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Pulmonx (LUNG) Financials

Pulmonx logo
$1.52 -0.09 (-5.59%)
Closing price 06/3/2026 04:00 PM Eastern
Extended Trading
$1.52 +0.00 (+0.33%)
As of 06/3/2026 04:10 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Pulmonx

Annual Income Statements for Pulmonx

This table shows Pulmonx's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 -59 -61 -56
Consolidated Net Income / (Loss)		 -59 -61 -56
Net Income / (Loss) Continuing Operations		 -59 -61 -56
Total Pre-Tax Income 		-59 -60 -56
Total Operating Income		 -59 -62 -58
Total Gross Profit		 40 51 62
Total Revenue		 54 69 84
Operating Revenue		 54 69 84
Total Cost of Revenue		 14 18 22
Operating Cost of Revenue		 14 18 22
Total Operating Expenses		 99 113 120
Selling, General & Admin Expense		 83 95 102
Research & Development Expense		 15 18 18
Total Other Income / (Expense), net		 0.07 1.66 1.81
Interest Expense		 1.07 3.23 3.51
Interest & Investment Income		 1.53 5.57 5.06
Other Income / (Expense), net		 -0.40 -0.67 0.26
Income Tax Expense		 0.35 0.57 0.50
Basic Earnings per Share		 ($1.59) ($1.60) ($1.44)
Weighted Average Basic Shares Outstanding		 37.10M 37.97M 39.11M
Diluted Earnings per Share		 ($1.59) ($1.60) ($1.44)
Weighted Average Diluted Shares Outstanding		 37.10M 37.97M 39.11M
Weighted Average Basic & Diluted Shares Outstanding		 37.65M 38.54M 39.80M

Quarterly Income Statements for Pulmonx

This table shows Pulmonx's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 -14 -14 -16 -16 -15 -14 -14 -15 -14 -13
Consolidated Net Income / (Loss)		 -14 -14 -16 -16 -15 -14 -14 -15 -14 -13
Net Income / (Loss) Continuing Operations		 -14 -14 -16 -16 -15 -14 -14 -15 -14 -13
Total Pre-Tax Income 		-14 -14 -16 -16 -15 -14 -14 -15 -14 -13
Total Operating Income		 -14 -15 -16 -16 -15 -14 -15 -16 -14 -13
Total Gross Profit		 10 11 11 13 13 14 14 15 15 18
Total Revenue		 14 15 15 17 18 19 19 21 20 24
Operating Revenue		 14 15 15 17 18 19 19 21 20 24
Total Cost of Revenue		 3.35 4.24 3.95 4.46 4.64 4.88 4.78 5.48 5.36 6.18
Operating Cost of Revenue		 3.35 4.24 3.95 4.46 4.64 4.88 4.78 5.48 5.36 6.18
Total Operating Expenses		 24 26 27 29 28 28 29 31 29 31
Selling, General & Admin Expense		 20 22 23 23 24 24 24 25 25 27
Research & Development Expense		 4.37 3.90 4.25 5.71 4.22 3.90 4.21 5.62 3.74 4.00
Total Other Income / (Expense), net		 -0.24 0.59 0.66 0.38 0.34 0.28 0.97 0.38 0.18 0.28
Interest Expense		 0.29 0.36 0.57 0.86 0.89 0.90 0.88 0.89 0.89 0.84
Interest & Investment Income		 0.48 0.75 1.13 1.41 1.49 1.54 1.44 1.31 1.27 1.05
Other Income / (Expense), net		 -0.43 0.20 0.11 -0.16 -0.26 -0.36 0.42 -0.04 -0.20 0.08
Income Tax Expense		 0.00 0.25 0.12 0.14 0.06 0.25 0.19 0.08 0.19 0.04
Basic Earnings per Share		 ($0.38) ($0.38) ($0.42) ($0.43) ($0.39) ($0.36) ($0.36) ($0.39) ($0.36) ($0.33)
Weighted Average Basic Shares Outstanding		 37.19M 37.10M 37.57M 37.82M 38.12M 37.97M 38.64M 38.94M 39.28M 39.11M
Diluted Earnings per Share		 ($0.38) ($0.38) ($0.42) ($0.43) ($0.39) ($0.36) ($0.36) ($0.39) ($0.36) ($0.33)
Weighted Average Diluted Shares Outstanding		 37.19M 37.10M 37.57M 37.82M 38.12M 37.97M 38.64M 38.94M 39.28M 39.11M
Weighted Average Basic & Diluted Shares Outstanding		 37.41M 37.65M 37.75M 38.03M 38.31M 38.54M 38.82M 39.15M 39.49M 39.80M

