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What were the key takeaways from Beyond Air’s earnings call?

- **Revenue Surge**: Q2 2026 revenue up 128% YoY to $1.8 million, with FY26 guidance of $8-10 million.
- **Gen II Momentum**: Second-gen LungFit PH (FDA pending) set for late 2026 launch, targeting larger hospitals and transport use.
- **Global Expansion**: 35+ country partnerships, first international placements, targeting 60+ countries by end-2026.
- **Financial Strength**: $12M debt + $20M equity line provides runway to profitability, with 66% YoY cash burn reduction.
- **Clinical Progress**: Beyond Cancer trial shows 22-month median survival; NeuroNOS programs advance with FDA orphan designations.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 2026 revenue reached $1.8 million, up 128% YoY and 3% sequentially. FY26 guidance updated to $8-10 million.
- **New Sales Model**: Introduced capital purchase option for LungFit PH, with first hospital purchase post-quarter end. This complements traditional leasing model.
- **International Expansion**: Placed first commercial systems outside the U.S. in Japan, South Korea, and Latin America, expanding to 35 countries. Target 60+ countries by end-2026.
- **Gen II Launch**: Second-generation LungFit PH (smaller, portable) expected to launch late 2026 (pending FDA approval). Gen II design patent granted through 2040.
- **Clinical Updates**: Beyond Cancer's Phase Ia trial shows median survival of 22 months (UNO therapy). NeuroNOS programs (BA-101, BA-102) advance with FDA orphan drug designations.
- **Financial Strength**: Secured $12M debt and $20M equity line with Streeterville Capital, providing runway through 2027.

**【CFO Financial Commentary】**
- **Revenue & Margin**: Q2 2026 revenue $1.8M (vs. $0.8M YoY). Gross loss narrowed to $0.3M (from $1.1M YoY) due to sales growth, offset by inventory/write-down costs.
- **Cost Control**: Total operating expenses down 37% YoY to $7.4M. R&D expenses halved to $2.5M, SG&A reduced 32% to $4.9M. Cash burn reduced 66% YoY to $4.7M.
- **Liquidity**: $10.7M cash as of Q2, with $32M+ available via debt/equity lines. Expect cash burn to decline as revenue grows.

**【Q&A Highlights】**
- **Gen II Growth Drivers**: International expansion (35+ countries with partners) and U.S. capital sales model adoption. FDA approval delays attributed to supply chain, not regulatory hurdles.
- **FDA Timeline**: Gen II launch expected late 2026, contingent on FDA approval. No material delays noted; focus on supply chain readiness.
- **Business Model Impact**: Capital purchases reduce reliance on leasing cycles, offering hospitals cost flexibility. Early feedback on Gen II design positive.
- **International Pricing**: Ex-U.S. sales via distributors, with disposables revenue similar to U.S. model. Regulatory approvals in key markets expected to drive 2027+ growth.
- **Contract Renewals**: Hospitals extending contracts with multiyear agreements, reflecting LungFit PH's value proposition. No significant attrition reported.

Beyond Air, Inc. (XAIR) Q2 2026 Earnings Call Transcript

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