Q4 2024 Beyond Air Inc Earnings Call Transcript
Key Points
- Revenue for the fiscal fourth quarter grew more than 20% sequentially.
- LungFit PH has been used in over 50 hospitals in the United States, treating more than 1,100 patients.
- Every hospital that used LungFit PH and had their contract conclude has renewed, with a 100% increase in multiyear contracts.
- The company has appointed a new Chief Commercial Officer, David Webster, who has extensive experience in bringing products to market.
- Beyond Cancer's Phase 1a study showed promising results, demonstrating evidence of immune system activation in a heavily pretreated population.
- Revenue guidance for fiscal year 2025 has been revised down to greater than $10 million from the previous $12 million to $16 million.
- The company reported a net loss of $64.3 million for the fiscal year ended March 31, 2024.
- Cash burn in the quarter ended March 31, 2024, was $12.8 million, with significant costs related to upgrades of LungFit devices.
- The company has reduced its headcount by over 20% to preserve capital, impacting R&D projects.
- There are delays in reaching milestones, including the CE Mark for LungFit PH and the PMA supplement for cardiac surgery, affecting near-term targets.
Good afternoon, and welcome everyone to the Beyond Air, financial results call for the fiscal quarter ended March 31, 2024. (Operator Instructions)
And now, I would like to turn the call over to Garth Russell, LifeSci Advisors. Please go ahead.
Thank you, operator. Good afternoon, everyone, and thank you for joining us. Today, after the market closed, we issued a press release announcing the fiscal year 2024, operational highlights and financial results. A copy of this press release can be found on our website, www.beyondair.net under the News and Events section.
Before we begin, I would like to remind everyone that we will be making comments and various remarks about future expectations, plans and prospects, which constitute forward-looking statements for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995.
Beyond Air, cautions that these forward-looking statements
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