Annual Cash Flow Statements for Pulmonx

This table details how cash moves in and out of Pulmonx's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -47 -18 -13
Net Cash From Operating Activities		 -45 -38 -32
Net Cash From Continuing Operating Activities		 -45 -38 -32
Net Income / (Loss) Continuing Operations		 -59 -61 -56
Consolidated Net Income / (Loss)		 -59 -61 -56
Depreciation Expense		 1.51 1.55 1.49
Amortization Expense		 -0.15 -0.98 -1.56
Non-Cash Adjustments To Reconcile Net Income		 19 25 27
Changes in Operating Assets and Liabilities, net		 -7.01 -2.56 -1.70
Net Cash From Investing Activities		 -4.23 -2.01 17
Net Cash From Continuing Investing Activities		 -4.23 -2.01 17
Purchase of Property, Plant & Equipment		 -1.32 -0.81 -1.45
Purchase of Investments		 -47 -46 -28
Sale and/or Maturity of Investments		 44 45 47
Net Cash From Financing Activities		 2.42 21 1.36
Net Cash From Continuing Financing Activities		 2.42 21 1.36
Repayment of Debt		 -0.14 -0.09 -0.10
Issuance of Debt		 0.00 20 0.00
Issuance of Common Equity		 1.94 1.18 1.24
Other Financing Activities, net		 0.64 0.31 0.22
Effect of Exchange Rate Changes		 0.15 0.03 0.08
Cash Interest Paid		 0.85 2.98 3.48
Cash Income Taxes Paid		 0.40 0.47 0.56

Quarterly Cash Flow Statements for Pulmonx

This table details how cash moves in and out of Pulmonx's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 -9.55 -11 8.67 -8.59 -6.87 -11 -13 -6.67 -0.15 7.59
Net Cash From Operating Activities		 -11 -9.81 -13 -7.89 -8.63 -8.45 -12 -5.77 -7.24 -6.73
Net Cash From Continuing Operating Activities		 -11 -9.81 -13 -7.89 -8.63 -8.45 -12 -5.77 -7.24 -6.73
Net Income / (Loss) Continuing Operations		 -14 -14 -16 -16 -15 -14 -14 -15 -14 -13
Consolidated Net Income / (Loss)		 -14 -14 -16 -16 -15 -14 -14 -15 -14 -13
Depreciation Expense		 0.38 0.39 0.44 0.41 0.42 0.29 0.42 0.40 0.38 0.29
Amortization Expense		 -0.06 -0.14 -0.19 -0.22 -0.25 -0.31 -0.38 -0.46 -0.39 -0.33
Non-Cash Adjustments To Reconcile Net Income		 5.21 5.05 5.57 6.64 7.13 5.89 6.54 8.31 6.10 5.69
Changes in Operating Assets and Liabilities, net		 -2.05 -0.82 -2.59 1.48 -1.02 -0.42 -4.63 1.31 0.83 0.79
Net Cash From Investing Activities		 0.04 -0.73 0.57 -0.81 0.99 -2.76 -2.51 -0.84 6.75 14
Net Cash From Continuing Investing Activities		 0.04 -0.73 0.57 -0.81 0.99 -2.76 -2.51 -0.84 6.75 14
Purchase of Property, Plant & Equipment		 -0.28 -0.18 -0.06 -0.05 -0.49 -0.20 -0.45 -0.47 -0.42 -0.11
Purchase of Investments		 -15 -10 -13 -13 -16 -4.81 -14 -7.03 -5.58 -1.49
Sale and/or Maturity of Investments		 15 9.75 14 12 17 2.25 12 6.67 13 16
Net Cash From Financing Activities		 0.91 0.07 21 0.09 0.57 0.02 0.86 -0.02 0.46 0.06
Net Cash From Continuing Financing Activities		 0.91 0.07 21 0.09 0.57 0.02 0.86 -0.02 0.46 0.06
Repayment of Debt		 - -0.10 - - - -0.05 - - - -0.05
Issuance of Common Equity		 0.83 - 0.68 - 0.51 - 0.81 - 0.43 0.00
Other Financing Activities, net		 0.07 0.19 0.04 0.14 0.06 0.06 0.06 0.02 0.03 0.11
Effect of Exchange Rate Changes		 0.19 -0.20 0.02 0.02 0.20 -0.21 0.05 -0.05 -0.12 0.19
Cash Interest Paid		 0.25 0.22 0.36 0.88 0.87 0.88 0.88 0.90 0.88 0.82
Cash Income Taxes Paid		 0.11 0.06 0.09 0.11 0.16 0.10 0.17 0.11 0.19 0.10

Annual Balance Sheets for Pulmonx

This table presents Pulmonx's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 194 178 163
Total Current Assets		 169 150 136
Cash & Equivalents		 102 84 71
Restricted Cash		 0.23 0.24 0.26
Short-Term Investments		 39 34 31
Accounts Receivable		 8.68 12 13
Inventories, net		 15 17 17
Prepaid Expenses		 4.34 4.24 4.47
Plant, Property, & Equipment, net		 4.69 4.03 2.91
Total Noncurrent Assets		 20 23 24
Long-Term Investments		 5.92 14 0.00
Goodwill		 2.33 2.33 2.33
Intangible Assets		 0.15 0.03 0.00
Other Noncurrent Operating Assets		 12 6.58 21
Total Liabilities & Shareholders' Equity		 194 178 163
Total Liabilities		 40 59 77
Total Current Liabilities		 18 23 24
Short-Term Debt		 0.09 2.16 3.18
Accounts Payable		 1.76 1.50 3.83
Accrued Expenses		 13 16 16
Current Deferred Revenue		 0.12 0.10 0.14
Current Deferred & Payable Income Tax Liabilities		 0.02 0.09 0.05
Other Current Liabilities		 3.23 3.07 0.78
Total Noncurrent Liabilities		 21 36 53
Long-Term Debt		 17 35 34
Noncurrent Deferred & Payable Income Tax Liabilities		 0.09 0.11 0.09
Other Noncurrent Operating Liabilities		 3.85 1.11 19
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 154 118 86
Total Preferred & Common Equity		 154 118 86
Preferred Stock		 0.00 0.00 0.00
Total Common Equity		 154 118 86
Common Stock		 503 527 551
Retained Earnings		 -350 -411 -468
Accumulated Other Comprehensive Income / (Loss)		 1.58 2.64 2.11

