Beyond Air Inc (XAIR) 2026 Q1 法說會逐字稿

Good afternoon, and welcome, everyone, to the Beyond Air financial results call for the fiscal quarter ended June 30, 2025. (Operator Instructions)

下午好，歡迎大家參加 Beyond Air 2025 年 6 月 30 日結束的財務季度財務業績電話會議。（操作員指示）

And now, I would like to turn the call over to Corey Davis from LifeSci Advisors. Please go ahead.

現在，我想將電話轉給 LifeSci Advisors 的 Corey Davis。請繼續。

Thank you, operator. Good afternoon, everyone, and thank you for joining us. Today, after the market closed, we issued a press release announcing the operational highlights and financial results for Beyond Air's first quarter of fiscal year 2026 ended June 30, 2025. A copy of this press release can be found on our website at www.beyondair.net under the News and Events section.

謝謝您，接線生。大家下午好，感謝大家的參與。今天，市場收盤後，我們發布了一份新聞稿，宣布了 Beyond Air 截至 2025 年 6 月 30 日的 2026 財年第一季的營運亮點和財務業績。您可在我們的網站 www.beyondair.net 的「新聞與活動」部分找到此新聞稿的副本。

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.

在我們開始之前，我想提醒大家，我們將對未來的期望、計劃和前景發表評論和各種評論，這些評論和評論構成了 1995 年《私人證券訴訟改革法案》安全港條款規定的前瞻性陳述。

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 Securities and Exchange Commission, 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.

Beyond Air 警告稱，這些前瞻性陳述受風險和不確定性的影響，可能導致實際結果與預期結果有重大差異。我們鼓勵每個人都查看公司向美國證券交易委員會提交的文件，包括但不限於公司最新的 10-K 表和 10-Q 表，這些文件確定了可能導致實際結果或事件與前瞻性陳述中描述的結果或事件存在重大差異的具體因素。

Additionally, this conference call is being recorded and will be available for audio rebroadcast on our website, beyondair.net. Furthermore, the content of this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, August 12, 2025. Beyond Air undertakes no obligation to revise or update any statements to reflect events or circumstances after the date of this call.

此外，本次電話會議將被錄音，並將在我們的網站 beyondair.net 上提供音訊重播。此外，本次電話會議的內容包含時間敏感訊息，其準確性僅限於直播日期（即 2025 年 8 月 12 日）。Beyond Air 不承擔修改或更新任何聲明以反映本次電話會議召開日期之後的事件或情況的義務。

With that, I'll turn the call over to Steve Lisi, Chairman and Chief Executive Officer of Beyond Air. Go ahead, Steve.

說完這些，我將把電話轉給 Beyond Air 董事長兼執行長 Steve Lisi。繼續吧，史蒂夫。

Thanks, Corey, and good afternoon to everyone. With me here today is Doug Larson, our Chief Financial Officer. I will be brief today, given the update just seven weeks ago on our fiscal earnings call. We continue to drive strong market adoption of LungFit PH, which was reflected in our financial results for the first fiscal quarter, including a 157% increase in revenue to $1.8 million compared with $700,000 for the same period last year. On a sequential basis, we reported a 50% increase over the quarter ended March 31, 2025.

謝謝，科里，大家下午好。今天和我一起在場的是我們的財務長道格‧拉森 (Doug Larson)。鑑於七週前我們在財務收益電話會議上剛剛更新過情況，今天我將簡短地講一講。我們繼續推動 LungFit PH 的強勁市場應用，這反映在我們第一財季的財務業績中，包括營收成長 157% 至 180 萬美元，而去年同期為 70 萬美元。以環比計算，我們報告稱，與截至 2025 年 3 月 31 日的季度相比，增長了 50%。

As a reminder, it was only a year ago that we implemented broad changes to our sales team and strategy under the leadership of the new Chief Commercial Officer, David Webster. This strategy included building out our distribution network in the United States and internationally, focusing more heavily on fostering customer relationships.

提醒一下，就在一年前，我們在新任首席商務官戴維·韋伯斯特 (David Webster) 的領導下對我們的銷售團隊和策略進行了廣泛的改革。此策略包括在美國和國際上建立我們的分銷網絡，更加重視培養客戶關係。

While we quickly reported seeing positive market reactions to the new strategy and team and our backlog of agreements started to build, it's only been over the course of the last two quarters that the financial performance of the company has really caught up. That said, our sales pipeline continues to build and the more customers use LungFit PH, the more confidence grows in the product and our ability to provide top-tier service.

雖然我們很快就報告說市場對新策略和新團隊做出了積極的反應，而且我們的積壓協議也開始增加，但直到最近兩個季度，公司的財務業績才真正趕上來。也就是說，我們的銷售管道不斷建設，使用 LungFit PH 的客戶越多，他們對產品和我們提供一流服務的能力的信心就越強。

The key takeaway here is that we are now well-positioned to overcome the barriers to entry in the nitric oxide market with LungFit PH and are well on our way to becoming the market leader with the addition of LungFit PH II in calendar year 2026, pending regulatory clearance. Considering the strong momentum in our business, we are reaffirming our revenue guidance of $12 million to $16 million for fiscal year 2026.

這裡的關鍵點是，我們現在已做好準備，透過 LungFit PH 克服進入一氧化氮市場的障礙，隨著 2026 年 LungFit PH II 的推出（等待監管部門批准），我們有望成為市場領導者。考慮到我們業務的強勁勢頭，我們重申 2026 財年的營收預期為 1,200 萬至 1,600 萬美元。

I will dig a little deeper into the specific drivers behind our financial performance in the fiscal first quarter of 2026 and for the future. We continue to generate a steady flow of new hospital contracts in the US with two new hospital starts and contract renewals with three hospitals.

