Beyond Air (XAIR) 2027财年第一季度业绩电话会议：FDA催化剂，2026年800万美元展望

Beyond Air（Nasdaq：XAIR）公布了截至2026年6月30日的2027财年第一季度财报，营收保持稳定，毛利率有所改善。管理层重点关注第二代LungFit PH系统等待FDA审查的进展、商业管线增长以及扩大的融资能力。

核心要点

• 2027财年第一季度营收为180万美元，与上年同期及2026年3月季度持平。
• 毛利率从上年同期的9%上升至13%，实现连续第三个季度毛利润为正。
• 归属于普通股股东的净亏损从770万美元扩大至790万美元。每股亏损为11.00美元，而上年同期为30.67美元。
• 管理层重申2026日历年营收指引为800万美元，2027日历年指引为1600万至1800万美元。
• 第二代LungFit PH仍处于FDA审查阶段。管理层继续预计可能在2026年下半年做出决定，根据当前流程阶段，时间更有可能落在第四季度。
• Beyond Air表示，在过去五到六个月中，其商业管线翻了一番，同时其国际合作伙伴关系已覆盖40多个国家。

核心财务数据

业务与经营业绩

Beyond Air继续为其第二代LungFit PH系统在美国的潜在商业化上市做准备。该公司于2025年6月向FDA提交了PMA补充申请，并表示工程和试点制造正在与其合同制造商稳步推进。

管理层表示，FDA已收到几乎所有所需文件，并在几次预期审计前审阅材料。最终的试点制造也正在完成，以便纳入审计流程。

通过与第三家美国大型团体采购组织签署全国性采购协议，公司的商业覆盖范围进一步扩大。结合与Premier和Vizient的现有协议，这些安排覆盖了很大一部分美国医院和医疗系统。

该公司还拥有覆盖40多个国家的分销合作伙伴关系。管理层表示，强化后的资产负债表应能提升其支持国际合作伙伴的能力，但需获得相关监管批准。

Beyond Air最近获得了高达3000万美元的融资。其中包括1000万美元的前期总收益，以及来自潜在行使短期和长期认股权证的高达2000万美元收益。募集资金旨在支持试点和商业设备生产、日常运营以及国际拓展。

管理层业绩指引

管理层重申2026日历年营收指引为800万美元，比2025日历年高出约15%。该预测不包含来自第二代LungFit PH系统的营收。

该公司在2026日历年上半年产生了约370万美元的营收，并预计下半年约为430万美元，以实现全年目标。管理层提到最近的商业获客、扩大的管线、国际采购和活跃的投标是支撑因素。

2027日历年营收指引保持在1600万至1800万美元之间。取中点值计算，这代表比2026年目标增长超过110%。与2026年的展望不同，2027年的预测包含了潜在的第二代LungFit PH上市带来的营收，因此取决于FDA的批准。

风险与关注领域

• 第二代LungFit PH审查的时间和结果仍取决于FDA的审批流程。管理层拒绝提供确切的批准日期。
• 该公司仍处于现金消耗状态，额外的2000万美元融资取决于权证的行使。
• 医院签约涉及较长的销售周期，这可能会影响扩大的管线转化为营收的时机。
• 国际拓展仍需获得适用的监管批准。
• 2027年的营收展望假设第二代LungFit PH系统在获得FDA批准后实现潜在的商业化上市。

分析师问答环节亮点

管理层表示，融资将主要用于运营、近期第二代（Gen II）试点制造以及获FDA批准后更大规模的设备生产。部分资金也将用于支持公司在上市准备期间的现金需求。

在商业活动方面，管理层报告签约量明显回升，并称管线在过去五到六个月内翻了一番。预计近期赢得的订单和国际采购将对2026日历年下半年的营收做出贡献。

关于FDA审查，管理层表示流程已进入审计阶段。文件提交已基本完成，与监管机构的沟通非常顺畅，预计在完成最终试点制造后将接受多次审计。管理层维持了2026年下半年的预期，同时承认鉴于当前的时间表，第四季度做出决定的可能性更大。

业绩电话会议完整文字记录

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完整财报电话会议逐字稿

管理层陈述

Operator

Greetings, and welcome to the Beyond Air Financial Results for the quarter ending June 30, 2026. [Operator Instructions] And now I would like to turn the call over to Corey Davis, LifeSci Advisors. Please go ahead.