Quarterly Balance Sheets for Pulmonx

This table presents Pulmonx's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
Total Assets		 202 201 193 185 165 173 167
Total Current Assets		 183 181 164 147 148 146 141
Cash & Equivalents		 112 110 102 95 70 63 63
Restricted Cash		 0.23 0.23 0.47 0.24 0.24 0.26 0.26
Short-Term Investments		 44 42 34 22 46 51 44
Accounts Receivable		 7.22 8.17 8.94 10 11 11 12
Inventories, net		 16 16 16 16 17 17 17
Prepaid Expenses		 3.19 4.47 4.23 4.42 3.82 3.30 4.26
Plant, Property, & Equipment, net		 4.92 4.49 4.22 4.07 4.22 2.83 2.98
Total Noncurrent Assets		 14 15 24 34 12 24 23
Long-Term Investments		 0.00 2.64 12 23 4.29 0.00 0.00
Goodwill		 2.33 2.33 2.33 2.33 2.33 2.33 2.33
Intangible Assets		 0.19 0.12 0.09 0.06 0.00 0.00 0.00
Other Noncurrent Operating Assets		 12 10 9.59 7.92 5.80 21 21
Total Liabilities & Shareholders' Equity		 202 201 193 185 165 173 167
Total Liabilities		 39 57 59 59 54 71 73
Total Current Liabilities		 22 17 20 20 21 16 18
Short-Term Debt		 5.04 0.09 0.09 0.09 5.23 0.09 0.10
Accounts Payable		 2.65 2.89 2.38 3.19 3.13 3.18 4.58
Accrued Expenses		 11 11 14 14 10 12 13
Current Deferred Revenue		 0.11 0.11 0.10 0.09 0.11 0.11 0.11
Current Deferred & Payable Income Tax Liabilities		 0.00 0.06 0.04 0.00 0.07 0.07 0.07
Other Current Liabilities		 3.15 3.30 3.35 3.44 2.69 1.07 0.66
Total Noncurrent Liabilities		 17 40 40 39 33 55 55
Long-Term Debt		 12 37 37 37 32 37 37
Noncurrent Deferred & Payable Income Tax Liabilities		 0.05 0.07 0.09 0.10 0.14 0.12 0.13
Other Noncurrent Operating Liabilities		 4.64 3.02 2.40 1.54 0.65 18 18
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 163 144 134 126 110 101 94
Total Preferred & Common Equity		 163 144 134 126 110 101 94
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 163 144 134 126 110 101 94
Common Stock		 498 508 514 521 533 539 546
Retained Earnings		 -336 -366 -382 -397 -425 -440 -454
Accumulated Other Comprehensive Income / (Loss)		 1.40 1.82 1.96 1.94 1.96 1.97 2.53