我將更深入探討我們 2026 財年第一季及未來財務表現的具體驅動因素。我們繼續在美國穩定地簽訂新醫院合同，其中有兩家新醫院開業，並與三家醫院續約。

Some other important points I would like to put out there. One, more than 55% of our contracts are multiyear contracts. Two, this was the first quarter of international revenues being recorded. This comes after a tremendous amount of time spent working with our partners around the world, which we have documented on previous calls and in press releases.

我還想提出一些其他重要觀點。第一，我們的合約中有超過55%都是多年合約。二，這是首次記錄國際收入的季度。這是在我們與世界各地的合作夥伴花費大量時間進行合作之後取得的成果，我們在先前的電話會議和新聞稿中已經記錄了這一點。

To put our current reach into perspective, we now have access to over 30 countries with distribution partners covering more than 2 billion lives. We expect growth each quarter going forward with momentum picking up substantially in fiscal '27.

從目前的覆蓋範圍來看，我們現在已經覆蓋了 30 多個國家，分銷合作夥伴涵蓋了超過 20 億人的生活。我們預計未來每季都會實現成長，並且 27 財年的成長動能將大幅增強。

Turning back to the US. One of the market barriers we are focused on overcoming are the hospital networks and national purchasing groups. We have just been added to the Premier network, which gives us two of the big three as we were added to Vizient two years ago. Combined, these two GPOs provide us with access to close to 3,000 hospitals.

回到美國。我們重點克服的市場障礙之一是醫院網路和國家採購集團。我們剛剛加入 Premier 網絡，這意味著我們擁有三大運營商中的兩個，因為兩年前我們加入了 Vizient。這兩個 GPO 加起來為我們提供了近 3,000 家醫院的服務。

We still have to be highly selective in our targeting until we have the second-generation LungFit system, which is smaller, lighter, and designed for air and ground transportation while still delivering all the revolutionary features of the first-generation machine. We believe that this system will offer capabilities that will allow us to penetrate larger hospitals and larger hospital systems.

在我們擁有第二代 LungFit 系統之前，我們仍然必須嚴格選擇我們的目標，該系統更小、更輕，專為空中和地面運輸而設計，同時仍然具有第一代機器的所有革命性功能。我們相信，該系統將提供讓我們能夠滲透到更大的醫院和更大的醫院系統的能力。

Overall, we anticipate FDA approval of the second-generation system and subsequent introduction to the US market will have a major impact on our market share, total NO volume and logistics within the hospital. In regards to the Premier contract, we were awarded a national group purchasing agreement for therapeutic gases.

總體而言，我們預計 FDA 批准第二代系統並隨後將其引入美國市場將對我們的市場份額、總 NO 量和醫院內的物流產生重大影響。就 Premier 合約而言，我們獲得了治療氣體全國集團採購協議。

This new agreement allows Premier members at their discretion to take advantage of special pricing and terms prenegotiated by Premier for the LungFit PH system and disposable NO2 smart filters. This is a significant network for us to be aligned with, and we believe it will open a lot of doors for our sales team. Having this purchasing agreement will help streamline the sales process for Premier hospital network members as they contemplate converting their NO supply to LungFit PH.

這項新協議允許 Premier 會員自行決定是否享有 Premier 針對 LungFit PH 系統和一次性 NO2 智慧過濾器預先協商的特殊價格和條款。這對我們來說是一個重要的網絡，我們相信它將為我們的銷售團隊打開許多大門。當 Premier 醫院網路成員考慮將其 NO 供應轉換為 LungFit PH 時，此採購協議將有助於簡化他們的銷售流程。

Turning to Beyond Cancer. We are assessing the best path forward for the program at this time. Phase Ib combination study with anti-PD-1 therapy is the target, and we will communicate more details once we secure a clinical trial site. With respect to NeuroNOS, our subsidiary focused on therapies for autism spectrum disorders, I have no further update from the last time we spoke.

轉向超越癌症。我們目前正在評估該計劃的最佳前進道路。目標是進行與抗 PD-1 療法的 Ib 期聯合研究，一旦我們確定了臨床試驗地點，我們將溝通更多細節。關於我們專注於治療自閉症譜系障礙的子公司 NeuroNOS，自上次談話以來，我還沒有得到進一步的更新。

As a reminder, NeuroNOS will meet with FDA later this year regarding its path to human studies, which we expect to begin by the end of calendar 2026.

提醒一下，NeuroNOS 將於今年稍後與 FDA 會面，討論其人體研究的進程，我們預計研究將於 2026 年底開始。

Our LungFit GO program is still on track for a pre-IDE submission to FDA prior to year-end to discuss the clinical path forward. We continue to be encouraged by the progress across our business. LungFit PH is quickly gaining attention in hospitals across the US and now the world.

我們的 LungFit GO 計劃仍在按計劃進行，並將在年底前向 FDA 提交 IDE 前提交申請，討論未來的臨床進展。我們繼續對業務的進展感到鼓舞。LungFit PH 正迅速引起美國乃至全世界醫院的關注。

We look forward to continuing to take market share and build awareness for our system throughout the remainder of fiscal '26. And looking out to fiscal '27, we see the introduction of LungFit PH II, putting us on a path to take the majority of market share over time in what we believe could ultimately be a $1 billion global NO market.

