Estados financieros detallados de Pulmonx Corporation (LUNG): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Pulmonx Corporation registró ingresos de $90.5M en el último ejercicio fiscal, con un CAGR de 5 años del 22.6%.
Márgenes de los últimos 12 meses: margen bruto 77.1%, margen operativo -53.0%, margen neto -55.0%.
Al precio actual de $1.95, LUNG presenta beneficios negativos (P/E no significativo) y un ROE del -96.66%. La capitalización bursátil es de $82M.
Cuenta de Resultados (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Ingresos | $20.0M | $32.6M | $32.7M | $48.4M | $53.7M | $68.7M | $83.8M | $90.5M |
| Coste de Ventas | $7.7M | $10.2M | $11.5M | $12.8M | $13.8M | $17.9M | $21.8M | $23.4M |
| Beneficio Bruto | $12.3M | $22.4M | $21.2M | $35.6M | $39.9M | $50.8M | $62.0M | $67.1M |
| I+D | $7.0M | $6.0M | $7.5M | $13.1M | $15.4M | $18.1M | $17.6M | $19.5M |
| Generales y Administrativos | $20.3M | $34.2M | $46.1M | $69.9M | $83.1M | $94.6M | $102.1M | $101.3M |
| Gastos Operativos | $27.3M | $40.3M | $53.5M | $82.9M | $98.5M | $112.7M | $119.7M | $120.8M |
| Beneficio Operativo | -$15.1M | -$17.8M | -$32.3M | -$47.3M | -$58.6M | -$61.9M | -$57.7M | -$53.7M |
| EBITDA | -$15.7M | -$16.8M | -$28.4M | -$46.6M | -$56.0M | -$55.1M | -$50.8M | -$49.2M |
| Gastos por Intereses | $2.5M | $2.3M | $3.2M | $829000 | $1.1M | $3.2M | $3.5M | $3.2M |
| Beneficio Antes de Impuestos | -$18.5M | -$20.3M | -$32.0M | -$48.3M | -$58.6M | -$60.3M | -$55.9M | -$53.4M |
| Impuestos | $12000 | $363000 | $213000 | $343000 | $353000 | $571000 | $500000 | $626000 |
| Beneficio Neto | -$18.5M | -$20.7M | -$32.2M | -$48.7M | -$58.9M | -$60.8M | -$56.4M | -$54.0M |
| BPA | $-0.89 | $-0.58 | $-0.90 | $-1.35 | $-1.59 | $-1.60 | $-1.44 | $-1.33 |
| BPA Diluido | $-0.89 | $-0.58 | $-0.90 | $-1.35 | $-1.59 | $-1.60 | $-1.44 | $-1.33 |
| Acciones en Circulación (Diluidas) | $20.7M | $35.4M | $35.7M | $36.1M | $37.1M | $38.0M | $39.1M | $40.7M |
Balance (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Caja y Equivalentes | $4.1M | $14.8M | $231.8M | $148.5M | $101.7M | $83.5M | $70.9M | $70.0M |
| Inversiones a Corto | 0 | $13.6M | 0 | $31.6M | $39.4M | $33.6M | $30.6M | 0 |
| Cuentas por Cobrar | $3.4M | $6.0M | $4.6M | $6.9M | $9.3M | $13.0M | $13.8M | $12.1M |
| Inventario | $3.3M | $5.6M | $10.7M | $16.3M | $14.6M | $16.7M | $16.9M | $15.8M |
| Activos Corrientes | $11.3M | $41.1M | $250.0M | $208.0M | $169.0M | $150.4M | $136.2M | $101.7M |
| Inmovilizado Material | $375000 | $7.5M | $10.4M | $12.9M | $10.5M | $7.4M | $21.5M | $20.2M |
| Fondo de Comercio | $2.3M | $2.3M | $2.3M | $2.3M | $2.3M | $2.3M | $2.3M | $2.3M |
| Activos Intangibles | $647000 | $524000 | $400000 | $277000 | $154000 | $31000 | 0 | $700000 |
| Activos Totales | $15.0M | $53.5M | $263.7M | $235.2M | $193.7M | $177.8M | $162.8M | $129.3M |
| Cuentas por Pagar | $1.3M | $2.7M | $1.5M | $1.6M | $1.8M | $1.5M | $3.8M | $3.9M |
| Deuda a Corto | 0 | 0 | $2.2M | $91000 | $90000 | $2.2M | $3.2M | $1.3M |
| Pasivos Corrientes | $8.1M | $14.2M | $12.5M | $17.6M | $18.5M | $23.2M | $24.4M | $20.1M |
| Deuda a Largo | $33.6M | $220.3M | $17.4M | $17.3M | $17.2M | $35.1M | $34.0M | $37.0M |
| Pasivos Totales | $182.3M | $240.9M | $37.6M | $41.9M | $39.7M | $59.5M | $77.0M | $75.2M |
| Reservas | -$189.8M | -$210.5M | -$242.7M | -$291.4M | -$350.3M | -$411.2M | -$467.6M | -$521.6M |
| Patrimonio Neto | -$167.3M | -$187.4M | $226.1M | $193.2M | $154.0M | $118.3M | $85.8M | $54.1M |
| Deuda Total | $33.6M | $227.2M | $27.2M | $26.5M | $24.4M | $41.4M | $56.5M | $56.4M |
| Deuda Neta | $29.5M | $198.8M | -$204.6M | -$153.6M | -$116.7M | -$75.7M | -$45.0M | -$13.6M |
| Capital Circulante | $3.2M | $26.9M | $237.5M | $190.5M | $150.5M | $127.3M | $111.8M | $81.6M |
