Business
Beyond Air® Reports Fiscal Fourth Quarter and Full Year 2024 Financial Results and Provides Corporate Update
Appointed industry veteran, David Webster, as new Chief Commercial Officer Recently upgraded LungFit PH device expands customer base; revenue growth expected
About this update from Beyond Air, Inc.
[{"type":"text","content":"Appointed industry veteran, David Webster, as new Chief Commercial Officer Recently upgraded LungFit PH device expands customer base; revenue growth expected to accelerateeach quarter going forward FY 2025 revenue guidance revised to greater than $10 million Implemented capital conservation strategy to reduce cash burn Conference call scheduled for 4:30 p.m. ET today, June 24th GARDEN CITY, N.Y., June 24, 2024 (GLOBE NEWSWIRE) -- Beyond Air, Inc. (NASDAQ: XAIR) (“Beyond Air” or the “Company”), a commercial stage medical device and biopharmaceutical company focused on harnessing the power of endogenous and exogenous nitric oxide (NO) to improve the lives of patients suffering from respiratory illnesses, neurological disorders and solid tumors (through its affiliate Beyond Cancer, Ltd. (“Beyond Cancer”)), today announced its financial results for the fiscal fourth quarter and year ended March 31, 2024, and provided a corporate update. “I am proud of the Beyond Air team’s accomplishments throughout our fiscal year (FY) 2024, which positions the Company for growth over the coming year and beyond,” said Steve Lisi, Chairman and Chief Executive Officer of Beyond Air. “Throughout the past year, we successfully navigated challenges during the initial soft launch of LungFit PH and emerged with a stronger solution and commercial infrastructure. These improvements have positively impacted our sales pipeline and existing customer engagements, which are expected to be reflected in our topline performance over the coming quarters. Two upcoming milestones that are expected to drive additional revenue growth include the pending FDA decision on the cardiac surgery indication and development of a second generation LungFit PH system.” “Over the past few months, we implemented a strategy to conserve capital as we continue building momentum around the commercial launch of LungFit PH. This will significantly reduce our quarterly spend going forward. The impacted R&D projects include our VCAP program, which was placed on hold, and our LungFit GO home-based device for NTM and other lung infections, which we are now bringing in-house for design and development, resulting in a modest delay. We continue to target initiation of the next clinical study for the NTM program during calendar year 2026. Separately, our cancer and autism programs are anticipated ...