Pulmonx Stock Plunges 24.44% on Guidance Cut

On July 31, 2025, Pulmonx's stock experienced a significant drop of 24.44% in pre-market trading, reflecting investor concerns and market reactions to recent developments.

Pulmonx reported its Q2 2025 financial results, achieving total revenue of $23.9 million, representing a 15% year-over-year increase. The company's performance was driven by strong international growth of 32% ($9.1 million), while U.S. revenue grew 6% ($14.7 million).

Despite the revenue growth, Pulmonx revised its full-year 2025 guidance down to $90-92 million from the previous $96-98 million forecast. This revision was due to slower-than-expected U.S. revenue conversion, indicating potential challenges in the crucial U.S. market where reimbursement and adoption dynamics may be more complex.

The company maintained a gross margin of 72% but reported a net loss of $15.2 million ($0.38 per share). Pulmonx is demonstrating disciplined cost control, reducing their full-year operating expense guidance by $5 million to $128-130 million. Their Q2 operating expenses of $32 million represent just a 3% increase year-over-year, significantly below their revenue growth rate.

Pulmonx's focus on building a "scalable ecosystem" through patient identification and engagement appears to be a strategic investment that could accelerate adoption once fully established. The addition of 12 new U.S. treatment centers and 26 newly trained physicians in Q2 reflects continued infrastructure development that could drive future growth acceleration if patient conversion improves.