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Pulmonx (LUNG) Financials

Pulmonx logo
$1.48 +0.02 (+1.37%)
Closing price 04:00 PM Eastern
Extended Trading
$1.50 +0.02 (+1.69%)
As of 06:53 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 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 -18 -21 -32 -49 -59 -61 -56
Consolidated Net Income / (Loss)		 -18 -21 -32 -49 -59 -61 -56
Net Income / (Loss) Continuing Operations		 -18 -21 -32 -49 -59 -61 -56
Total Pre-Tax Income 		-18 -20 -32 -48 -59 -60 -56
Total Operating Income		 -15 -18 -32 -47 -59 -62 -58
Total Gross Profit		 12 22 21 36 40 51 62
Total Revenue		 20 33 33 48 54 69 84
Operating Revenue		 20 33 - 48 54 69 84
Total Cost of Revenue		 7.72 10 12 13 14 18 22
Operating Cost of Revenue		 7.72 10 - 13 14 18 22
Total Operating Expenses		 27 40 54 83 99 113 120
Selling, General & Admin Expense		 20 34 46 70 83 95 102
Research & Development Expense		 6.99 6.05 7.46 13 15 18 18
Total Other Income / (Expense), net		 -3.42 -2.50 0.31 -1.01 0.07 1.66 1.81
Interest Expense		 2.52 2.32 3.18 0.83 1.07 3.23 3.51
Interest & Investment Income		 0.02 0.43 0.21 0.40 1.53 5.57 5.06
Other Income / (Expense), net		 -0.92 -0.62 3.28 -0.59 -0.40 -0.67 0.26
Income Tax Expense		 0.01 0.36 0.21 0.34 0.35 0.57 0.50
Basic Earnings per Share		 ($11.03) ($11.66) ($3.16) ($1.35) ($1.59) ($1.60) ($1.44)
Weighted Average Basic Shares Outstanding		 1.67M 1.78M 10.18M 36.13M 37.10M 37.97M 39.11M
Diluted Earnings per Share		 ($11.03) ($11.66) ($3.16) ($1.35) ($1.59) ($1.60) ($1.44)
Weighted Average Diluted Shares Outstanding		 1.67M 1.78M 10.18M 36.13M 37.10M 37.97M 39.11M
Weighted Average Basic & Diluted Shares Outstanding		 1.67M 1.78M 10.18M 37.02M 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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -16 -15 -14 -14 -15 -14 -13 -14 -15 -14 -14
Consolidated Net Income / (Loss)		 -16 -15 -14 -14 -15 -14 -13 -14 -15 -14 -14
Net Income / (Loss) Continuing Operations		 -16 -15 -14 -14 -15 -14 -13 -14 -15 -14 -14
Total Pre-Tax Income 		-16 -15 -14 -14 -15 -14 -13 -14 -15 -14 -14
Total Operating Income		 -16 -15 -14 -15 -16 -14 -13 -15 -15 -14 -13
Total Gross Profit		 13 13 14 14 15 15 18 16 17 16 16
Total Revenue		 17 18 19 19 21 20 24 23 24 22 21
Operating Revenue		 17 18 19 19 21 20 24 23 24 22 21
Total Cost of Revenue		 4.46 4.64 4.88 4.78 5.48 5.36 6.18 6.20 6.66 5.45 4.54
Operating Cost of Revenue		 4.46 4.64 4.88 4.78 5.48 5.36 6.18 6.20 6.66 5.45 4.54
Total Operating Expenses		 29 28 28 29 31 29 31 31 32 30 29
Selling, General & Admin Expense		 23 24 24 24 25 25 27 26 27 26 24
Research & Development Expense		 5.71 4.22 3.90 4.21 5.62 3.74 4.00 4.76 5.31 4.85 4.90
Total Other Income / (Expense), net		 0.38 0.34 0.28 0.97 0.38 0.18 0.28 0.25 -0.19 0.56 -0.55
Interest Expense		 0.86 0.89 0.90 0.88 0.89 0.89 0.84 0.78 0.80 0.81 0.98
Interest & Investment Income		 1.41 1.49 1.54 1.44 1.31 1.27 1.05 0.86 0.72 0.61 0.35
Other Income / (Expense), net		 -0.16 -0.26 -0.36 0.42 -0.04 -0.20 0.08 0.17 -0.12 0.76 0.08
Income Tax Expense		 0.14 0.06 0.25 0.19 0.08 0.19 0.04 0.14 0.18 0.13 0.15
Basic Earnings per Share		 ($0.43) ($0.39) ($0.36) ($0.36) ($0.39) ($0.36) ($0.33) ($0.36) ($0.38) ($0.34) ($0.33)
Weighted Average Basic Shares Outstanding		 37.82M 38.12M 37.97M 38.64M 38.94M 39.28M 39.11M 39.95M 40.43M 40.94M 41.90M
Diluted Earnings per Share		 ($0.43) ($0.39) ($0.36) ($0.36) ($0.39) ($0.36) ($0.33) ($0.36) ($0.38) ($0.34) ($0.33)
Weighted Average Diluted Shares Outstanding		 37.82M 38.12M 37.97M 38.64M 38.94M 39.28M 39.11M 39.95M 40.43M 40.94M 41.90M
Weighted Average Basic & Diluted Shares Outstanding		 38.03M 38.31M 38.54M 38.82M 39.15M 39.49M 39.80M 40.26M 40.75M 41.25M 42.24M

