Pulmonx Corporation

LUNG

Medical - Devices · Healthcare

Price

$1.40

-0.05 (-3.45%)

Market Cap

$59.1M

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+12.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 36.1M (2021) → 40.7M (2025)

Pulmonx Corporation, a medical technology company, provides minimally invasive devices for the treatment of chronic obstructive pulmonary diseases. It offers Zephyr Endobronchial Valve, a solution for the treatment of bronchoscopic in adult patients with hyperinflation associated with severe emphysema; and Chartis Pulmonary Assessment System, a balloon catheter and console system with flow and pressure sensors that are used to assess the presence of collateral ventilation. The company also provi

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-8.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+8.3% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$19M/ year

↑ Rising (+11% vs prior year)

21.5% of revenue

In line with sector average (18%)

Investing heavily in future products and technology

Insider Activity

12.5%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~18 months

$62M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Adequate runway but may need to raise capital within 2 years

Heavy R&D investment

Pulmonx Corporation is putting 22% of revenue into R&D and that number is rising.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

77.9%

Premium pricing power — 77.9% gross margin

Operating Margin

-62.9%

Losing money on operations — -62.9%

ROCE

-12.7%

Weak — -12.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+1.2%

Nearly flat sales (1.2% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-33.3%

Burning cash (-33.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

1.23

Elevated debt (1.23)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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