Annual Metrics And Ratios for Pulmonx

This table displays calculated financial ratios and metrics derived from Pulmonx's official financial filings.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - -
Revenue Growth		 10.84% 27.98% 22.01%
EBITDA Growth		 -23.07% -7.58% 7.28%
EBIT Growth		 -23.27% -6.06% 8.24%
NOPAT Growth		 -23.96% -5.62% 6.83%
Net Income Growth		 -21.09% -3.26% 7.31%
EPS Growth		 -17.78% -0.63% 10.00%
Operating Cash Flow Growth		 -8.93% 16.58% 16.15%
Free Cash Flow Firm Growth		 -10.83% 5.10% 12.37%
Invested Capital Growth		 22.52% -0.87% -10.84%
Revenue Q/Q Growth		 3.31% 5.94% 5.66%
EBITDA Q/Q Growth		 -3.30% -0.20% 1.59%
EBIT Q/Q Growth		 -2.92% 0.24% 1.60%
NOPAT Q/Q Growth		 -4.01% 1.13% 0.86%
Net Income Q/Q Growth		 -2.22% 0.65% 1.25%
EPS Q/Q Growth		 -1.27% 1.23% 2.04%
Operating Cash Flow Q/Q Growth		 1.97% 3.48% 5.17%
Free Cash Flow Firm Q/Q Growth		 0.47% -0.08% 7.49%
Invested Capital Q/Q Growth		 1.28% 3.61% -8.11%
Profitability Metrics		 - - -
Gross Margin		 74.29% 73.90% 74.00%
EBITDA Margin		 -107.47% -90.33% -68.65%
Operating Margin		 -109.27% -90.19% -68.87%
EBIT Margin		 -110.01% -91.17% -68.56%
Profit (Net Income) Margin		 -109.80% -88.60% -67.30%
Tax Burden Percent		 100.60% 100.95% 100.89%
Interest Burden Percent		 99.22% 96.27% 97.29%
Effective Tax Rate		 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -188.03% -181.14% -179.21%
ROIC Less NNEP Spread (ROIC-NNEP)		 -176.26% -165.56% -159.09%
Return on Net Nonoperating Assets (RNNOA)		 154.10% 136.46% 123.96%
Return on Equity (ROE)		 -33.94% -44.68% -55.25%
Cash Return on Invested Capital (CROIC)		 -208.27% -180.27% -167.76%
Operating Return on Assets (OROA)		 -27.53% -33.71% -33.73%
Return on Assets (ROA)		 -27.48% -32.76% -33.11%
Return on Common Equity (ROCE)		 -33.94% -44.68% -55.25%
Return on Equity Simple (ROE_SIMPLE)		 -38.26% -51.42% -65.72%
Net Operating Profit after Tax (NOPAT)		 -41 -43 -40
NOPAT Margin		 -76.49% -63.13% -48.21%
Net Nonoperating Expense Percent (NNEP)		 -11.78% -15.58% -20.12%
Return On Investment Capital (ROIC_SIMPLE)		 - -27.87% -32.84%
Cost of Revenue to Revenue		 25.71% 26.10% 26.00%
SG&A Expenses to Revenue		 154.87% 137.76% 121.90%
R&D to Revenue		 28.69% 26.33% 20.97%
Operating Expenses to Revenue		 183.56% 164.09% 142.86%
Earnings before Interest and Taxes (EBIT)		 -59 -63 -57
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -58 -62 -58
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 2.05 4.13 3.12
Price to Tangible Book Value (P/TBV)		 2.08 4.21 3.21
Price to Revenue (P/Rev)		 5.88 7.11 3.20
Price to Earnings (P/E)		 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 7.71 16.53 9.58
Enterprise Value to Revenue (EV/Rev)		 3.45 5.74 2.43
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00
Leverage & Solvency		 - - -
Debt to Equity		 0.11 0.31 0.43
Long-Term Debt to Equity		 0.11 0.30 0.40
Financial Leverage		 -0.87 -0.82 -0.78
Leverage Ratio		 1.24 1.36 1.67
Compound Leverage Factor		 1.23 1.31 1.62
Debt to Total Capital		 10.11% 23.94% 30.23%
Short-Term Debt to Total Capital		 0.05% 1.39% 2.58%
Long-Term Debt to Total Capital		 10.06% 22.56% 27.65%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 89.89% 76.06% 69.77%
Debt to EBITDA		 -0.30 -0.60 -0.65
Net Debt to EBITDA		 2.25 1.52 1.12
Long-Term Debt to EBITDA		 -0.30 -0.57 -0.59
Debt to NOPAT		 -0.42 -0.86 -0.92
Net Debt to NOPAT		 3.17 2.18 1.60
Long-Term Debt to NOPAT		 -0.42 -0.81 -0.84
Altman Z-Score		 2.44 1.77 -1.76
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00%
Liquidity Ratios		 - - -
Current Ratio		 9.14 6.50 5.58
Quick Ratio		 8.10 5.58 4.69
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 -45 -43 -38
Operating Cash Flow to CapEx		 -3,420.56% -4,660.47% -2,179.47%
Free Cash Flow to Firm to Interest Expense		 -42.65 -13.35 -10.78
Operating Cash Flow to Interest Expense		 -42.29 -11.64 -8.99
Operating Cash Flow Less CapEx to Interest Expense		 -43.53 -11.89 -9.41
Efficiency Ratios		 - - -
Asset Turnover		 0.25 0.37 0.49
Accounts Receivable Turnover		 7.04 6.61 6.64
Inventory Turnover		 0.89 1.15 1.29
Fixed Asset Turnover		 11.29 15.75 24.16
Accounts Payable Turnover		 8.26 11.01 8.18
Days Sales Outstanding (DSO)		 51.83 55.23 54.94
Days Inventory Outstanding (DIO)		 408.06 318.78 281.93
Days Payable Outstanding (DPO)		 44.18 33.14 44.59
Cash Conversion Cycle (CCC)		 415.70 340.87 292.27
Capital & Investment Metrics		 - - -
Invested Capital		 24 24 21
Invested Capital Turnover		 2.46 2.87 3.72
Increase / (Decrease) in Invested Capital		 4.42 -0.21 -2.58
Enterprise Value (EV)		 185 394 204
Market Capitalization		 315 488 268
Book Value per Share		 $4.12 $3.09 $2.17
Tangible Book Value per Share		 $4.05 $3.03 $2.11
Total Capital		 171 156 123
Total Debt		 17 37 37
Total Long-Term Debt		 17 35 34
Net Debt		 -130 -94 -65
Capital Expenditures (CapEx)		 1.32 0.81 1.45
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 9.18 12 13
Debt-free Net Working Capital (DFNWC)		 151 129 115
Net Working Capital (NWC)		 150 127 112
Net Nonoperating Expense (NNE)		 18 17 16
Net Nonoperating Obligations (NNO)		 -130 -94 -65
Total Depreciation and Amortization (D&A)		 1.37 0.57 -0.07
Debt-free, Cash-free Net Working Capital to Revenue		 17.11% 17.59% 15.81%
Debt-free Net Working Capital to Revenue		 280.55% 188.45% 137.23%
Net Working Capital to Revenue		 280.39% 185.31% 133.44%
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 ($1.59) ($1.60) ($1.44)
Adjusted Weighted Average Basic Shares Outstanding		 37.10M 37.97M 39.11M
Adjusted Diluted Earnings per Share		 ($1.59) ($1.60) ($1.44)
Adjusted Weighted Average Diluted Shares Outstanding		 37.10M 37.97M 39.11M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 37.65M 38.54M 39.80M
Normalized Net Operating Profit after Tax (NOPAT)		 -41 -43 -40
Normalized NOPAT Margin		 -76.49% -63.13% -48.21%
Pre Tax Income Margin		 -109.15% -87.76% -66.71%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 -55.38 -19.37 -16.38
NOPAT to Interest Expense		 -38.50 -13.41 -11.52
EBIT Less CapEx to Interest Expense		 -56.61 -19.62 -16.79
NOPAT Less CapEx to Interest Expense		 -39.74 -13.66 -11.93
Payout Ratios		 - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -0.05% 0.00% 0.00%