Corey Davis

Thank you, Operator. Good morning, everyone, and thank you for joining us. Earlier today, we issued a press release announcing the operational highlights and financial results for Beyond Air's quarter ended June 30, 2026. A copy of this press release can be found on our website, beyondair.net, under the News and Events section.

Before we begin, I'd 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 are subject to risks and uncertainties that could cause actual results to differ materially from those indicated.

We encourage everyone to review the company's filings with the SEC, including, without limitation, the company's most recent Form 10-K and Form 10-Q, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements. Additionally, this conference call is being recorded and will be available for audio rebroadcast on our website, beyondair.net.

Furthermore, the content of this call contains time-sensitive information that is accurate only as of the date of the live broadcast, August 13, 2026. Beyond Air undertakes no obligation to revise or update any statements to reflect events or circumstances after the date of this call.

With that, I'll turn the call over to Robert Goodman, Chief Executive Officer of Beyond Air. Bob, the floor is yours.

Robert Goodman

Thanks, Corey, and good morning, everyone. With me today is Dan Moorhead, our Chief Financial Officer. As we just had our last quarterly call a few weeks ago, I'll keep my prepared remarks fairly brief. Over the past few months, we've been focused on positioning Beyond Air for its next phase of growth. We strengthened our balance sheet through an up to $30 million financing, regained compliance with Nasdaq's listing requirements, and continue to expand the commercial foundation supporting LungFit PH. Collectively, these actions have strengthened the company's financial position, increased our commercial reach, and enhanced our ability to execute on what we believe is a significant opportunity ahead of us.

As we prepare for the planned commercial launch of our second-generation LungFit PH system, pending FDA approval, our priorities are focused on continuing to expand market access, deepen relationships with hospitals and health systems, grow our commercial pipeline, and execute with financial discipline. We believe these efforts will position Beyond Air to drive broader adoption of the LungFit PH while creating a stronger platform for long-term growth. Turning to the financial results, revenue for the quarter ended June 30, 2026, was $1.8 million, which is effectively flat from the March '26 quarter. While revenue remained relatively consistent, we made meaningful progress advancing the commercial and operational initiatives that we believe will support stronger growth as we move through the remainder of the year and prepare for the planned launch of our second-generation LungFit PH system.

We continue to execute against several initiatives designed to expand market access and increase commercial adoption. During the quarter, we entered into a national group purchasing agreement with a leading U.S. GPO, becoming the third major national GPO to partner with Beyond Air. Together with our existing agreements with Premier and Vizient, these relationships provide access to a substantial portion of U.S. hospitals and health systems and represent an important component to our commercial strategy. We also continue to expand our global distribution network through new and existing commercial partnerships, further extending LungFit PH's reach into the international markets.

Another growth center for the company will be the expansion of our international distribution. We have a number of partnerships already in place that cover more than 40 countries. As a result of our strengthened financial position following the recent equity raise, we're in a better position to support our partners' efforts to bring LungFit PH to market in many of these areas. We look forward to providing updates on these programs as appropriate. As it relates to the Gen II LungFit system in the U.S., which remains under review at the FDA, we continue to believe this to be the most important near-term catalyst for the company.

We submitted our PMA supplement to the FDA in June of 2025, and based off of our interactions with the FDA to date, we continue to believe we are on track for a potential approval in the second half of this calendar year, although the timing and outcome of the review remain subject to the FDA approval process. Accordingly, we continue to prepare for a potential commercial launch. We are maintaining a disciplined and focused approach to capital allocation. We continue to dedicate our resources predominantly to LungFit PH.