我們期待在 26 財年剩餘時間內繼續佔領市場份額並提高我們系統的知名度。展望 27 財年，我們將推出 LungFit PH II，這將使我們走上佔據大部分市場份額的道路，我們相信這最終可能是一個價值 10 億美元的全球 NO 市場。

Now I will turn it over to our CFO, Doug Larson.

現在我將把發言權交給我們的財務長 Doug Larson。

Thanks, Steve, and good afternoon, everyone. Our financial results for the first quarter of fiscal year 2026, which ended June 30, 2025, are as follows: Revenue for the fiscal quarter ended June 30, 2025, increased 157% to $1.8 million compared with $0.7 million for the fiscal quarter ended June 30, 2024.

謝謝，史蒂夫，大家下午好。我們截至 2025 年 6 月 30 日的 2026 財年第一季的財務表現如下：截至 2025 年 6 月 30 日的財政季度的收入為 180 萬美元，而截至 2024 年 6 月 30 日的財政季度的收入為 70 萬美元，增長 157%。

We are showing a gross profit increase of approximately $0.5 million to $0.2 million for the first fiscal quarter of 2026, compared to a loss of $0.3 million for the same period last year. The gross profit increase was due to increasing revenues, partially offset by depreciation of additional LungFit devices.

我們預計 2026 財年第一季的毛利將增加約 50 萬美元至 20 萬美元，而去年同期的毛利則虧損 30 萬美元。毛利的成長是由於收入的增加，但被額外 LungFit 設備的折舊部分抵消。

Turning to operating expenses. I just want to remind everyone that as we've talked about on previous quarterly calls, our team has been laser-focused on cost reduction in SG&A, R&D, and our supply chain. Over the first half of calendar 2025, we reduced total operating expenses to just above $7.5 million in the June quarter from $13 million for the same period last year.

談到營運費用。我只是想提醒大家，正如我們在之前的季度電話會議上所討論的那樣，我們的團隊一直專注於降低銷售、一般和行政費用、研發和供應鏈方面的成本。在 2025 年上半年，我們將總營運費用從去年同期的 1,300 萬美元減少到 6 月季度的 750 萬美元以上。

This translates to a 40% reduction year-over-year and greater than 55% reduction from a high of $17 million at its peak. We believe a trough in our operating expenses will be in the current quarter, which ends September 30, 2025.

這意味著年減 40%，比最高峰時的 1,700 萬美元下降 55% 以上。我們認為，我們的營運費用將在本季（截至 2025 年 9 月 30 日）達到低潮。

Please do not interpret that expenses will be moving up significantly in the December quarter. We anticipate expenses will move up in proportion to our commercial performance to maintain our excellence in service and take advantage of coming opportunities.

請不要將其解讀為 12 月季度的支出將大幅增加。我們預計費用將隨著我們的商業表現而增加，以保持我們卓越的服務並利用未來的機會。

Research and development expenses were $3.1 million for the fiscal quarter in 2026, as compared with $6 million for the same period last year. The decrease of $2.9 million was across the board with decreases in salaries, stock-based compensation costs, clinical and pre-clinical expenses, professional fees, and Gen II device development costs.

2026財年季度研發費用為310萬美元，去年同期為600萬美元。290 萬美元的減少是全方位的，包括工資、股票薪酬成本、臨床和臨床前費用、專業費用以及第二代設備開發成本​​的減少。

SG&A expense for the quarters ended June 30, 2025, and June 30, 2024, were $4.7 million and $7.2 million, respectively. The decrease of $2.5 million was attributed primarily to the reduction in salaries, stock-based compensation costs, marketing and advertising, and legal fees. Other expense was $0.5 million compared with a $0.5 million income for the same period a year ago.

截至 2025 年 6 月 30 日及 2024 年 6 月 30 日的季度的銷售、一般及行政費用分別為 470 萬美元及 720 萬美元。250 萬美元的減少主要歸因於工資、股票薪酬成本、行銷和廣告以及法律費用的減少。其他支出為 50 萬美元，而去年同期的收入為 50 萬美元。

The increase in expense of $1 million was mainly due to a prior-period gain associated with the change in fair value of the derivative liability for $1 million. Net loss attributed to the common stockholders of Beyond Air, Inc. was $7.7 million or a loss of $1.53 per share basic and diluted. Our net loss for the fiscal quarter ended June 30, 2024, was $12.2 million or a loss of $5.32 per share basic and diluted.

費用增加 100 萬美元，主要是因為前期衍生性負債公允價值變動產生的收益為 100 萬美元。Beyond Air, Inc. 普通股股東的淨虧損為 770 萬美元，即基本和稀釋每股虧損 1.53 美元。截至 2024 年 6 月 30 日的財政季度，我們的淨虧損為 1,220 萬美元，即每股基本虧損和稀釋虧損 5.32 美元。

Please note that the per share results were calculated to reflect the company's 1-for-20 reverse stock split, which became effective on July 14, 2025. As a reminder, we implemented this reverse stock split to regain compliance with Nasdaq Listing Rule 5550(a)(2). I am pleased to announce that Nasdaq has since notified the company that we are now back in compliance with all listing rules.

