Pulmonx (LUNG) Stock Forecast & Price Target

Pulmonx Corp reported a third-quarter revenue of $21.5 million for 2025, marking a 5% year-over-year increase driven by steady adoption of its Zephyr Valve for severe emphysema, alongside a 15% growth in international sales. The company maintained a strong gross margin of 75% while slightly narrowing its net loss to $14.0 million, indicating ongoing operational improvements and a disciplined approach to managing expenses, with operating costs projected between $128 million and $130 million. The strategic focus on international expansion, coupled with advancements in clinical initiatives and AI-driven tools, reinforces Pulmonx's potential for sustained growth and enhances its long-term value.

Pulmonx Corp reported preliminary Q3 revenue of approximately $21.5 million, indicating a sequential decline from Q2's revenue of $23.9 million and aligning with the reduced annual guidance of $90 million–$92 million. The company's growth is being hindered by execution risks in its product models, contributing to a downward revision in financial expectations. Additionally, a management transition has raised concerns about organizational stability, further pressuring top-line growth and impacting gross margins, which fell from 72% in Q2.