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 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -6.08 11 217 -83 -47 -18 -13
Net Cash From Operating Activities		 -18 -21 -31 -41 -45 -38 -32
Net Cash From Continuing Operating Activities		 -18 -21 -31 -41 -45 -38 -32
Net Income / (Loss) Continuing Operations		 -18 -21 -32 -49 -59 -61 -56
Consolidated Net Income / (Loss)		 -18 -21 -32 -49 -59 -61 -56
Depreciation Expense		 0.27 0.37 0.48 0.87 1.51 1.55 1.49
Amortization Expense		 0.04 -0.03 2.40 0.17 -0.15 -0.98 -1.56
Non-Cash Adjustments To Reconcile Net Income		 1.30 1.32 2.63 14 19 25 27
Changes in Operating Assets and Liabilities, net		 -1.52 -1.71 -3.91 -7.85 -7.01 -2.56 -1.70
Net Cash From Investing Activities		 0.20 -14 13 -46 -4.23 -2.01 17
Net Cash From Continuing Investing Activities		 0.20 -14 13 -46 -4.23 -2.01 17
Purchase of Property, Plant & Equipment		 -0.32 -0.72 -0.91 -3.67 -1.32 -0.81 -1.45
Purchase of Investments		 0.00 -21 0.00 -53 -47 -46 -28
Sale and/or Maturity of Investments		 0.50 7.94 14 10 44 45 47
Net Cash From Financing Activities		 12 46 235 4.46 2.42 21 1.36
Net Cash From Continuing Financing Activities		 12 46 235 4.46 2.42 21 1.36
Repayment of Debt		 0.00 0.00 -20 -0.04 -0.14 -0.09 -0.10
Issuance of Debt		 12 6.00 53 - 0.00 20 0.00
Issuance of Common Equity		 0.00 0.00 201 2.65 1.94 1.18 1.24
Other Financing Activities, net		 0.11 0.53 3.09 1.87 0.64 0.31 0.22
Effect of Exchange Rate Changes		 - - 0.13 0.11 0.15 0.03 0.08
Cash Interest Paid		 1.36 1.40 3.06 0.72 0.85 2.98 3.48
Cash Income Taxes Paid		 0.23 0.20 0.26 0.32 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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Net Change in Cash & Equivalents		 -8.59 -6.87 -11 -13 -6.67 -0.15 7.59 3.65 0.91 1.09 -8.18
Net Cash From Operating Activities		 -7.89 -8.63 -8.45 -12 -5.77 -7.24 -6.73 -13 -3.91 -8.16 -10
Net Cash From Continuing Operating Activities		 -7.89 -8.63 -8.45 -12 -5.77 -7.24 -6.73 -13 -3.91 -8.16 -10
Net Income / (Loss) Continuing Operations		 -16 -15 -14 -14 -15 -14 -13 -14 -15 -14 -14
Consolidated Net Income / (Loss)		 -16 -15 -14 -14 -15 -14 -13 -14 -15 -14 -14
Depreciation Expense		 0.41 0.42 0.29 0.42 0.40 0.38 0.29 0.28 0.30 0.25 0.22
Amortization Expense		 -0.22 -0.25 -0.31 -0.38 -0.46 -0.39 -0.33 -0.20 -0.12 -0.03 0.05
Non-Cash Adjustments To Reconcile Net Income		 6.64 7.13 5.89 6.54 8.31 6.10 5.69 5.93 6.42 5.70 4.87
Changes in Operating Assets and Liabilities, net		 1.48 -1.02 -0.42 -4.63 1.31 0.83 0.79 -4.78 4.67 -0.13 -1.58
Net Cash From Investing Activities		 -0.81 0.99 -2.76 -2.51 -0.84 6.75 14 16 5.47 8.71 -0.01
Net Cash From Continuing Investing Activities		 -0.81 0.99 -2.76 -2.51 -0.84 6.75 14 16 5.47 8.71 -0.01
Purchase of Property, Plant & Equipment		 -0.05 -0.49 -0.20 -0.45 -0.47 -0.42 -0.11 -0.30 -0.05 -0.09 -0.01
Purchase of Investments		 -13 -16 -4.81 -14 -7.03 -5.58 -1.49 -3.92 -1.73 - 0.00
Sale and/or Maturity of Investments		 12 17 2.25 12 6.67 13 16 21 7.25 8.80 0.00
Net Cash From Financing Activities		 0.09 0.57 0.02 0.86 -0.02 0.46 0.06 0.66 -0.07 0.18 2.03
Net Cash From Continuing Financing Activities		 0.09 0.57 0.02 0.86 -0.02 0.46 0.06 0.66 -0.07 0.18 2.03
Repayment of Debt		 - - -0.05 - - - -0.05 0.00 - -0.02 -37
Issuance of Debt		 - - - - - - - 0.00 - - 39
Issuance of Common Equity		 - 0.51 - 0.81 - 0.43 0.00 0.55 - 0.20 0.20
Other Financing Activities, net		 0.14 0.06 0.06 0.06 0.02 0.03 0.11 0.11 0.03 0.01 0.04
Effect of Exchange Rate Changes		 0.02 0.20 -0.21 0.05 -0.05 -0.12 0.19 -0.11 -0.58 0.36 -0.10
Cash Interest Paid		 0.88 0.87 0.88 0.88 0.90 0.88 0.82 0.79 0.78 0.79 0.79
Cash Income Taxes Paid		 0.11 0.16 0.10 0.17 0.11 0.19 0.10 0.11 0.11 0.15 0.08

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 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 54 264 235 194 178 163 129
Total Current Assets		 41 250 208 169 150 136 102
Cash & Equivalents		 15 232 148 102 84 71 70
Restricted Cash		 0.00 0.23 0.23 0.23 0.24 0.26 0.26
Accounts Receivable		 5.51 4.23 6.56 8.68 12 13 12
Inventories, net		 5.61 11 16 15 17 17 16
Prepaid Expenses		 1.60 3.23 4.88 4.34 4.24 4.47 3.76
Plant, Property, & Equipment, net		 0.90 1.47 4.81 4.69 4.03 2.91 2.22
Total Noncurrent Assets		 12 12 22 20 23 24 25
Goodwill		 2.33 2.33 2.33 2.33 2.33 2.33 2.33
Other Noncurrent Operating Assets		 8.70 9.51 8.81 12 6.58 21 23
Total Liabilities & Shareholders' Equity		 54 264 235 194 178 163 129
Total Liabilities		 36 38 42 40 59 77 75
Total Current Liabilities		 14 13 18 18 23 24 20
Short-Term Debt		 - - 0.09 0.09 2.16 3.18 0.11
Accounts Payable		 2.68 1.47 1.58 1.76 1.50 3.83 3.91
Accrued Expenses		 9.46 8.65 13 13 16 16 15
Current Deferred Revenue		 0.17 0.07 0.16 0.12 0.10 0.14 0.02
Current Deferred & Payable Income Tax Liabilities		 0.23 0.09 0.15 0.02 0.09 0.05 0.26
Other Current Liabilities		 1.61 2.24 2.20 3.23 3.07 0.78 1.21
Total Noncurrent Liabilities		 21 25 24 21 36 53 55
Long-Term Debt		 15 17 18 17 35 34 37
Noncurrent Deferred & Payable Income Tax Liabilities		 0.04 0.06 0.04 0.09 0.11 0.09 0.07
Other Noncurrent Operating Liabilities		 6.40 7.62 6.84 3.85 1.11 19 18
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -187 226 193 154 118 86 54
Total Preferred & Common Equity		 -187 226 193 154 118 86 54
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -187 226 193 154 118 86 54
Common Stock		 22 467 483 503 527 551 573
Retained Earnings		 -211 -243 -291 -350 -411 -468 -522
Accumulated Other Comprehensive Income / (Loss)		 1.37 1.69 1.71 1.58 2.64 2.11 2.36

