The following is a summary of the Beyond Air, Inc. (XAIR) Q4 2024 Earnings Call Transcript:
Financial Performance:
FY 2024 revenue reported at $1.2 million, up from zero in the previous year.
Net loss improved slightly to $64.3 million; cash reserves stood at $34.5 million.
Business Progress:
LungFit PH launched and used in over 50 US hospitals, treating 1,100 patients.
All hospitals renewed LungFit PH contracts with an increase in multi-year agreements.
Opportunity:
Potential market expansion with pending FDA approval for LungFit PH in cardiac surgeries.
Strategic partnerships in Asia-Pacific and plans for European market entry.
Risk:
Delayed milestones could lower FY 2025 revenue expectations.
High dependency on LungFit PH market acceptance and updated system deployments.
Financial Performance:
Beyond Air reported FY 2024 revenue of $1.2 million, a significant increase from zero revenue in the previous fiscal year.
Gross margin reported a loss of $1.3 million due to costs related to device upgrades and depreciation of prebuilt devices.
Net loss for the fiscal year 2024 was $64.3 million, slightly improved from the previous year.
Cash, cash equivalents, and marketable securities totaled $34.5 million as of March 31, 2024.
Business Progress:
Beyond Air successfully launched LungFit PH following FDA approval and completed a crucial software upgrade.
Over 50 hospitals in the U.S. have used LungFit PH to treat more than 1,100 patients totaling over 75,000 therapy hours.
All hospitals using LungFit PH renewed their contracts, with a significant increase in multi-year contracts.
Anticipation of FDA approval for the expansion of LungFit PH label to include cardiac surgery by the end of calendar year 2024.
Opportunities:
Significant market opportunity with the expansion of LungFit PH label to include cardiac surgeries pending FDA approval.
Establishment of strategic partnerships for the commercialization of LungFit PH in Asia-Pacific regions through Getz Healthcare.
Plans to target European markets pending CE Mark approval.
Introduction of David Webster as Chief Commercial Officer to spearhead market expansion and commercial strategies.
Risks:
Delays in reaching business and product milestones have adjusted revenue expectations downward for fiscal year 2025.
High dependency on successful market expansion and acceptance of updated LungFit PH systems in new hospitals.
Depreciation costs and suboptimal warehousing impacting gross margins.
More details: Beyond Air IR
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