In our press release issued earlier today, we reaffirmed our previously issued revenue guidance of $8 million for calendar 2026, representing approximately 15% growth over calendar year 2025. I think it is worth noting that we're not including any revenue from the second-generation LungFit for 2026. We also reaffirm our previously issued 2027 revenue guidance of $16 million to $18 million, representing more than 110% growth at the midpoint compared with our 2026 guidance. The guidance for 2027 does include revenue from the potential commercial launch for the second-generation LungFit PH system, subject to FDA approval. Looking forward, Beyond Air is approaching an important inflection point.

With continued international expansion and planned commercial launch of our second-generation LungFit systems pending approval, we have established a stronger foundation to accelerate commercial execution and drive meaningful revenue over the coming years.

With that, I'll turn the call over to Dan for a review of our financial results. Dan?

Daniel Moorhead

Thanks, Bob, and good morning, everyone. I'll walk through our financial results for the quarter ended June 30, 2026. Revenue for the quarters ended June 30, 2026, and 2025, was $1.8 million. Gross margin for the quarter ended June 30, 2026, was 13%, compared with gross margin of 9% for the same period last year. This marks our third consecutive quarter of positive gross profit. Research and development expenses for the quarters ended June 30, 2026, were $2 million, compared to $3.1 million for the same period last year. Selling, general, and administrative expenses for the quarter ended June 30, 2026, were $4.9 million, compared with $4.7 million for the same period last year. Other expense for the quarter ended June 30, 2026, was $1.5, million compared with $500,000 for the same period last year.

Net loss attributable to common stockholders of Beyond Air for the quarter ended June 30, 2026, was $7.9 million, or a loss of $11 per basic and diluted share, compared with a net loss of $7.7 million, or $30.67 per share, for the same period last year. As of June 30, 2026, we reported cash, cash equivalents, restricted cash, and marketable securities of $15.2 million. Please note, this cash total does not include our recent financing. As Bob previously mentioned, we recently announced a financing for up to $30 million, which provided $10 million in upfront gross proceeds and the potential for up to an additional $20 million upon the exercise of short- and long-term warrants. This financing provides us with the financial flexibility to execute the planned commercial launch of our second-generation LungFit PH in the U.S., pending FDA approval, as well as the international commercial expansion, subject to applicable regulatory approvals.

On our last quarterly call, we announced the change in our fiscal year-end from March 31 to December 31. While we are referring to calendar year goals, you may notice our SEC filing will still be on our March 31 fiscal year-end. We will move to calendar year reporting with the SEC subsequent to our December 31, 2026, filing.

With that, we will now open the call for questions.

Operator

With that, we will now open the call for questions. [Operator Instructions] Our first question comes from Michael King with Rodman & Renshaw. Please proceed with your question.

分析师问答

Jillian Weiss

This is Jillian Weiss on the line for Michael King from Rodman & Renshaw. So you mentioned the financing will support the Gen II LungFit PH launch and commercial rollout. Can you give us a little more detail on what the capital will actually be used for and where you expect to see the biggest investment over the next several quarters?

Daniel Moorhead

Sure, I can take that. It really is a lot for operations. So what we have going right now is we have the pilots, which are being built on the Gen II device, in the near term, and then upon FDA clearance, we'd be building a lot more devices and gaining commercial steam for 2027 and beyond. So it's really an operations function, but a lot of it is on the device. And then we are obviously in a cash burn position right now, so it will absorb some of that burn during that period as well.

Jillian Weiss

And are things starting to pick up on the contracting side, and do you think hospitals may be more willing to spend remaining budgets heading into year-end?

Robert Goodman

Yes, we've noticed a lot of pickup with contracting. Actually, our commercial functions really picked up a lot of that pace with a number of different new opportunities in front of us. Pipelines actually doubled over the last five or six months. So as you know, long sales cycle there, yet a lot of really -- a lot of this has picked up. So, yes.

Jillian Weiss

Okay, great. Thanks for taking my questions, and congrats on the quarter.

Operator

Thank you. Our next question comes from Yale Jen with Laidlaw & Company. Please proceed with your question.

Yale Jen

My first question is, any update in terms of the supplement PMA applications? What I meant is that, any interaction with the FDA and any other related stuff? Then I have a follow-up.

