | 15,630 | 421,232 | Form |
Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Life Sciences Tools & Services Resources |
| GenomeWeb |
| BioSpace |
| The Scientist |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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