Revenues increased 45% compared to the previous quarter ended March 31, 2024
Optimized LungFit PH device continues to expand footprint and strengthen customer base
Amir Avniel, Beyond Air (NASDAQ:) Board member and Chief Business Officer, appointed Chief Executive Officer of NeuroNOS, Beyond Air’s wholly owned subsidiary focused on neurological disorders with a lead indication of Autism Spectrum Disorder
Reiterates revenue guidance of at least $10 million for FY 2025
GARDEN CITY, N.Y., Aug. 06, 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 nitric oxide (NO) to improve the lives of patients, today announced its financial results for the fiscal first quarter ended June 30, 2024, and provided a corporate update.
Our team continues to enhance the commercial execution for LungFit PH, which includes strengthening our sales pipeline in targeted markets across the U.S. We are confident in the long-term growth of our optimized LungFit PH system and have received positive feedback from new and existing customers as they realize the clinical benefits the system provides by offering on-demand, ambient air-generated NO compared to legacy cylinder NO systems. Through our consistent efforts and customer engagement, we are seeing an increasing number of customer engagements for multi-year contracts in the sales pipeline and existing hospital relationships are expanding across affiliate locations, said Steve Lisi, Chairman and Chief Executive Officer of Beyond Air. This continued positive momentum is supported by our capital conservation strategy, which has strengthened our cash runway to focus on LungFit PH’s launch, and our new Chief Commercial Officer, David Webster, who brings a results-driven mentality that is already energizing our commercial operations.
Recent Portfolio Highlights and Upcoming Milestones
LungFit ® PH
- Commercial Execution
- Increased commercial demand for LungFit PH, as evidenced by:
- A 45% increase in quarterly revenue compared to the previous quarter ending March 31, 2024
- More than $7 million in aggregate contracted revenue through fiscal year 2027
- LungFit PH devices have been used in more than 55 hospitals
- Customer base extending across 10 states in the U.S.
- Increased commercial demand for LungFit PH, as evidenced by:
- Pipeline Highlights
- Cardiac surgery PMA supplement FDA decision expected before year-end 2024
- Currently no FDA approved NO system is labeled for…
- Cardiac surgery PMA supplement FDA decision expected before year-end 2024
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