Beyond Air slumps to all-time low on Q2 revenue miss, PT cuts

Beyond Air

14/11/2023 15:53

** Shares of Beyond Air  XAIR.O  fall as much as 35.2% to an
all-time low of $1.32 in early trade; last down 27%
    ** Late Monday, co's Q2 revenue of ~$239,000 missed Wall
Street estimates of $481,200 - LSEG
    ** Respiratory device maker sees FY25 rev for its LungFit PH
medical device at $12 mln to $16 mln
    ** Device provide nitric oxide to newborns for breathing
support 
    ** At least 3 brokerages including Piper Sandler and Truist
cut their PTs on XAIR
    ** Piper Sandler said that it lowered its PT to $7 from $10
on XAIR to account for slightly slower revenue ramp than
expected and lower valuations across medtech over the past few
months
    ** Co expects U.S. FDA approval for expanded use for cardiac
surgery in H2 2024
    ** All 6 brokerages covering XAIR rate the stock "buy" or
higher; their median PT is $10
    ** Including session's loss, stock down 79% YTD

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))