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 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 202 201 193 185 165 173 167 151 147 138 120
Total Current Assets		 183 181 164 147 148 146 141 124 120 111 93
Cash & Equivalents		 112 110 102 95 70 63 63 75 75 77 62
Restricted Cash		 0.23 0.23 0.47 0.24 0.24 0.26 0.26 0.26 0.26 0.26 0.26
Accounts Receivable		 7.22 8.17 8.94 10 11 11 12 14 16 14 11
Inventories, net		 16 16 16 16 17 17 17 17 16 16 16
Prepaid Expenses		 3.19 4.47 4.23 4.42 3.82 3.30 4.26 4.20 3.46 4.38 3.78
Plant, Property, & Equipment, net		 4.92 4.49 4.22 4.07 4.22 2.83 2.98 2.83 2.66 2.44 2.06
Total Noncurrent Assets		 14 15 24 34 12 24 23 24 25 25 25
Goodwill		 2.33 2.33 2.33 2.33 2.33 2.33 2.33 2.33 2.33 2.33 2.33
Other Noncurrent Operating Assets		 12 10 9.59 7.92 5.80 21 21 22 22 22 23
Total Liabilities & Shareholders' Equity		 202 201 193 185 165 173 167 151 147 138 120
Total Liabilities		 39 57 59 59 54 71 73 73 78 78 74
Total Current Liabilities		 22 17 20 20 21 16 18 25 22 23 19
Short-Term Debt		 5.04 0.09 0.09 0.09 5.23 0.09 0.10 7.80 0.10 0.11 0.10
Accounts Payable		 2.65 2.89 2.38 3.19 3.13 3.18 4.58 4.28 6.56 6.42 3.47
Accrued Expenses		 11 11 14 14 10 12 13 12 14 15 14
Current Deferred Revenue		 0.11 0.11 0.10 0.09 0.11 0.11 0.11 0.13 0.08 0.09 0.03
Current Deferred & Payable Income Tax Liabilities		 0.00 0.06 0.04 0.00 0.07 0.07 0.07 0.09 0.21 0.19 0.33
Other Current Liabilities		 3.15 3.30 3.35 3.44 2.69 1.07 0.66 1.10 1.12 1.14 1.24
Total Noncurrent Liabilities		 17 40 40 39 33 55 55 48 56 55 55
Long-Term Debt		 12 37 37 37 32 37 37 29 37 37 37
Noncurrent Deferred & Payable Income Tax Liabilities		 0.05 0.07 0.09 0.10 0.14 0.12 0.13 0.08 0.04 0.05 0.07
Other Noncurrent Operating Liabilities		 4.64 3.02 2.40 1.54 0.65 18 18 19 19 18 18
Commitments & Contingencies		 0.00 0.00 0.00 0.00 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 78 69 60 46
Total Preferred & Common Equity		 163 144 134 126 110 101 94 78 69 60 46
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 163 144 134 126 110 101 94 78 69 60 46
Common Stock		 498 508 514 521 533 539 546 557 564 569 579
Retained Earnings		 -336 -366 -382 -397 -425 -440 -454 -482 -497 -511 -535
Accumulated Other Comprehensive Income / (Loss)		 1.40 1.82 1.96 1.94 1.96 1.97 2.53 2.20 2.64 2.24 2.17