請注意，每股結果的計算反映了該公司 20 比 1 的反向股票分割，該分割於 2025 年 7 月 14 日生效。提醒一下，我們實施此反向股票分割是為了重新遵守納斯達克上市規則 5550(a)(2)。我很高興地宣布，納斯達克已通知該公司，我們現在已重新遵守所有上市規則。

Net cash burn for the quarter was $4.7 million, which is more than 60% lower than the first quarter of last fiscal year. This decrease reflects our reduction in operating expenses, including wrapping up spending on the development of our next-generation LungFit device in the June quarter. We've reported a strong reduction in our cash burn in Q1 and expect to see continued drop again in Q2.

本季淨現金消耗為 470 萬美元，較上一財年第一季下降 60% 以上。這一下降反映了我們營運費用的減少，包括在六月季度完成開發下一代 LungFit 設備的支出。我們報告第一季的現金消耗大幅減少，預計第二季將繼續下降。

As of June 30, 2025, we reported cash, cash equivalents and marketable securities of $6.5 million. We believe that our cash and existing financing vehicles will be sufficient to allow us to support current operating plans well into calendar 2026, and potentially to profitability, provided we continue to hit our internal revenue estimates and control costs at Beyond Air. And with that, I'll hand the call back to Steve.

截至 2025 年 6 月 30 日，我們報告的現金、現金等價物及有價證券為 650 萬美元。我們相信，只要我們繼續實現內部收入預期並控制 Beyond Air 的成本，我們的現金和現有融資工具將足以讓我們在 2026 年之前順利支持當前的營運計劃，並有可能實現盈利。說完這些，我就把電話轉回給史蒂夫。

Thanks, Doug. We'll now take some questions.

謝謝，道格。我們現在來回答一些問題。

(Operator Instructions)

（操作員指示）

Marie Thibault, BTIG.

Marie Thibault，BTIG。

Congrats on a nice quarter. I wanted to ask a big-picture question here. I know you're confident in your guidance range for the year, and you had some very nice 50% sequential growth this quarter. So really great to see it. How should we think about the various growth drivers coming together this year, Steve? I'm thinking about existing contracts, things like the Premier agreement. Is this all coming together now? Or do we need to see new sources of growth, more acceleration in order for you to hit that range? How are you thinking about it?

恭喜本季取得良好業績。我想在這裡問一個宏觀問題。我知道您對今年的指導範圍很有信心，而且本季您的業績連續成長了 50%。看到它真的很高興。史蒂夫，我們該如何看待今年各種成長動力的匯聚？我正在考慮現有的合同，例如 Premier 協議。現在一切都順利了嗎？還是我們需要看到新的成長源、更多的加速才能達到這個範圍？您覺得怎麼樣？

Thanks, Marie. Look, we certainly need a little bit more throughout the next seven months of the fiscal year. So yeah, we don't have the range set by what was in our pocket today. That's by design, obviously. I mean, we have a lot of open opportunities that are in front of us that we expect to win a certain percentage of those and hit our numbers, and we feel very confident about that.

謝謝，瑪麗。瞧，在接下來的七個月的財政年度裡，我們肯定需要更多一點。是的，我們沒有根據今天口袋裡的錢來設定範圍。顯然，這是設計使然。我的意思是，我們面前有很多開放的機會，我們期望贏得其中的一定比例並達到我們的目標，我們對此非常有信心。

So Premier is a big piece of that. I don't think that Premier coming on in July is going to have a major impact on this fiscal year. It does take time. It takes -- we've said in the past about 4 to 12 months from the first contact with the hospital.

因此 Premier 是其中重要的一環。我認為 7 月上任的總理不會對本財年產生重大影響。這確實需要時間。從第一次聯繫醫院開始，我們過去曾說過，這需要大約 4 到 12 個月的時間。

And now with Premier, we're able to have these conversations with their members. Prior to this, we may have had conversations, but really, they were just introductory. There really weren't much serious discussions until we got on with Premier. So those discussions are happening now. So -- we think there could be some impact in this fiscal year. But obviously, it will be a much bigger impact next fiscal year.

現在有了 Premier，我們就可以與其成員進行這些對話。在此之前，我們可能進行過交談，但實際上，這些只是介紹性的。在我們與 Premier 合作之前，確實沒有進行過太多嚴肅的討論。這些討論正在進行中。所以，我們認為本財年可能會產生一些影響。但顯然，下一財年的影響將更大。

So what we have in hand is very strong, and we're very confident that we'll hit the range. But I think it's unfair to say that Doug and I are sitting here with 12% to 16% in our pocket if nothing else happened from today. That's just not the truth. I don't think it needs to be the truth, Marie. I mean, we have a lot of time before the end of the fiscal year.

因此，我們手中的籌碼非常強大，我們非常有信心達到目標範圍。但我認為，如果今天沒有其他事情發生，道格和我坐在這裡只能拿到 12% 到 16% 的錢，這是不公平的。事實並非如此。我認為這不一定是事實，瑪麗。我的意思是，在財政年度結束之前我們還有很多時間。

Sure. Makes sense. Okay. But you feel good with being on track here. Okay. And then I guess I would ask a little bit about OUS. You called out some acceleration, I think, in the press release. And I know through your partners, you have exposure to several countries. Are there certain countries we should be listing for? Are there opportunities for big tenders here over the coming quarters? Just -- I want to get a little smarter on the OUS.

當然。有道理。好的。但你對這裡的進展感到很滿意。好的。然後我想我會問一些關於 OUS 的問題。我認為，您在新聞稿中提到了一些加速措施。我知道，透過您的合作夥伴，您已經接觸到了多個國家。我們應該列出哪些國家？未來幾季這裡是否存在進行大型招標的機會？只是——我想對 OUS 有更深入的了解。

Yeah. I think as you mentioned, the tenders, they do take a little bit of time. So signing up a distributor -- distribution partner in a country doesn't mean sales are coming in the next day, right? It does take some time. So the initial sales to our distribution partners are through demonstration devices and training devices that they have for themselves.