Flujo de Caja (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Beneficio Neto | -$18.5M | -$20.7M | -$32.2M | -$48.7M | -$58.9M | -$60.8M | -$56.4M | -$54.0M |
| Amortizaciones | $270000 | $365000 | $483000 | $3.2M | $4.0M | $1.5M | $1.5M | $1.2M |
| Compensación en Acciones | $366000 | $364000 | $3.2M | 0 | 0 | $22.1M | $23.0M | 0 |
| Cambio en Capital Circulante | -$1.5M | -$2.4M | -$4.8M | -$7.8M | -$7.1M | -$2.6M | -$1.7M | -$1.9M |
| Flujo de Caja Operativo | -$18.4M | -$20.8M | -$30.6M | -$41.4M | -$45.1M | -$37.6M | -$31.5M | -$32.4M |
| Inversiones (CapEx) | -$316000 | -$720000 | -$911000 | -$3.7M | -$1.3M | -$807000 | -$1.4M | -$452000 |
| Adquisiciones | $16000 | $13.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | -$12000 | 0 | -$26000 | -$27000 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$18.7M | -$21.5M | -$31.5M | -$45.1M | -$46.5M | -$38.4M | -$33.0M | -$32.9M |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Crecimiento Ingresos (anual) | +62.9% | +0.4% | +47.9% | +10.8% | +28.0% | +22.0% | +8.0% | |
| Crecimiento Beneficio Neto (anual) | -12.0% | -55.7% | -51.0% | -21.1% | -3.3% | +7.3% | +4.2% | |
| Crecimiento BPA (anual) | +34.8% | -55.2% | -50.0% | -17.8% | -0.6% | +10.0% | +7.6% | |
| Cambio en Acciones (anual) | +71.1% | +0.8% | +1.2% | +2.7% | +2.4% | +3.0% | +4.0% | |
| Crecimiento FCF (anual) | -14.8% | -46.8% | -43.0% | -3.0% | +17.3% | +14.1% | +0.3% | |
| Margen Bruto | 61.4% | 68.8% | 64.8% | 73.6% | 74.3% | 73.9% | 74.0% | 74.2% |
| Margen Operativo | -75.2% | -54.7% | -98.8% | -97.7% | -109.3% | -90.2% | -68.9% | -59.3% |
| Margen EBITDA | -78.4% | -51.6% | -86.9% | -96.3% | -104.3% | -80.2% | -60.6% | -54.3% |
| Margen Neto | -92.4% | -63.5% | -98.5% | -100.5% | -109.8% | -88.6% | -67.3% | -59.7% |
| Margen FCF | -93.5% | -65.9% | -96.4% | -93.2% | -86.6% | -55.9% | -39.4% | -36.4% |
| Tasa Impositiva Efectiva | -0.1% | -1.8% | -0.7% | -0.7% | -0.6% | -0.9% | -0.9% | -1.2% |
Datos por Acción (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF por Acción | $-0.90 | $-0.61 | $-0.88 | $-1.25 | $-1.25 | $-1.01 | $-0.84 | $-0.81 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $20.7M | $35.4M | $35.7M | $36.1M | $37.1M | $38.0M | $39.1M | $40.7M |
Qué mirar en Salud / Farma
El pipeline de I+D es el activo invisible. Patentes que caducan = ingresos que evaporan. Mira innovación y flujo de caja.
- I+D / Ingresos — Indica inversión en pipeline futuro. Farma seria reinvierte 15-20%
- Crecimiento EPS 5y — Tras caducidad de patentes, ¿siguen creciendo?
- Margen bruto — Farma de marca >70%. Genéricos mucho más bajo — define el tipo de negocio
- FCF / Net Income — Calidad del beneficio — farma grande debería convertir >90%
- ROIC — Capital reinvertido con eficiencia — clave en farma por ciclos de I+D largos
- Deuda neta / EBITDA — Adquisiciones de farma generan mucha deuda — ojo al post-M&A
- P/E vs historial 10y propio — La mejor comparación es con su propia historia, no con competidores
Rentabilidad
| Rentabilidad sobre capital | -96.66% |
| Rentabilidad sobre capital invertido | -48.39% |
| Rentabilidad sobre activos | -41.94% |
| Margen bruto | 77.06% |
| Margen operativo | -52.96% |
| Margen neto | -55.03% |
Salud financiera
| Deuda / Patrimonio | 1.43 |
| Ratio corriente | 4.32 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | -44.17 | -67.78 | -76.69 | -23.76 | -5.30 | -7.97 | -4.72 | -1.66 |
| P/VC | -4.87 | -7.43 | 10.89 | 6.00 | 2.03 | 4.09 | 3.09 | 1.66 |
| P/V | 40.70 | 42.72 | 75.26 | 23.93 | 5.83 | 7.05 | 3.17 | 0.99 |
| Margen Bruto | 61.4% | 68.8% | 64.8% | 73.6% | 74.3% | 73.9% | 74.0% | 74.2% |
| Margen Operativo | -75.2% | -54.7% | -98.8% | -97.7% | -109.3% | -90.2% | -68.9% | -59.3% |
| Margen Neto | -92.4% | -63.5% | -98.5% | -100.5% | -109.8% | -88.6% | -67.3% | -59.7% |
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