Pulmonx reiterates $90M-$92M 2026 revenue outlook while targeting ~76% gross margin (NASDAQ:LUNG)

Pulmonx (LUNG) reaffirmed its full-year 2026 revenue guidance of $90M–$92M during Q2 earnings, signaling management confidence in execution despite macro headwinds. The company reported $22.8M in Q2 revenue and highlighted gross margin expansion targeting ~76%, a meaningful improvement that reflects operational leverage and pricing discipline in its specialty respiratory device portfolio.

The restatement of guidance carries modest positive weight: it avoids the negative surprise many medical device companies face when China recovery stalls or TAM assumptions compress. AeriSeal product TAM expansion and China restart initiatives represent incremental growth catalysts, though execution risk remains material given competitive pressures in the bronchiectasis and emphysema treatment space.

Margin accretion to ~76% gross margin suggests improving manufacturing efficiency or favorable product mix shift toward higher-margin procedures. This operational improvement is noteworthy for a $90M–$92M-revenue company still in growth phase, indicating the business may be approaching inflection toward profitability if operating leverage compounds.

Sector implication: This is a micro-cap, single-indication focused medical device story. The reaffirmation provides stability but lacks the breadth to move Health Care sector indices materially. Relevant primarily to specialty device investors and LUNG equity holders seeking clarity on 2026 trajectory.