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Investing.com - Pulmonx Corp. (NASDAQ:LUNG), currently trading at $1.56 and down over 70% in the past six months, announced the immediate return of former CEO Glen French and former CFO Derrick Sung to their previous roles, with Sung also taking on the COO title.
The leadership change, disclosed after market close, includes the resignations of Steve Williamson and Mehul Joshi from their respective positions as CEO and CFO, effective immediately.
Pulmonx also released preliminary third-quarter 2025 revenue of $21.5 million, representing 5.5% year-over-year growth and exceeding both Canaccord’s estimate of $20.5 million and consensus expectations of $20.8 million.
Canaccord Genuity reiterated its Buy rating and $6.00 price target on Pulmonx stock following the announcements, noting that both returning executives bring deep knowledge of the company’s business, with French having continued to serve on Pulmonx’s board since stepping down as CEO in March 2024.
The medical device company has rescheduled its third-quarter conference call to November 12, where the returning executives are expected to outline their strategy for returning Pulmonx to high growth following the company’s Q2 guidance reset and challenging balance sheet position.
In other recent news, Pulmonx Corporation reported its second-quarter 2025 earnings, revealing a net loss of $0.38 per share, which was slightly better than the forecasted loss of $0.40. The company recorded revenue of $23.9 million, surpassing expectations of $23.47 million. In a leadership shakeup, Pulmonx announced the reappointment of Glen French as President and CEO, replacing Steve Williamson. Additionally, Derrick Sung has been appointed as both Chief Operating Officer and Chief Financial Officer, effective November 3, 2025.
In analyst updates, Piper Sandler downgraded Pulmonx from Overweight to Neutral, citing concerns about the company’s growth prospects. The firm also significantly reduced its price target to $2.50 from $9.00, pointing to six consecutive quarters of deceleration in the U.S. market. Piper Sandler expressed doubts about Pulmonx’s ability to achieve 15-20%+ top-line growth. These developments highlight ongoing challenges and changes within Pulmonx Corporation.
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