Quarterly Metrics And Ratios for Pulmonx

This table displays calculated financial ratios and metrics derived from Pulmonx's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 1.82% 12.53% 34.77% 23.25% 30.85% 24.98% 29.71% 20.87% 15.39% 23.28%
EBITDA Growth		 -43.61% -14.93% -5.16% -15.69% -8.77% -0.88% 12.29% 4.22% 6.05% 6.49%
EBIT Growth		 -43.21% -13.15% -3.98% -13.89% -7.48% 1.03% 13.33% 5.69% 7.18% 6.56%
NOPAT Growth		 -42.71% -18.28% -4.67% -14.07% -8.94% 4.83% 11.37% 4.97% 6.90% 3.61%
Net Income Growth		 -39.20% -9.82% -0.20% -10.62% -5.14% 2.77% 13.31% 5.37% 5.07% 5.13%
EPS Growth		 -35.71% -5.56% 2.33% -7.50% -2.63% 5.26% 14.29% 9.30% 7.69% 8.33%
Operating Cash Flow Growth		 -28.53% 8.45% 15.85% 17.49% 19.29% 13.84% 6.71% 26.88% 16.04% 20.35%
Free Cash Flow Firm Growth		 3.94% 11.53% 35.04% 29.40% 38.08% 34.94% 16.62% 5.51% -1.30% 28.59%
Invested Capital Growth		 35.48% 22.52% 11.42% 2.47% -3.10% -0.87% 6.19% 2.01% 0.54% -10.84%
Revenue Q/Q Growth		 -3.21% 14.24% -5.77% 18.29% 2.76% 9.11% -2.20% 10.23% -1.91% 16.57%
EBITDA Q/Q Growth		 1.04% -0.98% -13.19% -2.28% 6.96% 6.34% 1.59% -11.69% 8.73% 6.78%
EBIT Q/Q Growth		 1.46% -0.44% -12.94% -1.90% 7.01% 7.52% 1.09% -10.88% 8.48% 6.91%
NOPAT Q/Q Growth		 3.33% -5.00% -12.12% -0.24% 7.68% 8.28% -4.43% -7.47% 9.56% 5.04%
Net Income Q/Q Growth		 3.20% -0.78% -11.04% -2.11% 8.00% 6.79% 1.00% -11.47% 7.71% 6.85%
EPS Q/Q Growth		 5.00% 0.00% -10.53% -2.38% 9.30% 7.69% 0.00% -8.33% 7.69% 8.33%
Operating Cash Flow Q/Q Growth		 -11.74% 8.24% -28.94% 37.59% -9.31% 2.05% -39.60% 51.08% -25.51% 7.07%
Free Cash Flow Firm Q/Q Growth		 6.57% 8.21% 3.84% 14.39% 18.05% 3.55% -23.24% 2.99% 12.15% 32.01%
Invested Capital Q/Q Growth		 5.20% 1.28% 6.06% -9.31% -0.52% 3.61% 13.60% -12.88% -1.95% -8.11%
Profitability Metrics		 - - - - - - - - - -
Gross Margin		 75.19% 72.51% 72.85% 74.06% 73.74% 74.70% 74.67% 73.65% 73.70% 74.02%
EBITDA Margin		 -103.99% -91.92% -110.41% -95.46% -86.44% -74.19% -74.65% -75.64% -70.38% -56.28%
Operating Margin		 -103.18% -94.83% -112.83% -95.61% -85.90% -72.21% -77.10% -75.17% -69.30% -56.46%
EBIT Margin		 -106.38% -93.52% -112.09% -96.55% -87.38% -74.06% -74.90% -75.34% -70.29% -56.13%
Profit (Net Income) Margin		 -104.96% -92.60% -109.12% -94.19% -84.33% -72.04% -72.92% -73.74% -69.38% -55.44%
Tax Burden Percent		 100.00% 101.75% 100.79% 100.87% 100.40% 101.82% 101.37% 100.55% 101.38% 100.29%
Interest Burden Percent		 98.67% 97.30% 96.59% 96.71% 96.13% 95.54% 96.05% 97.35% 97.36% 98.48%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -181.88% -163.18% -187.48% -177.73% -166.80% -145.03% -149.89% -172.55% -166.82% -146.92%
ROIC Less NNEP Spread (ROIC-NNEP)		 -179.16% -160.51% -184.32% -174.13% -163.27% -141.34% -146.34% -167.89% -161.92% -142.16%
Return on Net Nonoperating Assets (RNNOA)		 158.99% 140.33% 156.98% 148.14% 136.89% 116.49% 116.11% 134.55% 127.92% 110.76%
Return on Equity (ROE)		 -22.90% -22.85% -30.50% -29.58% -29.91% -28.54% -33.78% -38.01% -38.90% -36.15%
Cash Return on Invested Capital (CROIC)		 -221.45% -208.27% -182.63% -190.60% -184.51% -180.27% -165.99% -179.61% -177.22% -167.76%
Operating Return on Assets (OROA)		 -24.61% -23.41% -30.35% -28.86% -29.26% -27.38% -29.89% -31.55% -31.63% -27.62%
Return on Assets (ROA)		 -24.29% -23.17% -29.54% -28.15% -28.24% -26.64% -29.10% -30.88% -31.22% -27.27%
Return on Common Equity (ROCE)		 -22.90% -22.85% -30.50% -29.58% -29.91% -28.54% -33.78% -38.01% -38.90% -36.15%
Return on Equity Simple (ROE_SIMPLE)		 -35.26% 0.00% -40.96% -45.17% -48.70% 0.00% -53.15% -57.19% -60.80% 0.00%
Net Operating Profit after Tax (NOPAT)		 -9.75 -10 -11 -12 -11 -9.74 -10 -11 -9.89 -9.39
NOPAT Margin		 -72.22% -66.38% -78.98% -66.93% -60.13% -50.54% -53.97% -52.62% -48.51% -39.52%
Net Nonoperating Expense Percent (NNEP)		 -2.72% -2.66% -3.15% -3.60% -3.53% -3.69% -3.54% -4.66% -4.90% -4.76%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - -6.26% - - - -7.64%
Cost of Revenue to Revenue		 24.81% 27.49% 27.15% 25.94% 26.26% 25.30% 25.33% 26.35% 26.30% 25.98%
SG&A Expenses to Revenue		 146.03% 142.03% 156.42% 136.46% 135.75% 126.69% 129.44% 121.80% 124.64% 113.64%
R&D to Revenue		 32.34% 25.30% 29.26% 33.21% 23.89% 20.21% 22.33% 27.02% 18.36% 16.84%
Operating Expenses to Revenue		 178.37% 167.33% 185.68% 169.67% 159.64% 146.90% 151.77% 148.82% 143.01% 130.47%
Earnings before Interest and Taxes (EBIT)		 -14 -14 -16 -17 -15 -14 -14 -16 -14 -13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -14 -14 -16 -16 -15 -14 -14 -16 -14 -13
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 3.80 2.05 2.92 3.69 3.12 4.13 3.21 2.43 3.46 3.12
Price to Tangible Book Value (P/TBV)		 3.86 2.08 2.98 3.76 3.18 4.21 3.28 2.49 3.54 3.21
Price to Revenue (P/Rev)		 11.95 5.88 7.33 8.16 6.06 7.11 4.87 3.21 4.09 3.20
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 20.27 7.71 11.86 16.61 12.61 16.53 10.04 7.14 10.97 9.58
Enterprise Value to Revenue (EV/Rev)		 9.26 3.45 5.27 6.33 4.48 5.74 3.72 2.20 3.20 2.43
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.11 0.11 0.26 0.28 0.30 0.31 0.34 0.37 0.40 0.43
Long-Term Debt to Equity		 0.08 0.11 0.26 0.28 0.30 0.30 0.29 0.37 0.40 0.40
Financial Leverage		 -0.89 -0.87 -0.85 -0.85 -0.84 -0.82 -0.79 -0.80 -0.79 -0.78
Leverage Ratio		 1.23 1.24 1.30 1.33 1.34 1.36 1.44 1.56 1.60 1.67
Compound Leverage Factor		 1.21 1.20 1.26 1.28 1.29 1.30 1.38 1.51 1.56 1.64
Debt to Total Capital		 9.61% 10.11% 20.57% 21.75% 22.85% 23.94% 25.20% 26.88% 28.39% 30.23%
Short-Term Debt to Total Capital		 2.79% 0.05% 0.05% 0.05% 0.06% 1.39% 3.54% 0.07% 0.08% 2.58%
Long-Term Debt to Total Capital		 6.82% 10.06% 20.52% 21.70% 22.80% 22.56% 21.66% 26.82% 28.31% 27.65%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 90.39% 89.89% 79.43% 78.25% 77.15% 76.06% 74.80% 73.12% 71.61% 69.77%
