Pulmonx (LUNG) Research & Development (2019 - 2025)
Pulmonx's Research & Development came in at $4.85 million for Q3 2025, up 29.4% from $3.74 million a year earlier but down 8.7% from the prior quarter.
Powered by 
Analysis
Pulmonx (LUNG) Research & Development (2019 - 2025) Analysis & Trends
Over the trailing twelve months to Sep 30, 2025, Pulmonx reported Research & Development of $18.91 million, up 8.3% year-over-year; for FY2024, it was $17.57 million, down 2.8% from FY2023.
- Research & Development carries a five-year compound annual growth rate of 23.8% (FY2019 to FY2024).
- Going back by year, Research & Development was $18.08 million in FY2023 (+17.4%), $15.4 million in FY2022 (+17.9%), $13.06 million in FY2021 (+75.1%) and $7.46 million in FY2020 (+23.3%).
- The five-year range for quarterly Research & Development is $2.47 million (Q4 2020) to $5.71 million (Q2 2023).
- Year-over-year, Research & Development increased in three of the last eight quarters, with growth averaging 3.2%.
- The fastest year-over-year change in Research & Development over five years came in Q2 2021 (growth of 145.9%), and the weakest in Q3 2024 (a decline of 11.3%).
- Business Quant data shows LUNG's Research & Development at $5.31 million (Q2 2025), $4.76 million (Q1 2025) and $4 million (Q4 2024) in the three quarters before Q3 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Thermo Fisher Scientific | 259.03 Bn | 238.06 Bn | 4.88 Bn | 364.00 Mn |
| 2 | Abbott Laboratories | 170.66 Bn | 141.09 Bn | 7.27 Bn | 892.00 Mn |
| 3 | Danaher | 162.86 Bn | 146.67 Bn | 3.61 Bn | 412.00 Mn |
| 4 | Intuitive Surgical | 150.86 Bn | 130.28 Bn | 1.96 Bn | 370.60 Mn |
| 5 | Medtronic | 119.62 Bn | 84.87 Bn | 6.34 Bn | 771.00 Mn |
| 6 | Stryker | 112.94 Bn | 99.06 Bn | 4.50 Bn | 434.00 Mn |
| 7 | Boston Scientific | 64.69 Bn | 59.46 Bn | 3.85 Bn | 554.00 Mn |
| 8 | Becton Dickinson | 53.28 Bn | 50.43 Bn | 2.32 Bn | 258.00 Mn |
| 9 | Edwards Lifesciences | 50.56 Bn | 34.56 Bn | 1.35 Bn | 278.90 Mn |
| 10 | Pulmonx | 75.73 Mn | -243.49 Mn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2025 | 4.85 Mn |
| Jun 30, 2025 | 5.31 Mn |
| Mar 31, 2025 | 4.76 Mn |
| Dec 31, 2024 | 4.00 Mn |
| Sep 30, 2024 | 3.74 Mn |
| Jun 30, 2024 | 5.62 Mn |
| Mar 31, 2024 | 4.21 Mn |
| Dec 31, 2023 | 3.90 Mn |
| Sep 30, 2023 | 4.22 Mn |
| Jun 30, 2023 | 5.71 Mn |
| Mar 31, 2023 | 4.25 Mn |
| Dec 31, 2022 | 3.90 Mn |
| Sep 30, 2022 | 4.37 Mn |
| Jun 30, 2022 | 3.59 Mn |
| Mar 31, 2022 | 3.53 Mn |
| Dec 31, 2021 | 3.71 Mn |
| Sep 30, 2021 | 2.82 Mn |
| Jun 30, 2021 | 3.51 Mn |
| Mar 31, 2021 | 3.03 Mn |
| Dec 31, 2020 | 2.47 Mn |
API Access
Pulmonx Research & Development API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=research-and-development&ticker=LUNG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "research-and-development", "ticker": "LUNG", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=research-and-development&ticker=LUNG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();