The following is a summary of the Beyond Air, Inc. (XAIR) Q3 2024 Earnings Call Transcript:
Financial Performance:
Beyond Air reported a significant Q3 revenue increase of over 60% from the previous quarter, reaching $0.4 million.
Gross margin remains negative due to software upgrade costs, idle equipment depreciation, and inefficiencies related to early-stage growth.
R&D expenses rose to $6.8 million due to rising costs associated with device development and increased salaries for R&D teams.
SG&A expenses increased to $9.8 million, mainly due to stock-based compensation and increased salaries.
The company reported a net loss of $17.1 million for the quarter, with $16.1 million attributable to shareholders.
Net cash used totaled $12.7 million, with cash and cash equivalents standing at $31.4 million as of December 31, 2023.
Business Progress:
A recent software upgrade was approved by the FDA and has generated increased demand for product evaluations.
The company secured three multiyear contracts after showcasing the upgraded system at the American Academy of Respiratory Care in November.
Beyond Air was granted an innovative technology contract award from Vizient, extending their business reach.
The company's Phase 1 study evaluating ultra-high concentration nitric oxide (UNO) showed no dose-limiting toxicities at 25,000 ppm single-dose UNO.
CE Mark is expected to be obtained in the first half of 2024, which will result in a milestone payment from partner Getz Healthcare.
FDA approval is anticipated by the end of 2024 for the expansion of current nitric oxide-based treatment to include cardiac surgery.
Significant progress has been made in updating the LungFit device software and the development of the company's pipeline, despite depreciation and refitting costs.
More details: Beyond Air IR
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