Key Highlights

  • The four are ordered by how mature their revenue is, running from Pulmonx with USD 22.8 million of quarterly sales down to Microbot with USD 241,000, followed by the two decliners. The shared test is regulatory and commercial progress measured against cash.
  • Pulmonx (NASDAQ:LUNG) rose 7.07% after results released Tuesday, October 27, 2026, while Microbot Medical (NASDAQ:MBOT) rose 6.80% with no dated announcement and about USD 67.4 million of cash and marketable securities.
  • Nuwellis, Inc. (NASDAQ:NUWE) fell 12.20% despite a favourable paediatric study, and Baird Medical Investment Holdings Limited (NASDAQ:BDMD) dropped 7.73% to USD 0.2601 with a swing to first-half profit.
  • The Federal Reserve decision is due later on Wednesday, October 28, 2026, and all four quotes are thin pre-market snapshots that can move before the 9:30 a.m. ET open.

Pulmonx (NASDAQ:LUNG): a return to growth in the third quarter

Pulmonx (NASDAQ:LUNG) makes the Zephyr valve, a medical device for severe emphysema, a chronic lung disease. Pre-market on Wednesday, October 28, 2026 it was at USD 2.12, up 7.07%. The probable trigger is the release of Tuesday, October 27, 2026 covering third quarter 2026 results for the quarter ended Wednesday, September 30, 2026, in which revenue grew 6% on both a reported and a constant currency basis, the latter removing exchange rate effects, a return to year-on-year growth. Linking the release to the move is an inference from timing.

Of the USD 22.8 million in revenue, USD 14.9 million came from the United States, up 7%, and USD 7.9 million from international markets, where China contributed nothing as the distributor has not resumed orders. Gross margin was 76%, operating expenses dropped 18% to USD 24.9 million and the adjusted EBITDA loss narrowed 57% to USD 3.5 million, with a net loss of USD 8.4 million. According to the company, its Chinese registration certificate has been renewed and commercial activity there is restarting.

Full-year revenue guidance of USD 90 million to USD 92 million was left unchanged, which implies fourth quarter revenue of about USD 23.8 million to USD 25.8 million by simple arithmetic. The cautious view rests on nine-month revenue of USD 66.2 million, still down 2.5%, and on cash of USD 52.7 million against about USD 37.8 million of debt. Investors should watch the restart of China orders.

Microbot Medical (NASDAQ:MBOT): a funded rollout with tiny revenue

Microbot Medical (NASDAQ:MBOT) sells the LIBERTY endovascular robotic system, a single-use robot for navigating blood vessels. It traded at USD 1.10, up 6.80%, in Wednesday, October 28, 2026 pre-market trading. No company-specific announcement dated on or just before that day came with the move. The most recent release, of Tuesday, October 20, 2026, announced new patents. The rise seems consistent with ongoing interest in the commercial rollout and with thin liquidity, both inferences.

The Form 10-Q for the quarter ended Tuesday, June 30, 2026 showed second quarter revenue of USD 241,000 and cost of revenue of USD 884,000, so cost ran ahead of revenue by simple arithmetic on those two figures. The net loss was USD 5.6 million. Management says cash and marketable securities of about USD 67.4 million are enough to fund operations for more than twelve months.

Bulls cite an exclusive three-year Israel distribution agreement dated Tuesday, October 6, 2026, with initial orders expected in the fourth quarter, and a CE Mark, a European conformity approval, expected in late 2026 or early 2027. Bears cite a negative gross margin that the company expects to turn positive only in 2027. Dilution through the at-the-market programme is a named risk.

Nuwellis, Inc. (NASDAQ:NUWE): a favourable study and yet a fall

The Aquadex system, which removes fluid from patients with fluid overload, is sold by Nuwellis, Inc. (NASDAQ:NUWE). Pre-market on Wednesday, October 28, 2026 it was at USD 4.75, down 12.20%. A release issued at 8:00 a.m. ET on Tuesday, October 27, 2026 announced that Pediatric Nephrology had accepted a multicentre study of Aquadex in children. Since the study is favourable, the move ran against the news and looks like profit-taking or thin trading, an inference.

At seven hospitals, the ULTRA-Peds Registry covered 91 patients, and the company plans to seek a label expansion from 20 kg and above down to 5 kg and above. Second quarter revenue was USD 2.0 million, up 14%, with a gross margin of 76% versus 56% a year earlier, according to the release of Thursday, August 13, 2026, and the net loss was USD 4.8 million. Cash of about USD 8.8 million at August 31, 2026 is expected to fund operations into the third quarter of 2027.

The optimistic view is that a label from 5 kg would widen the addressable paediatric population. The cautious view is that quarterly revenue is only USD 2.0 million and that labelling approval is not assured. Investors should watch the Vivian advisory board meeting on Wednesday, November 18, 2026 and Thursday, November 19, 2026, along with any FDA submission.

Baird Medical Investment Holdings Limited (NASDAQ:BDMD): overseas approvals and a sub-USD 1.00 quote

Baird Medical Investment Holdings Limited (NASDAQ:BDMD) sells microwave ablation systems. It traded at USD 0.2601 in the pre-market snapshot of Wednesday, October 28, 2026, a fall of 7.73%. No company-specific announcement dated on or just before that day came with the move. The most recent statement, dated Monday, October 19, 2026, covered Class C registrations in Vietnam and preliminary approval in Egypt for its BD-GT system. The decline seems consistent with thin trading and profit-taking in a low-priced security, an inference.

Preliminary unaudited results for the six months to June 30, 2026 came in the release of Thursday, September 3, 2026. Revenue was about USD 9.9 million, up 24.6%, with roughly two-thirds from outside mainland China. A fall in operating expenses to USD 7.8 million from USD 17.0 million turned a net loss of USD 11.4 million into net income of USD 13,499. Full-year 2025 revenue had dropped 39.2% to USD 22.5 million after a policy-related slowdown in mainland China.

The optimistic view rests on the swing to profitability and on foreign registrations. The cautious view is that net income of USD 13,499 is marginal, the figures are unaudited, and the quote sits well below USD 1.00, which raises possible Nasdaq minimum bid price questions as general context.

Where Things Stand

At different stages of commercialisation, these four device makers move in a pattern that revenue scale explains better than any shared catalyst. Only Pulmonx (NASDAQ:LUNG) has a results release inside the session window, Microbot Medical (NASDAQ:MBOT) is funded but pre-scale, Nuwellis, Inc. (NASDAQ:NUWE) fell against favourable news, and Baird Medical Investment Holdings Limited (NASDAQ:BDMD) trades under USD 1.00 on preliminary figures.

The next catalysts are the Federal Reserve decision due later on Wednesday, October 28, 2026, the China order restart at Pulmonx and the Vivian advisory board on Wednesday, November 18, 2026. Pre-market prices are snapshots that can change, and this is not investment advice.