Debt to EBITDA		 -0.31 -0.30 -0.64 -0.61 -0.60 -0.60 -0.62 -0.63 -0.64 -0.65
Net Debt to EBITDA		 2.50 2.25 2.03 1.83 1.66 1.52 1.39 1.31 1.21 1.12
Long-Term Debt to EBITDA		 -0.22 -0.30 -0.64 -0.61 -0.60 -0.57 -0.53 -0.63 -0.64 -0.59
Debt to NOPAT		 -0.44 -0.42 -0.90 -0.87 -0.85 -0.86 -0.89 -0.90 -0.91 -0.92
Net Debt to NOPAT		 3.54 3.17 2.85 2.58 2.34 2.18 1.98 1.87 1.74 1.60
Long-Term Debt to NOPAT		 -0.31 -0.42 -0.89 -0.86 -0.85 -0.81 -0.76 -0.89 -0.91 -0.84
Altman Z-Score		 8.27 3.20 2.85 3.18 1.87 2.67 1.41 -0.46 -0.08 -0.86
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Current Ratio		 8.44 9.14 10.62 8.42 7.19 6.50 6.95 8.97 7.70 5.58
Quick Ratio		 7.57 8.10 9.43 7.38 6.18 5.58 5.95 7.71 6.53 4.69
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -16 -15 -14 -12 -9.89 -9.54 -12 -11 -10 -6.81
Operating Cash Flow to CapEx		 -3,830.47% -5,571.59% -20,727.87% -14,612.96% -1,753.25% -4,224.50% -2,615.30% -1,230.28% -1,740.87% -6,063.06%
Free Cash Flow to Firm to Interest Expense		 -55.83 -40.83 -24.68 -13.96 -11.07 -10.55 -13.31 -12.80 -11.24 -8.09
Operating Cash Flow to Interest Expense		 -37.37 -27.31 -22.14 -9.13 -9.66 -9.35 -13.36 -6.48 -8.13 -7.99
Operating Cash Flow Less CapEx to Interest Expense		 -38.34 -27.81 -22.25 -9.20 -10.21 -9.57 -13.87 -7.00 -8.59 -8.12
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.23 0.25 0.27 0.30 0.33 0.37 0.40 0.42 0.45 0.49
Accounts Receivable Turnover		 7.35 7.04 7.66 7.37 7.49 6.61 7.81 7.65 7.29 6.64
Inventory Turnover		 0.85 0.89 0.89 0.92 1.09 1.15 1.14 1.21 1.24 1.29
Fixed Asset Turnover		 10.79 11.29 12.20 13.26 14.43 15.75 16.76 21.73 22.50 24.16
Accounts Payable Turnover		 3.68 8.26 5.29 6.43 5.92 11.01 6.24 7.11 5.28 8.18
Days Sales Outstanding (DSO)		 49.68 51.83 47.62 49.53 48.74 55.23 46.74 47.71 50.08 54.94
Days Inventory Outstanding (DIO)		 428.49 408.06 410.46 397.56 334.67 318.78 319.36 301.10 294.71 281.93
Days Payable Outstanding (DPO)		 99.32 44.18 68.95 56.77 61.63 33.14 58.54 51.31 69.16 44.59
Cash Conversion Cycle (CCC)		 378.85 415.70 389.14 390.32 321.78 340.87 307.56 297.50 275.63 292.27
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 24 24 25 23 23 24 27 24 23 21
Invested Capital Turnover		 2.52 2.46 2.37 2.66 2.77 2.87 2.78 3.28 3.44 3.72
Increase / (Decrease) in Invested Capital		 6.22 4.42 2.61 0.56 -0.74 -0.21 1.58 0.47 0.13 -2.58
Enterprise Value (EV)		 481 185 302 384 290 394 272 168 254 204
Market Capitalization		 621 315 421 495 393 488 355 246 325 268
Book Value per Share		 $4.39 $4.12 $3.82 $3.55 $3.31 $3.09 $2.86 $2.61 $2.40 $2.17
Tangible Book Value per Share		 $4.32 $4.05 $3.76 $3.48 $3.24 $3.03 $2.80 $2.55 $2.34 $2.11
Total Capital		 181 171 181 171 163 156 148 138 131 123
Total Debt		 17 17 37 37 37 37 37 37 37 37
Total Long-Term Debt		 12 17 37 37 37 35 32 37 37 34
Net Debt		 -140 -130 -118 -111 -103 -94 -83 -78 -71 -65
Capital Expenditures (CapEx)		 0.28 0.18 0.06 0.05 0.49 0.20 0.45 0.47 0.42 0.11
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 9.34 9.18 11 9.38 10 12 16 15 15 13
Debt-free Net Working Capital (DFNWC)		 166 151 164 145 127 129 132 130 123 115
Net Working Capital (NWC)		 161 150 164 145 127 127 127 130 123 112
Net Nonoperating Expense (NNE)		 4.42 4.04 4.38 4.69 4.28 4.14 3.57 4.39 4.25 3.78
Net Nonoperating Obligations (NNO)		 -140 -130 -118 -111 -103 -94 -83 -78 -71 -65
Total Depreciation and Amortization (D&A)		 0.32 0.25 0.24 0.19 0.17 -0.03 0.05 -0.06 -0.02 -0.04
Debt-free, Cash-free Net Working Capital to Revenue		 17.98% 17.11% 19.58% 15.47% 15.82% 17.59% 21.24% 19.78% 18.53% 15.81%
Debt-free Net Working Capital to Revenue		 320.47% 280.55% 286.19% 239.05% 195.87% 188.45% 180.66% 169.69% 154.76% 137.23%
Net Working Capital to Revenue		 310.76% 280.39% 286.04% 238.90% 195.73% 185.31% 173.50% 169.57% 154.64% 133.44%
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.38) ($0.38) ($0.42) ($0.43) ($0.39) ($0.36) ($0.36) ($0.39) ($0.36) ($0.33)
Adjusted Weighted Average Basic Shares Outstanding		 37.19M 37.10M 37.57M 37.82M 38.12M 37.97M 38.64M 38.94M 39.28M 39.11M
Adjusted Diluted Earnings per Share		 ($0.38) ($0.38) ($0.42) ($0.43) ($0.39) ($0.36) ($0.36) ($0.39) ($0.36) ($0.33)
Adjusted Weighted Average Diluted Shares Outstanding		 37.19M 37.10M 37.57M 37.82M 38.12M 37.97M 38.64M 38.94M 39.28M 39.11M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 37.41M 37.65M 37.75M 38.03M 38.31M 38.54M 38.82M 39.15M 39.49M 39.80M
Normalized Net Operating Profit after Tax (NOPAT)		 -9.75 -10 -11 -12 -11 -9.74 -10 -11 -9.89 -9.39
Normalized NOPAT Margin		 -72.22% -66.38% -78.98% -66.93% -60.13% -50.54% -53.97% -52.62% -48.51% -39.52%
Pre Tax Income Margin		 -104.96% -91.00% -108.26% -93.38% -84.00% -70.75% -71.94% -73.34% -68.44% -55.28%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 -50.22 -40.18 -28.53 -19.21 -17.29 -15.79 -15.99 -17.57 -16.08 -15.84
NOPAT to Interest Expense		 -34.10 -28.52 -20.11 -13.32 -11.90 -10.78 -11.52 -12.27 -11.10 -11.15
EBIT Less CapEx to Interest Expense		 -51.20 -40.67 -28.64 -19.28 -17.84 -16.01 -16.50 -18.10 -16.55 -15.98
NOPAT Less CapEx to Interest Expense		 -35.07 -29.01 -20.21 -13.38 -12.45 -11.00 -12.03 -12.80 -11.57 -11.29
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% -0.05% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Pulmonx (NASDAQ: LUNG) showed improving revenue growth in 2024, but profitability and operating cash flow remain under pressure. The company continued to generate solid gross profit, but SG&A spending stayed very high relative to sales, keeping Pulmonx deeply unprofitable. The balance sheet still looks reasonably liquid, though cash declined through the year as operations consumed cash.