是的。我認為正如您所提到的，投標確實需要一點時間。因此，在某個國家簽約分銷商（分銷合作夥伴）並不意味著第二天就能有銷售，對嗎？這確實需要一些時間。因此，我們對分銷合作夥伴的初始銷售是透過他們自己擁有的演示設備和培訓設備進行的。

And then a few quarters after that, you'll start to get some victories with hospitals, tenders, however they do in each country will be different. So I think that we would anticipate some of these wins on hospitals coming towards the end of this fiscal year, getting hospitals signed up in the June quarter or getting partners -- excuse me, signed up in the June quarter would put us a couple of quarters later before we start winning hospitals. It does take time. We've got to get devices shipped. We've got to get everybody trained. We've got to get marketing materials in their hands. So it does take a couple of quarters.

再過幾個季度，你就會開始在醫院、招標方面取得一些勝利，但每個國家的做法都會有所不同。因此，我認為我們預計在本財年末我們會在醫院方面取得一些勝利，在六月季度簽約醫院或獲得合作夥伴——對不起，在六月季度簽約將使我們晚幾個季度才開始贏得醫院。這確實需要時間。我們必須把設備運走。我們必須對每個人都進行培訓。我們必須把行銷資料交到他們手中。所以這確實需要幾個季度的時間。

So I think that we'll start to see the benefits of what we've put in place as we get towards the end of this fiscal year and into next fiscal year. But the revenues you're seeing now are from us selling to our partners what they need for training and demonstration purposes in their countries.

因此我認為，隨著本財年結束和下一個財年的到來，我們將開始看到我們所實施措施的好處。但您現在看到的收入來自我們向合作夥伴銷售他們在其國家進行培訓和演示所需的產品。

Jason Wittes, ROTH Capital Partners.

傑森‧維特斯，羅仕資本合夥人。

Solid quarter. Just first off, now that you've revamped the sales effort with the new COO, can you give us a sense of how long it's taking to go from an initial contact with the customer to finally closing a deal and sending off the machines?

本季表現穩健。首先，既然您已經與新任營運長一起改進了銷售工作，您能否告訴我們從最初與客戶聯繫到最終達成交易並發送機器需要多長時間？

Sure. Yeah. I mean, it's anywhere from 4 to 12 months. It does take time from the initial contact. So some are quicker than others and some have long process where they're taking bids from multiple companies, like a tender overseas, a little different here, but those things do exist. So it does take time.

當然。是的。我的意思是，它從 4 到 12 個月不等。從初次接觸開始確實需要時間。因此，有些公司比其他公司更快，有些公司流程很長，需要接受多家公司的投標，就像海外的招標一樣，這裡的情況略有不同，但這些事情確實存在。所以這確實需要時間。

And I mean, I take it, you can tell who's going to take 12 months and who's going to take 4 months depending on the hospital system generally in terms of just your forecasting?

我的意思是，我認為，根據醫院系統，您通常可以根據預測判斷誰需要 12 個月，誰需要 4 個月？

Usually, we have a pretty good guess, yeah.

通常，我們會有一個很好的猜測，是的。

Okay. Sorry. Just wanted to clarify that.

好的。對不起。只是想澄清一下。

Yeah.

是的。

Secondly, if you could help us out on -- you mentioned that SG&A OpEx expenses are basically going to grow with revenue. Any sense how we should model that? Does that mean -- I mean, is that from a percentage basis, a quarterly basis? Or maybe just a little more detail on how we should be thinking about the progression for the rest of the year, assuming we're all going to be modeling within the guidance range you provided?

其次，如果您能幫助我們—您提到銷售、一般及行政開支 (SG&A OpEx) 基本上會隨著收入的成長而成長。我們應該如何建模？這是否意味著——我的意思是，這是按百分比計算，還是按季度計算？或者也許只是更詳細地說明我們應該如何考慮今年剩餘時間的進展，假設我們都將在您提供的指導範圍內進行建模？

Yeah. I think like Doug mentioned, you'll see September tick down from the June quarter. Right now, the December quarter, it might be roughly around the September quarter for expenses, give or take. And as we start to see the growth, there might be -- for example, as we get higher sales, there are certain people and certain things we pay commission on.

是的。我認為就像 Doug 提到的那樣，你會看到 9 月的銷售額比 6 月季度有所下降。目前，12 月季度的支出可能大致與 9 月季度的支出大致相同。當我們開始看到成長時，可能會有——例如，隨著我們的銷售額增加，我們會向某些人和某些事物支付佣金。

So you'll see expenses tick up and I don't think any of our cost cutting will offset that as we get towards the end of this fiscal year. So you will see some movement. That's why December is shaky on whether it's going to be higher or right around September. But in the March quarter or last quarter of our fiscal year, you will see expenses moving up commensurate with the increase in revenues.

因此，你會看到費用不斷增加，而且我認為，當我們接近本財政年度末時，我們的任何成本削減都無法抵消這一增加。所以你會看到一些動靜。這就是為什麼 12 月份的價格是否會更高或是在 9 月份左右上漲還不確定。但在我們財政年度的三月季度或最後一個季度，你會看到支出隨著收入的成長而相應增加。

Justin Walsh, Jones Trading.