Robert Goodman

Yes, let me take that one, Dan. So yes, we've had a lot of activity and a lot of progress with the PMA supplement. So we've begun to submit paperwork to the FDA. They're already reviewing the paperwork, as Dan touched on. We're doing a couple of things with our contract manufacturer, finishing up our engineering build and our pilot builds of all the different products that will be validated by the FDA. So that's all part of this slew of paperwork that goes to them, and it all kind of lands on the performance qualification. It'll be a desk audit that the FDA will eventually be doing with us.

So all the different paperwork that's needed to go to them is getting to them on time. We're getting really good communication back and forth. I think I had mentioned on the last call, but this is a really good team over at the FDA. Very communicative, they get back to us within minutes or hours, sometimes days if it would typically take weeks, but they're really quick. And we're really positive on the way the process has been going.

Yale Jen

So at this point, would that still be things to be submitted, or basically everything is pretty much done except waiting for their decisions?

Robert Goodman

No, it's less of the decision piece and more of setting up. The next phase that we're in, and we're in this now, is that it's the audit phase. As they're reviewing the paperwork, they'll decide when the audits take place. There's a few different audits. We're already ready for a couple of those. And once our final pilot builds are done, which are happening now, we're doing that, then that part of the process will be dropped into their audit queue and their teams will come in and do their audits with us.

But yes, we're where we should be and they've received pretty much everything they need to receive. There's always a little back and forth, but not a back and forth that's setting us back. It's more of a, 'Hey, can you furnish us this?' 'oh, yes, that was in document A.' So, yes, everything's where it should be.

Yale Jen

Maybe just follow up on that, which is that given we are already in the midst of the third quarter right now, so should we really expect the potential decision likely be in the fourth quarter?

Robert Goodman

Yes, you know, I mean, what we're trying not to do is pinpoint an exact date. Only, Yale, the only reason for that, as you know, is it's not like with pharmaceuticals where you have a PDUFA date. Right, it's a medical device, we have to give a range. And yes, to your point, yes, we're now a month into Q3, so likely that would be a Q4 period. We're still in H2, and yes, if you want to try to figure out whether it be in Q3 or Q4, that's up to the FDA and how they're processing everything. So I guess let me step back and just say it's still going to be in H2, but we're only a month and a half away from Q4.

Yale Jen

Great. Maybe the last question, which is slightly different from the earlier one, which is that, given that the guidance you have $8 million to $10 million revenues for this year, the calendar '26, so a majority of them will come from the second half, which is starting this quarter. And just curious, what are the confidence at this point to support you feel that the second half will be -- have a greater revenue growth versus the first half?

Robert Goodman

Yes, so a couple of pieces on that, and Dan can definitely weigh in as well. But no, not $8 million to $10 million. The guidance was $8 million for this year. And so we're looking, really it's, if we could roll in about $3.7 million in H1, that means around $4.3 million in H2, and we're very confident that we'll be hitting that number. And the reason being is the pipeline that I referred to earlier. We've already started to see wins come in the quarter we're in right now, which will have some impact on the H2 numbers.

And then in addition to that, our international is starting to pick up a little bit, which is good. And that's immediate revenue recognition, as you know, because those are all being purchased. And then under our subscription model, where if you grab $1 million of business, it's not spread out over 12 months, and if we close that deal in November, you're really only getting a couple of hundred thousand dollars, you get the whole $1 million, right? So we have a lot of tenders that we have our hands firmly around.

We have already won a number of opportunities within this quarter that we know will be seeing that bump up as well. So, yes, we're reaffirming certainly the $8 million and we're also firmly standing behind our 2027 guidance. So, yes, I hope that answers that.

Yale Jen

That's very helpful. I appreciate it. And best of luck going forward. And thanks.

Operator

We have reached the end of our question-and-answer session. I would now like to turn the floor back over to Robert Goodman for closing comments.

Robert Goodman

I just want to thank everybody for joining the call this morning and for all your support. And we look forward to continuing to provide feedback and updates, and look forward to our next call together. Have a great day.

Operator

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.