  • Revenue accelerated in 2024: Q4 revenue rose to $23.8 million from $20.4 million in Q3 2024 and $18.9 million in Q1 2024, showing sequential growth across the year.
  • Gross profit remained healthy: Q4 gross profit was $17.6 million, implying strong gross margin despite the company’s still-small revenue base.
  • Investing activity added cash in Q4: Pulmonx generated $14.1 million of net cash from investing activities, helped by sales/maturities of investments.
  • Balance sheet still has meaningful resources: As of Q3 2024, the company reported $63.3 million of cash and equivalents plus $44.5 million of short-term investments.
  • Debt moved only modestly quarter to quarter in 2024: Long-term debt was essentially stable around $37.1 million during the year.
  • Revenue growth is being offset by heavy operating costs: In Q4 2024, operating revenue of $23.8 million was not enough to cover $31.0 million of operating expenses.
  • Interest income helped cushion losses: Quarterly interest and investment income was over $1.0 million in Q4 2024, supporting pretax results somewhat.
  • Share count was broadly stable: Weighted average diluted shares were 39.1 million in Q4 2024 versus 38.0 million in Q1 2024, so dilution has been limited recently.
  • Operating losses persisted: Q4 2024 operating loss was $13.4 million, and full-year quarters in 2024 were all solidly negative at the operating line.
  • Operating cash flow remained negative: Q4 2024 operating cash flow was -$6.7 million, after -$7.2 million in Q3 and -$5.8 million in Q2 2024.
  • Cash fell notably during 2024: Cash and equivalents declined from $70.2 million at Q1 2024 to $63.3 million at Q3 2024, and the company ended Q4 with another cash outflow from operations.
  • SG&A is the biggest problem: Q4 2024 SG&A expense was $27.0 million, far above gross profit, which limits any near-term path to profitability.
  • Net losses remain large and persistent: Q4 2024 net loss was $13.2 million, similar to the losses seen throughout 2023 and 2024.