賈斯汀·沃爾什，瓊斯貿易公司。

You alluded to this, but I was wondering if you could comment on how your engagement efforts are being facilitated by your Premier agreement. Just wondering how much of it is a question of getting your foot in the door, raising awareness, and removing friction for these hospitals.

您提到了這一點，但我想知道您是否可以評論一下您的總理協議如何促進您的參與工作。我只是想知道這在多大程度上是一個讓這些醫院邁入門檻、提高意識和消除摩擦的問題。

Yeah. I mean, I think just being on with Premier, it removes the big initial barrier. It's gone. So now we can have free discussions with them. And one of the nice things about the GPOs is, you set your pricing in the contract with them. So you have something to work off of right away. So it does save a little bit of time. So yeah, I mean, this is -- it's a big barrier removed. Without being on Premier, very extremely difficult to contract with a Premier Hospital.

是的。我的意思是，我認為只要加入 Premier，就可以消除最初的巨大障礙。它消失了。所以現在我們可以和他們自由討論。GPO 的優點之一是，您可以在與他們的合約中設定價格。因此，您馬上就可以開始做一些工作。所以它確實節省了一點時間。是的，我的意思是，這已經消除了一個巨大的障礙。如果沒有加入 Premier，就很難與 Premier 醫院簽約。

Yale Jen, Laidlaw & Company.

耶魯仁萊德勞公司。

Congrats on the quarter. My first question is that last time in the middle of the quarter, you gave some guidance in terms of the top line. I just wonder whether this time you have any insights or can you review anything about all the sales so far in this quarter? Then I have a follow-up.

恭喜本季取得佳績。我的第一個問題是，上次在本季中期，您就營收方面給了一些指引。我只是想知道這次您是否有什麼見解或您能否回顧一下本季迄今的所有銷售情況？然後我有一個後續問題。

Yeah. So yeah, last -- when we reported our fiscal year earnings, I mean, there was like 10 days, 12 days left in the quarter. So it wasn't a stretch for us to preannounce that quarter. Now we're not even halfway through the quarter. So I'm not going to be commenting on quarterly estimates unless we're again at our fiscal year, which will be next June. So we reiterated our fiscal year guidance, and that should show our confidence.

是的。是的，上次我們報告財政年度收益時，本季還剩下 10 到 12 天。因此，我們提前宣布該季度的業績並不誇張。現在我們甚至還沒有度過本季的一半。因此，除非我們再次進入財政年度（即明年六月），否則我不會對季度估計發表評論。因此，我們重申了財政年度指導，這表明了我們的信心。

Sure. I agree, and that looks good. And do you have any -- could you give some guidance in terms of how many hospitals at this time already installed the LungFit PH?

當然。我同意，而且看起來不錯。您能否提供一些指導，說明目前有多少家醫院已經安裝了 LungFit PH？

I don't think we've given that exact number, but it's getting to be a pretty big number. I mean, I guess we could say dozens and dozens of hospitals. So that would be good. I think that's about all I'll say there, yeah. But we're certainly growing the hospitals. There's a lot of them using LungFit PH. And the more that do, the more references we get and the more comfort people have with us as a company servicing them. So it's certainly moving in the right direction.

我認為我們還沒有給出確切的數字，但這個數字已經相當大了。我的意思是，我想我們可以說有幾十家醫院。那就太好了。是的，我想這就是我要說的全部了。但我們確實在擴大醫院規模。其中很多人都在使用 LungFit PH。我們做的越多，我們得到的推薦就越多，人們對我們作為一家為他們提供服務的公司就越放心。所以它肯定是朝著正確的方向發展的。

Maybe squeeze one more here. In terms of the two PMA filing, I know you hate to give guidance because that has -- sort of unpredictable. But nevertheless, just curious what's your current expectation both for the cardiac surgery as well as for the second gen?

也許這裡再擠一個。關於兩份 PMA 申請，我知道您不願意給予指導，因為這有點難以預測。但儘管如此，我只是好奇您目前對心臟手術和第二代手術的期望是什麼？

Yeah. So I'm definitely not going to give timing on this. We're not going to guess what FDA is going to do. But I will say that our focus is on the second-generation machine. And as a smaller company, we want to keep FDA focused on what's important to us. And right now, the second-generation machine is more important to us than the cardiac indication.

是的。所以我絕對不會對此給出時間。我們不會猜測 FDA 會做什麼。但我要說的是，我們的重點是第二代機器。作為一家規模較小的公司，我們希望 FDA 專注於對我們重要的事情。而現在，第二代機器對我們來說比心臟指徵更重要。

I think the cardiac indication loses a little bit of its luster with the second-generation machine in terms of the impact it will have. So right now, our focus with our team and with FDA and talking to them is on Gen II and Gen II only.

我認為，就其影響而言，第二代機器的心臟指徵失去了一些光彩。因此現在，我們團隊和 FDA 的重點以及與他們的對話僅集中在第二代和第二代。

Okay. That's very helpful. Again congrats and appreciated the confidence though for the guidance.

好的。這非常有幫助。再次表示祝賀，並感謝您的指導。

Jason Bednar, Piper Sandler.

傑森貝德納、派珀桑德勒。

Steve, I wanted to start really to try to follow up on a few questions already. I think a lot of us are really trying to dial-in on the guide just in the context of how the year started. The nature of the business here requires these contracts to steadily build throughout the year and really tap into that nice razor-razorblade model you have. It seems like you need sequential revenue to grow at a 50% quarter-over-quarter pace in the next few quarters to finish near the midpoint of that reaffirmed guide today.