Annual Metrics And Ratios for Pulmonx

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

Metric 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - -
Revenue Growth		 0.00% 62.94% 0.42% 47.91% 10.84% 27.98% 22.01%
EBITDA Growth		 0.00% -15.71% -44.39% -79.07% -23.07% -7.58% 7.28%
EBIT Growth		 0.00% -15.57% -57.41% -64.85% -23.27% -6.06% 8.24%
NOPAT Growth		 0.00% -18.51% -81.25% -46.31% -23.96% -5.62% 6.83%
Net Income Growth		 0.00% -12.04% -55.68% -50.98% -21.09% -3.26% 7.31%
EPS Growth		 0.00% -5.71% 72.90% 57.28% -17.78% -0.63% 10.00%
Operating Cash Flow Growth		 0.00% -12.89% -47.52% -35.11% -8.93% 16.58% 16.15%
Free Cash Flow Firm Growth		 0.00% 0.00% -74.41% -37.83% -10.83% 5.10% 12.37%
Invested Capital Growth		 0.00% 0.00% 155.73% 67.55% 22.52% -0.87% -10.84%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 8.71% 3.31% 5.94% 5.66%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% -11.61% -3.30% -0.20% 1.59%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% -8.19% -2.92% 0.24% 1.60%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% -6.80% -4.01% 1.13% 0.86%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% -8.25% -2.22% 0.65% 1.25%
EPS Q/Q Growth		 0.00% 0.00% 0.00% -118.93% -1.27% 1.23% 2.04%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% -14.12% -9.09% 1.97% 3.48% 5.17%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.47% -0.08% 7.49%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 11.99% 1.28% 3.61% -8.11%
Profitability Metrics		 - - - - - - -
Gross Margin		 61.42% 68.77% 64.77% 73.59% 74.29% 73.90% 74.00%
EBITDA Margin		 -78.29% -55.60% -79.94% -96.78% -107.47% -90.33% -68.65%
Operating Margin		 -75.25% -54.73% -98.77% -97.70% -109.27% -90.19% -68.87%
EBIT Margin		 -79.82% -56.62% -88.75% -98.91% -110.01% -91.17% -68.56%
Profit (Net Income) Margin		 -92.38% -63.52% -98.47% -100.51% -109.80% -88.60% -67.30%
Tax Burden Percent		 100.07% 101.78% 100.67% 100.71% 100.60% 100.95% 100.89%
Interest Burden Percent		 115.65% 110.21% 110.22% 100.90% 99.22% 96.27% 97.29%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% -545.39% -277.89% -211.38% -188.03% -181.14% -179.21%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -422.59% -269.46% -203.37% -176.26% -165.56% -159.09%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 314.85% 251.48% 188.17% 154.10% 136.46% 123.96%
Return on Equity (ROE)		 0.00% -230.53% -26.41% -23.21% -33.94% -44.68% -55.25%
Cash Return on Invested Capital (CROIC)		 0.00% -745.39% -365.44% -261.88% -208.27% -180.27% -167.76%
Operating Return on Assets (OROA)		 0.00% -34.47% -18.31% -19.20% -27.53% -33.71% -33.73%
Return on Assets (ROA)		 0.00% -38.67% -20.32% -19.51% -27.48% -32.76% -33.11%
Return on Common Equity (ROCE)		 0.00% 2,405.03% -4.19% -23.21% -33.94% -44.68% -55.25%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 11.05% -14.25% -25.18% -38.26% -51.42% -65.72%
Net Operating Profit after Tax (NOPAT)		 -11 -12 -23 -33 -41 -43 -40
NOPAT Margin		 -52.67% -38.31% -69.14% -68.39% -76.49% -63.13% -48.21%
Net Nonoperating Expense Percent (NNEP)		 0.00% -122.80% -8.43% -8.01% -11.78% -15.58% -20.12%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - -27.87% -32.84%
Cost of Revenue to Revenue		 38.58% 31.23% 35.23% 26.41% 25.71% 26.10% 26.00%
SG&A Expenses to Revenue		 101.71% 104.93% 140.76% 144.31% 154.87% 137.76% 121.90%
R&D to Revenue		 34.95% 18.56% 22.79% 26.98% 28.69% 26.33% 20.97%
Operating Expenses to Revenue		 136.66% 123.49% 163.55% 171.29% 183.56% 164.09% 142.86%
Earnings before Interest and Taxes (EBIT)		 -16 -18 -29 -48 -59 -63 -57
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -16 -18 -26 -47 -58 -62 -58
Valuation Ratios		 - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 10.89 6.11 2.05 4.13 3.12
Price to Tangible Book Value (P/TBV)		 0.00 0.00 11.02 6.20 2.08 4.21 3.21
Price to Revenue (P/Rev)		 9.50 5.83 75.21 24.40 5.88 7.11 3.20
Price to Earnings (P/E)		 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%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 83.41 191.93 51.37 7.71 16.53 9.58
Enterprise Value to Revenue (EV/Rev)		 0.00 11.72 68.66 20.82 3.45 5.74 2.43
Enterprise Value to EBITDA (EV/EBITDA)		 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
Enterprise Value to NOPAT (EV/NOPAT)		 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
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - -
Debt to Equity		 0.00 0.83 0.08 0.09 0.11 0.31 0.43
Long-Term Debt to Equity		 0.00 0.83 0.08 0.09 0.11 0.30 0.40
Financial Leverage		 0.00 -0.75 -0.93 -0.93 -0.87 -0.82 -0.78
Leverage Ratio		 0.00 2.98 1.30 1.19 1.24 1.36 1.67
Compound Leverage Factor		 0.00 3.28 1.43 1.20 1.23 1.31 1.62
Debt to Total Capital		 0.00% 45.45% 7.13% 8.35% 10.11% 23.94% 30.23%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.04% 0.05% 1.39% 2.58%
Long-Term Debt to Total Capital		 0.00% 45.45% 7.13% 8.30% 10.06% 22.56% 27.65%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 623.64% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% -569.09% 92.87% 91.66% 89.89% 76.06% 69.77%
Debt to EBITDA		 0.00 -0.83 -0.66 -0.38 -0.30 -0.60 -0.65
Net Debt to EBITDA		 0.00 0.74 8.19 3.71 2.25 1.52 1.12
Long-Term Debt to EBITDA		 0.00 -0.83 -0.66 -0.37 -0.30 -0.57 -0.59
Debt to NOPAT		 0.00 -1.20 -0.77 -0.53 -0.42 -0.86 -0.92
Net Debt to NOPAT		 0.00 1.07 9.47 5.24 3.17 2.18 1.60
Long-Term Debt to NOPAT		 0.00 -1.20 -0.77 -0.53 -0.42 -0.81 -0.84
Altman Z-Score		 0.00 -2.23 38.86 15.67 2.44 1.77 -1.76
Noncontrolling Interest Sharing Ratio		 0.00% 1,143.25% 84.12% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - -
Current Ratio		 0.00 2.90 19.96 11.85 9.14 6.50 5.58
Quick Ratio		 0.00 2.39 18.82 10.63 8.10 5.58 4.69
Cash Flow Metrics		 - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -17 -30 -41 -45 -43 -38
Operating Cash Flow to CapEx		 -6,131.33% -2,884.03% -3,362.57% -1,127.43% -3,420.56% -4,660.47% -2,179.47%
Free Cash Flow to Firm to Interest Expense		 0.00 -7.37 -9.36 -49.48 -42.65 -13.35 -10.78
Operating Cash Flow to Interest Expense		 -7.30 -8.96 -9.63 -49.93 -42.29 -11.64 -8.99
Operating Cash Flow Less CapEx to Interest Expense		 -7.42 -9.27 -9.92 -54.35 -43.53 -11.89 -9.41
Efficiency Ratios		 - - - - - - -
Asset Turnover		 0.00 0.61 0.21 0.19 0.25 0.37 0.49
Accounts Receivable Turnover		 0.00 5.91 6.72 8.97 7.04 6.61 6.64
Inventory Turnover		 0.00 1.81 1.41 0.95 0.89 1.15 1.29
Fixed Asset Turnover		 0.00 36.14 27.55 15.40 11.29 15.75 24.16
Accounts Payable Turnover		 0.00 3.80 5.55 8.37 8.26 11.01 8.18
Days Sales Outstanding (DSO)		 0.00 61.71 54.30 40.67 51.83 55.23 54.94
Days Inventory Outstanding (DIO)		 0.00 201.20 258.82 385.75 408.06 318.78 281.93
Days Payable Outstanding (DPO)		 0.00 96.12 65.73 43.59 44.18 33.14 44.59
Cash Conversion Cycle (CCC)		 0.00 166.79 247.39 382.83 415.70 340.87 292.27
Capital & Investment Metrics		 - - - - - - -
Invested Capital		 0.00 4.58 12 20 24 24 21
Invested Capital Turnover		 0.00 14.24 4.02 3.09 2.46 2.87 3.72
Increase / (Decrease) in Invested Capital		 0.00 4.58 7.13 7.91 4.42 -0.21 -2.58
Enterprise Value (EV)		 0.00 382 2,247 1,008 185 394 204
Market Capitalization		 190 190 2,462 1,181 315 488 268
Book Value per Share		 $0.00 ($105.50) $6.34 $5.25 $4.12 $3.09 $2.17
Tangible Book Value per Share		 $0.00 ($107.11) $6.26 $5.17 $4.05 $3.03 $2.11
Total Capital		 0.00 33 244 211 171 156 123
Total Debt		 0.00 15 17 18 17 37 37
Total Long-Term Debt		 0.00 15 17 18 17 35 34
Net Debt		 0.00 -13 -214 -174 -130 -94 -65
Capital Expenditures (CapEx)		 0.30 0.72 0.91 3.67 1.32 0.81 1.45
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -1.44 5.67 10 9.18 12 13
Debt-free Net Working Capital (DFNWC)		 0.00 27 237 191 151 129 115
Net Working Capital (NWC)		 0.00 27 237 190 150 127 112
Net Nonoperating Expense (NNE)		 7.94 8.22 9.60 16 18 17 16
Net Nonoperating Obligations (NNO)		 0.00 -13 -214 -174 -130 -94 -65
Total Depreciation and Amortization (D&A)		 0.31 0.33 2.88 1.03 1.37 0.57 -0.07
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -4.41% 17.33% 21.21% 17.11% 17.59% 15.81%
Debt-free Net Working Capital to Revenue		 0.00% 82.56% 725.45% 393.55% 280.55% 188.45% 137.23%
Net Working Capital to Revenue		 0.00% 82.56% 725.45% 393.37% 280.39% 185.31% 133.44%
Earnings Adjustments		 - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 ($3.16) ($1.35) ($1.59) ($1.60) ($1.44)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 35.69M 36.13M 37.10M 37.97M 39.11M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($3.16) ($1.35) ($1.59) ($1.60) ($1.44)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 35.69M 36.13M 37.10M 37.97M 39.11M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 ($3.16) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 10.18M 37.02M 37.65M 38.54M 39.80M
Normalized Net Operating Profit after Tax (NOPAT)		 -11 -12 -23 -33 -41 -43 -40
Normalized NOPAT Margin		 -52.67% -38.31% -69.14% -68.39% -76.49% -63.13% -48.21%
Pre Tax Income Margin		 -92.32% -62.40% -97.82% -99.80% -109.15% -87.76% -66.71%
Debt Service Ratios		 - - - - - - -
EBIT to Interest Expense		 -6.34 -7.97 -9.13 -57.77 -55.38 -19.37 -16.38
NOPAT to Interest Expense		 -4.18 -5.39 -7.11 -39.94 -38.50 -13.41 -11.52
EBIT Less CapEx to Interest Expense		 -6.46 -8.28 -9.42 -62.20 -56.61 -19.62 -16.79
NOPAT Less CapEx to Interest Expense		 -4.30 -5.70 -7.40 -44.37 -39.74 -13.66 -11.93
Payout Ratios		 - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% -2.80% -7.70% -0.05% -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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - 39,796,420.00 40,257,527.00 40,746,556.00 41,247,034.00
DEI Adjusted Shares Outstanding		 - - - - - - - 39,796,420.00 40,257,527.00 40,746,556.00 41,247,034.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - -0.36 -0.38 -0.34 -0.33
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 23.25% 30.85% 24.98% 29.71% 20.87% 15.39% 23.28% 19.54% 14.80% 5.47% -8.66%
EBITDA Growth		 -15.69% -8.77% -0.88% 12.29% 4.22% 6.05% 6.49% -1.69% 6.23% 6.50% 11.88%
EBIT Growth		 -13.89% -7.48% 1.03% 13.33% 5.69% 7.18% 6.56% -1.95% 4.71% 4.85% 10.54%
NOPAT Growth		 -14.07% -8.94% 4.83% 11.37% 4.97% 6.90% 3.61% -0.19% 5.24% -1.87% 11.03%
Net Income Growth		 -10.62% -5.14% 2.77% 13.31% 5.37% 5.07% 5.13% -5.08% 1.00% 1.32% 5.50%
EPS Growth		 -7.50% -2.63% 5.26% 14.29% 9.30% 7.69% 8.33% 0.00% 2.56% 5.56% 8.33%
Operating Cash Flow Growth		 17.49% 19.29% 13.84% 6.71% 26.88% 16.04% 20.35% -12.10% 32.27% -12.70% 23.63%
Free Cash Flow Firm Growth		 29.40% 38.08% 34.94% 16.62% 5.51% -1.30% 28.59% 23.19% 25.45% 27.07% 51.14%
Invested Capital Growth		 2.47% -3.10% -0.87% 6.19% 2.01% 0.54% -10.84% -4.31% -7.90% -11.98% -17.99%
Revenue Q/Q Growth		 18.29% 2.76% 9.11% -2.20% 10.23% -1.91% 16.57% -5.16% 5.86% -9.88% 0.00%
EBITDA Q/Q Growth		 -2.28% 6.96% 6.34% 1.59% -11.69% 8.73% 6.78% -7.01% -2.99% 9.00% 0.00%
EBIT Q/Q Growth		 -1.90% 7.01% 7.52% 1.09% -10.88% 8.48% 6.91% -7.92% -3.64% 8.61% 0.00%
NOPAT Q/Q Growth		 -0.24% 7.68% 8.28% -4.43% -7.47% 9.56% 5.04% -8.54% -1.65% 2.78% 0.00%
Net Income Q/Q Growth		 -2.11% 8.00% 6.79% 1.00% -11.47% 7.71% 6.85% -9.66% -5.02% 8.01% 0.00%
EPS Q/Q Growth		 -2.38% 9.30% 7.69% 0.00% -8.33% 7.69% 8.33% -9.09% -5.56% 10.53% 0.00%