Bottom line: Pulmonx is showing top-line momentum, but the business still looks like a cash-burning growth story rather than a profitable one. Investors should watch whether revenue growth continues to improve faster than operating expenses, because that will determine whether the company can eventually narrow losses and preserve its cash position.

06/04/26 01:24 AM ETAI Generated. May Contain Errors.

Pulmonx Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Pulmonx's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

Pulmonx's net income appears to be on a downward trend, with a most recent value of -$56.39 million in 2024, falling from -$58.92 million in 2022. The previous period was -$60.84 million in 2023. Check out Pulmonx's forecast to explore projected trends and price targets.

Pulmonx's total operating income in 2024 was -$57.70 million, based on the following breakdown:
  • Total Gross Profit: $62.00 million
  • Total Operating Expenses: $119.71 million

Over the last 2 years, Pulmonx's total revenue changed from $53.66 million in 2022 to $83.79 million in 2024, a change of 56.1%.

Pulmonx's total liabilities were at $77.04 million at the end of 2024, a 29.6% increase from 2023, and a 94.2% increase since 2022.

In the past 2 years, Pulmonx's cash and equivalents has ranged from $70.91 million in 2024 to $101.74 million in 2022, and is currently $70.91 million as of their latest financial filing in 2024.

Over the last 2 years, Pulmonx's book value per share changed from 4.12 in 2022 to 2.17 in 2024, a change of -47.2%.


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Financial statements for NASDAQ:LUNG last updated on 4/6/2025 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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