史蒂夫，我真的想開始嘗試跟進幾個問題。我認為我們中的許多人都在試圖根據今年的開端來理解這份指南。這裡的業務性質要求這些合約全年穩步積累，並真正利用您擁有的優質剃須刀刀片模型。看起來你需要在接下來的幾個季度中以 50% 的環比速度連續增長收入才能達到今天重申的指導方針的中點附近。

I guess beyond that internal confidence you're speaking to, anything more tangible you can give us? I know Marie was asking some questions. There have been some others here. Just anything beyond just like we're confident we can do this that you can help us bridge that gap on getting to that 50% quarter-over-quarter growth that we need to see in the business?

我想，除了您所說的內在信心之外，您還能提供我們什麼更實際的東西嗎？我知道瑪麗正在問一些問題。這裡還有其他一些人。除了我們有信心做到這一點之外，您還能幫助我們彌補差距，實現我們需要看到的 50% 的季度環比增長嗎？

Yeah, I'll do my best. We're now partnered in over 30 countries outside the United States. So all of these partners are going to be working with us, and we'll be training them. And we have training sessions in Europe and in the US. So we're moving quickly with our partners. So we anticipate that the revenues from ex-US, just to get our partners up and running is going to be strong throughout the rest of this fiscal year.

是的，我會盡力。目前，我們已與美國以外的 30 多個國家建立了合作夥伴關係。因此，所有這些合作夥伴都將與我們合作，我們將對他們進行培訓。我們在歐洲和美國都有培訓課程。因此，我們正與合作夥伴一起迅速採取行動。因此，我們預計，在本財年剩餘時間內，來自美國以外地區的收入將會保持強勁，足以讓我們的合作夥伴順利運作。

So that we have a lot of confidence in, and we will be signing more partners before the end of this fiscal year. So there's a lot of confidence on the international side from that perspective.

因此我們對此非常有信心，我們將在本財年結束前簽約更多的合作夥伴。因此從這個角度來看，國際方面充滿信心。

And again, Marie asked about tenders and winning hospitals there. We have very limited amounts of wins in our guidance. So if we do get some wins, and I can say that there are some of the partners out there that have already put their hat in the ring for some tenders. It's early days, but they have in a few countries. So we'll see.

瑪麗再次詢問了那裡的招標和中標醫院的情況。我們的指導中勝利的數量非常有限。因此，如果我們確實取得了一些勝利，我可以說，一些合作夥伴已經參與了一些投標。雖然現在還處於早期階段，但他們已經在一些國家開展業務。我們拭目以待。

So there's definitely some cushion there if we start winning tenders earlier than we expected. And it's definitely possible, but we're not counting on it, right? This is early days on the international side, so we don't want to make any large assumptions, and we haven't in our guidance, okay? So that's the international side.

因此，如果我們比預期更早贏得投標，那麼肯定會有一些緩衝。這絕對是可能的，但我們不指望它，對嗎？在國際方面，這還處於早期階段，因此我們不想做任何大的假設，而且我們也沒有在我們的指導中這樣做，好嗎？這就是國際方面。

On the domestic side, we've been at this now for close to three years. We had to change our commercial team. Our Chief Commercial Officer has been here now 13 months. He's put a lot of things in place. And I think we've already announced a lot of these things, right? We talked about our partnership with TrillaMed. They're going to help us with the Department of Defense and the Veterans Administration.

在國內方面，我們已經這樣做了近三年。我們不得不更換我們的商業團隊。我們的首席商務官已經在這裡任職 13 個月了。他已經把很多事情安排妥當了。我認為我們已經宣布了很多這樣的事情，對嗎？我們討論了與 TrillaMed 的合作關係。他們將幫助我們與國防部和退伍軍人管理局合作。

We did partner with Guam at the beginning of this year or the end of last year. And that was just the beginning. This is this was something that there was a need and we stepped up and took care of it.

我們確實在今年年初或去年年底與關島建立了合作關係。而這只是個開始。這是有需要的事情，我們挺身而出並處理了它。

So I think that the rest of the hospitals in the Department of Defense and the Veterans Administration are probably going to follow what the normal rules are, and it takes time to get on -- like we got on Premier and Vizient. It takes time to get on with the Veterans Administration and DoD. So we expect that to occur at some point in this fiscal year and contribute.

因此，我認為國防部和退伍軍人管理局的其他醫院可能會遵循正常的規則，並且需要時間來適應——就像我們在 Premier 和 Vizient 上所做的那樣。與退伍軍人管理局和國防部的合作需要時間。因此，我們預計這將在本財政年度的某個時候發生並做出貢獻。

With Premier, we'll have more hospitals. I think we'll get some hospitals there. We've been talking to some before this happened. So I think there'll be some follow-through there before the end of the fiscal year. David, our new Chief Commercial Officer, has done a very good job with Vizient and refocusing our efforts and working with the Vizient team. So we have a better relationship there. So we see momentum. We see what's in the pipeline for us.

有了 Premier，我們將擁有更多的醫院。我想我們會在那裡建立一些醫院。在這件事發生之前，我們已經與一些人進行了交談。所以我認為在本財政年度結束之前會有一些後續行動。我們的新任首席商務長 David 在 Vizient 工作中表現出色，重新調整了我們的工作重點並與 Vizient 團隊合作。因此我們在那裡的關係更好。所以我們看到了動力。我們看到了我們正在籌備的事情。

So we're already have this vision of what's staring us in the face for the next six months. And our machine is performing extremely well. When you look back two years ago, we were still waiting for software updates from the FDA. So our incarnation of Gen I at its peak really started in May of last year. So people are getting comfortable with it. We've signed our first luminary site in Vanderbilt. They've been very helpful.