Operating Cash Flow Q/Q Growth		 37.59% -9.31% 2.05% -39.60% 51.08% -25.51% 7.07% -96.46% 70.44% -108.85% 0.00%
Free Cash Flow Firm Q/Q Growth		 14.39% 18.05% 3.55% -23.24% 2.99% 12.15% 32.01% -32.56% 5.85% 14.06% 0.00%
Invested Capital Q/Q Growth		 -9.31% -0.52% 3.61% 13.60% -12.88% -1.95% -8.11% 21.91% -16.15% -6.30% 0.00%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 74.06% 73.74% 74.70% 74.67% 73.65% 73.70% 74.02% 72.51% 72.11% 74.65% 77.94%
EBITDA Margin		 -95.46% -86.44% -74.19% -74.65% -75.64% -70.38% -56.28% -63.51% -61.78% -62.39% -61.27%
Operating Margin		 -95.61% -85.90% -72.21% -77.10% -75.17% -69.30% -56.46% -64.62% -62.05% -66.94% -62.94%
EBIT Margin		 -96.55% -87.38% -74.06% -74.90% -75.34% -70.29% -56.13% -63.87% -62.53% -63.41% -62.56%
Profit (Net Income) Margin		 -94.19% -84.33% -72.04% -72.92% -73.74% -69.38% -55.44% -64.11% -63.59% -64.91% -66.33%
Tax Burden Percent		 100.87% 100.40% 101.82% 101.37% 100.55% 101.38% 100.29% 100.94% 101.18% 100.93% 101.10%
Interest Burden Percent		 96.71% 96.13% 95.54% 96.05% 97.35% 97.36% 98.48% 99.42% 100.51% 101.42% 104.86%
Effective Tax Rate		 0.00% 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)		 -177.73% -166.80% -145.03% -149.89% -172.55% -166.82% -146.92% -149.37% -173.61% -197.58% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 -174.13% -163.27% -141.34% -146.34% -167.89% -161.92% -142.16% -143.08% -165.91% -190.55% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 148.14% 136.89% 116.49% 116.11% 134.55% 127.92% 110.76% 102.80% 121.77% 136.74% 0.00%
Return on Equity (ROE)		 -29.58% -29.91% -28.54% -33.78% -38.01% -38.90% -36.15% -46.57% -51.84% -60.84% 0.00%
Cash Return on Invested Capital (CROIC)		 -190.60% -184.51% -180.27% -165.99% -179.61% -177.22% -167.76% -148.16% -167.64% -171.37% 19.76%
Operating Return on Assets (OROA)		 -28.86% -29.26% -27.38% -29.89% -31.55% -31.63% -27.62% -35.44% -35.41% -38.03% 0.00%
Return on Assets (ROA)		 -28.15% -28.24% -26.64% -29.10% -30.88% -31.22% -27.27% -35.57% -36.01% -38.93% 0.00%
Return on Common Equity (ROCE)		 -29.58% -29.91% -28.54% -33.78% -38.01% -38.90% -36.15% -46.57% -51.84% -60.84% 0.00%
Return on Equity Simple (ROE_SIMPLE)		 -45.17% -48.70% 0.00% -53.15% -57.19% -60.80% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -12 -11 -9.74 -10 -11 -9.89 -9.39 -10 -10 -10 -9.07
NOPAT Margin		 -66.93% -60.13% -50.54% -53.97% -52.62% -48.51% -39.52% -45.23% -43.43% -46.86% -44.06%
Net Nonoperating Expense Percent (NNEP)		 -3.60% -3.53% -3.69% -3.54% -4.66% -4.90% -4.76% -6.29% -7.70% -7.03% -12.02%
Return On Investment Capital (ROIC_SIMPLE)		 - - -6.26% - - - -7.64% -8.88% -9.76% -10.37% -10.92%
Cost of Revenue to Revenue		 25.94% 26.26% 25.30% 25.33% 26.35% 26.30% 25.98% 27.49% 27.89% 25.35% 22.06%
SG&A Expenses to Revenue		 136.46% 135.75% 126.69% 129.44% 121.80% 124.64% 113.64% 116.02% 111.92% 119.05% 117.07%
R&D to Revenue		 33.21% 23.89% 20.21% 22.33% 27.02% 18.36% 16.84% 21.10% 22.24% 22.54% 23.80%
Operating Expenses to Revenue		 169.67% 159.64% 146.90% 151.77% 148.82% 143.01% 130.47% 137.12% 134.15% 141.59% 140.87%
Earnings before Interest and Taxes (EBIT)		 -17 -15 -14 -14 -16 -14 -13 -14 -15 -14 -13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -16 -15 -14 -14 -16 -14 -13 -14 -15 -13 -13
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.69 3.12 4.13 3.21 2.43 3.46 3.12 3.45 1.51 1.10 1.16
Price to Tangible Book Value (P/TBV)		 3.76 3.18 4.21 3.28 2.49 3.54 3.21 3.56 1.56 1.14 1.23
Price to Revenue (P/Rev)		 8.16 6.06 7.11 4.87 3.21 4.09 3.20 3.06 1.15 0.72 0.00
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 0.00
Dividend Yield		 0.00% 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% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 16.61 12.61 16.53 10.04 7.14 10.97 9.58 8.34 2.62 1.29 1.35
Enterprise Value to Revenue (EV/Rev)		 6.33 4.48 5.74 3.72 2.20 3.20 2.43 2.47 0.63 0.29 0.00
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 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 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 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 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 6.16
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.28 0.30 0.31 0.34 0.37 0.40 0.43 0.48 0.54 0.62 0.82
Long-Term Debt to Equity		 0.28 0.30 0.30 0.29 0.37 0.40 0.40 0.38 0.54 0.62 0.81
Financial Leverage		 -0.85 -0.84 -0.82 -0.79 -0.80 -0.79 -0.78 -0.72 -0.73 -0.72 -0.62
Leverage Ratio		 1.33 1.34 1.36 1.44 1.56 1.60 1.67 1.68 1.88 1.99 2.19
Compound Leverage Factor		 1.28 1.29 1.30 1.38 1.51 1.56 1.64 1.67 1.89 2.01 2.30
Debt to Total Capital		 21.75% 22.85% 23.94% 25.20% 26.88% 28.39% 30.23% 32.38% 34.95% 38.21% 44.92%
Short-Term Debt to Total Capital		 0.05% 0.06% 1.39% 3.54% 0.07% 0.08% 2.58% 6.79% 0.10% 0.11% 0.13%
Long-Term Debt to Total Capital		 21.70% 22.80% 22.56% 21.66% 26.82% 28.31% 27.65% 25.59% 34.85% 38.11% 44.79%
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% 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% 0.00%
Common Equity to Total Capital		 78.25% 77.15% 76.06% 74.80% 73.12% 71.61% 69.77% 67.62% 65.05% 61.79% 55.08%
Debt to EBITDA		 -0.61 -0.60 -0.60 -0.62 -0.63 -0.64 -0.65 -0.64 -0.65 -0.66 0.00
Net Debt to EBITDA		 1.83 1.66 1.52 1.39 1.31 1.21 1.12 0.90 0.83 0.71 0.00
Long-Term Debt to EBITDA		 -0.61 -0.60 -0.57 -0.53 -0.63 -0.64 -0.59 -0.51 -0.65 -0.66 0.00
Debt to NOPAT		 -0.87 -0.85 -0.86 -0.89 -0.90 -0.91 -0.92 -0.92 -0.93 -0.93 0.00
Net Debt to NOPAT		 2.58 2.34 2.18 1.98 1.87 1.74 1.60 1.28 1.19 0.99 0.00
Long-Term Debt to NOPAT		 -0.86 -0.85 -0.81 -0.76 -0.89 -0.91 -0.84 -0.73 -0.93 -0.93 0.00
