In Q1 2026, Pulmonx demonstrated continued progress in market adoption of its Zephyr Valve, the only FDA-approved minimally invasive solution for severe emphysema patients who are ineligible for surgery. Revenue exceeded estimates, reflecting expanded sales force efforts and strengthened physician engagement, although profitability remains elusive due to substantial ongoing investments and net losses. The company faces industry headwinds including reimbursement uncertainties, limited long-term safety data, and competitive pressures. Future growth depends on clinical trial outcomes supporting label expansions and further geographic penetration.