所以我們已經對未來六個月面臨的情況有了清晰的認識。我們的機器性能非常好。回顧兩年前，我們還在等待 FDA 的軟體更新。因此，我們第一代產品的巔峰期實際上是從去年五月開始的。因此人們開始適應它。我們在范德比爾特簽署了第一個傑出站點。他們非常有幫助。

So I think that there's a lot of momentum for us in the US and internationally, so we can get this done. I'm doing my best here. I don't want to give too much information. Everyone is listening. We have competitors. So I'd like to keep it to what I've said. I hope that satisfies your question.

所以我認為我們在美國和國際上都有很大的發展勢頭，所以我們可以完成這項工作。我在這裡盡我所能。我不想提供太多資訊。大家都在聽。我們有競爭對手。因此我想保留我所說的內容。我希望這能解答你的疑問。

Yeah. If I could follow up, maybe to tease it out just a bit more and feel free to share what you're comfortable with. Can you talk about the attribution you'd give to international out of that $12 million to $16 million and if you're comfortable, the pacing of maybe when you think that some of that might layer in throughout the course of fiscal '26?

是的。如果我可以跟進的話，也許可以再多說一點，然後隨意分享您覺得舒服的內容。您能否談談在這 1,200 萬至 1,600 萬美元中，您會將哪些資金分配給國際業務？如果您願意的話，您認為其中部分資金可能會在 26 財年期間分階段投入？

And then point two, you didn't mention it -- I don't know if it's possible that you have visibility on contract renewals. You referenced some in your prepared remarks for the first quarter. Are economics there superior to what they were previously? Is that contributing where these are expanded relationships or just better economics for Beyond Air that are also like embedded in that $12 million to $16 million outlook?

第二點，你沒有提到－我不知道你是否了解合約續約的情況。您在第一季的準備發言中提到了一些內容。那裡的經濟狀況比以前更好嗎？這是否會對 Beyond Air 擴大關係或帶來更好的經濟效益，也嵌入在 1,200 萬至 1,600 萬美元的前景中？

So in the outlook, we don't count on contracts being renewed above where they were before. We don't count on renegotiated contracts. It does happen. I would say that some of our renewals, the hospitals use more than they thought in their first year, and we will re-contract with them or renew them at higher rates, higher amounts of hours, so it is more money.

因此，展望未來，我們並不認為續約合約的金額會高於先前的水平。我們不指望重新談判合約。這確實會發生。我想說的是，在我們的一些續約中，醫院在第一年使用的服務比他們預想的要多，我們會與他們重新簽約或以更高的費率、更高的工作時間續約，所以這會帶來更多的錢。

So we don't have that in our forecast. We don't count on that. And Doug is looking at me, we definitely have a couple of our customers that are asking us to give them longer-term contracts because they're using too much and they want to make sure that they have certainty of payments, right? So they want to pay the same price every month and they get to month eight or nine and they've used up all the hours that they're supposed to have.

所以我們的預測中沒有考慮到這一點。我們不指望這一點。道格看著我，我們確實有幾個客戶要求我們給他們長期合同，因為他們使用太多，他們想確保他們有付款的確定性，對嗎？因此，他們希望每個月支付相同的價格，但到了第八或第九個月，他們已經用完了他們應該擁有的所有時間。

So we will work with them and try to come up a way to make it easier on them. But again, we're not -- we don't have penalties. We don't have extra costs at the end of a contract. They just kind of keep paying at this roughly the same hourly rate that they were paying out for their year. They just have to keep paying that rate if they're using more hours. And sometimes for hospitals, it's difficult because they want to just keep the same payment every month.

因此，我們將與他們合作，並嘗試找到一種方法來讓他們的生活更輕鬆。但再次強調，我們沒有──我們沒有懲罰。合約結束時我們不收取額外費用。他們只是繼續以大致相同的每小時費率支付他們全年的工資。如果他們使用的時間更多，他們就必須繼續支付該費率。有時對於醫院來說，這很困難，因為他們只想保持每月相同的付款。

So we do have this happen every month or two, there's somebody asking us this question, and we work with them and we come up with ways to make it work for them and work for us. So yeah, that can help us from a fiscal year standpoint, but it's not something that Doug and I have really dialed into the model because it's unpredictable. But we certainly have some hospitals that will help us on that front.

因此，我們確實每個月或每個月都會遇到這種情況，有人問我們這個問題，我們與他們合作，想出辦法讓它對他們有用，對我們也有用。是的，從財政年度的角度來看，這可以幫助我們，但這並不是 Doug 和我真正撥入模型的東西，因為它是不可預測的。但確實有一些醫院可以在這方面幫助我們。

Thank you. At this time, we are showing no further questioners in the queue. And this concludes our question-and-answer session. I would now like to turn the call back over to Steve Lisi for any closing remarks.

謝謝。目前，隊列中沒有其他提問者。我們的問答環節到此結束。現在我想將電話轉回給史蒂夫·利西 (Steve Lisi) 來做最後發言。

I'd like to thank everyone for joining in. Have a great evening.

我要感謝大家的參與。祝您有個愉快的夜晚。

Thank you. Ladies and gentlemen, the conference of Beyond Air has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。女士們、先生們，「超越空氣」大會現已結束。感謝您的參與。現在您可以斷開線路了。