Altman Z-Score		 3.18 1.87 2.67 1.41 -0.46 -0.08 -0.86 -1.22 -2.85 -3.56 -5.43
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 8.42 7.19 6.50 6.95 8.97 7.70 5.58 4.97 5.35 4.86 4.91
Quick Ratio		 7.38 6.18 5.58 5.95 7.71 6.53 4.69 4.12 4.46 3.95 3.83
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -12 -9.89 -9.54 -12 -11 -10 -6.81 -9.03 -8.50 -7.30 -4.41
Operating Cash Flow to CapEx		 -14,612.96% -1,753.25% -4,224.50% -2,615.30% -1,230.28% -1,740.87% -6,063.06% -4,392.69% -7,975.51% -9,170.79% -112,188.89%
Free Cash Flow to Firm to Interest Expense		 -13.96 -11.07 -10.55 -13.31 -12.80 -11.24 -8.09 -11.56 -10.64 -9.07 -4.52
Operating Cash Flow to Interest Expense		 -9.13 -9.66 -9.35 -13.36 -6.48 -8.13 -7.99 -16.93 -4.89 -10.14 -10.35
Operating Cash Flow Less CapEx to Interest Expense		 -9.20 -10.21 -9.57 -13.87 -7.00 -8.59 -8.12 -17.32 -4.95 -10.25 -10.35
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.30 0.33 0.37 0.40 0.42 0.45 0.49 0.55 0.57 0.60 0.00
Accounts Receivable Turnover		 7.37 7.49 6.61 7.81 7.65 7.29 6.64 7.14 6.71 7.20 0.00
Inventory Turnover		 0.92 1.09 1.15 1.14 1.21 1.24 1.29 1.36 1.47 1.47 0.00
Fixed Asset Turnover		 13.26 14.43 15.75 16.76 21.73 22.50 24.16 24.84 32.99 33.79 0.00
Accounts Payable Turnover		 6.43 5.92 11.01 6.24 7.11 5.28 8.18 6.27 5.01 4.45 0.00
Days Sales Outstanding (DSO)		 49.53 48.74 55.23 46.74 47.71 50.08 54.94 51.11 54.38 50.70 0.00
Days Inventory Outstanding (DIO)		 397.56 334.67 318.78 319.36 301.10 294.71 281.93 267.66 248.12 247.60 0.00
Days Payable Outstanding (DPO)		 56.77 61.63 33.14 58.54 51.31 69.16 44.59 58.23 72.87 81.99 0.00
Cash Conversion Cycle (CCC)		 390.32 321.78 340.87 307.56 297.50 275.63 292.27 260.53 229.62 216.32 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 23 23 24 27 24 23 21 26 22 20 21
Invested Capital Turnover		 2.66 2.77 2.87 2.78 3.28 3.44 3.72 3.30 4.00 4.22 0.00
Increase / (Decrease) in Invested Capital		 0.56 -0.74 -0.21 1.58 0.47 0.13 -2.58 -1.17 -1.86 -2.77 -4.66
Enterprise Value (EV)		 384 290 394 272 168 254 204 216 57 26 29
Market Capitalization		 495 393 488 355 246 325 268 268 104 66 53
Book Value per Share		 $3.55 $3.31 $3.09 $2.86 $2.61 $2.40 $2.17 $1.95 $1.72 $1.47 $1.09
Tangible Book Value per Share		 $3.48 $3.24 $3.03 $2.80 $2.55 $2.34 $2.11 $1.89 $1.66 $1.42 $1.04
Total Capital		 171 163 156 148 138 131 123 115 106 97 83
Total Debt		 37 37 37 37 37 37 37 37 37 37 37
Total Long-Term Debt		 37 37 35 32 37 37 34 29 37 37 37
Net Debt		 -111 -103 -94 -83 -78 -71 -65 -52 -47 -40 -25
Capital Expenditures (CapEx)		 0.05 0.49 0.20 0.45 0.47 0.42 0.11 0.30 0.05 0.09 0.01
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 9.38 10 12 16 15 15 13 18 13 12 12
Debt-free Net Working Capital (DFNWC)		 145 127 129 132 130 123 115 107 98 88 74
Net Working Capital (NWC)		 145 127 127 127 130 123 112 99 98 88 74
Net Nonoperating Expense (NNE)		 4.69 4.28 4.14 3.57 4.39 4.25 3.78 4.25 4.81 3.88 4.58
Net Nonoperating Obligations (NNO)		 -111 -103 -94 -83 -78 -71 -65 -52 -47 -40 -25
Total Depreciation and Amortization (D&A)		 0.19 0.17 -0.03 0.05 -0.06 -0.02 -0.04 0.08 0.18 0.22 0.27
Debt-free, Cash-free Net Working Capital to Revenue		 15.47% 15.82% 17.59% 21.24% 19.78% 18.53% 15.81% 20.39% 14.57% 12.71% 0.00%
Debt-free Net Working Capital to Revenue		 239.05% 195.87% 188.45% 180.66% 169.69% 154.76% 137.23% 122.09% 107.87% 96.51% 0.00%
Net Working Capital to Revenue		 238.90% 195.73% 185.31% 173.50% 169.57% 154.64% 133.44% 113.17% 107.76% 96.39% 0.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.43) ($0.39) ($0.36) ($0.36) ($0.39) ($0.36) ($0.33) ($0.36) ($0.38) ($0.34) ($0.33)
Adjusted Weighted Average Basic Shares Outstanding		 37.82M 38.12M 37.97M 38.64M 38.94M 39.28M 39.11M 39.95M 40.43M 40.94M 41.90M
Adjusted Diluted Earnings per Share		 ($0.43) ($0.39) ($0.36) ($0.36) ($0.39) ($0.36) ($0.33) ($0.36) ($0.38) ($0.34) ($0.33)
Adjusted Weighted Average Diluted Shares Outstanding		 37.82M 38.12M 37.97M 38.64M 38.94M 39.28M 39.11M 39.95M 40.43M 40.94M 41.90M
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 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 38.03M 38.31M 38.54M 38.82M 39.15M 39.49M 39.80M 40.26M 40.75M 41.25M 42.24M
Normalized Net Operating Profit after Tax (NOPAT)		 -12 -11 -9.74 -10 -11 -9.89 -9.39 -10 -10 -10 -9.07
Normalized NOPAT Margin		 -66.93% -60.13% -50.54% -53.97% -52.62% -48.51% -39.52% -45.23% -43.43% -46.86% -44.06%
Pre Tax Income Margin		 -93.38% -84.00% -70.75% -71.94% -73.34% -68.44% -55.28% -63.51% -62.85% -64.31% -65.60%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -19.21 -17.29 -15.79 -15.99 -17.57 -16.08 -15.84 -18.43 -18.67 -16.94 -13.20
NOPAT to Interest Expense		 -13.32 -11.90 -10.78 -11.52 -12.27 -11.10 -11.15 -13.05 -12.97 -12.52 -9.29
EBIT Less CapEx to Interest Expense		 -19.28 -17.84 -16.01 -16.50 -18.10 -16.55 -15.98 -18.82 -18.73 -17.05 -13.20
NOPAT Less CapEx to Interest Expense		 -13.38 -12.45 -11.00 -12.03 -12.80 -11.57 -11.29 -13.44 -13.03 -12.63 -9.30
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% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 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) continues to operate with a meaningful cash cushion, but the latest quarter shows the company is still losing money and burning cash from operations. Revenue in Q1 2026 was $20.6 million, down slightly from $21.5 million in Q3 2025 and below the low- to mid-$20 million range seen in parts of 2024–2025. Gross profit remained solid, but operating expenses were much larger than gross profit, keeping the company firmly in the red.

