Pulmonx Q1 Revenue Drops 9% to $20.6M, Margin Rises to 78%
Pulmonx’s Q1 2026 revenue totaled $20.6M, down 9% y/y (12% constant currency), with U.S. sales at $13.3M (−7%) and international revenue $7.3M (−12%, +22% excluding China). Gross margin improved to 78%, and net loss narrowed to $13.7M, or $0.33 per share.
1. Revenue and Geographic Performance
Pulmonx posted $20.6 million in worldwide revenue for Q1 2026, representing a 9% year-over-year decline and a 12% drop on a constant currency basis. U.S. revenue totaled $13.3 million (−7% y/y) while international sales reached $7.3 million (−12% y/y; excluding China, international revenue grew 22% y/y and 9% on a constant currency basis).
2. Profitability and Cost Management
Gross profit in the quarter was $16.0 million, translating to a 78% gross margin compared with 73% in Q1 2025, driven by operational efficiencies. Operating expenses fell 6% to $29.0 million, narrowing net loss to $13.7 million ($0.33 per share) and producing an adjusted EBITDA loss of $8.5 million.
3. Balance Sheet and Guidance
Cash and cash equivalents stood at $61.6 million as of March 31, 2026. The company refinanced prior debt under a new five-year interest-only credit facility maturing in 2031 and reaffirmed full-year guidance of $90 million to $92 million in revenue, approximately 75% gross margin, and $113 million to $115 million in operating expenses.