Pulmonx Posts 8% Revenue Growth to $90.5M, Secures $60M Five-Year Loan
Pulmonx delivered $90.5 million in 2025 revenue, up 8% year-over-year, with fourth-quarter sales of $22.6 million and a 78% gross margin. It secured a $60 million five-year credit facility extending debt maturity to 2031 and reduced operating expenses by 11% to bolster its cash runway.
1. Full Year 2025 Financial Results
Pulmonx reported full-year 2025 revenue of $90.5 million, an 8% increase from 2024, driven by a 23% international sales gain to $33.5 million and a 1% U.S. revenue rise to $57.0 million. Gross profit rose 8% to $67.1 million with a stable 74% margin, while net loss narrowed to $54.0 million, or $1.33 per share.
2. Fourth Quarter Metrics
In the fourth quarter of 2025, global revenue was $22.6 million, down 5% year-over-year, with U.S. sales falling 11% to $14.1 million while international revenue grew 8% to $8.5 million. Gross margin improved to 78% from 74%, operating expenses dropped 11% to $27.4 million, and adjusted EBITDA loss narrowed to $5.5 million.
3. Credit Facility Secured
The company closed a five-year credit facility for up to $60 million, drawing $40 million to refinance existing debt with interest-only payments until 2031 and an option to draw $20 million by end-2027 upon meeting revenue milestones. The facility carries a one-month SOFR floor of 3.75% plus 7.0%, with 2.0% payable-in-kind for up to three years.
4. Expense Reduction and 2026 Outlook
Pulmonx implemented cost restructuring to align investments with high-impact commercial and clinical initiatives and expects full-year 2026 revenue of $90–92 million, a gross margin of approximately 75%, and operating expenses of $113–115 million. Cash and equivalents are projected to decline by about $23 million, assuming no further draws under the new credit facility.