GARDEN CITY, NY—Beyond Air, Inc. (NASDAQ:XAIR), a medical device company with a current market capitalization of $29.6 million, announced changes in its financial oversight, replacing its independent registered public accounting firm.
According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 5.76, indicating robust short-term financial stability. The company's Audit Committee, part of the Board of Directors, appointed WithumSmith+Brown, PC ("Withum") as the new auditor for the fiscal year ending March 31, 2025, effective December 17, 2024.
This decision follows the dismissal of Marcum LLP ("Marcum") as Beyond Air's independent auditor. The company made it clear that the termination of Marcum's services was not due to any disagreements on accounting principles, financial statement disclosures, or auditing procedures.
The reports from Marcum for the fiscal years ending March 31, 2024, and 2023 were unqualified except for a note regarding the company's ability to continue as a going concern. InvestingPro analysis reveals that while the company holds more cash than debt, it is currently experiencing rapid cash burn, a crucial factor for investors to monitor.
The change of auditors comes at a time when Beyond Air is focusing on its future financial reporting and regulatory compliance. Notably, analysts expect significant growth, with revenue projected to increase by 348% this fiscal year. For comprehensive analysis and additional insights, investors can access the detailed Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with in-depth financial metrics and expert analysis.
In other recent news, Beyond Air, a medical device company, reported significant developments in its corporate structure and financial performance. The company received shareholder approval to expand its 2013 Equity Incentive Plan by an additional 3 million shares. The board also approved a one-time repricing of over 10.5 million stock options and an amendment to increase the authorized common stock from 100 million to 500 million shares.
Beyond Air's fiscal second-quarter results fell short of Wall Street's revenue expectations, reporting at $0.8 million, below the anticipated $1 million. However, the operating loss of $12.8 million was slightly better than the projected $13 million loss. Despite these figures, the company has shown substantial commercial progress, indicated by a 60% increase in hospital contracts during the quarter.
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