Pulmonx Navigates Leadership Shift Amidst Mixed Financial Results

Shares of medical device firm Pulmonx Corp continue to exhibit significant price swings. The stock recently closed at $2.53, a level that sits within a broad 52-week trading range of $1.31 to $9.37. This volatility follows the company's latest earnings report and a series of executive appointments.

The company's third-quarter 2025 financials presented a complex picture. Global revenue increased by 5% to reach $21.5 million. This growth was driven primarily by international markets, where sales climbed 15% to $7.5 million. In contrast, U.S. revenue saw only marginal improvement, coming in at $14.0 million.

Despite the higher sales, Pulmonx reported a net loss of $14.0 million, or $0.34 per share. The adjusted EBITDA loss was $8.2 million. A modest bright spot was the gross margin, which improved slightly to 75%. Total operating expenses rose 4% to $30.4 million, with research and development costs showing a notable 29% jump to $4.8 million.

Revised Outlook and Executive Moves

Concurrent with these results, the company provided updated annual guidance. Pulmonx now anticipates full-year 2025 total revenue in the range of $89 to $90 million, a slight downward revision from the prior forecast of $90 to $92 million. The expected gross margin for the year remains around 73%.

Should investors sell immediately? Or is it worth buying Pulmonx Corp?

These adjustments coincide with changes in the company's leadership structure. Glen French has been reappointed as President and Chief Executive Officer. Meanwhile, Derrick Sung has assumed the dual role of Chief Operating Officer and Chief Financial Officer.

Diverging Insider Transactions

In early December, the firm granted equity awards totaling 1,625,000 shares to two executives, including the new CFO. These grants are designed as long-term performance incentives.

However, on December 3rd, several other insiders—including the Chief Commercial Officer and the General Counsel—reported sales of company stock. The market frequently scrutinizes such opposing insider transactions for clues about executive sentiment.

The next significant test for the company's revised strategy will come with the release of quarterly figures in February 2026.