Key Highlights

  • Pulmonx (NASDAQ:LUNG) traded at USD 2.12, up 7.07%, in pre-market trading on Wednesday, October 28, 2026, following the company's third quarter 2026 results released on Tuesday, October 27, 2026.
  • Third quarter revenue was USD 22.8 million, up 6% from USD 21.5 million, with a gross margin of 76%. The net loss was USD 8.4 million, or USD 0.19 per share, against USD 14.0 million.
  • Full-year 2026 revenue guidance of USD 90 million to USD 92 million was left unchanged, while gross margin guidance is about 77% and operating expenses are USD 108 million to USD 109 million.
  • Cash and cash equivalents were USD 52.7 million at Wednesday, September 30, 2026, against about USD 37.8 million of debt, and pre-market prices are thinly traded and can change before the open.

What Triggered the Pre-Market Advance

Pulmonx (NASDAQ:LUNG) makes the Zephyr valve, a medical device for severe emphysema, a chronic lung disease. Pre-market on Wednesday, October 28, 2026 it was quoted at USD 2.12, a rise of 7.07%; as a pre-market snapshot, the price can change before the 9:30 a.m. ET open. The probable catalyst is the release of Tuesday, October 27, 2026, which covered third quarter 2026 results for the quarter ended Wednesday, September 30, 2026. Chief Executive Officer Glen French said revenue growth returned year over year, with a 6% increase on both a reported and a constant currency basis, which removes exchange rate effects. Linking the release to the move is an inference from timing.

How the Latest Results Frame the Move

Growth and cost control together tell the story of the quarter. Revenue of USD 22.8 million included USD 14.9 million from the United States, up 7%, and USD 7.9 million from international markets, up 5%, or 9% excluding China, where revenue was zero as the distributor has not resumed orders. Gross margin improved to 76% from 75%. Operating expenses dropped 18% to USD 24.9 million and the adjusted EBITDA loss narrowed 57% to USD 3.5 million. According to the company, its Chinese registration certificate has been renewed and commercial activity there is restarting. Over nine months, revenue was USD 66.2 million, down 2.5%, with a net loss of USD 32.1 million, or USD 0.76 per share.

Downside Scenarios and Key Dates

Bulls cite the return to growth, the leaner cost base and unchanged revenue guidance, which by simple arithmetic on published figures implies about USD 23.8 million to USD 25.8 million in the fourth quarter. Bears cite nine-month revenue that is still lower than a year ago, a net loss of USD 8.4 million and cash that has declined from USD 69.8 million at Wednesday, December 31, 2025. The company expects cash, equivalents and marketable securities to fall by about USD 22 million in 2026, assuming no further credit facility drawdowns. Risks include financing needs, the pace of China orders and dependence on one product family. The fourth quarter report, the China order restart and the Federal Reserve decision due later on Wednesday, October 28, 2026 are the next items to follow.

Where Things Stand

Pulmonx (NASDAQ:LUNG) rose 7.07% pre-market, most plausibly because of its third quarter report of Tuesday, October 27, 2026, which showed 6% revenue growth and a much smaller loss. The key figure is USD 22.8 million of revenue, with full-year guidance of USD 90 million to USD 92 million unchanged. Upcoming catalysts are the restart of China orders, the fourth quarter results, for which no date has been set, and the Federal Reserve decision due later on Wednesday, October 28, 2026. Pre-market prices are snapshots that can change, and this is not investment advice.