Profitability remains the core issue. In Q1 2026, Pulmonx posted a net loss of $13.7 million, or $(0.33) per share. That’s broadly in line with recent quarters, where quarterly losses have generally ranged from about $13 million to $16 million. The company is not yet demonstrating operating leverage, because SG&A and R&D spending continue to consume most of its gross profit.

Cash flow is mixed, but operating burn is still negative. Q1 2026 operating cash flow was negative $10.1 million, an improvement from negative $13.2 million in Q1 2025 and negative $8.2 million in Q3 2025. Even so, the business is not self-funding. The cash balance also fell to $61.6 million from $75.5 million at the end of Q2 2025 and $74.6 million in Q1 2025.

The balance sheet remains the key support for the stock. Pulmonx ended Q1 2026 with $92.7 million in current assets and $119.97 million in total assets. Total liabilities were $74.2 million, leaving common equity of $45.8 million. Long-term debt stood at $37.2 million, which is manageable for now, but still important given ongoing losses.

  • Strong current asset base: Pulmonx held $61.6 million in cash and equivalents at quarter-end, plus $10.8 million in receivables and $16.3 million in inventory.
  • Gross profit is holding up: Q1 2026 gross profit was $16.0 million, showing the core product business still generates meaningful margin before overhead.
  • Operating cash burn improved year over year: Net cash used in operations improved to negative $10.1 million from negative $13.2 million in Q1 2025.
  • Debt structure did not worsen sharply: Long-term debt was $37.2 million, roughly in line with prior quarters.
  • Revenue trend is not collapsing, but growth is inconsistent: Quarterly revenue has generally hovered in the low- to mid-$20 million range, with no clear breakout trend.
  • Share count has drifted upward: Weighted average basic shares rose to 41.9 million in Q1 2026 from 39.0 million in Q2 2025 and 37.6 million in Q1 2025, suggesting some dilution over time.
  • Still deeply unprofitable: Q1 2026 net loss was $13.7 million, and losses have remained persistent across the last four years shown.
  • Operating expenses overwhelm gross profit: Q1 2026 operating expenses were $29.0 million, far above gross profit of $16.0 million.
  • Cash declined in the latest quarter: Cash and equivalents dropped by about $13.9 million from Q1 2025 to Q1 2026.
  • Reliance on financing remains: In Q1 2026, the company issued debt and equity to help offset operating losses, which is not ideal for long-term shareholders.

Bottom line: Pulmonx has enough liquidity to keep operating in the near term, and its gross profit is stable, but the company still has a long way to go before it reaches profitability. For retail investors, the main questions are whether revenue can re-accelerate and whether management can bring expenses down enough to narrow losses meaningfully. Until then, this remains a cash-consuming growth story rather than a fundamentally profitable business.

07/14/26 11:05 PM ETAI Generated. May Contain Errors.

Pulmonx Financials - Frequently Asked Questions

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

Pulmonx's net income appears to be on an upward trend, with a most recent value of -$56.39 million in 2024, rising from -$18.48 million in 2018. The previous period was -$60.84 million in 2023. View Pulmonx's forecast to see where analysts expect Pulmonx to go next.

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 6 years, Pulmonx's total revenue changed from $20.00 million in 2018 to $83.79 million in 2024, a change of 318.9%.

Pulmonx's total liabilities were at $75.18 million at the end of 2025, a 2.4% decrease from 2024, and a 111.3% increase since 2019.

In the past 6 years, Pulmonx's cash and equivalents has ranged from $14.77 million in 2019 to $231.56 million in 2020, and is currently $69.75 million as of their latest financial filing in 2025.

Over the last 6 years, Pulmonx's book value per share changed from 0.00 in 2018 to 2.17 in 2024, a change of 217.3%.


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Financial statements for NASDAQ:LUNG last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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